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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

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

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

Validus Holdings Ltd, a reinsurance company based in Bermuda, has made an initial public offering in the hopes of raising as $468 million and tapping in the US public market. Validus is one of several reinsurers to stage IPOs in recent months, and has filed to sell 18 million shares with an anticipated per-share price… Continue reading Reinsurer Looks to Raise $468 Million in an IPO

Flood claims in the UK are set to go over 2 billion pounds ($4.12 billion) after rain left central, northern, and southern England under water. This is the biggest UK flood bill in 20 years. According to an Association of British Insurers (ABI) spokeswoman, the bill from flooding in recent days across the central counties… Continue reading Insurers in the UK Face 2 Billion Pound Flood Claims

According to the Florida Office of Insurance Regulation, the Chubb Group agreed to refund its workers compensation policyholders in Florida more than $13 million. The refund stems from premiums paid from 2002-2004. In the Office of Insurance Regulation’s statement, it discovered the “excess profits” during a review of annual financial data submitted by Chubb companies.… Continue reading Florida WC Insureds to Receive $13 Million from Chubb

Marsh Inc announced the establishment of its U.S. Nuclear Energy Center of Excellence, with J. Shannon Moyer at the center’s helm. The center will operate both within the firm’s Global Marine & Energy Practice as well as its Power & Utilities Industry Practice to help clients in those industries address the array of complex risks… Continue reading Marsh Sets Up U.S. Nuclear Energy Center Of Excellence

A Senate panel unanimously accepted a compromise to expand health insurance for children of low-income working families by sharply hiking tobacco taxes, despite President Bush’s threat to veto the bill. The 17-4 Finance Committee vote underscored the popularity of the program, which insures about 6 million children nationwide.       Six of the 10 Republicans… Continue reading Senate Approves Expansion of Health Insurance Bill for Children