California Workers’ Comp Benefits to Increase in 2023

California’s State Average Weekly Wage rose by more than 5% in the year ending March 31, 2022, which will result in an increase in California workers’ compensation temporary total disability and permanent total disability rates for 2023 work injury claims and other workers’ compensation benefits that are tied to SAWW increases, the California Workers’ Compensation…

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Studies Find Automatic Braking Can Cut Crashes Over 40%

  Two new U.S. studies show that automatic emergency braking can cut the number of rear-end automobile crashes in half, and reduce pickup truck crashes by more than 40%. The studies released Tuesday, one by a government-auto industry partnership and the other by the insurance industry, each used crash data to make the calculations. Automatic…

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Hacker Gets $50 Million in Heist of DeFi’s Mango

The community of decentralized-finance application Mango DAO on Saturday got back a portion of about $100 million stolen this week after letting the hacker keep about $50 million of the funds. The settlement wraps up several days of tense negotiations between the hacker and Mango, which is governed by its community of token holders who…

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California Tells Auto Insurers to Disclose Pandemic Profits

California’s insurance commissioner ordered nearly 50 auto insurers to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he says were overcharged as traffic virtually disappeared when the nation’s largest insurance market imposed the first U.S. coronavirus stay-home order. Commissioner Ricardo Lara gave California’s major insurers 30 days…

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Insurers Warn California’s Inaction Threatens Auto Policies

Top U.S. insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic. The companies already are cutting back and say they can’t continue operating at a loss while Insurance…

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California OKs Bill Protecting Workers Who Use Marijuana at Home

California could soon become the seventh state to make sure people won’t lose their jobs if they smoke marijuana when they’re off the clock. State lawmakers in late August passed a bill to stop companies from punishing workers who fail a certain type of drug test that detects not whether a person is high, but…

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Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO

  Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year. Speaking at the Barclays Global Financial Services Conference on earlier this month, Allstate President and…

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Basketball Hall of Fame and Chubb Insurer Hit the Court Over D&O Coverage

The Basketball Hall of fame (BHoF) is suing Chubb Group subsidiary Federal Insurance Co. to have the insurer defend and indemnify it in a case accusing it of attempting to unlawfully secure funds for renovations to its facility. In 2019, the Springfield, Mass. nonprofit purchased a Federal directors and officers (D&O) liability insurance policy with…

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