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The Latest Breaking News from Insurance

FDIC grants First Citizens rare credit line for SVB

First Citizens BancShares Inc.’s acquisition of Silicon Valley Bank came with an unusual provision: a $70 billion line of credit, courtesy of the Federal Deposit Insurance Corp.

Tribune News Service

Full Stop family violence counselling support hotline facing funding crisis, calls for federal government to intervene

The Full Stop hotline for victims of sexual, domestic and family violence is warning that without urgent federal funding, it will have to shut down.

ABC News

Lawmakers open to Biden’s call to claw back SVB executive pay

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Tribune News Service

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Tesla's Safety Score 2.0 Updates Make System More Fair For Insurance

Tesla's "Safety Score" helped determine which beta testers would get access to Full Self-Driving first, but it's also used for Tesla's insurance premiums.

InsideEVs

Lawmakers open to Biden’s call to claw back SVB executive pay - Roll Call

Lawmakers from both parties are open to executive compensation clawback legislation after the failure of SVB and Signature Bank.

Roll Call

Jonathan Bernstein: Why Medicaid expansion will overcome Florida politics

North Carolina’s Republican-led legislature last week approved the expansion of Medicaid to more low-income adults, leaving only 10 states that continue to reject the federal government’s incentives under the Affordable Care Act. Medicaid expansion, aimed at adults who make too much money to qualify for conventional Medicaid but not enough…

Tribune News Service

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

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FDIC: First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

The Independent UK

WA financial planners plead guilty to dishonest conduct

A Western Australian financial planning business has admitted three charges of dishonest conduct over false information on AMP insurance applications.

AAP

Almost half of households ‘concerned over meeting rent or mortgage bills’

Bosses at pensions and life insurance giant Legal & General also warned that inequalities across Britain have worsened over the past year.

The Independent UK

How and where we build needs to change in the face of more extreme weather – the insurance industry can help

As New Zealand considers how to better prepare for a future affected by climate change, the insurance sector needs to be part the discussion on where and how we build our homes.

The Conversation

Hundreds of thousands of Florida children could lose health coverage with Medicaid cutbacks

FORT LAUDERDALE, Fla. — Marne Harvich of Orange Park runs a Facebook group for Florida parents like herself who count on Medicaid as health insurance for their children. Though Harvich and her husband work, their income doesn’t cover the high cost of medical care their daughter on a ventilator requires.

Tribune News Service

Consider yourself lucky if your small business worked with Silicon Valley Bank

Yes, there were some scary moments, it was poorly regulated and your bank failed to protect your money – but you got it back

The Guardian - US

Heartbreak of owner whose horse was spooked by Bristol balloons

Dressage star Dav suffered a serious injury during the balloon fiesta

Bristol Post

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AAP

Indigenous advocates plead to 'save sorry business'

The Save Sorry Business coalition is holding a "day of action" to call for help for the thousands of Indigenous people targeted by a failed funeral insurer.

Wales Online

Why this is the most important Six Nations in the history of Wales Women as World Cup lifeline on the table

Finishing third in the 2023 Women's Six Nations would secure Wales a place in the top tier of the new WXV tournament and could act as a World Cup qualification insurance policy

Kiplinger

Is Retirement in 2023 Still Possible?

Yes, it is, if you have a customized plan specific to your retirement. If you do, you’re in the minority, though, so here are some ways to develop that plan.

The Independent UK

Florida Legislature moving quickly on DeSantis priorities

From expanding gun rights to going after “woke” investors, the Florida Legislature is quickly moving on a list of bills that will give Republican Gov. Ron DeSantis conservative-pleasing policy successes as he prepares to launch a presidential campaign

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Kiplinger

11 Most Common Types of Car Insurance: Which Coverage Do You Actually Need?

These 11 types of car insurance can help cover everything from minor repairs to buying a new car. But which types do you really need?

Birmingham Post

Life insurance and pensions giant Aegon buys into ID verification specialist GB Group

Aegon is headquartered in The Hague and can trace its roots back to 1844

Axios

State public option plans keep hitting obstacles

State efforts to control health costs through public options are stalling in the face of resistance from providers and lackluster enrollment.

Los Angeles Times

Commentary: The Fed just raised interest rates. Does that mean there is no banking crisis?

Do we have a banking crisis in the United States or don’t we?

Bangkok Post

SET upbeat after Fed hikes rates

The Thai stock market traded higher on Thursday, bucking overnight drops on Wall Street as most regional bourses were sanguine following Federal Reserve hints that further tightening is possible, while Treasury Secretary Janet Yellen said there is no plan for "blanket" deposit insurance.

Birmingham Post

Insurer wins court fight over refusal to pay for Second World War bomb damage

Bomb dropped in 1942 was nicknamed 'the Hermann'

Daily Record

More than half a million phonecalls to DWP this month about boosting State Pension payments before deadline

People have until the end of July to plug gaps in their National Insurance record going back to 2006.

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