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Prominent attorney Richard “Dickie” Scruggs, who took on tobacco, asbestos and insurance companies, was scheduled to be sentenced Friday for his role in a high-profile judicial bribery case. Mr. Scruggs, 62 years old, earned hundreds of millions of dollars and became one of the wealthiest tort attorneys in the country during a legal career that… Continue reading Scruggs to Face Sentencing Today in Bribery Case

FEMA Administrator R. David Paulison told lawmakers that he’s worried about the 90 percent of flood victims who do not have flood insurance. He says the maximum money the federal government can give is $28,800. Paulison added flood insurance could have given up to $250,000 for the structure and up to $100,000 for the contents.… Continue reading FEMA Director Concerned Over Lack of Insurance for Flood Victims in IL

Under an order issued last week by Insurance Commissioner Poizner requiring Fireman’s Fund to lower its premiums by 17.9%, California homeowners insured with the carrier will save a total of $35.1 million per year. The savings come as a result of Proposition 103’s prohibition on excessive rates and will lower each policyholder’s premium an average… Continue reading CA Insurance Commissioner’s Order to Fireman’s Fund Will Save Homeowners $35.1M

On Wednesday, the U.S. Supreme Court threw out the record $2.5 billion in punitive damages that Exxon Mobil Corp had been ordered to pay for the 1989 Exxon Valdez oil spill off Alaska, the nation’s worst tanker spill. By a 5-3 vote, the high court ruled that the punitive damages award should be slashed to… Continue reading Exxon Valdez Ruling Overturned by Supreme Court, Lowers Damages to be Paid

Fewer consumers think their financial services providers have their best interests at heart, according to Forrester Research, Inc.’s fifth annual customer advocacy scorecard. Based on a survey of 5,000 U.S. consumers, the rankings evaluated 41 leading U.S. banks, brokerages, and insurers. This year, consumers’ ratings of financial institutions are down across the board, falling to… Continue reading Forrester: Consumers’ Rankings of Financial Institutions Fall to Lowest Levels in Five Years

In the final days before the New York Legislature’s summer recess, lawmakers passed legislation S-8624 today that would reinstate insurance flex rating for auto insurance and address coastal homeowners insurance issues. The Property Casualty Insurers Association of America (PCI) is encouraging Gov. David Paterson to sign the bill.    “This is an important victory for… Continue reading PCI Encourages NY Governor to Sign Flex-Rating Legislation Bill

An indication that depressed prices may be luring some buyers into the market, sales of previously owned homes in the U.S. rose in May from a record low. Resales increased 2 percent to a 4.99 million annual rate, higher than forecast, from a 4.89 million pace in April, according to National Association of Realtors.The median… Continue reading Home Resales Rose in May

Nationwide Mutual Insurance Co. has asked Congress to allow private companies to begin selling flood coverage in hopes of getting more people to buy it, reducing the burden on the federal treasury in times of disaster and avoiding disputes over the causes of hurricane damage. Although the proposal comes as floods are destroying towns across… Continue reading Nationwide to Congress: Wants Private Insurers to Sell Flood Insurance

The NAMIC today released a statement to Florida state regulators regarding a rule change proposed for the state’s insurance system, indicating that the proposal could further dissuade insurance companies from doing business there. The statement is as follows:    The proposed “Informal Conferences; Repeal” addresses the required procedure for insurers to review and raise concerns… Continue reading NAMIC: FL Proposal Could Dissuade Carriers from Insuring in the State

The National Association of Insurance Commissioners (NAIC) commends the U.S. House Financial Services Committee for reporting out of committee H.R. 1746, the Holocaust Insurance Accountability Act of 2008. In particular, the NAIC thanks Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) for their leadership in shepherding this legislation through the committee. The… Continue reading NAIC Supports Holocaust Insurance Accountability Act