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The National Association of Mutual Insurance Companies (NAMIC) also issued a statement asking that the provision to add wind coverage to the nation’s flood insurance program, which was adopted last week by the House Financial Services Committee, not be passed by the full House.       “The NFIP is already in dire need of reforms,… Continue reading NAMIC Also Criticizes Wind Coverage Inclusion Flood Reform Legislation

The Annie E. Casey Foundation released it’s 18 annual “Kids Count” report last week in which it indicates that about 11% of U.S. children lack health insurance. The report uses data from the Census Bureau (most recent data is from 2004 and 2005) to measure each state’s progress since 2000 in specific key areas: infant… Continue reading New Report Says More than 10% of Children Lack Health Coverage

Members of the U.S. P/C industry are buying back shares of their own stock at rates not seen in 20 or more years, signaling the beginning of a soft market and a sign that the competition is pushing premiums low enough to threaten increases in profits. “Insurance companies know they’re going into a softer cycle,… Continue reading Lower Premiums and Stocks Likely as P/C Insurers Buy Back Stocks

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