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According to the National Insurance Crime Bureau’s (NICB) “Hot Wheels 2008” study, the 1995 Honda Civic was the car stolen the most in 2007. Additionally, the report indicates of the cars stolen in 2007, older model vehicles are a target for thieves because the market for stolen vehicle parts is ripe.    However, the FBI… Continue reading Crime Study Shows 1995 Honda Civic Tops the List of Hot Cars

Foreclosure filings in the U.S. rose 53 percent in June from a year earlier and bank repossessions increased the most since RealtyTrac Inc. began collecting data in January 2005 as deteriorating property values forced more people to give up their homes.     Irvine-based RealtyTrac said today in a statement that one in every 501… Continue reading Foreclosures Up 53% in June from One Year Ago

Congress should give a single federal regulator enhanced power to set standards for the capital, liquidity and risk management of investment banks, according to Federal Reserve Chairman Ben S. Bernanke.     “Reforms in the oversight of these firms must recognize the distinctive features of investment banking,” Bernanke said today in remarks prepared for testimony… Continue reading Bernanke Testifies Before Congress on Banking Regulatory Reforms

With Senator Ted Kennedy back in the Senate, his crucial vote got legislation approved on Wednesday that would void a 10.6% pay cut for doctors treating Medicare patients.     The House already has overwhelmingly approved the measure, but a Senate vote two weeks ago fell one vote short of the 60 votes needed to… Continue reading Medicare Bill Voiding Physician Fee Cut Passes in the Senate

The National Association of Registered Agents & Brokers could become reality under legislation approved by the U.S. House Financial Services Subcommittee on Capital Markets and Insurance. It was first proposed a decade ago as part of what became known as the Gramm-Leach-Bliley Act. The panel moved by voice vote to advance H.R. 5611, the NARAB… Continue reading NARAB Measure Earns Subcommittee Support

Thanks to a new law, the Mortgage Property Insurance Coverage Act, that Pennsylvania Governor Rendell signed on July 4, the state’s homeowners may be entitled to a reduction in their homeowners’ insurance premiums. The law, which was spurred by the trade association Insurance Agents & Brokers, prohibits mortgage lenders from requiring borrowers to insure their… Continue reading New Law in PA May See Residents Getting a Reduction in Homeowners Premiums

Today the leaders of the world’s biggest economies, who have gathered at the G-8 summit, said that they would fight global warming, but couldn’t agree how, in a sign of the difficulty of managing an increasingly diverse and polarized world.     Poorer nations said they wouldn’t sign up to greenhouse-gas reduction targets until richer… Continue reading At the G-8 Summit: Disagreement on How to Address Global Warming

Among the many topics at the Casualty Actuarial Society (CAS) Spring Meeting, discussed was the issue of sustainability risks as one of the most critical emerging risk areas of the 21st century and what actuaries will need to do in order to develop mitigation and financing strategies in handling them.     “Sustainability risks are… Continue reading Also at the CAS: Actuaries to Develop Strategies for Considering Sustainability Risks

Attendees at the Casualty Actuarial Society (CAS) Spring Meeting were told that although actuaries play a pivotal role in property/casualty insurance mergers and acquisitions, they can make even larger contributions by taking a broader business approach.    Session moderator Gail Ross, principal and consulting actuary, Milliman, urged actuaries to go beyond the numbers of an… Continue reading Actuaries Encourged to Take Broader Business Approach to M&As

The Property Casualty Insurers Association of America (PCI) seeks greater clarity on insurance regulatory reform legislation scheduled for mark-up today in the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. “It is important to ensure that insurance regulatory reform legislation will produce efficiencies and meaningful results without creating additional onerous, costly… Continue reading PCI Seeks More Clarity On Regulatory Reform Legislation