Friday, March 23, 2012

Daily Headlines: Friday, March 23, 2012

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Insurance Journal Daily Headlines
March 23, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

AIG Makes Final Payment for AIA Aurora Stake

American International Group Inc. has made a final $1.5 billion payment to the United States Treasury Department to retire the Treasury's ...

Study: Access to Local Underwriters Critical for Small Commercial CSRs

At a time when many insurance carriers are centralizing their underwriting models and interacting more through technology, a recent survey ...

Morgan Stanley Directors Win Pay Lawsuit Dismissal

Twelve directors of Morgan Stanley have won dismissal of a shareholder lawsuit accusing them of letting the Wall Street bank overpay its ...

Judge Orders Feds to Begin Proceedings to Remove Antibiotics in Animal Feed

A federal judge on Thursday ordered U.S. regulators to start proceedings to withdraw approval for the use of common antibiotics in animal ...

Ratings Roundup: Missouri Valley, Berkley (Notes), Old United, Blue Whale (Pfizer), Zale, Infinity

A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of 'B+' (Good) and issuer credit ...

XL Group’s North American Ocean Marine Unit Adds Cooke as VP

XL Group plc's North American Marine business has boosted its underwriting expertise with the addition of Chris Cooke who has joined as ...

HSB to Offer Equipment Breakdown, Data Breach Product

The Hartford Steam Boiler Inspection and Insurance Company (HSB), a part of Munich Re, has launched HSB Freestyle Advantage, an insurance ...

From MyNewMarkets.com 5 Startup Businesses Agents Should Watch

It hasn't been the best of times for America's Main Street businesses. Often facing overwhelming competition from big box stores, many small...
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East

N.Y. State Senate Passes Auto Insurance Fraud Measures

New York lawmakers want to slam the brakes on the auto insurance fraud. On Thursday, the state's Senate passed three bills to fight auto ...

N.Y. Financial Services Chief Push for State Health Insurance Exchange

New York State's top financial regulator is urging the Republican majority in the state's Senate to help establish the health insurance ...

N.H. Resident Pleads Guilty to Filing Fraudulent Claim

A New Hampshire woman pleaded guilty this month to filing a fraudulent claim on her renter's policy. The suspicious claim was made on 2009 ...

Pennsylvania Regulators’ Rate Review Authority Gets a Boost

The law giving the Pennsylvania Insurance Department authority to review and disapprove rate increases in the small group health insurance ...

R.I.-based Narragansett Bay Insurance Adds Property Claims Adjusters

Narragansett Bay Insurance Company, a Pawtucket, R.I.-based specialty underwriter offering homeowners insurance and services, appointed two ...
Insurance Journal Magazine: The Hot Markets Issue
Midwest

Missouri Insurance Company Sues Over Mamtek Bonds

Columbia, Mo.-based Shelter Insurance has filed a $390 million lawsuit against a Memphis firm that it says failed to do due diligence on a ...

Official Bismarck Flood Stage Might Be Lowered

The National Weather Service might change the official Missouri River flood stage in Bismarck, N.D. Hydrologist Allen Schlag tells The ...

FEMA Denies Appeal; Harrisburg Fire Chief Says Town ‘Will Survive’

Harrisburg Fire Chief Bill Summers says his southern Illinois town will recover from last month's deadly tornado with or without FEMA help. ...

Ohio Tops Other States in Claims for Metal Theft

Ohio leads the nation in property insurance claims for the theft of copper and other metals, an industry-supported organization that fights ...
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Southeast

North Carolina Officials: Increased Fire Insurance Premiums Due to GPS

Some North Carolina homeowners are seeing premium increases this year due to a fire rating change. And North Carolina officials say those ...

South Carolina Bill Calls for Elected Insurance Commissioner

A bill approved unanimously by a legislative panel on Wednesday would make the director of state insurance agency an elected position. The ...

Trayvon Martin March Canceled Due to Lack of Insurance

A march of Florida's state capital to protest the shooting of Trayvon Martin has been canceled due to a lack of insurance. Organizers ...
South Central

Oklahoma Bill Targets Employers Who Intentionally Misclassify Workers

The Oklahoma House of Representatives has passed a bill that would make it more difficult for employers to misclassify workers as ...

Oil Well Services Company in Texas Fined for Repeat Safety Violations

The U.S. Department of Labor's Occupational Safety and Health Administration has cited Palestine, Texas-based Mercer Well Service for five ...

Insurance Retailer GEICO Lowering Commercial Auto Rates in Texas

Insurance direct marketer, GEICO, has announced that it is lowering commercial auto insurance rates for business owners in Texas. ...
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West

Hawaii Reaches $15.4M Settlement In Hikers’ Deaths

Hawaii will pay $15.4 million to settle a lawsuit involving two hikers who fell to their deaths on Kauai in 2006. The Honolulu ...

Airport Security Guard In Southern California Settles Suit For $200K

A black Santa Monica Airport security guard who claims the city denied him a promotion because of his race and age has settled the case for ...

Calif. Commissioner Jones Gets 'D' From Insurance Industry

The insurance industry has mixed feelings about California Insurance Commissioner Dave Jones, assessing him as average or below average in ...

COIN Board Named

Insurance Commissioner Dave Jones on Thursday announced his appointments to the California Organized Investment Network Advisory Board. ...
International

EU Council Extends Somalia Counter-piracy Operation; OK’s Coastal Missions

The Council of the European Union has prolonged the EU's counter-piracy operation Atalanta by two more years, until December 2014. The ...

EU Agrees to Some Iran Oil Insurance Exemptions – Until July

The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1, member states agreed on ...

U.S. Intelligence Report Sees Global Water Conflict Risks Rising

Fresh water supplies are unlikely to keep up with global demand by 2040, increasing political instability, hobbling economic growth and ...

Allianz Confirms 2011 Earnings; Warns 2012 Won’t Be Easier than 2011

Allianz confirmed the earnings figures previously published in February in its 2011Annual Report, but Europe's biggest insurance group also ...

ING Puts $775 Million Thailand Bank Stake up for Sale – Sources

ING Groep NV has put its roughly $775 million stake in Thailand's TMB Bank Pcl on the block as the bailed-out Dutch financial services ...

Guy Carp’s Moczarski Named Chairman of MarshMac Companies Int’l.

Marsh & McLennan Companies announced that Alexander Moczarski, currently President and CEO of Guy Carpenter, has assumed the additional ...
Insurance Journal Blogs

Is That a Giant Commission Check on My Desk? NOPE…It’s Chuck Testa!

If you don't know what the heck I'm writing about when I mention the name, feel free to laugh about it here: ...

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Claims Rising for Private Company, Non-Profit D&O Coverage

Private company and non-profit D&O coverage is often seen as very profitable for carriers...
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Should D&O Cover Bribery?

Director and officers liability coverage is increasingly being called up to respond to cases...

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New Discussions in the Forums

Lessor Risk liability vs tenant liability
Posted: Fri Mar 23 -- Do your carriers require tenant liability for 'lessor's risk' policies? if so, this would be set forth in the underwriting guidelines and/or... darnovak
AZ Home "Flipper" Insurance Coverage Needed
Posted: Thu Mar 22 -- If you need a mortgage insurance, houses sold less than 90 days after they were purchased aren't eligible for FHA mortgage insurance; those... robmejia
CIBA Insurance purchasing group...Help
Posted: Wed Mar 21 -- If anyone in the Midwest or South is experiencing issues with CIBA renewals, please share. Word on the street has been that this program was... jimmyr1978

Reader Comments

Family of Los Angeles Gang Member Awarded $3M In Lawsuit
Posted: Thu Mar 22 -- I hope the city appeals this all the way to the Supreme Court. That way, at least this lowlife family (who surely knew, yet did nothing... Mike N
Cost of Obama Healthcare Law Lowered Under Latest Congressional Analysis
Posted: Sat Mar 17 -- Since this article did not match what many others are reporting, I decided to go to the source and viola...ObamaCare will cost $1,762... Elena
4 GOP-Appointed Justices Control Obama Health Law's Fate
Posted: Tue Mar 20 -- Why is the article about only the court appointees that have been appointed by GOP presidents. Are the democratice judges so "mindless",... jeff turner
Mississippi Supreme Court Denies Appeal In Road Sign Case
Posted: Tue Mar 20 -- This is a sad case but sometimes people are hurt in "accidents" that were not the fault of someone else. hmmmmmmm
New York Mets Owners Settle in Madoff Case, Avoid Trial
Posted: Mon Mar 19 -- Poor Mets fans. Can't win on the field, can't win in the courts. reality bites

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