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The world’s largest insurer, American International Group, Inc (AIG) on Monday said it had acquired all of the shares of Ascot Underwriting Holdings Ltd, a Lloyd’s of London agency that it helped form in 2001.     AIG previously held about 40 percent of Ascot Underwriting. It did not disclose what it paid to acquire… Continue reading AIG Acquires Remaining Ascot Shares

The National Conference of State Legislators’ (NCOIL) echoed the concerns expressed by insurers and adopted a resolution that opposes the National Association of Insurance Commissioners’ (NAIC) Market Conduct Annual Statement (MCAS) proposal, according to the Property Casualty Insurers Association of America (PCI). NCOIL’s State-Federal Relations Committee adopted the resolution Friday, July 11, 2008 at its… Continue reading PCI Supports NCOIL in Expressing Opposition to NAIC Market Conduct Proposal

Don Bailey, CEO of Willis North America, a subsidiary of global insurance broker Willis Group Holdings, today appeared in front of the New York Superintendent of Insurance and Attorney General at a Public Hearing in Buffalo, New York, to address the subject of insurance producer compensation standards and disclosure. Mr. Bailey called for the insurance… Continue reading Willis Group Calls on Insurance Industry to End Practice of Contingent Agreements with Insurance Carriers

The National Association of Mutual Insurance Companies (NAMIC) stated that action taken on Friday by state insurance legislators is in the best interests of insurance consumers and companies. At issue is a proposal by the National Association of Insurance Commissioners to require insurance companies to file market conduct data in conjunction with their annual financial… Continue reading NAMIC Commends Legislators’ Response to Controversial Market Conduct Data Proposal

According to a new survey of financial executives, although a U.S. economic recession would not be good news overall for employers, most don’t believe a recession would drive up workers’ compensation claims.     Only 23 percent of respondents said a recession would cause an increase in their workers’ compensation claims. Compared to 62 percent… Continue reading Survey: Companies Maintain Realistic Outlook of Recession Impact on Workers Comp Claims

The New York State Office of the Attorney General and the New York State Insurance Department are holding a joint public hearing today in Buffalo on compensation arrangements for insurance agents and brokers and disclosure of fees to customers.     The hearing is covering forms and disclosure of producer compensation, and if steering is… Continue reading Broker Compensation, Disclosure Hearing in NY Underway

Shareholders of ACE Ltd. have voted in favor of initial steps to redomesticate the company to Switzerland. If approved, the move will transfer the company’s place of incorporation from the Cayman Islands—where ACE was established in 1985—to Zurich, Switzerland.     The company says its Bermuda operations will be unaffected, and ACE executive offices will… Continue reading Ace Shareholders Vote Yes for Redomestication

California-based IndyMac Bank has collapsed amid a growing credit crisis. Federal regulators seized the bank’s assets, fearing it might not be able to meet withdrawals by depositors.     It is the second-largest financial institution to fail in US history, regulators say.     The failure came on a day when shares in the two… Continue reading CA’s IndyMac Collapses

Sunday evening the U.S. Treasury Department and Federal Reserve outlined a comprehensive government plan to implement sweeping measures to shore up troubled mortgage lenders Freddie Mac and Fannie Mae. On Monday, in initial trading the rescue plan helped calm markets.     And, in a key test of confidence, Freddie Mac’s $3 billion bill sale… Continue reading Treasury and Fed Outline Plan to Bolster Fannie and Freddie, Calm Markets

The U.S. Federal Reserve on Monday unveiled long-awaited final mortgage rules to ban misleading and deceptive practices, including prepayment penalties for many subprime loans.     “The proposed final rules we will discuss today are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified… Continue reading Fed Prepares to Tighten Lending Rules