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Nine insurers owned by AIG, American International Group, were fined $5 million for a number of violations by the Oregon Department of Consumer and Business Services. The fine is for various violations of Oregon insurance and workers’ compensation laws. According to an order issued July 5, within 45 days, AIG must pay $1 million, however,… Continue reading AIG to Pay $5M in Fines for Workers Comp Violations in Oregon

Specialty carrier Assurant Inc. announced yesterday that two of its employees received a Wells notice from the U.S. Securities and Exchange Commission in connection with an ongoing investigation.    A Wells notice indicates the SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating federal securities laws,… Continue reading Two Assurant Employess Investigated by SEC

Residents of Williamsburg, VA may not be able to purchase flood insurance unless the city meets federal guidelines by September. The Federal Emergency Management Agency advised Williamsburg officials that the Chesapeake Bay regulations and map will no longer count as floodplain policy, resulting in the city having to establish new regulations that denote those areas… Continue reading Homeowners Flood Insurance At Risk in Williamsburg, VA

Insurer Norwich Union, the largest homeowners insurer in the UK, has estimated that the cost of recent flood claims in northern and central England could be in the region of £175m. This follows the Association of British Insurers’ (ABI) estimate that the flooding could cost the insurance industry over £1bn. “[This] will impact the group’s… Continue reading Floods in Britain Could Reach a Cost of £175m

To save costs, Japanese carrier Millea Holdings, a holding company with life and non-life insurance operations, voluntarily took itself off the US NASDAQ market and discontinued reporting its earnings as stipulated by US accounting rules. This move follows several other foreign companies who chose to delist recently because of the high cost of maintaining a… Continue reading Japanese Insurer No Longer on NASDAQ

Ninety-one homeowners have already filed claims with State Farm, the largest writer of homeowners insurance in CA, for losses due to the Angora fire that destroyed 250 homes and consumed 3,100 acres of bone-dry forest. Insurance companies are just beginning to obtain some estimates of damage and claims from the fire, and are gearing up… Continue reading Claims Are Coming In from Angora Fire in CA

The designs of seats and head restraints in 21 current SUV, pickup, and minivan models are rated good for protecting people in rear impacts, but those in 54 other models are rated marginal or poor. Another 12 are rated acceptable. The latest evaluations of occupant protection in rear-end collisions by the Insurance Institute for Highway… Continue reading Seat/Head Restraints Marginal or Poor in Rear Crash Protection in Most SUVs, Pickup Trucks, & Minivans

The state New York Insurance Department has approved a 14% increase in medical malpractice insurance rates. According the Insurance Department, the rate hike which was approved on Monday, is lower than what insurers had requested and “is necessary to avoid further financial deterioration of the companies and perhaps an irreversible crisis in an already severely… Continue reading Medical Malpractice Rate Hike in NY Approved

According to a report by the Reason Foundation, a dedicated think thank, North Dakota, South Carolina have the nation’s most cost-effective road systems. New Jersey for the eighth straight year is home to the country’s worst overall road system and most gridlocked highways.     About 52% of U.S. urban Interstates are congested and the… Continue reading New Report Lists NJ as Having Worst Traffic; ND and SC Top List for Best Roads

It was over a year ago that legislation was passed in Massachusetts requiring people to have health insurance, similar to the requirement for drivers to have auto insurance. Now the nation has is looking to see if this will work and whether the remaining 375,000 or so uninsured will buy policies. Yesterday represented an important… Continue reading All Eyes Are on Massachusetts’ Health Plan