Wednesday, December 28, 2011

Daily Headlines: Wednesday, December 28, 2011

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Insurance Journal Daily Headlines
December 28, 2011
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Today's Headlines

National

Court OKs AIG’s $450M Settlement Over Underreported Workers’ Comp Premiums

A federal judge has approved American International Group Inc.'s $450 million settlement with rival insurers to end litigation accusing AIG ...

Auto Insurance Claim Costs Rising Again

Auto insurance claim costs countrywide have recently increased, reversing previous trends of declining or relatively stable costs. A new ...

Appeals Court Delays SEC-Citigroup Securities Fraud Case

The U.S. Securities and Exchange Commission won a delay in its securities fraud lawsuit against Citigroup Inc, as the regulator tries to ...

Publishing Association Launches Insurance Product for Members

Members of the Evangelical Christian Publishers Association (ECPA) will be able to access a new insurance program at the start of the new ...

FEMA to Give Partial Credit for Substandard Levees in Drawing Flood Zones

A levee isn't perfect, but it exists and that should count for something when deciding if a property is at risk for flooding. That's the ...

MetLife to Sell Bank Unit to GE Capital

General Electric Co. jumped into the retail deposits business on Tuesday, buying the online bank from life insurer MetLife Inc. in a deal ...

From MyNewMarkets.com As User-Based Insurance Takes Off, Towers Watson Steers It Globally

When Towers Watson expanded its user-based insurance (UBI) DriveAbility program beyond the United States last month, it wasn't just based on...
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East

Unhappy Law School Grads Consider Suing Their Alma Maters

Many law schools try to attract more applicants by showing off how well their graduates do in the real world. The schools tell their ...

Aon Wins Preliminary Injunction Against Former Exec, Now at Alliant

A New York court granted Aon Risk Services Northeast a preliminary injunction involving its former executive. Last week, the Supreme Court ...

N.J. Court: State Not Responsible for Fatal Accident on Highway

State transportation officials who declined to fund a new pedestrian walkway over a southern New Jersey highway cannot be held responsible ...

Report Says Virginia Drivers Wrongly Charged Under Insurance Law

Virginia motorists are being ticketed and convicted of a violation that is not a crime under state law: driving without proof of insurance. ...

Judge: NYC Taxi Agency Must Help Disabled Riders

A federal judge has barred New York City's Taxi and Limousine Commission from issuing permits for taxicabs unless they're accessible to ...
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Midwest

Early Flood Outlook Looks Favorable for North Dakota

North Dakota residents who have taken turns battling major floods the last three years may be in for a break, based on the first National ...

Nebraska, Iowa Towns Among Safest in U.S.

Several cities in Nebraska and Iowa made Farmers Insurance's lists of the safer and most secure places to live in the country. The insurer ...

Why Drunk Driving Crashes Are Down in Michigan

Experts say there's no single reason for the big drop in alcohol-related crashes and deaths in Michigan over the past decade. Michigan had ...
Southeast

Mississippi Officials Want Hunting, Fishing Camps Eligible for Flood Insurance

Pascagoula Mississippi officials are asking lawmakers to amend a state law and allow local governments to enforce federal floodplain codes ...

Fidelity National Sells 85% of Personal Lines Business

Title insurance, mortgage and financial services provider Fidelity National Financial Inc. said it will sell an 85 percent interest in its ...

North Carolina Professor Appeals Ruling Over Job Tenure

A professor who says her remarks about a Palestinian film cost her a job at North Carolina State University wants the state Supreme Court ...

Insurers Divided Over North Carolina Auto Insurance System

Is it more important to keep overall car insurance premiums low, or to make sure everyone's paying what they deserve? North Carolina ...
West

Judge Rules BP Not Negligent in Alaska Spill

A federal judge ruled that BP was not negligent in the case of a 2009 oil spill and did not violate the terms of its probation from an ...

Feds Throw Obstacle at Oregon Health Exchange

A clearer picture is surfacing of a new health insurance marketplace intended to help individuals and small businesses shop for health ...

Northern California City Pumps More Money Into Fight With Deloitte

Marin County in Northern California is pumping more money into its legal battle with Deloitte Consulting LLP over a $30 million computer ...

Overheated Christmas Tree Causes Washington Fire

Firefighters say overheated Christmas lights sparked a fire in Mill Creek, Wash. that damaged a home and killed a 3-week-old puppy. The ...

New Snow Fencing Installed On Utah County Highway

The Utah Department of Transportation is testing a new type of snow fencing along in western Utah County. The Daily Herald of Provo reports ...

Propane Truck Crash Spurs Evacuation In Montana

Missoula, Mont. authorities say part of Reserve Street is closed and the immediate area is being evacuated after a head-on collision ...

Hawaii Supreme Court Rules 'Known or Obvious Danger’ Defense Not Viable

The Hawaii Supreme Court has ruled the "known or obvious danger" defense is no longer viable under state law as a complete bar to an ...

Mathews Named President and CEO of California-based Atlas

Mike Mathews has been named president and chief operating officer of San Diego, Calif.-based Atlas General Insurance Services. Mathews is ...

California AG Announces Half-Billion Dollar Settlement over Price-Fixing Scheme

California Attorney General Kamala D. Harris announced on Tuesday that her office, along with the attorney general offfices, reached a $553 ...
International

Insurers Worry 2012 Will Top 2011 for Record Weather Disasters

From floods that crippled countries, to mega cyclones, huge blizzards, killer tornadoes to famine-inducing droughts, 2011 has been another ...

WTO Risks its Future by Keeping Doha Talks Alive

The 153 members of the World Trade Organization agree on two things: We're in a hole. And we must keep digging. The hole is the Doha ...

ABI Seeks ”Long Term’ Solution, Government Help to Cover UK Floods

Otto Thoresen, the Director General of the Association of British Insurers has issued a statement outlining the organization's position on ...

Scandinavia Hit Hard by Windstorm Dagmar AIR Reports

A report from catastrophe modeling firm AIR Worldwide notes that Windstorm Dagmar has moved across Russia north of St. Petersburg and begun ...

General Re Reported Interested in So. Korea’s Tong Yang Life

General Re, a unit of Warren Buffett's Berkshire Hathaway Inc, is interested in buying South Korea's Tong Yang Life Insurance to tap into ...

Zurich Makes Two Investment Management Executive Appointments

Zurich Financial Services Group has announced the appointment of two executives within its Investment Management sector as follows: ...
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Swiss Re Chief Economist Analyzes Current Market Conditions

Swiss Re's chief economist Kurt Karl discusses the challenges the insurance industry faces,...
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Interesting Times in Medical Liability

The medical liability market continues to perform well even as the nation struggles to...

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New Discussions in the Forums

Need a market for a home in heavy brush in CA
Posted: Wed Dec 28 -- I am looking for a market for a home located in California that is in very heavy brush. They are currently with the Fair Plan but would like... Gail
Those who get an Insurance Education have a competitive edge
Posted: Tue Dec 27 -- My experience with insurance producers is that a pretty good percentage believe that continuing education training is a nuisance and see no... itaamerica
My CPCU journey - almost finished.....
Posted: Tue Dec 27 -- Hello Everyone, I posted a few times several months back looking for advice/opinions regarding the CPCU program from the Institutes. I... bjwestner
Facebook
Posted: Tue Dec 27 -- I've been using Facebook PPC for quite some now, and it has brought leads and conversions. It may be a bit costly, but what I like most... sethm
Adding Addtional Insureds
Posted: Mon Dec 26 -- Shouldn't the AI requestor contact the primary and request the primary to add them? Seems like your adding work for yourselves, when the... OldIndyAgent
Fireworks Wholesaler/Retailer
Posted: Thu Dec 22 -- I am looking for markets for a large fireworks wholesaler/retailer. Need help on GL, XS & AL Thanks E&S Broker
Loss Payment on a BOP
Posted: Thu Dec 22 -- Without pulling out a policy I would have to think the denominator would be 80%of the replacement cost. I would need to confirm the... yoyowordup
CertsNow 24/7 or CSR24
Posted: Thu Dec 22 -- I know these guys continually market us, and one of our principals (not me) seems interested, but I agree with the other comments. The cert... Island Girl Agent

Reader Comments

$1.6M Award for Connecticut Man Injured in Icy Road Accident
Posted: Tue Dec 27 -- This is a very bad ruling. I hope they appeal and it gets overturned. Observer
Allstate Revises Agent Compensation Plan
Posted: Tue Dec 27 -- Remember when they used to pay 15% new and renewal comp on homes and then they did a transition which gradually lowered it to the 10 and 10... Old Agent
Esurance Debuts First Ad Campaign Since Being Bought by Allstate
Posted: Tue Dec 27 -- This must make Allstate Agent's real happy. Now they have another major competitor!! If Allstate really had their true wish, there would be... Steve
South Carolina State Worker Seeks Free Speech Damages Over Firing
Posted: Tue Dec 27 -- Diversity training rarely allows diversity of thought or opinion, and honest open questions. Just sit there and agree or your are fired. Observer
Maurice 'Hank' Greenberg Wins Leadership Award From Yale University
Posted: Wed Dec 21 -- Dear my two cents-Why do you respect Greenberg? AIG might have been the biggest but is that a reason to respect Greenberg? Bank of America... Systemic risk

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