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AIA Applauds MA’s Insurance Commissioner’s Decision on Auto Insurance Market

On Tuesday,the American Insurance Association (AIA) today praised Massachusetts Insurance Commissioner Nonnie S. Burnes for her decision to bring choice, transparency, and lower premiums to the auto insurance market. “AIA applauds Commissioner Burnes and the Patrick Administration for moving the state’s auto system toward competition,” said John Murphy, vice president, AIA Northeast Region. According to… Continue reading AIA Applauds MA’s Insurance Commissioner’s Decision on Auto Insurance Market

Assurant CEO on Leave While Federal Probe Takes Place

Five top executives from Assurant Inc. have been placed on leave following an SEC probe in the company’s finite reinsurance-related practices, including Robert B. Pollock, president and CEO of the company. The move by New York-based Assurant’s board of directors comes after the company learned that SEC could levy civil fraud charges against the executives… Continue reading Assurant CEO on Leave While Federal Probe Takes Place

Zurich Launches M&A Unit

Swiss insurer Zurich Financial Services Group has launched a merger & acquisitions unit in the United States, with plans to operate worldwide via London and Zurich by year-end. The unit is designed to help customers whose companies are merging with or acquiring another. Thomas Gamble, a former executive vice president at New York-based Arch Insurance… Continue reading Zurich Launches M&A Unit

III President to Testify Today on National Flood Insurance Reform

The Insurance Information Institute’s (I.I.I.) president and chief economist, Dr. Robert Hartwig, is scheduled to testify today at the U.S. House of Representatives’ public hearing on House Resolution 920—the Multiple Peril Insurance Act of 2007. The Multiple Peril Insurance Act of 2007 calls for amending the federal law which created the National Flood Insurance Program… Continue reading III President to Testify Today on National Flood Insurance Reform

RIMS Survey Indicates Continuing Decline in Many Commercial Policy Premiums

According to a benchmark survey for the second quarter conducted by New York-based Advisen Ltd on behalf of the Risk & Insurance Management Society (RIMS), risk managers continue to enjoy lower premiums on many of their commercial insurance policies. D&O liability premiums fell an average of 7.29% in the second quarter compared with last year,… Continue reading RIMS Survey Indicates Continuing Decline in Many Commercial Policy Premiums

Missouri Becomes Ninth State to Welcome Captive Formations

Last week, Missouri Governor Matt Blunt signed legislation allowing the formation of captives in the state as of August 28. The measure was introduced by Senator John Loudon and reflects captives statues in other states, particularly Vermont, which is the largest domicile with 563 captives.    Under the new Missouri law, the minimum capital and… Continue reading Missouri Becomes Ninth State to Welcome Captive Formations

CFO Alex Sink Speaks Out On Florida’s Insurance Woes and More

One of the first things Alex Sink was asked to when she became Florida’s new CFO was to come up with ways of lowering insurance rates and provide some respite for the state’s beleaguered homeowners. After a special ten-day session, the result was the expansion of The Florida Hurricane Catastrophe Fund to $28 billion, allowing… Continue reading CFO Alex Sink Speaks Out On Florida’s Insurance Woes and More

Administration Opposes Using Cigarette Tax Hike to Aid in Kid’s Insurance Bill

On Saturday, senior advisors of the Bush administration stated that they would recommend the president veto Senate legislation that would substantially increase funds for children’s health insurance through the use of a 61-cent increase in the the federal excise tax on a pack of cigarettes. The revenue generated from the tax hike would be used… Continue reading Administration Opposes Using Cigarette Tax Hike to Aid in Kid’s Insurance Bill