Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: California Consumer Privacy Act, Brooke Shields promotes life insurance, new overtime rule.
CCPA in a nutshell
Excerpted from The California Consumer Privacy Act: Everything you need to know, by Alan L. Friel for Property Casualty 360: The CCPA will apply to a wide range of businesses that handle Californians’ personal information, obligating such businesses to comply with a host of new requirements governing their collection, use and sharing of PI. Most will need to update the disclosures in their privacy notices, establish processes for responding to consumer rights requests, observe restrictions on data monetization practices and revisit relationships with vendors that handle PI on their behalf.
Thank you, Brooke Shields
Actress, author, businesswoman, and most importantly, parent Brooke Shields partnered with Life Happens for Life Insurance Awareness Month, which just wrapped up. According to Ms. Shields, she wasn’t taught about finances or life insurance when she was growing up, mirroring the experiences of many people. In her Forbes article, How Brooke Shields is Bringing Much Needed Awareness to the Value and Accessibility of Life Insurance, Liz Frazier writes about how Ms. Shields learned how to be financially protected and independent.
The challenging space of commercial auto
Excerpted from Commercial auto insurance market facing ‘unprecedented’ challenges, by Bethan Moorcraft for Insurance Business Magazine: The US commercial auto insurance market is a shapeshifting beast. In 2019 alone, the market has gone through multiple transformations as insurers attempt the challenging task of pricing risks appropriately, while also limiting the exposure on their balance sheets. The increasing severity of claims has driven rates up to “all-time highs” and profitability for many carriers is down. As a result, capacity in the commercial auto marketplace has shrunk, especially among domestic markets.
New overtime rule could affect your workforce
The Department of Labor recently announced that it will finally be implementing changes to the white-collar overtime exemption contained in the Fair Labor Standards Act (FLSA). The change affects the rule for the salary level test, which is met if an employee earns at least $455 per week. Effective Jan. 1, 2020, this new minimum salary requirement for executive, professional and administrative employees will be set at $679 per week, affecting an estimated 1.2 million employees. Read more in the Property Casualty 360 article, What employers need to know about the DOL’s new overtime rule, but Elizabeth Johnson and Lindsay Massillon.
A little Friday humor: what happens when the office lottery pool wins?
In the world of zany insurance policies and claims, we’re sure you think you’ve seen them all. But have you ever underwritten a policy that covers a business if the employee lottery pool actually wins and they all quit at the same time? What about being hit by space debris? (Don’t laugh. It really happened.) Do Christmas Carolers qualify for coverage? These do. In Friday Funny: What if the Office Lottery Pool Finally Wins?, Facility Executive highlights some of the wackiest insurance policies out there according to FitSmallBusiness.com.