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RIMS at NY Broker Compensation Hearings Calls for Changes

RIMS called upon the insurance industry to eliminate certain broker compensation arrangements at a public hearing in New York City on July 25. RIMS President Janice Ochenkowski, ARM, testified to New York Superintendent of Insurance Eric Dinallo and New York Attorney General Andrew Cuomo.    “RIMS has for some time maintained that the relationship between… Continue reading RIMS at NY Broker Compensation Hearings Calls for Changes

A.M. Best Removes Ratings of GMAC Insurance Group and Its Members From Under Review; Assigns Negative Outlook

A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-”of GMAC Insurance Group (GMACI) and its sixteen members, which are led by Motors Insurance Corporation (Southfield, MI). The outlook assigned to the ratings is negative. (See below… Continue reading A.M. Best Removes Ratings of GMAC Insurance Group and Its Members From Under Review; Assigns Negative Outlook

Congress Looks to Enhance Safety Standards in Wake of Crane-Related Fatalities

With six deaths in the past week as a result of crane-related accidents, Democrats in Congress are pushing for enhanced federal safety standards and are putting more pressure on the Department of Labor’s Occupational Safety and Health Administration (OSHA), which is responsible for overseeing workplace safety.    On Thursday in Oklahoma City, an elderly man… Continue reading Congress Looks to Enhance Safety Standards in Wake of Crane-Related Fatalities

State Insurance Regulators Levy $20M Fine Against Healthmarkets

State insurance regulators, working together through the National Association of Insurance Commissioners (NAIC), announced on Thursday the details of a $20 million regulatory settlement agreement between 29 jurisdictions and HealthMarkets, Inc., and its affiliated companies, MEGA Life and Health Insurance Company, Mid-West National Life Insurance Company and Chesapeake Life Insurance Company.     The regulatory… Continue reading State Insurance Regulators Levy $20M Fine Against Healthmarkets

Higher Claims Payouts, Cat Loss Result in Decrease Profits for Chubb

Hurt by insurance payouts for higher-than-expected catastrophe activity, insurance carrier Chubb Corp’s earnings fell nearly 34 percent in the second quarter. Chubb’s shares were down nearly 5 percent in trading after the market closed, as the company was hit by commercial property losses from storms in the Midwestern United States. The Warren, New Jersey-based insurer… Continue reading Higher Claims Payouts, Cat Loss Result in Decrease Profits for Chubb

PIANY Claims Victory in Passage of New Late-Notice Law

New late-notice legislation representing years of work by PIANY on behalf of its members was signed into law by New York Governor Paterson on Wednesday, with provisions of the legislation taking effect Jan. 19, 2009. This newly-enacted legislation will prohibit insurers from denying claims for purported “late notice” unless they can demonstrate their defense of… Continue reading PIANY Claims Victory in Passage of New Late-Notice Law

At NY Compensation Hearing Aon Urges Producer Transparency and Standards

At a public hearing today in New York City convened by the New York State Department of Insurance and New York Attorney General, Steve McGill, chairman and chief executive officer of Aon Risk Services, urged the Insurance Department to put in place comprehensive transparency and consent standards that apply to all insurance producers conducting business… Continue reading At NY Compensation Hearing Aon Urges Producer Transparency and Standards

Initial Estimates of Dolly Insured Losses at $600M

According to first estimates from catastrophe modeling firm AIR Worldwide Corp., insured losses from Hurricane Dolly, which made landfall in South Texas with winds of 100 mph Wednesday, are expected to be about $600 million. Dolly came ashore as a Category 2 hurricane at South Padre Island 1 p.m. local time, according to the U.S.… Continue reading Initial Estimates of Dolly Insured Losses at $600M

Los Angeles Sues More than 30 Wall Street Firms Over Muni Bond Collusion

Two lawsuits against more than 30 Wall Street finance firms have been filed by the city of Los Angeles, alleging municipal bond collusion that cost taxpayers millions of dollars. The firms being sued include some top investment banks. The complaints were filed in Los Angeles Superior Court, according to a press release dated July 23… Continue reading Los Angeles Sues More than 30 Wall Street Firms Over Muni Bond Collusion