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Weekly news: Genworth refiling deal application; NY's regulation on auto rates


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Weekly news: Genworth refiling deal application; NY's regulation on auto rates

Risk and regulation

The New York State Department of Financial Services finalized a regulation that protects drivers from "unfairly discriminatory" auto insurance rates. The regulator formed a state insurance advisory board charged with working with superintendent Maria Vullo to further the department's goals related to the insurance industry.

New Jersey regulators cleared Prudential Financial Inc. of any wrongdoing in the Wells Fargo & Co. life insurance sales matter after roughly a yearlong investigation.

Property and casualty

American International Group Inc. is the lead insurer covering a Qatar Airways plane that burst into flames Dec. 8, causing a suspected $45 million of damage, The Insurance Insider reported.

Commercial insurance prices were again nearly flat in the third quarter, according to the latest Willis Towers Watson Plc Commercial Lines Insurance Pricing Survey.

Life and health

Genworth Financial Inc. is "close to finishing" a data protection agreement that should allow it to reapply for regulatory approval of its long-contested merger, CEO Thomas McInerney said.

Prudential Financial is well-positioned going into the new year because of its differentiated business mix, Chairman and CEO John Strangfeld said during a 2018 financial outlook conference call.

Unum Group has seen the loss ratio for its long-term care business increase, but the company does not expect to take a charge in the fourth quarter, CFO John McGarry said during an investor presentation.

Desjardins Financial Security Life Assurance Co. will stop new sales of its stand-alone long-term care insurance product, effective June 15, 2018, and is working on an alternative solution for clients, Investment Executive reported.

Principal Financial Group Inc. plans to invest more in its digital business over the next several years, beginning in 2018.

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