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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

The American Insurance Association (AIA), The National Association of Mutual Insurance Companies (NAMIC), and the Property Casualty Insurers Association of America (PCI) have joined together along with a broad based coalition of consumers, community leaders and business organizations in supporting the efforts of the ‘Reject Referendum 67, Consumers Against Higher Insurance Rates’ campaign.    … Continue reading AIA, NAMIC AND PCI Join Together to Defeat Referendum 67 in WA State

On Monday the House of Representatives voted to reauthorize the Overseas Private Investment Corp (OPIC) through Sept. 30, 2011, which among other things, provides up to $250 million in political risk insurance for US companies participating in projects in most developing countries.     OPIC under the reauthorization bill would not be grant support in… Continue reading Congress Reauthorizes OPIC through September 2011

Although there have been almost three dozen homeowners rate hike requests from carriers in Florida, the state’s Insurance Commissioner Kevin McCarty is “resolved” to give rate cuts to policyholders through a new law that was passed during the January special legislative session.    ”I remain optimistic that the vast majority of companies will do the… Continue reading Florida Insurance Commissioner Optimistic on Getting Rate Cuts

On Monday, Hartford Financial Services Group Inc. announced that it will pay $115 million in fines and restitution to end regulatory investigations into market timing and broker compensation practices.       The Securities and Exchange Commission, as a result of the Hartford’s settlement announcement, “has concluded its investigation (related to market timing) without recommending any… Continue reading Hartford to Pay $115 Million in Fines

Legislation via settlement agreement is a bad way to make public policy, has none of the checks and balances of legislatures and undermines state sovereignty. That message was delivered during a panel July 21 at the summer meeting of the National Conference of Insurance Legislators (NCOIL) in Seattle by PIA Vice President/Treasurer Kenneth R. Auerbach,… Continue reading PIA’s Auerbach Says Main Street Agents Unfairly Penalized as a Result of Actions, Settlements of Big Brokerages

London-based Fitch Ratings Ltd., a unit of Chicago-based Fitch Ratings, Inc., released figures that revise what experts expected the floods to cost UK insurers. It expects costs will run more than £3 billion ($6.2 billion). Fitch said, however, that it expects the floods to have limited impact on insurers’ financial strength ratings. Heavy flooding hit… Continue reading UK Flood Costs Revised to Top More than £3 billion

On Sunday, the nation’s governors called on Congress to extend and increase a program to provide health insurance for poor children. A bipartisan letter drafted and approved at the annual summer meeting of the National Governors Association did not specify how much the current program should be expanded, but Democrats said it provided support for… Continue reading Governors Call on Congress to Extend Health Program for Kids