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Weekly news through Oct. 20


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Weekly news through Oct. 20

Risk and regulation

The New York Department of Financial Services has adopted two regulations affecting the title insurance industry after an investigation revealed that title insurers and agents spent "millions of dollars" on inducements that the industry charged back to consumers as "marketing costs."

Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., have rounded up a bipartisan cadre of 22 other senators to champion their bill aimed at temporarily restoring healthcare subsidies to millions of Americans cut off by President Donald Trump.

Property and casualty

American International Group Inc. is considering bidding for Suncorp Group Ltd.'s life insurance operations and has met with investment banking advisers and other life insurance investors to that effect.

State Auto affiliate Rockhill Insurance Co. will stop writing new or renewal excess and surplus lines property accounts, effective Nov. 1, The Insurance Insider reported.

Affiliates of Apollo Global Management LLC inked an agreement to acquire majority shareholding in Catalina Holdings (Bermuda) Ltd.

Puerto Rico bond insurers voluntarily dismissed a complaint that sought to force the Puerto Rico Electric Power Authority to remit pledged revenues to the bond trustee. The plaintiffs in the case include certain units of MBIA Inc. and Assured Guaranty Ltd.

California Insurance Commissioner Dave Jones is pegging preliminary losses from the state's recent wildfires at about $1.05 billion, and that number is expected to increase.

Life and health

Anthem Inc. confirmed that it will not renew its current pharmacy benefits management contract with Express Scripts Holding Co., as Anthem plans to form a new pharmacy benefits manager.

The Pennsylvania Insurance Department approved rate increases as high as 49.20% for individual plans to be sold on the state's Affordable Care Act exchange for 2018.

The Centers for Medicare & Medicaid Services granted Kansas' privatized Medicaid program KanCare a one-year temporary extension through Dec. 31, 2018.

Some ACA plan rates in Arkansas will jump nearly 25% in 2018, a spokesperson for the state's insurance regulator confirmed to S&P Global Market Intelligence. The District of Columbia's insurance regulator approved an average 15.64% rate increase in its individual ACA market for 2018. The North Carolina Department of Insurance approved an average 14.1% premium rate increase for Blue Cross and Blue Shield of North Carolina's ACA plans for 2018.

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