Phoenix-based specialty insurer sold to New York firm

06.09.2010 | National, New York, Northeast, Property-Casualty Insurance News, West

MiniCo, a Phoenix, Ariz.-based specialty insurance provider, sold its insurance agency operations, MiniCo Insurance Agency, to a New York-based insurance services provider.

N.Y. insurance agent sentenced to prison for $14 million fraud scheme

06.08.2010 | Mid-Atlantic, New Jersey, New York, Northeast, On the Record

A New York City-based insurance agent was sentenced June 7 in New Jersey to three years in prison for attempting to defraud two insurance companies in a life insurance scheme.

N.Y. plans June 23 hearing on 7.7% workers’ comp. rate hike request

06.08.2010 | New York, Northeast

The New York State Insurance Department has scheduled a public hearing for Wednesday, June 23, to discuss a proposed 7.7% increase in the state’s workers’ compensation loss cost.

PIA offers alternative to combat payroll services selling insurance

06.07.2010 | Mid-Atlantic, New Jersey, New York, Northeast

An insurance industry trade group serving New Jersey and New York is hoping to thwart the challenge posed to its member agencies from big payroll service providers trying to sell insurance.

N.Y. man gets 90 days in jail for improper workers’ comp. benefits

06.03.2010 | New York, Northeast

A Frankfort, N.Y., man was sentenced to a 90-day jail sentence and five years of probation for collecting workers’ compensation benefits while also working at a local bar.

Savoy Associates opens new office serving Philadelphia area

06.02.2010 | Mid-Atlantic, New Jersey, New York, Northeast, Pennsylvania

Savoy Associates, a full-service regional general agency for group insurance products, has opened a Radnor, Pa., office, from which it will serve the five-county Philadelphia area.

Citing factors including vulnerable risk-adjusted capitalization and highly competitive conditions in its markets, A.M. Best has withdrawn the ratings of Hereford Insurance Co. at the firm’s request.

Queens billing clerk accused of cheating insurers out of $61,500

05.31.2010 | New York, Northeast

A medical billing clerk for a Queens, N.Y., physician’s office faces charges of grand larceny and insurance fraud amid accusations she stole $61,500 through filing phony claims.

Financial advisor to the stars charged in $30 million fraud

05.28.2010 | New York, Northeast, On the Record

A financial advisor who provided guidance to several Hollywood stars now faces federal charges in what officials say was an elaborate Ponzi-like scheme to cheat his clients out of $30 million.

N.Y. woman accused of false claim on missing diamond ring

05.27.2010 | New York, Northeast

A Highland Falls, N.Y., woman was arrested and charged with third-degree insurance fraud after accepting insurance money for a diamond ring she reported as lost or stolen.