FEMA's Response to CBS News Report
As you may already be aware, CBS News has reported two news items on the
NFIP for the 2016 floods in Louisiana (links below). FEMA's statement is noted below.
News report links:
here for FEMA's Statement.
New York Bans NRA Insurance Program,
The New York Department of Financial Services (DFS) has
fined Lockton Cos. $7 million for arranging the
NRA Carry Guard insurance program because it violated state law. The
National Rifle Association (NRA) program allows policyholders to buy
policies that cover legal costs in self-defense shootings. Sales of the
policies were halted last fall when DFS began its investigation. DFS
Superintendent Maria T. Vullo said the investigation concluded that
Carry Guard unlawfully provides liability insurance to gun owners for
certain acts of intentional wrongdoing, which is prohibited by state
law. Vullo added that Carry Guard is "an egregious violation of public
policy designed to protect all citizens."
Vullo's investigation also concluded that the NRA needed a New
York insurance license for the program and did not have one, even though
it actively marketed Carry Guard. The state found other problems with the
program's structure. DFS continues its investigation of the NRA, as well
as Chubb and Lloyd's of London for their roles in the insurance program.
The NRA acted appropriately at all times and relied on Lockton and its
assurances that the program complied with state regulations, according to
William Brewer, a lawyer for the NRA. The NRA is suing Lockton Cos.,
alleging the insurance broker breached its contract with the firearms
Buffett Bullish on Healthcare, Leery of Cyber
Berkshire Hathaway Inc. Chairman and Chief Executive Officer Warren Buffett
said his company, Amazon, and JPMorgan Chase & Co. are making "a lot of
progress" on an independent health care company for employees. Speaking
during Berkshire Hathaway's annual meeting, Buffett said he is motivated by a
desire to improve medical care services and cost.
The three companies announced their joint effort in January, saying in a
statement that an initial focus on technology will enable the three companies
to offer "simplified, high-quality and transparent health care at a reasonable
cost" for U.S. employees and their families.
Also of note during Berkshire's annual meeting:
Buffett said GEICO is "a jewel," on track to grow profitably. Concerning whether
small business insurance can be run on a GEICO-type model, Buffett said many
companies are trying. "Anything that takes cost out of the system and makes it
easy for the customer" will work in business, he said.
Buffett said he's leery of cyber coverage because of the
unknown nature of what is a new product. Berkshire
doesn't want to be a top-three cyber insurer because of the potential for large
losses, he said. "I don't think we or anybody else really knows what they're
doing when writing cyber insurance. We don't want to be a pioneer on this."