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A states-rights battle stretching back to the Civil War has heated up, catching one of Kansas City’s largest businesses in the brewing storm. The clash is over insurance regulation, which ultimately determines what consumers pay to insure everything from their homes and autos to their lives and financial security. And while this regulatory thunderclap is… Continue reading Kansas City: The Eye of Insurance Regulation Storm

In a press release issued yesterday by the Property Casualty Insurers Association of America (PCI), Congress is being urged by the industry trade association to reauthorize the National Flood Insurance Program (NFIP) before it expires on Sept. 30 to avoid putting homeowners in flood-prone areas at risk.      Here is what the PCI has to… Continue reading PCI: As Deadline Looms, Congress Needs to Reauthorize NFIP

Enron shareholders and investors will split more than $7.2 billion from financial institutions accused of playing a role in the energy giant’s downfall in the largest settlement in the history of U.S. securities fraud cases. Nearly 1.5 million people and entities are eligible to share in the distribution of the money, according to Dan Newman,… Continue reading Enron Shareholders, Investors to Share in $7.2B Settlement

Hurricane Ike is on track to hit the Texas coast on Saturday, and most likely will not be hitting the heart of the U.S. offshore oil patch.    Ike, a Category 1 storm with 85 mile-per-hour (140 kph) winds, has left a trail of destruction across the Caribbean after toppling decrepit buildings in Cuba’s capital… Continue reading Ike On its Way to Texas, Will Skirt Oil Region

Troubled US bank Lehman Brothers has reported a massive third quarter net loss and outlined radical plans to strengthen its finances. Lehman said it made a loss of of $3.9 billion between June and August, taking its losses this year to $6.6 billion. To shore up its weak financial position, it has slashed its dividend… Continue reading Lehman Announces Stunning Multi-Billion Loss

Five former General Re Corp. and American International Group Inc. executives convicted of fraud earlier this year have received recommended prison sentences of 14 to 17.5 years from federal probation officials, yet federal prosecutors are arguing for stiffer prison terms. Prosecutors argued that AIG shareholders lost as much as $1.4 billion as a result of… Continue reading Prison Sentences Recommended for Gen Re, AIG Execs

Noting that the leading cause of death among teenagers is automobile crashes, the Insurance Institute for Highway Safety (IIHS) is encouraging states to raise the minimum age for obtaining a driver’s license from the current 16 to 17or even 18. Adrian Lund, president of the IIHS, calls the move “a tough sell” to teens anxious… Continue reading IIIHS Says States Should Raise Teen Driving Age

Congress should view the next few months as a “time out” in the highly charged debate over what to do with ailing Fannie Mae and Freddie Mac, says US Treasury Secretary Henry Paulson. The government conservatorship of the two companies could end up costing taxpayers billions of dollars. However, legislators are already hatching a variety… Continue reading Paulson Says Next Months Are a “Time Out” for Mortgage Giants

After rocking Cuba – toppling trees and power lines, destroying structures and killing four people on the island — a weakened Hurricane Ike is expected to regain strength as it heads toward the oil fields in the Gulf of Mexico. It was expected to emerge into the Gulf today and regain strength on a path… Continue reading Ike May Strengthen on Way Toward Gulf Oil Fields

Swiss Reinsurance Co. on Monday said that Hurricane Gustav will cost the global insurance industry up to $8 billion. Insured damages from natural disasters through the end of August were 20 percent higher than in the same period last year, the company said before an annual industry meeting in Monaco this week. It said the… Continue reading Swiss Re Says Gustav Could Cost Industry Up to $8B