Lloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given a deadline of November 15 by the insurance regulators to deposit in full the payment of claims. Lloyd’s has estimated its loss resulting from the World Trade Center (WTC) and four airliners at around US$5.36 billion, although a significant portion of this amount would presumably be covered by reinsurance. Lloyd’s is now expected to pay 60% of its claims’ amount of US$3.2 billion by November 15, and the remainder by next year March. “We are very pleased to have this matter clarified. This has always been a question of short-term liquidity, not solvency,” says Lloyd’s chairman Sax Riley.
Former Definity adjuster disciplined for $102K embezzlement scheme
Quebec’s P&C insurance regulator has found a former insurance adjuster guilty of an embezzlement scheme, in which he faked client claims and siphoned more than $100,000 in claims payments from Definity into his own bank accounts. The Chambre de l’assurance de dommages (ChAD) says the former Definity adjuster, Tresor Luyeye, committed 13 Code of Conduct […]
By David Gambrill | September 20, 2024
3 min read