Wednesday, May 9, 2012

Daily Headlines: Wednesday, May 9, 2012

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Insurance Journal Daily Headlines
May 9, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Consumer-Directed Health Plans Show Mixed Results

Employer-sponsored health insurance plans with low premiums and high deductibles could cut U.S. healthcare costs significantly but not ...

Reinsurance Fraud Case Against AIG Ex-CEO Greenberg Going to Trial

A New York appeals court on Tuesday gave former American International Group Inc. Chief Executive Maurice "Hank" Greenberg a partial ...

Flood Insurance Hearing Held in Washington

Senators Jon Tester, D-Mont., and David Vitter, R-La., held a hearing today examining the need for long-term reauthorization and reform of ...

La Nina Exits As Expected; El Nino Fate Uncertain

The U.S. Climate Prediction Center (CPC) said the La Nina pattern blamed for a crippling drought in Texas and severe dry spells in South ...

Ratings: North Country, Liberty Mutual (notes), Allstate (shelf), Am. Freedom

A.M. Best Co. has upgraded the financial strength rating to 'A-' (Excellent) from 'B++' (Good) and issuer credit rating to "a-" from ...

Insurance Broker Confie Seguros Acquires 6 Agencies

Confie Seguros, a personal lines insurance brokerage network focused on Hispanic consumers, said it has completed the acquisition of six ...

Submit Today: Top 100 Independent Insurance Agencies

Once again, Insurance Journal is on the search for leading privately-held property casualty independent agencies and brokerages for its ...

Vanliner Partners with Agents Association on Moving, Storage Agents Program

Vanliner Insurance Co., an insurer in the moving and storage industry, introduced a new affinity program developed for moving agents ...

Future Vision: Will Driving Become Too Safe to Insure?

What would happen to the auto insurance industry if automobile safety improves to the point that vehicle collisions become relics of the ...

From MyNewMarkets.com Game On! Market Conditions Right for Insurers in Sports, Entertainment Segment

Americans love their sports and entertainment, and right now so does the insurance industry. Insurers are renewing their focus on this class...
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East

Virginia Regulators End Shenandoah Life Insurance Co.’s Receivership

A Roanoke, Va.-based insurance company is no longer in receivership. The State Corporation Commission announced Tuesday that it ended ...

N.Y. Officials Target Safety on Dangerous Roadway in Nassau County

Safety upgrades are planned for a New York highway that has averaged five pedestrian deaths annually since 2005. Officials in Nassau County ...

R.I.-Based Narragansett Bay Insurance Appoints VP

Narragansett Bay Insurance Company, a Pawtucket, R.I.-based homeowners insurer, appointed Miles Hunter as vice president of corporate ...

Insurance Club of Pittsburgh Announces Insurance Person of the Year

Insurance Club of Pittsburgh has named Burns & Wilcox executive Kermit Shaulis as the Insurance Person of the Year. The award was presented ...

Genworth Financial Cuts About 80 Positions at Virginia Offices

Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations. The move comes days after the Richmond-based company's ...
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Midwest

Missouri Insurance Department Recovers $2M in Q1 2012

The Missouri Department of Insurance reported that it has recovered more than $2 million to consumers in first quarter of 2012. Health ...

Claims Hurt National Interstate Earnings in Q1 2012

National Interstate Corp., headquartered in Richfield, Ohio, reported 2012 first quarter gross premiums written of $130.2 million and net ...

Kansas Insurance Investigator Receives Meritorious Service Award

Randy Adair, chief investigator for the Kansas Insurance Department's Anti-Fraud Division, and a retired deputy chief of police for ...
Southeast

Florida Looks to Fix Loophole in PIP Reform Law

Florida regulators are scrambling to fix a loophole in the state's new auto no-fault insurance law that could affect medical payments to ...

Alabama Governor Signs Texting Ban; Expects to Sign Home Insurance Bills

Alabama Gov. Robert Bentley has signed into law a measure (HB 2) that prohibits texting while driving. "Signing this bill sends a message ...
South Central

Hilltop Holdings, PlainsCapital Corp. Sign Merger Agreement

Hilltop Holdings Inc. a Dallas-based holding company that through a subsidiary provides fire and homeowners insurance to low value ...

Louisiana Lands $2.95M for Return to Work Program

The Louisiana Workforce Commission will receive $2.95 million in federal funds to provide additional services to Louisiana's unemployed, ...

Regulators Propose $105K Fine for Hazards at Texas Facility

The U.S. Department of Labor's Occupational Safety and Health Administration has cited Houston-based AWC Frac Valves Inc. with one willful, ...
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West

Colorado Wildfire Compensation Compromise Moving Along

A compromise proposal to allow Colorado wildfire victims to seek state compensation in excess of liability limits remains on track for ...

Bay Area Business Owners, Employee Nailed For Workers' Comp Fraud

Sied "Mike Zarrin" Zarrinsaray, 52, his wife Ronak Barazandeh, 43, the owners of United RMR Enterprises, Inc. of San Jose, were ...

Caldiero Joins Yates as VP

Klayton Caldiero has joined Tustin, Calif.-based Yates as vice president. He is tasked with enhancing and expanding Yates' casualty ...

Idaho Frozen Food Company Settles With EPA

An Idaho frozen food company has agreed to pay the Environmental Protection Agency $84,000 for failing to report its possession of ...

Insurance Technologies Names Mecham Senior VP, Client Services

Colorado Springs, Colo.-based Insurance Technologies LLC named Mike Mecham as senior vice president of client services. Mecham's ...

The Buckner Co. Taps Lancaster as VP and Corporate Controller

Salt Lake City, Utah-based The Buckner Co. named Frank Lancaster vice president and corporate controller. Lancaster is an accounting ...

Famed Dinosaur Expert Testifies In Montana Lawsuit

A dinosaur expert who was an adviser for the "Jurassic Park" films testified in a lawsuit between his employer and a developer whose plan ...
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International

UK Seeking Delay to EU’s Iran Ship Insurance Ban

The UK is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers ...

UK’s FSA Fines Mitsui Sumitomo Insurance (Europe) $5.4 Million; Bans Exec

The UK's Financial Services Authority (FSA) announced that it has fined Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEu) £3.345 ...

A.J. Gallagher Acquires Majority Interest in UK’s Insurance Dialogue Limited

Arthur J. Gallagher & Co. announced that it has acquired a 78.5 percent interest in Insurance Dialogue Limited (IDL) of Bournemouth, ...

Earnings Report: XL Group

Selected earnings highlights from the Dublin, Ireland-based XL Group plc for the first quarter of 2012 are as follows:      ...

Aviva Gives Financial Terms of Moss' Departure

Following the announcement that Andrew Moss will leave the Aviva Group at the end of May, the company announced that he "will receive basic ...
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New Discussions in the Forums

HOA Products completed ops
Posted: Tue May 8 -- How can you get the coverage included in the Umbrella if it is not on the primary policy? ALso, is the Products/Completed Ops coverage... LadyBroker
Licensed vs non licensed CSR ( CA)
Posted: Tue May 8 -- It is also illegal in my state (Texas) unlicensed CSR's cannot discuss coverages at all. Not even a deductible. bkrigsman
Residential Apartment Building with Fuses - CA
Posted: Tue May 8 -- If you find a market, I would be shocked if the market would supply other than Basic form property coverages. Liability for the apatment... mccluney
Is it possible to get insurer appointments just starting out
Posted: Tue May 8 -- I'm located in FL as well and have gone through the torture of starting an independent agency from scratch. LOL. Feel free to PM me with any... mangroveman
Are Insurance Agents Employees or Independent Contractors?
Posted: Tue May 8 -- I'm no CPA, but my thought would be that this should vary based on state employment regulation. mangroveman

Reader Comments

What to Expect If Supreme Court Strikes Down Obamacare
Posted: Thu May 3 -- Hey, I agree with you on Clinton. He's a cheating SOB. Nice role model for the Presidency, huh? The only good thing he did is leave office... Sarah-ahahaha
Detroit Schools to Pay $425K To Student's Family
Posted: Thu May 3 -- "the matter has been resolved." Is that what the DA says, too? This is criminally negligent homicide, and should be treated as such. Ins Guy
Dead Mexican Teen's Family To Pursue Suit in Texas
Posted: Wed May 2 -- I'm sorry this kid got killed but throwing rocks at a cop was an invitation for violence and trouble. Rather than making his parents... Water Bug
Christian Group Sues Michigan City, Muslims Over Event
Posted: Fri May 4 -- A bit off topic, but I find it absolutely ludicris that muslims would presume to control non-muslims by threat of death for simply drawing a... Kurt
Victims of Cyberbullying Fighting Back in Libel Suits
Posted: Thu May 3 -- Company guidelines where I work do not allow for cell phone usage and company computers will not allow for usage of any social media sites... Andy

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