On April 9, 2018, the Department of Health and Human Services (HHS) extended an existing transition policy for certain health plans that do not comply with the Affordable Care Act (ACA) for an additional year, to policy years beginning on or before Oct. 1, 2019.

In states that allow it, health insurance issuers have the option of renewing current policies for current enrollees without adopting all of the ACA’s market reforms that took effect in 2014. Originally announced in 2013, the transition policy has already been extended several times.

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Ransomware Insurance

ransomware_blog_00With ransomware attacks on the rise, the role of insurance is becoming more robust. And, although ransomware coverage has been traditionally sublimited within cyber policies, stand-alone cyber policies that cover ransomware are becoming more necessary.

In an attempt to find additional coverage for ransomware, many businesses and carriers have been turning to kidnap and ransom (K&R) policies. K&R policies have traditionally been used by organizations to protect their executives, not to protect against ransomware. Because K&R policies were not designed for ransomware, they may only provide a quick fix. K&R policies tend to be less suitable for ransomware than cyber policies and payouts tend to be lower.

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Inherited Art Collections: Five Steps Now Help Preserve Value for Years


Laura Doyle | CHUBB Insurance
Vice President, Collections Manager, Personal Risk Services

The next 30 to 40 years will see an unprecedented transfer of intergenerational wealth. According to consulting firm Accenture, Boomers will pass $30 trillion in financial and nonfinancial assets – including art collections – to their heirs in North America.

Advisors seeking to earn the loyalty of this next generation have discovered their priorities and expectations differ from their parents’. For instance, younger generations expect a more consultative relationship with their advisors, rely more on social media when making decisions, and increasingly view collections such as art as a financial investment in addition to a passion.

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DOL Increases Civil Penalty Amounts for 2018


On Jan. 2, 2018, the Department of Labor (DOL) issued a final rule that increases the civil penalty amounts that may be imposed on employers under various federal laws. The final rule increases the civil penalty amounts associated with:

  • Failing to file an annual Form 5500 under the Employee Retirement Income Security Act (ERISA);
  • Repeated or willful violations of minimum wage or overtime requirements under the Fair Labor Standards Act (FLSA);
  • Willful violations of the poster requirement under the Family and Medical Leave Act (FMLA); and
  • Violations of the poster requirement under the Occupational Safety and Health Act (OSH Act).

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Critical Cyber Exploits Affect Nearly All Computers


Cyber security researchers recently announced the discovery of two major security flaws that could allow hackers to bypass regular security measures and obtain normally inaccessible data. The flaws, referred to as Meltdown and Spectre, are both caused by design flaws found in nearly all modern processors. These vulnerabilities can be exploited to access all of the data found in personal computers, servers, cloud computing services and mobile devices.

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