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The National Association of Professional Insurance Agents is hailing a ruling by the 1st Appellate Division of the New York Supreme Court which declares that contingent commission agreements are not illegal. “This is a resounding victory for Main Street insurance agents across the nation and the American Free Enterprise System,” said PIA National President-elect Kenneth… Continue reading PIA Nat’l Praise NY Court’s Affirmation of Contingent Commissions

Thanks to a state plan to shore up the fund that helps cover insurance company losses from hurricanes, Florida consumers may get hit with a 2.5 percent hike in their property insurance bills.    Florida is going to spend $224 million in order to have access to $4 billion the state may need if a… Continue reading FL Homeowners Could See a Rate Hike

Wisconsin’s biggest insurers are seeing claims for damage from June’s brutal rainstorms continuing to roll in.    American Family Insurance, which covers about one of every four homes in Wisconsin, already has paid more than $8 million in claims. About $7 million of that has gone to policyholders in the southeastern part of the state. … Continue reading After the Rains: WI Homeowners Claims Keep Coming In

The Federal Trade Commission said on Wednesday that number-three global insurance broker, Willis Group Holdings Ltd, can go ahead and buy rival Hilb Rogal & Hobbs Co (HRH). Willis valued the cash and stock deal at $1.7 billion when it was first announced on June 9. The deal was on a list of approved mergers… Continue reading FTC Approves Willis Purchase of HRH

For a sixth consecutive month U.S. employers cut jobs in June, with soaring fuel prices and a slowing economy forcing companies to reduce costs.    According to the Labor Department, payrolls fell by 62,000, close to economists’ median forecast, after a 62,000 drop in May that was greater than initially reported. The jobless rate remained… Continue reading June Sees 62,000 Fewer Jobs, Unemployment Rate Remains Steady

New York Governor David Paterson signed the legislation that restores flex rating to automobile insurers and makes the New York FAIR Plan and Property Insurance Underwriting Association permanent.     Insurance companies will be able to increase or decrease premiums by up to 5% annually without prior regulatory approval, under S-8624, which takes effect Jan.… Continue reading New York Governor Signs Flex-Rating Plan, Coastal Insurance Bill

Today U.S. Treasury Secretary Henry Paulson said that the United States must strengthen its process for regulators to unwind failing investment banks without threatening the stability of the financial system.    Paulson said his first priority was to maintain market stability amid the current turmoil, but he wants to move quickly to address regulatory deficiencies… Continue reading Paulson: Additional, Stronger Regulation Needed to Handle a Company’s Financial Failure

U.S. property insurers paid out more than $5 billion so far in second-quarter catastrophe-related claims, reflecting close to three-quarters of all catastrophe claims during 2007 — and could push the industry to an underwriting loss. The claims are occurring even as carriers continue to decrease premium rates, giving them less resources for paying the claims.… Continue reading Insurers Hit by $5B in Catastrophe Losses in ’08 So Far

Former American International Group Inc. (AIG) director Eli Broad, whose letters to the company preceded the departure of its chief executive officer, said the world’s largest insurer will bring in a “new team” to manage finances.    AIG, which is looking for a chief financial officer after write-downs led to quarterly losses totaling $13 billion,… Continue reading AIG to Bring In New Finance Team, Says Shareholder Eli Broad