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Thursday night, the Senate voted 67-29 to expand the State Children’s Health Insurance (SCHIP) program, a measure President Bush has vowed to veto and has stated that this expansion is a step toward universal coverage. The expanded program is designed to double the number of children covered, from 4 million to 8 million. Eighteen Republicans… Continue reading Senate Votes Yes to Expand SCHIP

Thursday the House of Representatives approved H.R. 3121, the Flood Insurance Reform and Modernization Act, by a vote of 263-146. The bill expands the National Flood Insurance Program (NFIP), which protects millions of American homeowners, to cover wind damage. The White House has vowed to veto the bill, saying it would expose taxpayers to excessive… Continue reading House Expands Flood Insurance Reform, Includes Wind Damage

In other news regarding Overland Park, Kansas-based Brooke Corp., the company was recently named in a lawsuit that alleges the company participated in fraud, negligence and violated the federal RICO Act (Racketeer Influenced and Corrupt Organizations Act).      President of IGWT Insurance Services in Tampa, Fla., Arthur C. Mann filed the lawsuit in U.S. District… Continue reading Florida Agency Franchise Sues Brooke Corp for Fraud, RICO Violations

Independent Insurance Agents & Brokers of New York, Inc. sent a letter requesting top property and casualty companies operating in New York refrain from denying claims because of late notice until the adoption of legislative changes. The Sept. 24 correspondence asks top carrier executives responsible for their operations in New York not to invoke “late… Continue reading IIANY Letter Requests Carriers to Hold Off on Denying Claims, Wait for Legislation

On Thursday, Brooke Franchise Corp. announced its agreement to buy 60 insurance agency locations from companies related to Chicago-based J and P Holdings Inc.     The agency locations are in Missouri, Kansas, Colorado, Texas and Illinois, Overland Park-based Brooke Corp. Brooke Franchise’s parent.     Financial terms of the transaction weren’t disclosed. The deal… Continue reading Brooke Agrees to Purchase Network of Insurance Agencies

Reflecting what many analysts and home builders have stated, Fannie Mae Chief Executive Officer Daniel Mudd, stated that the housing slump will last beyond next year, dragging down home prices and increasing credit losses. The market won’t hit a bottom “until the end of ’08 and then we have some period of time to work… Continue reading Fannie Mae CEO Sees Housing Slump Beyond ‘08

On Wednesday, the House Ways and Means Committee approved expansive mental health benefits parity bill, which would make it illegal for employer-provided health plans to impose annual limits on the number of visits or days to treat mental maladies if other medical conditions weren’t subject to the same limits. Such a prohibition is contained in… Continue reading House Committee Approves an Expanded Mental Health Benefits Parity Bill

On Thursday Zurich-based Swiss Reinsurance Co. at the Clinton Global Initiative 2007 held in New York announced the launching of its Climate Adaptation Development Programme, designed to develop a financial risk transfer market against weather risks in emerging countries. The Swiss Re program during the first phase will provide financial protection against drought conditions for… Continue reading Swiss Re Launches Climate Change Program

The world’s number one provider of insurance and reinsurance brokerage and global risk management services, Aon, and Arup, the global multidisciplinary engineering and consulting firm, announced today announced a strategic alliance that brings to the marketplace an unprecedented pre- and post-loss consulting service that offers clients an independent, global catastrophic risk management solution.    … Continue reading Aon and Arup Announce Strategic Alliance

In related housing news, today KB Home, the country’s No. 5 home builder, posted a loss on write-downs for land values, with revenue falling 32 percent, reflecting the increasing supply of homes and tighter standards in the mortgage market that kept potential buyers on the sidelines. The U.S. housing market has been in a steep… Continue reading KB Home Posts Loss; Says No Sign of Housing Market Stabilizing Soon