Category: Show on Homepage

AIA, NAMIC AND PCI Join Together to Defeat Referendum 67 in WA State

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

Congress Reauthorizes OPIC through September 2011

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

Florida Insurance Commissioner Optimistic on Getting Rate Cuts

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

Hartford to Pay $115 Million in Fines

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

PIA’s Auerbach Says Main Street Agents Unfairly Penalized as a Result of Actions, Settlements of Big Brokerages

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

UK Flood Costs Revised to Top More than £3 billion

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

Governors Call on Congress to Extend Health Program for Kids

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

FTC Reaffirms Link Between Credit Score and Risk, Helps Consumers

The Federal Trade Commission’s (FTC) study of automobile insurers’ use of credit has reaffirmed the strong connection between credit information and the risk of loss and has determined that its use helps to increase the availability and affordability of insurance for most consumers, according to the Property Casualty Insurers Association of America (PCI). “Now there… Continue reading FTC Reaffirms Link Between Credit Score and Risk, Helps Consumers

State Farm to Drop Homeowners in the Sunshine State Next Year

Florida’s largest private insurer, State Farm Insurance, will drop about 50,000 homeowners policies next year in areas it considers risky. The majority of homes and condos will lose their insurance are located within a few miles of the coast, but some are further inland, according to Justin Glover, a State Farm spokesperson. Glover stated that… Continue reading State Farm to Drop Homeowners in the Sunshine State Next Year