Now that the hard market has firmly set, it’s no secret that more and more standard property and casualty insurance carriers are seeking to stem losses by restricting coverage and revamping underwriting habits. As in previous periods of reduced capacity, …
Commissioner Low was very gratified with the decision. From his perspective, this is a time-sensitive issue because some of these survivors are dying every day,” said Nanci Kramer, a spokesperson with the California Department of Insurance, when asked how Insurance …
According to the Alliance of American Insurers (AAI), the National Conference of Insurance Legislators (NCOIL) took a giant step toward improving uniformity in state regulation by formally adopting model legislation based on the AAI’s Company Licensing Model Act. The action …
Lloyd’s of London has published proposals for reform that will transform it into a modern, transparent and profitable marketplace. In a 56-page consultation document, which goes out to some 16,000 businesses and individuals, the Chairman’s Strategy Group sets out detailed …
Colorado court decisions that allowed retroactive mental anguish damages in private contract disputes are unconstitutional and should be overruled, the National Association of Independent Insurers (NAII) maintains. “Any government mandate that retroactively imposes additional responsibilities on parties to a contract …
Colorado Gov. Bill Owens has signed a bill prohibiting insurers from refusing to issue a fire insurance policy within a federally designated disaster area due to wildfire. Senate Bill 7 became effective immediately. National Association of Independent Insurers (NAII) Northwest …
Property and casualty insurer Farmers Alliance Mutual Insurance Co. will accept no new customers in New Mexico and will not renew existing customers’ policies, impacting some 7,000 policyholders, according to the Albuquerque Journal. A spokesperson for the company said the …
Hawaii Gov. Ben Cayetano has signed into law a bill on captive insurance that makes Hawaii’s premium tax structure more equitable for captive insurers, while maintaining an adequate fund base for the ongoing monitoring, regulation, and development activities of the …
Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit. …
Farmers Insurance Exchange and Truck Insurance Exchange began serving summons and complaints July 16 upon a Contra Costa County, Calif. body shop and its owners, accusing them of taking part in a large-scale scheme designed to defraud the companies’ policyholders. …
