Friday, June 22, 2012

Daily Headlines: Friday, June 22, 2012

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Insurance Journal Daily Headlines
June 22, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Senate to Finally Debate Flood Insurance Monday

Now that the U.S. Senate has voted on a federal farm bill, it is scheduled to take up federal flood insurance starting Monday. Senate ...

Lawsuit Seeks to Curb Powers of New Federal Consumer Financial Board

A small bank and two conservative advocacy groups said on Thursday that they would file a lawsuit against the new Consumer Financial ...

Health Insurers to Rebate $1.1 Billion

U.S. health insurance companies are due to pay out $1.1 billion in rebates to employers and individuals this summer, under a new industry ...

Judge Allows Investor Lawsuit Over Goldman CDO Conflicts

A federal judge said on Thursday that shareholders can proceed with a lawsuit accusing Goldman Sachs Group Inc. of concealing conflicts of ...

White Mountains Acquires 2 PICO Holdings Insurers in Run-Off

White Mountains Solutions Holding Co. , a wholly owned subsidiary of White Mountains Insurance Group, Ltd.  and the group's specialist ...

K&K Adds Optional Sexual Abuse Coverage to Sports, Entertainment Programs

K&K Insurance Group, Inc. has added a new optional sexual abuse and molestation coverage (SAM) available for most e-commerce sport, ...

Senate Overhauls Farm Subsidies, Crop Insurance But Time Running Out

The Senate approved sweeping new U.S. farm legislation on Thursday that would cut almost all traditional farm subsidies while expanding a ...

Law Firms' Insurers to Compensate Investors Hurt by Mortgage Crisis

In a rare instance of law firms compensating investors burned in the mortgage meltdown, Greenberg Traurig and Quarles & Brady moved ...

From MyNewMarkets.com Public Companies Under Estimate Risk of D&O Lawsuit: Survey

Public company executives may be in for a surprise lawsuit. Despite the odds that they and their directors will be sued in the next 12...
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East

AIG Pays Massachusetts $3.4M in Multi-State Workers' Comp Settlement

Massachusetts Insurance Commissioner Joseph Murphy announced Thursday that the state received more than $3.44 million as its share of a ...

Experts Say Science Lacking on 9/11 and Cancer

Call it compassionate, even political. But ... scientific? Several experts say there's no hard evidence to support the federal government's ...

AIG Names Executive Chairman for ILFC as CEO's Relationship Reviewed

American International Group has appointed Laurette Koellner to the newly created role of executive chairman for its aircraft-leasing unit, ...

Va. Woman Who Faked Cancer to Raise Money Now Faces Felony Charges

A suburban Richmond, Virginia, woman who was convicted of two misdemeanors for faking cancer to raise money now faces felony charges. ...

Maryland Insurance Regulators Set Up Facebook Page to Help Consumers

Maryland Insurance Administration announced this week that the agency has set up a new Facebook page to reach out to the state's consumers. ...
Join us online June 28 for a LIVE webcast and learn, Future of Workers Comp - hosted by Insurance Journal's Academy of Insurance - Reserve Your Spot Today
Midwest

Lancaster Named VP of Employee Benefits at R&R Insurance Services

R&R Insurance Services Inc. in Waukesha, Wis., has appointed David Lancaster vice president of Employee Benefits. Lancaster has more ...

Michigan State Police: 8,050 Citations in Belt Crackdown

State police say an annual Michigan enforcement crackdown on motorists who fail to use seat belts and child safety seats led to 8,050 ...

Campgrounds Reopen After Michigan Upper Peninsula Wildfire

Officials say several state forest campgrounds in Michigan's Upper Peninsula that were closed during a recent wildfire are completely or ...

Wisconsin Insurance President Indicted for Fraud

A federal grand jury has indicted the president of a Wausau insurance company on 24 counts of fraud. According to an indictment, J.N. ...

Health Insurers to Pay $62M in Rebates in Illinois

The Obama administration has announced that 300,000 Illinoisans will benefit from nearly $62 million in rebates from insurance companies ...
Join us online June 20 for a LIVE webcast and learn, What are Green Endorsements - hosted by Insurance Journal's Academy of Insurance - Reserve Your Spot Today
Southeast

South Carolina House Overrides Veto of Insurance Tax Earmark for Wildfires

The South Carolina House this week overrode Gov. Nikki Haley's veto of a bill that would provide an agency with new, safer equipment to ...

Sinkhole Threatening Homes in Tampa Bay Area

A giant sinkhole swallowed the back half of a Tampa Bay area home and is threatening nearby homes. Homeowner Susan Minutillo says she ...

Alpha Seals West Virginia Mine Where 2010 Blast Killed 29

Alpha Natural Resources has completed sealing the West Virginia mine where an explosion killed 29 workers in 2010. Alpha spokesman Ted Pile ...

Normandy Harbor Names Sublet as Marketing Director for Southwest Florida

Workers' compensation carrier Normandy Harbor Insurance Co. has hired Robert E. Sublet as director of marketing for southwest Florida. In ...
South Central

Oklahoma Judge Rules Against OSU, Pickens in lawsuit

A Payne County judge ruled against Oklahoma State University's athletic fundraising arm and its top booster, T. Boone Pickens, in their ...

Judge Rules for Employees in Post-Katrina New Orleans School Firings

Thousands of New Orleans school employees were wrongfully fired after Hurricane Katrina scattered the populations and shut down the city ...

Texas-Based Agents Alliance Services Adds 9 Agencies

James King, CEO of Agents Alliance Services Ltd in Denton, Texas, announced that nine new agencies have joined the group during the first ...
West

CNA Names Takahashi Underwriting Consulting Director

CNA, the national program underwriter for the American Institute of Certified Public Accountants Member Insurance Program, named Clyde ...

Judge: Parents Of Child With Lung Disease Can Sue

A District Court judge in Gallatin County says a Montana couple who say they would have terminated a pregnancy if they had known their ...

Kutcher Production Company Sues DMV Over Reality Show

Ashton Kutcher's production company is suing for $1.4 million because it isn't being allowed to spend more time at California's Department ...

Meteorite Report Grounds Colo. Firefighting Planes

Authorities say reports of a possible meteorite or meteor shower briefly grounded firefighting aircraft battling a central Colorado ...

State Fund Files First Tiered Rating Plan

State Compensation Insurance Fund has filed its first tiered rating plan with the California Department of Insurance. The plan, which would ...

Jenkins Names Wakamoto to Employee Benefits

Concord, Calif.-based Jenkins Insurance Group named Sue Wakamoto as a consultant in its employee benefits department. Wakamoto's ...

CDI Gives $32 Million to Fight Workers' Comp Fraud

The California Department of Insurance will distribute $32 million in grants to district attorneys in California to support efforts to ...
International

Euro Zone's Big Four Agree on $163 Billion Growth Boost; Split on Euro Bonds

The leaders of Germany, France, Italy and Spain agreed on Friday on a €130 billion ($163 billion) package to try to revive economic ...

Moody's Cuts Ratings of 15 Global Banks

Ratings agency Moody's Investors Service downgraded 15 of the world's biggest banks on Thursday, lowering credit ratings by one to three ...

NHC Tracking Huge Low Pressure System in Gulf of Mexico

The National Hurricane Center in Miami is currently monitoring a huge low pressure area, roughly the size of the entire Gulf of Mexico, ...

UK MGA's Advised on Changes in Employers Liability, Public Liability Claims

Impending changes in UK laws governing claims for Employers Liability (EL) and Public Liability (PL) should be a priority membersof ...

Swiss Re Chief Economist Sees Rising Rates by Year End

On the heels of the decision by the U.S. Federal Reserve to maintain the target fed funds rate at zero to 25 basis points Swiss Re's ...

ABI Supports UK Government's Proposals on Executive Pay Regulation

Otto Thoresen, the Director General of the Association of British Insurers, issued a positive comment on the announced plan by UK Business ...

Ratings Recap: Transportation P&C, Ancon, Heddington

A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating of 'A-' (Excellent) and issuer ...
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Insurance Journal Blogs

Consumer Federation of America's “Shocking” New Study

When one strips away the posturing and insinuations of sinister corporate conspiracies contained in the new report on auto insurance ...

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M&As Often Come with D&O Exposures

Companies must do their due diligence when acquiring foreign entities or they could end...
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Caution: D&O and Foreign Shareholders

Firms that heralded a 2010 U.S. Supreme Court case barring plaintiffs from bringing class...

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New Discussions in the Forums

Request for Life & Health License in CA
Posted: Thu Jun 21 -- I haven't looked at it in a long time, but I think they offer an 'Accident & Health' license which falls under the 'Life' category. I'd say... samiam
Study tips for the California Life Agent Exam
Posted: Thu Jun 21 -- I understand how it gets frustrating - I passed on my second exam about two years ago (after having failed my first exam by one question).... samiam
Track Your CSR's Daily Sales Activity
Posted: Thu Jun 21 -- Nothing more annoying to a person, than having some jerk running round with a stopwatch looking over your shoulder, making you log every... OldIndyAgent
Commercial Named Non owner policy
Posted: Thu Jun 21 -- Anyone know of a carrier that will write a Commercial Named non owner policy? JAM
Do you use online leads services?
Posted: Wed Jun 20 -- As serveral othes have indicated this subject has gone the gambit several times. I have been in the industry for close to 30 years. Like... Eagleeye
Can an employer fire an employee because their pre-convicted
Posted: Wed Jun 20 -- Lying on a job application could be. Was the employee asked about past problems with the law? If the employer knew about troubles in the... superdash8
Unfair Competition amongst brokers
Posted: Tue Jun 19 -- Thankfully karma always has its way of coming around.. As was mentioned before, they probably are only making themselves look bad. I'd... Auds
Keeping Track of prospects
Posted: Tue Jun 19 -- Have you tried BuzzStream? It's like a roll-a-dex that you can add notes to, follow up reminders, when the last time you got in contact with... Auds
How to grow an Insurance Agency one client at a time.
Posted: Tue Jun 19 -- I believe that part of running a successful insurance agency (and making great money in the process) is being a really great insurance... johnsharp

Reader Comments

NV Couple Sues Boy Scouts Over Son's UT Drowning
Posted: Mon Jun 18 -- "the boy experienced "great physical agony, pain and suffering in the knowledge of impending death, emotional distress … as well as the... Assunta
In the Workplace, What Do Millennials Want?
Posted: Fri Jun 15 -- Like Brokie I thought Somethoughts had a great response. My 2 cents: Right now we are seeing the older Boomers delay retirement longer than... Blue
Connecticut Court: Ski Area Not Liable for Skier's Injuries, Paralysis
Posted: Wed Jun 20 -- Superb reasoning and a jury to be applauded! reality bites
2 Accused of Staging Crash in Indiana Face Felony Charges
Posted: Mon Jun 18 -- In addition to being charged with a crime, ALL of these people need to be billed for the emergency services! Why should the honest,... Insurancemommy
Oklahoma Reaches All-Time Employment High in May
Posted: Mon Jun 18 -- Oklahoma pursues private market solutions to create jobs, unlike our Federal Government. They have low tax rates and provide incentives to... Agent

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June 18, 2012
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