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Certified Financial Planner Board of Standards, Inc. (CFP Board) has strengthened the ethical standards for financial planners who are authorized to use the CFP® certification designation, in an effort to ensure that consumers have access to competent and trustworthy financial advice. According to the CFB, Americans face increasingly complex financial choices, and they can rely… Continue reading CFB Board Raises Ethical Bar for Financial Planners

New European legislation to be unveiled today could spark a wave of merger and acquisition activity in the insurance industry, experts predict. Known as Solvency II, the legislation will overhaul the rules that determine how much buffer capital insurers must hold. Its goal is to better match the capital the risks insurers face today, and… Continue reading Legislation Proposed in Europe May Result in More M&As

According to a recent on-line survey about P/C insurance technology conducted by Fiserv, Inc., a provider of information management systems and services to the insurance and financial industries, nearly all insurers acknowledge the need to improve their underlying technology to compete more effectively and better serve their customer base. Although many insurers already serve customers… Continue reading Carriers Acknowledge Need to Improve IT Services

A survey recently released by AIG SunAmerica and conducted by Harris Interactive shows that securing a significant source of retirement income guaranteed for life is a top financial goal for almost all boomers.       Participants of the “America Speaks Out on Retirement: 2007 Investor Research Study” stated that guaranteed lifetime income, protection against investment… Continue reading Retirement Needs for Boomers Opens New Opportunities for Insurers

Minnesota-based Travelers Cos. Inc. has entered into a settlement to completely rsolve all current and future asbestos-related coverage claims against Travelers and its subsidiaries relating to ACandS Inc. According to the settlement agreement, Travelers will contribute $449 million to a trust to be established pursuant to ACandS’ plan of reorganization. Travelers stated that it expects… Continue reading Travelers to Resolve Asbestos-Related Claim

In response to comments made by Governor Charlie Crist in the July 3 edition of the “South Florida-Sun Sentinel” regarding insurance rates, the Property Casualty Insurers Association of America (PCI) issued statement below by William Stander, assistant vice president and regional manager for PCI.    “It is important to clarify a comment made by Gov.… Continue reading PCI Responds to Florida Governor’s Statements

According to Dallas-based electronic insurance exchage, MarketScout, rates for all lines of commercial Property/Casualty insurance continued to decline in June, with an overall average decline of 14% compared with a year earlier. Umbrella/excess coverage experienced the largest rate reduction at 16%. Fiduciary and surety experienced the smallest decline, with decreases of 5% each. In general,… Continue reading Commercial P/C Rates Decline in June

Nine insurers owned by AIG, American International Group, were fined $5 million for a number of violations by the Oregon Department of Consumer and Business Services. The fine is for various violations of Oregon insurance and workers’ compensation laws. According to an order issued July 5, within 45 days, AIG must pay $1 million, however,… Continue reading AIG to Pay $5M in Fines for Workers Comp Violations in Oregon

Specialty carrier Assurant Inc. announced yesterday that two of its employees received a Wells notice from the U.S. Securities and Exchange Commission in connection with an ongoing investigation.    A Wells notice indicates the SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating federal securities laws,… Continue reading Two Assurant Employess Investigated by SEC

Residents of Williamsburg, VA may not be able to purchase flood insurance unless the city meets federal guidelines by September. The Federal Emergency Management Agency advised Williamsburg officials that the Chesapeake Bay regulations and map will no longer count as floodplain policy, resulting in the city having to establish new regulations that denote those areas… Continue reading Homeowners Flood Insurance At Risk in Williamsburg, VA