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Ohio Commercial Insurance Insurtech, Coterie, Raises $8.5M in Financing

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Cincinnati, Ohio-based insurtech Coterie, which specializes in commercial insurance, has closed an oversubscribed Series A financing round totaling $8.5 million from RPM Ventures, Allos Ventures, and others.

The company said it previously had raised $3.15 million bringing total venture funding to $11.65 million.

Coterie was founded to modernize commercial insurance. The company said it is providing new insurance products, sold in new ways, through new technology.

The deployment of the Series A capital will be focused on two main priorities for continued growth – customer acquisition and operations.

Investors in this Series A included: RPM Ventures, Allos Ventures, Western & Southern, Intercept Ventures, Frontier Venture Capital, and Sure Ventures as well as several former executives from the property and casualty insurance industry.

Coterie is led by David McFarland, founder and CEO.

Source: Coterie

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InterWest Acquires CBS Bond & Insurance Services in California

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InterWest Insurance Services has acquired CBS Bond & Insurance Services in Sacramento, Calif.

Terms of the deal were not disclosed.

CBS specializes in bond and commercial insurance programs.

InterWest is a regional insurance brokerage headquartered in Sacramento with 350 employee.

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California Commissioner on Immigrant Eligibility for Workers’ Comp Benefits

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California Insurance Commissioner Ricardo Lara today alerted insurance companies that all workers affected by COVID-19 on the job are eligible for workers’ compensation benefits regardless of their immigration status.

Lara’s alert includes workers engaged in occupations such as healthcare, emergency services, food production, sales and delivery

California law requires the payment of workers’ compensation benefits to injured workers regardless of their immigration status: Labor Code § 3351, subdivision (a).

“This unprecedented pandemic has sparked questions and concerns among essential workers in the immigrant community who are showing up for work every day, bringing us vital goods and services,” Lara said in a statement. “Hard-working Californians who are exposed to COVID-19 are entitled to workers’ compensation benefits if they fall ill, regardless of their immigration status.”

Lara issued a notice to remind insurance companies, agents, and employers that California law requires the payment of workers’ comp benefits to injured workers regardless of their immigration status. His action supports Gov. Gavin Newsom’s March 12 executive order stating that workers may be eligible for workers’ comp benefits if they were exposed to or contracted COVID-19 on the job.

In 2015, SB 623, expressly expanded protections for undocumented workers in the event they are injured on the job to include compensation pursuant to the Uninsured Employers Benefits Trust Fund or the Subsequent Injury Fund, in addition to standard workers’ comp benefits.

According to the notice: “Workers’ compensation injuries caused by COVID-19 that arise out of and occur in the course of employment are compensable to the same extent as any other compensable injury or disease. This Notice is a reminder that such claims may not be denied on the basis of the injured worker’s immigration status.”

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Louisiana Places Moratorium on Insurance Policy Cancellations/Non-Renewals

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Louisiana Insurance Commissioner Jim Donelon in late March issued Emergency Rule 40, which places a moratorium on insurance policy cancellations and non-renewals for policyholders in Louisiana.

The emergency rule is a result of the statewide public health emergency declared by Gov. John Bel Edwards in Louisiana as a due to the imminent threat posed to Louisiana citizens by COVID-19.

“The ongoing impact of the stay at home order has touched households and businesses throughout Louisiana and this order provides Louisiana policyholders a moratorium on policy cancellations and non-renewal by their insurers,” Donelon in a prepared statement. “However, I do want to stress that nothing in this order absolves consumers or businesses of their ultimate responsibility for payment of premiums.”

Emergency Rule 40 in Summary

Defines the insurance carriers and the kinds of insurance coverage governed by this order as well as the Louisiana policyholders entitled to the benefits and protections of this rule.

Suspends cancellation, non-renewal and non-reinstatement by insurers, or premium finance companies acting on behalf of insurers retroactively to the start of this emergency period. Additionally, this rule clarifies that no policy can be canceled or non-renewed because of a claim that is filed during this emergency.

Policies may continue to be canceled for fraud and material misrepresentation or upon written request by the consumer.

Insureds remain obligated to pay all premiums. Any property/casualty claim during this period are subject to a premium offset prior to payment. Health/accident claims related to a delinquent policy may be pended during the moratorium and will be paid in accordance with procedures established therein.

Emergency Rule 40 does not apply to new policies issued after the effective date of the rule.

Source: Louisiana Department of Insurance

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