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“A.B. 8,” a California Assembly bill passed during the regular legislative session that would have required employers to provide health insurance to their employees or pay a tax to the state, has been terminated by Governor Arnold Schwarzenegger.    The coverage would have amounted to 7.5 percent of payroll or an equivalent amount paid in… Continue reading CA Governor Nixes Employer Health Bill

The U.S. Senate Banking Committee announced it will meet tomorrow to consider bills that would renew the federal government’s soon-to-expire terrorism insurance program and reform federal flood insurance.   In a morning session sure to be of great concern to insurance industry members and real estate developers alike, the panel will open debate and likely hold… Continue reading Insurance Bills to Be Taken Up Tomorrow by Senate Panel

Proposed Internal Revenue Service (IRS) rule changes could adversely affect an captive insurance companies, an industry that fuels more than 1,400 high-paying jobs in the state of Vermont, say industry onlookers.      If enacted, the IRS rules would effectively eliminate the deductible status of the “reserves” held by captive insurance companies, which is basically money… Continue reading Proposed IRS Rules Alarm Captive Insurance Industry

Stock futures fell today in the face of record crude oil prices and the rising concerns about the negative effects that higher energy costs may have on consumers and corporate profits. A barrel of U.S. crude for November delivery rose to $87.97 in electronic trade due to Middle East tension.    Noted Andre Bakhos, president… Continue reading Stocks Slide Amid Surge in Crude Oil Prices

In a survey conducted by Houston, Texas-based law firm Fulbright & Jaworski, findings indicate that corporate attorneys are filing and defending fewer lawsuits and expect litigation to continue declining next year. Sixty-five percent of survey respondents said they had filed at least one lawsuit during the past year, a five percent decline from 70 percent… Continue reading And the Survey Says… Companies Filing and Defending Fewer Lawsuits

An historic contract with General Motors Corp. that will end GM’s obligation to provide retiree health care benefits to members of the United Auto Workers (UAW) and also establish a cash balance pension plan for certain new employees has been ratified, announced spokespersons for the UAW. The agreement, which was approved by about two-thirds of… Continue reading Union Members Approve Historic Contract with Detroit Auto Maker

Medical malpractice claims have been on a steady decrease for the last five years, driven by significant drops in claims involving obstetrics and rehabilitation, finds a new report. Still, despite the decline, obstetrics claims accounted for 14 percent of overall hospital malpractice claims in 2005 and accounted for 32 percent of claim costs.    In… Continue reading Hospital Malpractice Claims Continue to Drop, Report Finds

With mounting challenges for agents and brokers on issues surrounding certificates of insurance, the Big “I” Board of Directors took the proactive step of adopting a board policy at a recent meeting to help the industry address the problem. “The critical role that certificates of insurance play in many business transactions underscores the importance of… Continue reading BIG “I” Adopts Certificates Of Insurance Policy

For the first time in three years, sales of U.S. Government Treasuries may possibly increase as the U.S. federal budget deficit expands, resulting in putting at risk what has been the biggest bond rally in five years. According to UBS Securities LLC, one of the 21 primary dealers that underwrite Treasury auctions, the government’s auctions… Continue reading Deficit Expands, May Prompt Rise in Treasury Sales

Banking industry giants Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will be joining in an agreement to establish a fund totaling approximately $80 billion. The fund is designed to help revive the asset-backed commercial paper market, according to unnamed persons who are familiar with the discussions. The three banks may make… Continue reading Big Bankers May Bind to Back Billions