Friday, February 24, 2012

Daily Headlines: Friday, February 24, 2012

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Insurance Journal Daily Headlines
February 24, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Bankers and Their Insurers Escape Big Penalties in FDIC Prosecutions

Like many banks engulfed by the mortgage crisis, First National Bank of Nevada specialized in risky home loans that didn't require ...

P/C Insurers Face Obstacles on Road to Hard Market

With interest rates low and looking like they will stay low for some time to come, property/casualty insurance companies will have to focus ...

Complex Trial Over Blame for Gulf Oil Spill Set to Open

It could be the ultimate case for passing the buck. A massive trial over the 2010 Gulf of Mexico oil spill heads for a New Orleans federal ...

Tornado Chasers Prepare for High Season

With the month of March looming, United States tornado chasers are already watching the Southeast as a nasty storm brews with the potential ...

6 Things I Learned from Reading Steve Jobs Authorized Biography

The first lesson learned from Walter Issacson's best-selling biography, Steve Jobs (Simon and Schuster), is that you should have started ...

CORE Underwriters Launches Habitational Program

CORE Underwriters is seeking partnerships to expand its distribution base across the country after launching its habitational insurance ...

AIG Posts Huge Q4 Profit on Tax Benefit; Chartis Reports $348M Income

Bailed-out insurer American International Group reported a $19.8 billion profit for the fourth quarter, after an accounting change that ...

From MyNewMarkets.com Insurance Plays Lead Role in Movies

Americans love movies, and they showed it by purchasing 1.2 billion tickets worth about $10.2 billion at the box office last year. That, of...
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East

AIG’s Benmosche: ‘AIG Has Not Only Survived, It’s Got Its Strength’

AIG's top executives struck an optimistic note as the insurer reported strong 2011 fourth-quarter profit results. CEO Robert Benmosche told ...

Ironshore Opens P/C Production Center in Boston for Wholesale Market

Ironshore Inc. has opened a Property/Casualty production center in Boston dedicated to the insurance wholesale market, the company said. ...

Pennsylvania Township, Schools Pay $63K to Banned Fan Mom

A Pittsburgh-area suburb and its school district will pay $63,500 to settle a civil rights lawsuit filed by a woman who claims she was ...

Massachusetts Court Says Teens Not Liable Under Social Host Law

The highest court in Massachusetts ruled Tuesday that teenagers who host underage drinking parties but do not supply alcohol cannot be held ...

Selective Insurance Announces Officer Appointments

Selective Insurance Group announced 10 officer appointments by its subsidiary, Selective Insurance Company of America: Kimberly Burnett ...
Live webinar from Academy of Insurance: Myths, Lies and Legends Surrounding Kidnap and Ransom Coverage
Midwest

Indiana Panel Backs Bill Requiring Stage Inspections

Indiana's building safety commission would set standards for inspecting large, temporary outdoor stages under a proposal advancing in the ...

Lawsuit Filed in Iowa Over Tainted Sprouts

An Iowa woman sickened by eating tainted sprouts filed a lawsuit against sandwich chain Jimmy John's, the first stemming from a recent ...

Sen. Durbin Announces Funds for Illinois Fire Departments

U.S. Sen. Dick Durbin has announced a nearly $1.4 million federal investment in five Illinois fire departments. The funding will help boost ...
Southeast

Mississippi Moves to Enforce Flood Codes on Hunting-Fishing Camps

The Mississippi House has approved a bill to allow local governments to enforce federal floodplains codes at hunting and fishing camps and ...

North Carolina Says 2 Counties Must Buy Flood Insurance to Get Loan

North Carolina Gov. Beverly Perdue is making a no-interest state loan available to repair two schools and other public buildings in Tyrrell ...

North Carolina Court Denies Damages in Wrongful Death of Dog

The North Carolina Court of Appeals has waded into a legal tussle over the wrongful death of a Jack Russell terrier. Nancy and Herb Shera ...

Court Upholds 1998 Tobacco Deal, Denies North Carolina Firm’s Claims

The landmark 1998 national settlement between 46 states and 19 tobacco companies is valid and doesn't amount to a conspiracy or ...
South Central

Louisiana Citizens Board Offers $103M to Settle Lawsuit

Louisiana's property insurer of last resort is offering nearly $103 million to settle disputes over its handling of claims after hurricanes ...

Western Security Surplus' Stevens Helps Launch Berry Family 5K

On July 3, 2011, while returning to their home in Houston, Texas, from an annual family road trip to Colorado, the Berry family found ...

Committee Calls for Oklahoma Insurance Exchange

A legislative committee has recommended that Oklahoma create its own health insurance exchange so the federal government doesn't establish ...
West

Lawsuit Filed Over Lake County Sheriff’s Dispute in Montana

Five current or former members of the Lake County sheriff's office in Montana have filed a lawsuit against the sheriff and others claiming ...

Measure Limiting Asbestos Liability Clears Idaho House

A bill that would limit national bottle-top maker's liability for asbestos-related health claims in Idaho has won support in the Idaho ...

Colorado Car Dealers Installing GPS to Protect Risky Loans

Some Colorado car dealers who are approving high-risk loans for the vehicles they sell are installing GPS tracking units to protect their ...

Electronic Proof of Insurance Gaining Steam in Some States

It's possible that driving with a cell phone may be an advantage. A California legislator's bill to enable auto insurance policyholders ...

Heffernan Names Eliopoulos Assistant Vice President

Walnut Creek, Calif.-based Heffernan Insurance Brokers named Tyler Eliopoulos to its San Francisco office as assistant vice president, ...

NAS Appoints Palotay Senior Vice President Of Underwriting

NAS Insurance Services named Michael Palotay as senior vice president of underwriting. Palotay has been with Encino, Calif.-based NAS since ...
International

Asia Insurer AIA Boosted by Surge in New Business

AIA Group Ltd, Asia's No.3 insurer, reported a 40 percent rise in value of new business for its fiscal full year and growth in Thailand ...

Top Japan Insurer to Cut Coverage for Ships in Iran Under Sanctions

Japan's main shipping insurer will only be able to provide a fraction of the coverage to tankers transporting Iranian oil under new ...

India Still Insuring Exports to Iran

India' export guarantee agency has not stopped giving insurance cover to shipments to Iran and has only tightened criteria as part of a ...

Fondiaria Battle Heats up as Funds Table Offer; AXA Interested

The battle for control of Italian insurer Fondiaria-SAI heated up on Wednesday when two private equity funds tabled a rival offer to one ...

Swiss Re Reports $2.6 Billion 2011 Net Income Despite Nat Cats

Swiss Re reported net income of $2.6 billion for the full-year 2011, despite what it described as "an exceptional natural catastrophe ...

New London Broker Q360 Launched in Partnership with Tawa

A new London-based broker, Q360, has been launched with Tawa providing the capital backing. Q360 Ltd will initially operate within the ...

Best Affirms RSA and Operating Subsidiaries Ratings; Outlook Stable

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of 'A' (Excellent) and issuer credit ratings ...
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Insurance Journal TV

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Chartis CEO Hancock on Fear, Regulation, Science and Expenses

Peter D. Hancock, CEO of Chartis, AIG's global property/casualty business, discussed the...
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Lobbyist Norwood Analyzes Consumer Watchdog Legislation

John Norwood is one of California's best known legislative advocates for the insurance and...

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New Discussions in the Forums

Identity Theft Insurance
Posted: Fri Feb 24 -- Looking for information on selling Identity Theft Insurance? Thanks! sunny
CA Electrical Contractor BOP/GL
Posted: Thu Feb 23 -- Looing for markets for an electrical contractor, al work is interior commercial nothing over 2 or 3 stories. no new construciton or... joey52
Condominium Association GL - East Coast
Posted: Thu Feb 23 -- Does anyone know of any good ADMITTED GL carriers for condo associations, besides Auto-Owners, Starr, USLI? SCIG
Questions about starting an MGA
Posted: Thu Feb 23 -- Thanks Mike. That website is really a nice resource. I will be contacting your company to learn more about the system you have. I really... paulbennings
claims question
Posted: Thu Feb 23 -- Even though an insured's policy may exclude coverage under property or liability, the claimant can go to court (even small claims court) and... darnovak
My CPCU journey - almost finished.....
Posted: Sat Feb 18 -- Congratulations! I think the CPCU program is a good program. I got halfway through the program earlier in my career. For me. completing the... Robert742
Personal Quake Insurance - CA
Posted: Fri Feb 17 -- Firemans Fund will write quake on high value dwellings, so will Chartis/Lexington. Depending on where your risk is located, and the... LadyBroker
Partnership Questions
Posted: Fri Feb 17 -- I'm in VA. Taylyn

Reader Comments

Obama Budget Bolsters Intellectual Property Enforcement
Posted: Sat Feb 18 -- arguing with a liberal is like trying to talk logic to a five year old. Okay, Other, when you spend more than you take in its called a... Sarah
Pennsylvania Christian College Sues Over Birth Control Regs
Posted: Thu Feb 23 -- All IRC section 501(c)(3) organizations, including churches and religious organizations, must abide by certain rules: their net earnings... The Other Point of View
Oregon Jury Awards $25M In Smoker's Death
Posted: Tue Feb 21 -- Smokers know the danger of smoking. Awarding them millions of dollars is silly. I am a smoker and I KNOW the possibilities that go along... Sherry
Creator of Consumer Watchdog Attack Site Says More Attacks to Come
Posted: Fri Feb 17 -- So, 'tens of millions' of Californians can't afford their insurance? CA only has 37m people. So CW says more than half the population can't... Homer
Connecticut Seeks to Recapture Role as Insurance Capital
Posted: Tue Feb 21 -- If Hartford wants to be a capital of anything besides itself, it should stop rolling up the sidewalks at 5:30PM on the average Friday. City... reality bites

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