Monday, May 21, 2012

Daily Headlines: Monday, May 21, 2012

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Insurance Journal Daily Headlines
May 21, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Senate Expected to Decide Fate of Flood Insurance Program This Week

This week the Senate should reveal whether it will tackle a five-year extension with reform of the federal flood insurance program or ...

Safety Regulators Investigating Electric Car Fire

U.S. safety regulators are investigating a fire in Texas that destroyed three vehicles this month, including a luxury plug-in sports car ...

Weather Channel’s Knabb Named Chief of National Hurricane Center

Richard Knabb, the tropical weather expert at The Weather Channel, will be the next chief of the U.S. government's hurricane forecasting ...

ACE Private Risk Adds Identity Protection Services to High-Net Worth Program

ACE Private Risk Services, the high net worth personal insurance business of the ACE Group, has launched personal identity protection ...

NAS Insurance Introduces Contingency, Liability Coverage for Special Events

NAS Insurance Services has introduced special events contingency and liability programs through its new Entertainment and Sports facility. ...

From MyNewMarkets.com Workers' Compensation Premium Grows But Market'Conflicted'

Workers' compensation premium grew by 7.4 percent in 2011, a positive sign for the state of the line. However, the combined ratio for the...
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East

N.Y. to Boot Crooked, ‘Dirty Doctors’ From No-Fault Insurance

Insurance regulators plan to start kicking crooked doctors out of New York's no-fault program next month, calling them linchpins in ...

Mass. AG Coakley Seeks to Close Loophole in State’s Drunk-Driving Law

Massachusetts Attorney General Martha Coakley and state lawmakers are seeking to close a loophole in the state's drunk-driving law ...

Vermont Motorist Texts While Driving, Crashes Into Police Cruiser

Vermont police say a 33-year-old motorist was distracted while writing a text message on his cellphone when he crashed into a police car. ...

New York Hearings on ‘Forced’ Insurance in Foreclosure

Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that ...

N.Y. Compensation Insurance Rating Board Seeks 11.5% Rate Hike

The New York Compensation Insurance Rating Board (NYCIRB) has submitted to the Department of Financial Services on Thursday a loss-cost ...
Midwest

Records: Joplin Twister Was Costliest Since 1950

The cost of 30 manhole covers that got sucked away: $5,800. A new concession stand at the destroyed high school: $228,600. Shelter and care ...

Thousands in St. Louis, Missouri, Area Claim Hail Damage

The number of insurance claims resulting from the damaging hail storm that struck the St. Louis region in late April could top 100,000. The ...

Ohio's New 'Vicious Dog' Liability Law Becomes Effective May 22

The Ohio Insurance Institute (OII) sends this double-reminder regarding our four-legged friends. National Dog Bite Prevention Week is May ...

Worker Death Leads to $473K Fine for Illinois Manufacturer

A manufacturing plant in Illinois faces a fine of $473,000 after a worker died from chemical burns. The U.S. Department of Labor's ...
Southeast

Tennessee Cracks Down on Roofing Contractor Fraud

Roofing contractors operating in Tennessee will have to provide residents whose homes are damaged due to tornadoes and other storms with ...

Season’s First Tropical Storm Forms Off Carolina Coast

Tropical Storm Alberto emerged off South Carolina's coastline Sunday, the first storm of its kind to form in a hurricane season that ...

Kentucky Program Aims to Catch Uninsured Drivers

Kentucky drivers could see their car registrations cancelled and they could be charged with insurance fraud if they are found to be ...
South Central

A.M. Best Downgrades Ratings of Gramercy Insurance Co.

A.M. Best Co. announced it has downgraded the financial strength rating to C++ (Marginal) from B (Fair) and issuer credit rating to "b" ...

More Texas Land Out of Worst Drought Stage

Recent rainfall across much of West Texas has diminished to less than 2 percent the area of the state in the worst drought stage. Records ...

Louisiana Parish Wants to Dispose of State-Owned Katrina Properties

A St. Bernard Parish commission is debating what to do with about 2,000 parish properties sold to the state by victims of Hurricane ...

Texas Company Fined $212K Over Safety Hazards

Federal regulators have imposed a fine of more than $200,000 against an aluminum products manufacturing facility in Carrollton, Texas, for ...

Court: Louisiana Cab Company President not Liable in Death Case

A court has ruled that the head of a Bossier City, La., taxi cab business cannot be held personally liable in a lawsuit over the death of a ...
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West

Colorado Wildfire 87 Percent Contained

Firefighters in Colorado are working to finish containment lines around a blaze that has burned 12 square miles. The fire in the northern ...

California Woman Gets Life For Murder Of Millionaire Lover

A Southern California woman has been sentenced to life in prison without parole in the shooting death of her millionaire live-in boyfriend. ...

Reno Air Race Organizers Get OK To Continue Event

Organizers of the Reno National Championship Air Races cleared a major hurdle in their bid to continue the annual event this fall, winning ...

Janitor Awarded $812K For Sexual Harassment

A janitor has received an $812,000 jury award after saying she was raped by a supervisor while working in San Francisco's Ferry Building. ...

Arizona Man Files Lawsuit Against LA Fitness

A Tempe, Ariz. man has filed a lawsuit against LA Fitness, claiming the fitness club depleted his bank account. Benjamin Calleros told The ...
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International

Magnitude 6.0 Earthquake Strikes Italy’s Emilia Romagna Region: AIR Analysis

AIR Worldwide has released its preliminary analysis of the earthquake which struck the Emilia-Romagna region of northern Italy in the early ...

UK’s ABI Warns Metal Theft Crime Wave Costs Insurers over $1.6 Million a Week

"The victims of the UK's metal theft crime wave are now being paid out over £1 million [$1.58 million] every week by insurers," ...

Swiss Re Plays Leading Role in Private Sector Plan for African ‘Food Security’

Swiss Re announced that CEO Michel Liès has signed a letter of intent to participate in a  "New Alliance for Food Security and ...

Insurance Australia Group to Review UK Business

Insurance Australia Group's Managing Director and CEO  Mike Wilkins has indicated that it is an "appropriate time to assess the options ...

Best Opens Office in Dubai International Financial Center

A.M. Best Co. announced the formal opening of its new office in the Dubai International Finance Centre (DIFC) in Dubai, UAE. The office is ...

Best Affirms BP Captive Jupiter Insurance ‘A’ Ratings

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

Best Affirms Flagstone Reassurance Suisse ‘A-’ Ratings; Outlook Negative

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit ratings (ICR) of "a-" of Flagstone ...
Insurance Journal Blogs

SHAZAM! Exploring Outside-the-Box Mobile Advertising Options

Many predict that mobile phones will outrun the world population in 2012, causing top marketers to brainstorm on how they can be part of ...

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New Discussions in the Forums

SEO and buying back links
Posted: Mon May 21 -- I wouldn't recommend it. First off you don't know where they are going to put your link at and you may not approve. Google doesn't give that... johnsharp
Farmers vs. Independent
Posted: Sat May 19 -- I left Allstate and went Independent. The contract with Allstate is similar to Farmers. Farmers actually approached me after I sold my book... johnsharp
New GA getting appointments
Posted: Fri May 18 -- Hey Paul, That is the requirement where I live. What state are you in? I can find out for you what the requirements are as far as capital... mangroveman
CA Electrical Contractor BOP/GL
Posted: Fri May 18 -- Moving a policy from preferred lines to Surplus lines is not illegal, IF you do it for Forms or Coverages, and not for price. If Farmers... LadyBroker
CIBA Insurance purchasing group...Help
Posted: Thu May 17 -- Just sent them a $72,000,000 TIV to review and quote, seven shopping center locations in and around Houston, TX. I await their response. tburn

Reader Comments

Healthcare Costs for Insured American Family Top $20K in 2012: Milliman
Posted: Wed May 16 -- Planet, I am glad you agree that Tort Reform should be a part of the bill. I had to laugh when I saw your second sentence. The President... First Agent
Consumer-Directed Health Plans Show Mixed Results
Posted: Mon May 14 -- The inherent problem is that funding of healthcare through an "insurance" mechanism is wholly-inappropriate; It's simply not ethical to... William S. Vaughn, ARM
Vermont Becomes First State in U.S. to Ban Hydraulic Fracturing
Posted: Fri May 18 -- Fracking can be done safely and regulations could be put into place to address individual state concerns. Bans like this are just... Pat
Allstate Looks to Grow Florida Agency Force Again
Posted: Wed May 16 -- OK, they turn all of their employees into sueto-independent contractors and have been in litigation with them for quite some time, oh! but... Sarah
How Young Insurance Agents Are Changing the Industry
Posted: Fri May 18 -- Marketing concepts change over time because we are always thinking of new ways to gain a client. Right now, we have a mass of technology:... SteveB

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May 21, 2012
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