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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

Legislation designed to encourage communities to establish and enforce strong building codes by offering federal grants was adopted yesterday by the House Financial Services Committee and has garnered the support of the National Association of Mutual Insurance Companies (NAMIC) and the Independent Insurance Agents of America (IIAA). The PCI had also voiced its support of… Continue reading NAMIC, IIAA Join in Support for Stronger Building Code Legislation

According to ISO and the Property Casualty Insurers Association of America (PCI), the U.S. property/casualty insurance industry’s net income after taxes fell to $8.2 billion in first-quarter 2008 from $16.2 billion in first-quarter 2007 and a cyclical peak of $17.7 billion in first-quarter 2005. Reflecting the declines in net income, the property/casualty industry’s annualized rate… Continue reading ISO: P/C Industry Net Income and Profitability Down

In an effort to reduce delays in receiving treatment or awards and strengthen the ability to enforce the requirement for employers to provide coverage, changes to New Jersey’s workers compensation law were passed yesterday.     The package of six bills strengthens the authority of workers’ compensation judges to enforce their relief orders and imposes… Continue reading Changes in Workers Comp Pass NJ

According to the Insurance Information Institute (I.I.I.), the cost of homeowners claims for damage due to lightning strikes has increased dramatically—up 28 percent over the last four years.    An analysis of homeowners insurance data by the I.I.I. found there were more than 177,000 lightning claims in 2007, causing nearly $1 billion in insured losses.… Continue reading III Report: Lightning Strikes Big When it Comes to Homeowners Claims

Every two seconds identity theft claims another victim, one of the troubling statistics of the technology age. Today, nearly every week brings news reports of another breach of personally identifiable information. Between January 2005 and October 2007, a staggering 215 million personal records were breached, according to the Privacy Rights Clearinghouse. Amid this threat, the… Continue reading The Hartford Expands Indentity Recovery Coverage for Businesses