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Archive: August 2023

NHTSA Opens Probe Into 280,000 New Tesla Vehicles Over Steering Issue
Insurance Journal | August 1, 2023
NHTSA Opens Probe Into 280,000 New Tesla Vehicles Over Steering Issue
U.S. auto safety regulators said Tuesday they have opened an investigation into 280,000 new Tesla Model 3 and Model Y vehicles over reports of loss of steering control and power steering. The National Highway Traffic Safety Administration (NHTSA) opened a …
Michigan Supreme Court: No-Fault Changes Are Not Retroactive
Insurance Journal | August 1, 2023
Michigan Supreme Court: No-Fault Changes Are Not Retroactive
Amendments to Michigan’s no-fault law passed by the state legislature in 2019 do not allow auto insurers to cut fees or limit hours of attendant care provided to auto accident victims who were injured before the changes took effect, the …
Musk’s X Sues Nonprofit That Fights Hate-Speech
Insurance Journal | August 1, 2023
Musk’s X Sues Nonprofit That Fights Hate-Speech
Social media platform X, formerly known as Twitter, on Monday sued a nonprofit that fights hate speech and disinformation, accusing it of asserting false claims and encouraging advertisers to pause investment on the platform. U.S. media reported earlier that Elon …
Crews Battling ‘Fire Whirls’ in California’s Mojave Desert
Insurance Journal | August 1, 2023
Crews Battling ‘Fire Whirls’ in California’s Mojave Desert
Crews battled “fire whirls” in California’s Mojave National Preserve as a massive wildfire crossed into Nevada amid dangerously high temperatures and raging winds. The York Fire was mapped at roughly 120 square miles on Monday night, with no containment. The …
New Hampshire Governor Signs Pet Insurance Standards Into Law
Insurance Journal | August 1, 2023
New Hampshire Governor Signs Pet Insurance Standards Into Law
New Hampshire Governor Chris Sununu has signed into law legislation establishing pet insurance regulations. “Pets become family,” said Governor Chris Sununu. “This law will provide Granite Staters with peace of mind and opportunity to ensure their pets can receive the …
99-Year-Old Yellow Trucking Company Shutting Down, Headed for Bankruptcy
Insurance Journal | August 1, 2023
99-Year-Old Yellow Trucking Company Shutting Down, Headed for Bankruptcy
Nashville-based trucking company Yellow Corp., just shy of its 100th birthday, has shut down operations and is headed for a bankruptcy filing, according to the Teamsters Union and multiple media reports. After years of financial struggles, reports of Yellow preparing …
Yellen Says Extreme Weather Exposes Gaps in Insurance Protection
Insurance Journal | August 1, 2023
Yellen Says Extreme Weather Exposes Gaps in Insurance Protection
Treasury Secretary Janet Yellen said the weather-related havoc playing out across the US is exposing a “protection gap” for Americans seeking insurance against property losses. Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme …
Hard Market Game Refuses to End: Arch Capital CEO
Insurance Journal | August 1, 2023
Hard Market Game Refuses to End: Arch Capital CEO
Drawing analogies to an epic tennis match and the hands of a clock, the leader of Bermuda-based Arch Capital declared the current hard market one of the longest the P/C industry has ever experienced. “This is the type of well-rounded …
Uber-Backed Group to Reboot Gig-Worker Ballot Initiative in Massachusetts
Insurance Journal | August 1, 2023
Uber-Backed Group to Reboot Gig-Worker Ballot Initiative in Massachusetts
A coalition of gig economy giants plan to reboot a failed ballot initiative in Massachusetts in a renewed push to cement their workers’ status as independent contractors. The Massachusetts Coalition for Independent Work, a group bankrolled by Uber Technologies Inc., …
Swedish Mining Firm Exempted From Paying Compensation for Toxic Spill in Spain in ’98
Insurance Journal | August 1, 2023
Swedish Mining Firm Exempted From Paying Compensation for Toxic Spill in Spain in ’98
A Spanish court on Friday exempted a Swedish mining firm from paying 89 million euros ($98 million) in compensation for the cleaning of a toxic sludge spill that occurred in 1998 at a heavy metals mine in southern Spain. The …