Friday, December 14, 2012

Daily Headlines: Friday, December 14, 2012

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Insurance Journal Daily Headlines
December 14, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Treasury Completes Final Sale of AIG Stock

The U.S. Treasury Department said on Friday it has completed its final sale of common stock in American International Group, reducing its ...

P/C Insurers' Capital at 'Historically High' Levels: Fitch

Fitch Ratings has maintained its stable outlook for both the commercial and personal lines sectors of the U.S. property/casualty insurance ...

After Bangladesh Fire, Wal-Mart Vows to Address Supply Chain Risks

A factory fire that killed more than 100 garment workers in Bangladesh has led the world's largest retailer, Wal-Mart Stores Inc., to ...

States Urged to Require Ignition Locks for Drunk Drivers

A federal safety board is recommending that all states require ignition interlock devices for convicted drunk drivers, including first-time ...

Senate Deals to Blow to Bank Deposit Insurance

Efforts by small banks to protect a financial crisis-era deposit insurance program suffered a significant setback on Thursday when a bill ...

Bank of America Sues Bond Insurer MBIA Over Tender Offer

Bank of America Corp. has sued bond insurer MBIA Inc. in a New York state court for allegedly interfering with a tender offer to buy MBIA's ...

Schinnerer Launches New Real Estate E&O Policy Form

Victor O. Schinnerer & Company, Inc. has launched a new real estate errors and omissions (E&O) policy form. The new policy provides ...

AAIS, IDentity 911 Release Sample Data Breach Endorsement

Insurers now have access to a new sample endorsement they can use to provide "data breach" coverage to small- and mid-sized commercial ...

From MyNewMarkets.com Agents Can Benefit from New Homeowners Insurance Online Options

Keeping up with the auto insurance industry when it comes to online quoting services has been challenging for homeowners insurers. The...
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East

After Sandy, New York City Eyes Moving Power Gear Higher

A major push is on to move New York City's electrical infrastructure to higher ground or upper floors after Superstorm Sandy sent seawater ...

W.R. Berkley Estimates $40-$50 Million Net Loss From Sandy

W.R. Berkley Corp. announced it expects catastrophe losses attributable to Superstorm Sandy will be between $40 million and $50 million, ...

UMass Amherst Scientists Forecast Warmer, Wetter Northeast Winters

A new high-resolution climate study by University of Massachusetts Amherst climate scientists -- the first to apply regional climate models ...

Conn.-Based Business Risk Partners Appoints Senior Underwriter

Business Risk Partners (BRP), a Windsor, Conn.-based program administrator, appointed Jayne Downey as a senior underwriter overseeing the ...

Delaware Regulators Fine State Farm $150K Over Non-Renewal Notices

Delaware's insurance department has fined State Farm Fire and Casualty Company a $150,000.00 penalty and ordered the insurer to review its ...

Governor Says Pennsylvania Won't Set Up Own Health Care Exchange

Pennsylvania will not set up its own health care exchange under the federal Affordable Care Act, at least not for now, Gov. Tom Corbett ...

The Hartford to Pay $81K in Restitution for Auto Claims in Vermont

The Vermont Department of Financial Regulation says the Hartford Financial Services Group has agreed to pay more than $81,000 in ...
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Midwest

Fargo, North Dakota, to Offer Buyouts to Residents of 56 Homes

North Dakota's largest city is planning to offer buyouts to residents of 56 homes next year as part of a plan to protect them from Red ...

South Dakota Ranchers, Businessman Settle Wayward Bison Lawsuit

Three Dakotas ranchers and a Florida millionaire businessman have settled a lawsuit over damage allegedly caused by wayward bison, ...

Missouri Hospitals Provided $1.1B in Uncompensated Care in 2011

Missouri hospitals report providing a record $1.1 billion of uncompensated care to patients in 2011. The Missouri Hospital Association says ...

Illinois Judge Rejects Bid to Revive Cigarette Lawsuit

An Illinois judge has refused to reopen a class-action lawsuit that produced a $10.1 billion verdict against cigarette-maker Philip Morris, ...
Southeast

Florida's Citizens Cancels Surplus Loan Plan; CEO Questions Depopulation Methods

Officials of Florida's policyholder-back insurer have decided not to pursue a plan to loan private insurers part of its surplus in exchange ...

West Virginia Explosion Reminder of Risk of Natural Gas Pipelines

Nearly 15,000 miles of natural gas pipeline stretch across West Virginia, and as residents of this community north of Charleston now know, ...

Former Massey Mine Executive to Enter Plea Next Month

A former president of Massey Energy's White Buck Coal Co. will enter a plea on federal conspiracy charges in January as prosecutors ...
South Central

Oklahoma Insurance Department: Police Chiefs Support Armed Investigators

The Oklahoma Insurance Department faced intense criticism after a report revealed it spent more than $180,000 on high-tech shotguns, ...

Fallin Appoints Taylor as New Oklahoma Worker's Comp Judge

Gov. Mary Fallin has appointed a Tulsa judge as the new presiding judge of the Oklahoma Workers' Compensation Court. Fallin announced that ...

Beebe: Arkansas to Stick With Partnership Exchange

Gov. Mike Beebe said Arkansas will move forward on a partnership with the federal government for an online insurance marketplace required ...
West

Brees California Lawsuit Claims His Charity Was Cheated

Saints quarterback Drew Brees and his foundation are suing one of the former organizers of his celebrity golf tournament in southern ...

Idaho's Otter Opts For State-Based Insurance Exchange

Gov. C.L. "Butch" Otter said a state-built health insurance exchange is the best option for Idaho under the federal government's health ...

Washington To Pay $11 Million In Foster Home Abuse Case

The state of Washington will pay $11 million in a case filed by six people who claimed they were abused by their foster parents. The ...
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International

IATA Reports World's Airlines on Track for Safest Year

Global airlines are heading for the safest year on record with an average by the end of November of only one accident of any type for every ...

London 'City' Scents Victory in EU Banking Union Deal

London's financial center heaved a sigh of relief on Thursday after a landmark deal on Europe's incipient banking union removed an ...

Insurance Australia Group Selling All UK Operations

Insurance Australia Group Limited has announced the sale of all its UK operations, following the strategic review process which it ...

HCC Global Financial Products to Offer Kidnap & Ransom Insurance

HCC Global Financial Products, a provider of Financial Lines Insurance since 1999, announced the launch of an international HCC branded ...

Hiscox Appoints Keith for Bermuda Healthcare Team

Hiscox announced that "in response to growing opportunities in the US healthcare liability insurance market, Hiscox Bermuda's healthcare ...

Best Upgrades Issuer Credit Rating of Hiscox Group Subsidiaries; Affirms FSR

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

S&P Rates Aon plc. Note Exchanges 'BBB+'; Outlook Stable

Standard & Poor's Ratings Services has assigned its 'BBB+/A-2' counterparty credit rating to Aon plc., and a 'BBB+' debt rating to AON's ...

Best Affirms Russian Re's 'B+' Ratings; Outlook Stable

A.M. Best Europe - Rating Services Limited has affirmed the financial strength rating of 'B+' (Good) and issuer credit rating of "bbb-" of ...
Insurance Book Bundle from Academy of Insurance


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Contractual, Regulatory Requirements Effects on Cyber Marketplace

Federal and state privacy laws and contractual requirements are driving interest and demand of...
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Rate Changes Coming to Healthy Railroad Industry

At one time it seemed that the railroad industry was doomed, but thanks in part to the...

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New Discussions in the Forums

Insurance directories??
Posted: Fri Dec 14 -- Thanks all for the informative replies. We will keep looking for something that has good ROI. d's insurance: when you recommend... paulbennings
WC account Losses 189 X-mod hard class codes
Posted: Thu Dec 13 -- Might need to consider a move to a PEO as well. There are several PEO's that might look at something like this, especially if it is NOT a... Shagster1261
Deposit into the trust account or operating account?
Posted: Thu Dec 13 -- I concur- Option A is the correct procedure. sacman
Contractor License Question
Posted: Thu Dec 13 -- I would think having a contractor working under another's license and initiating new policies under that license could also create a... Shagster1261
Can an employer fire an employee because their pre-convicted
Posted: Thu Dec 13 -- Technically "convicted" means until the person (employee) has exhausted the appeals process... consult1
California Raw Milk Sales( Products Liability Markets )
Posted: Thu Dec 13 -- Looking for a surplus lines broker that has access to the Lloyds syndicate that writes the Raw Milk Products Liability. Santa Rosa Ins Broker
carriers for multistate trucking/warehousing work comp
Posted: Thu Dec 13 -- $250K-$500K consult1
Partnership Questions
Posted: Wed Dec 12 -- "I'm thinking about partnering with a former co-worker who has an independent agency. We both went out on our own... joelm

Reader Comments

Former Brooke Corp. Execs Again Indicted on Financial Fraud Charges
Posted: Fri Dec 7 -- String 'em up! They are responsible for ruining hundreds, maybe thousands, of people's lives. They're nothing but a bunch of crooks. Libby
Only 15 States Plan to Operate Own Health Insurance Exchanges
Posted: Thu Dec 13 -- I wonder, will the Fed Gov't establish one main exchange, and then provide access to the two thirds of the country that chose to have the... Producer #1
Dallas Cowboys Player Death Raises Question of Safety Net
Posted: Wed Dec 12 -- Fanucci, you are right. A star athlete is catered to from grade school, jr high, high school, college and then the pros if they are good... Agent
Treasury Selling All of Its Remaining AIG Common Stock
Posted: Tue Dec 11 -- D, what is it called when taxpayer money is extended to a company to keep it from going under? We have a pretty good idea on why AIG was... Agent
Despair after Climate Conference Inaction, but UN Still Offers Hope
Posted: Mon Dec 10 -- AS long as the UN keeps doing nothing, the world is on the right path. Carbon-trading schemes and UN-intervention are sure proof that... Tony

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