News
FDIC’s proposed rules providing insurance for corporate deposits of stablecoin issuers will not extend to the stablecoin holders, as it would conflict with the GENIUS Act’s text, the FDIC said.
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Insurance News
Insurance is a procedure of making individuals financially protected against losses occuring in the event of some damaging accident. Most insurance policies for individuals are homeowners, health, auto and life insurance. There are also insurance policies for businesses and financial institutions against specific types of risks that are inherent in the industry. Insurance is an important institute for the modern world that helps people be more willing to take risks in business by giving them the assurance of protection from various events in daily life. Different technologies may be used to improve the current state of this procedure. Blockchain-based insurance may help validate contracts and blockchain insurance startups are working on smart-contracts for forcing the execution of it’s terms. The blockchain insurance industry is a rapidly-growing segment of the fintech industry and is gathering a lot of attention from investors.
- Newsletter
Circle stock surges despite a Wall Street and crypto selloff as stablecoins expand into finance. Canaan adds BTC while Wells Fargo eyes crypto services.
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A proposed plan by the agency would ban “pass-through insurance“ for stablecoins by third parties in addition to the FDIC not insuring deposits under the law.
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The insurance broker is piloting stablecoin payments for premiums using USDC and PYUSD, testing blockchain settlement rails for faster payments in global insurance markets.
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The digital wallet allows insurance premiums and claims to be settled in crypto through a regulated custody partnership with Zodia Custody.
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The product gives retirement investors indirect Bitcoin exposure through a BlackRock index built on the company's spot Bitcoin ETF.
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Hong Kong’s insurance regulator is reportedly weighing a proposal to let insurers invest in cryptocurrencies with a 100% capital charge.
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Backed by Bain Capital Crypto and Haun Ventures, Meanwhile aims to grow Bitcoin-based savings, annuities, and life insurance amid rising demand.
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Nexus Mutual has paid about $250,000 in claims to users hit by July’s $3.5 million Arcadia Finance hack on Base.
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The startup, which is regulated by the Bermuda Monetary Authority, offers whole life insurance denominated in Bitcoin.
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The European Union’s insurance authority recommended the sweeping policy change, citing "inherent risks and high volatility” of crypto assets.
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The Barbados-based insurance company has $40 million in Bitcoin capital, but its traditional insurance policies are priced in US dollars.
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A United States appeals court said a district court was right to toss Ali Sedaghatpour’s lawsuit claiming that his insurer, Lemonade Insurance, should cover him for a crypto scam loss.
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Martin Gruenberg has faced criticism from Republicans and Democrats alike after an independent investigation revealed a range of workplace issues at the FDIC.
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The FDIC said the last significant update of its sign and ad rules was in 2006, but it needed to address concerns including “misrepresentations of deposit insurance coverage.”
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