Category: Show on Homepage

The hearing on the Federal Trade Commission (FTC) report on credit-based insurance scores by a House panel, scheduled to meet today, has been postponed, according to announcement made by U.S. Representative Melvin L. Watt, D-N.C., chairman of the Subcommittee on Oversight and Investigations. The panel will meet on this report at a later day. “The… Continue reading Hearing on FTC Report Postponed, to Be Rescheduled

Second-quarter profits reported by Aetna, a goliath in the health insurance industry, were $451.3 million, or 85 cents per share, compared with earnings of $389.5 million, or 67 cents per share during the same period last year. The 16% gain exceeded Wall Street forecasts, prompting a raise in its guidance for the current year to… Continue reading Aetna, Travelers Post Big Earnings

Richard Blumenthal, attorney general for Connecticut, announced that approximately 20 subpoenas have been issued by his office as part of an “active and ongoing” investigation into what he called “certain anticompetitive practices in the reinsurance industry.” Yesterday, Hartford Financial Services Group disclosed it was one of the subpoena recipients. The remaining subpoenas were issued to… Continue reading Reinsurance Industry Investigation Underway

In a controversial move that could benefit the 50% of Americans who live in coastal areas, the House Financial Services Committee voted yesterday to expand the national flood insurance program to cover wind damage. Under the new legislation, flood insurance program policyholders would also be able to purchase wind policies (although the latter coverage could… Continue reading Flood Insurance Program Shifts in the Wind

The debate over the Federal Trade Commission (FTC) report on credit-based insurance scores between both its supporters and detractors will get further fueled by Friday’s hearing on the matter by Congress.     Consumer interest groups feel that the report by the FTC is virtually “meaningless” due to the way in which the data was… Continue reading Congress to Hear FTC Report on Credit-Based Insurance Scores on Friday

On Wednesday, the House of Representatives moved a step forward in reforming state insurance regulation by passing H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill whose sponsors are Rep. Dennis Moore of Kansas and Rep. Ginny Brown-Waite of Florida is supported by the Independent Insurance Agents & Brokers of America (the… Continue reading IIAA Commends Congress for Moving Forward on Regulatory Reform

One of the world’s largest insurance and risk management intermediaries, Hilb Rogal & Hobbs Company, announced on Wednesday its agreement to acquire all of the assets of The Resource Group, L.C. (TRG). The terms of the transaction were not disclosed. TRG is primarily an employee benefits brokerage and consulting firm with specialties including group health… Continue reading HRH Announces Acquisition of The Resource Group

The world’s largest bond insurer, MBIA Inc. announced that the independent consultant it retained as part of a $75 million regulatory settlement concluded that its accounting and disclosure procedures are sound, and exonerated it any wrongdoing related to two transactions. MBIA, based in Armonk, NY, had contracted the consultant as part of a January 2007… Continue reading Independent Consultant Found No Wrongdoing in MBIA’s SEC Probes

Yesterday afternoon the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises approved the Terrorism Risk Insurance Revision and Extension Act. The measure extends the insurance backup for catastrophic losses suffered in a terrorist attack, slated to expire by year-end, for 10 years. The full committee plans to take up the… Continue reading House Subcommittee Approves Terrorism Bill Extension, Full Vote to Come

The China Insurance Regulatory Commission announced today that it has put into effect new rules to allow its nation’s insurers to invest up to $48 billion of their assets in overseas stocks and bonds. This raises the cap on investing abroad from 5 percent of assets to 15 percent. The Chinese regulator wants firms to… Continue reading China’s Insurers May Expand their Investments Overseas