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On Sunday during the National Association. of Insurance Commissioners (NAIC) winter meeting in Houston, the Reinsurance Task Force charged with modernizing U.S. reinsurance regulation adopted a three-point framework for change. Several complex issues, including collateral requirements for non-U.S. reinsurers, were slated for further discussions. The Reinsurance Task Force voted unanimously to amend the United States’… Continue reading NAIC Voted to Adopt Framework for Reinsurance Regulation Change

Travelers today announced the availability of a new product exclusively for the Hotel Industry. The insurer   recognizes that the hotel industry has unique insurance needs, especially as many hotels and resorts continue to expand their service offerings beyond general lodging and, as such, introduced a new product designed to provide Property, General Liability, Auto,… Continue reading Travelers Announces New Product for Hotel Industry

The Property Casualty Insurers Association of America (PCI) is opposing legislation (S-2402) being considered today by the New Jersey Senate Commerce Committee that would undo the effort to contain automobile insurance costs by adopting a Personal Injury Protection (PIP) medical fee schedule. This legislation is a step in the wrong direction,” said Richard Stokes, regional… Continue reading PCI Voices Concerns regarding New Jersey PIP Medical Fee Schedule Bill

Famed plaintiffs’ attorney Richard Scruggs and four others habe been indicted by a federal grand jury for allegedly attempting to bribe a Mississippi judge. In an indictment filed last Wednesday, the grand jury charged that Mr. Scruggs and the other defendants—two of whom are members of his law firm—offered $50,000 to Mississippi Circuit Court Judge… Continue reading Katrina Lawyer Scruggs Indicted on Bribe Allegations

In November New Jersey became the second state after Washington to ban driving while texting—a growing problem on the road. Distractions like cell phones, text messages, the radio or even talkative passengers can prove deadly, according to the Insurance Information Institute (I.I.I.).       A survey by Liberty Mutual Group and Students Against Destructive Decisions… Continue reading Texting Biggest Driving Distraction on Road Among Teens

Marsh & McLennan Cos. Inc. has named Daniel S. Glaser chief executive officer of its Marsh Inc. brokerage operation. Mr. Glaser replaces Brian Storms, who was ousted from the top spot at Marsh in September. He currently is managing director of AIG Europe (U.K.) Ltd. and regional president of the U.K. and Ireland division of… Continue reading Marsh Names Glaser as CEO of Brokerage Operation

In an article today in the “Wall Street Journal” about an analysis that was conducted on behalf of the publication of more than $2.5 million in subprime loans made since 2000, indications are that plenty of people with seemingly good credit are also caught in the subprime trap. The analysis shows that as the number… Continue reading Subprime Crisis Hits Credit-Worthy Borrowers Too

The National Association of Insurance Commissioners (NAIC) will continue to consider a wide range of issues at its winter meeting Dec. 1 – 4. The Property Casualty Insurers Association of America (PCI) will be closely monitoring the activities of the Reinsurance Task Force, International Solvency and Accounting Working Group, Principles-Based Reserving Working Group, NAIC/AICPA Working… Continue reading PCI Monitoring Key Issues to be Highlighted at Upcoming NAIC Winter Meeting

The use of credit information by insurers benefits a majority of Wisconsin consumers according to testimony made by the American Insurance Association in the Assembly Committee on Insurance on November 29. “Wisconsin consumers pay some of the lowest insurance premiums in the country and enjoy a stable, vibrant insurance marketplace,” said David Snyder, AIA vice… Continue reading AIA Comments on Credit Scoring Benefits in Wisconsin

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has published in the Federal Register a proposed rule to enhance the protection provided to construction employees working in confined spaces. The agency is accepting public comments on the proposed standard until January 28, 2008. “The existing construction standard for confined spaces would be… Continue reading OSHA Issues Confined Spaces in Construction Proposed Rule