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
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IIAA Commends Congress for Moving Forward on Regulatory Reform
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
HRH Announces Acquisition of The Resource Group
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
Independent Consultant Found No Wrongdoing in MBIA’s SEC Probes
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
House Subcommittee Approves Terrorism Bill Extension, Full Vote to Come
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
China’s Insurers May Expand their Investments Overseas
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
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