Friday, December 16, 2011

Daily Headlines: Friday, December 16, 2011

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Insurance Journal Daily Headlines
December 16, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Chinese Drywall Settlement Could Reach $1B

Owners of thousands of U.S. homes tainted with foul-smelling Chinese drywall agreed to a legal settlement on Thursday with a German ...

Distracted Driving Stems From More Than Cell Phone Use, Insurers Say

Using a cell phone while driving is not the only distraction leading to automobile crashes today, says a group of insurance carriers. While ...

Best Upgrades First Hawaii Ratings to ‘A’ on Tokio Marine Takeover

A.M. Best Co. has upgraded the issuer credit ratings (ICR) to "a+" from "a" and affirmed the financial strength rating (FSR) of 'A' ...

Best Places Aviva’s U.S. Subsidiaries Ratings under Review/Negative

Following its rating actions on the UK-based Aviva plc, A.M. Best Co. has placed under review with negative implications the financial ...

U.S. Healthcare Law Keeps More Young Adults Insured

U.S. healthcare reforms have enabled 2.5 million young adults to join or remain in their parents' health insurance plans, the U.S. ...

Highway Safety Institute Lists a Record Number of Top Safety Picks

The Insurance Institute for Highway Safety announced winning vehicles for this year's Top Safety Pick. Good news for drivers: at 115, the ...

RIMS Tells Treasury: Industry Needs More Uniform, National Regulations

A major group for risk management professionals sent a letter to the U.S. Treasury Department, asking for a bigger federal role in ...

You’d Better Watch Out – Many Holiday Party Hosts Ignore Safety Issues

Many people are planning year-end holiday festivities. But a report says there are many dangers lurking at these events. And people aren't ...

From MyNewMarkets.com Insurers Take Multiple Approaches for Multifamily Housing Market

The economy appears to showing some slight signs of improvement, which spells good news for insurers, especially those that insure some of...
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East

Some in Massachusetts Eye Tougher Cellphone Restrictions for Motorists

Supporters of tougher laws against distracted driving said Wednesday they hoped the National Transportation Safety Board's call for an ...

IICF NY/Northeast Awards Record Number of Charitable Grants

The Insurance Industry Charitable Foundation (IICF) New York/Northeast division awarded a record number of grants at its 2011 benefit ...

Zurich Receives Top Award from Insurance Charitable Foundation

Zurich received the Insurance Industry Charitable Foundation's (IICF) "Double I" award this week. The award recognizes Zurich's influence ...

City of Brotherly Love Keeps Its Title of Worst ‘Judicial Hellhole’

The City of Brotherly Love isn't so lovely when it comes to the civil justice system, at least according to a national tort reform advocacy ...

New Hampshire Man Convicted of Insurance Application Fraud

A New Hampshire man admits he committed insurance application fraud for reinstating his policy and then filing a claim for a fire-damaged ...
Midwest

Euclid Insurance Taps Aronowitz to Lead New Specialty Underwriting Team

Itasca, Ill.-based Euclid Insurance Services Inc. (Euclid) has hired Daniel Aronowitz and four other nationally recognized specialty ...

Illinois Judge Pulled from Asbestos Cases Will Return $30K in Donations

A judge who was assigned to hear all of the asbestos cases in her southwestern Illinois county was stripped of those cases after it was ...

Governor OKs Bill to End Some Michigan Drivers’ Fees

Michigan Gov. Rick Snyder has signed legislation that will eliminate some extra fees that are imposed on drivers for certain traffic ...
Southeast

Alabama Awaits Detail of Data Call from Windstorms

Regulators and consumer groups in Alabama are awaiting the results of a data call from insurers to see if they are quickly handling claims ...
South Central

Appeals Court in Texas Accepts State Farm Refunds Case

State Farm Insurance has asked an appeals court to throw out an order requiring the company to refund about $350 million to Texas ...

FEMA Expands Wildfires Declaration to 119 Texas Counties

The Federal Emergency Management Agency has expanded its wildfires disaster declaration area for Texas to include 119 counties. Gov. Rick ...

Louisiana Asks for Reconsideration of Medical Loss Ratio Waiver Denial

Louisiana Insurance Commissioner Jim Donelon is requesting the U.S. Department of Health and Human Services (HHS) to reconsider its denial ...
West

Arrowhead in San Diego to be Acquired by Brown & Brown

The parent company of managing general agent San Diego, Calif.-based Arrowhead General Insurance Agency Inc. has entered into an agreement ...

Alaska Insurance Director Hall Re-Elected 2012 NIPR President

The board of directors of the National Insurance Producer Registry (NIPR) re-elected Alaska Insurance Director Linda Hall as NIPR president ...

Santa Ana Winds to Return to Southern California Friday

A "classic Santa Ana wind event is taking shape for Southern California" on Friday, the National Weather Service was reporting on Thursday ...

Family Seeks $56 Million After San Diego Jet Crash

The U.S. government should pay $56 million to a family that lost four members when a military jet crashed into their San Diego home in ...

LA Area Freeway Fire Strands Thousands Of Cars

Thousands of motorists were stuck on a 10-mile stretch of freeway near Los Angeles after a big-rig tanker truck burst into flames ...
International

IMF’s Lagarde Warns No Country is Immune from Rising Risk

The world economic outlook is "quite gloomy" and will require action by all countries, starting with those in Europe, to head off an ...

WTO approves Russia’s Membership after Marathon Meeting

Russia was admitted into the World Trade Organization on Friday after 18 years of negotiation, finally binding it into the global economy ...

Insurance Australia Group to Acquire New Zealand Insurer AMI

Insurance Australia Group Limited (IAG) announced it had entered into an agreement to purchase the AMI insurance business for NZ$380 ...

Chevron Lawsuit Flags Brazil Investment Risks

A $10.6 billion lawsuit against U.S. oil company Chevron and rig contractor Transocean could further cool an increasingly chilly investment ...

SCOR Estimates Thai Flood Losses at $185 Million

French reinsurer SCOR Group has estimated its losses from the floods in Thailand at €140 million [$185 million] net of retrocession and ...

Best Affirms Aviva’s Ratings; Places them on Review/Negative

Following its announcements, made earlier this week, A.M. Best Europe – Rating Services Limited is continuing to take rating actions on a ...

Ratings Recap: Aviva Canada, IRB-Brasil

A.M. Best Co. has placed under review with negative implications the financial strength rating (FSR) of 'A '(Excellent) and issuer credit ...

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New Discussions in the Forums

Agency Management System
Posted: Thu Dec 15 -- People don't hire consultants because their systems don't work right, it is because their systems are so complete and customizable that no... gforaker
Ex-Real Estate Marketer Seeks Career Change into Insurance
Posted: Thu Dec 15 -- Mark; My suggestion is to take the time to get your insurance licenses (P&C, L&H) before you make the final decision. As a former district... itaamerica
Mercury Insurance Question (CA)
Posted: Wed Dec 14 -- Does comp, collusion and liability extend to rental cars on Mercury policies? JAM
Security training traveling to Saudi Arabia (life, health)
Posted: Wed Dec 14 -- I have a security firm in Texas sending employees to Saudi Arabia for 6-8 weeks as instructors for a specific training contract. They want... tailor333
How do you ask for a referral?
Posted: Tue Dec 13 -- Based on my own experience, I usually got referrals when I contact clients to tell them their policy has been issued. They are usually... sethm
Workers Comp for a GYM
Posted: Mon Dec 12 -- Hartford writes a few of these for me, give them a try. briand

Reader Comments

The Next Big Thing in Insurance Coverage Is Here
Posted: Tue Dec 13 -- Chartis (AIG) ...reputation risk..... think about it and it is kind of funny. jtownagent
N.Y. Consumer Report Accuses Insurers of Needlessly Raising Rates
Posted: Thu Dec 15 -- I don't suppose they would do a study on the harm lawyers do to the public and insurance rates for slip & fall & products lawsuits that have... Brian
SF Bay Area Chuck E. Cheese Restaurants Fined
Posted: Thu Dec 15 -- Yes, by all means we need to protect the chilren from operating a dough mixer! Nanny-state at it again. krenem
Canada Pulls Out of Kyoto Climate Change Protocol; First Country To Do So
Posted: Tue Dec 13 -- They didn't pull out because they think manmade global warming is a myth. They pulled out because China and India are not playng by the same... The Other Point of View
$55K Settlement In Pepper Spraying Of California 7-Year-Old
Posted: Fri Dec 9 -- Well, you know how dangerous a seven-year-old can be when he's running wild with a dictionary in his hand! Big Mike In CA

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