Hurricane Isabel’s cost to insurers in Virginia has more than doubled the original expectations, and now tops $925 million. The figure represents more than half of the total $1.69 billion in insured damage from the storm sustained in all affected …
Pennsylvania drivers who choose the limited tort system are entitled to save up to 40 percent off their bodily injury, first party benefits and uninsured/underinsured motorist coverage, according to state officials. The Pennsylvania Insurance Department, analyzing the effects of reforms …
An actuarial review of the Virginia Birth-Related Neurological Injury Compensation Fund found that the program’s ability to meet future claims payments has deteriorated. However, the State Corporation Commission (SCC) says the fund is still capable of paying claims and should …
New Jersey’s Department of Banking and Insurance has accepted a proposal put forth by the Professional Insurance Agents of New Jersey to allow agents to recoup certain out-of-pocket expenses. Agents will be able to recover their costs incurred in obtaining …
Nine of the nation’s top convicted insurance swindlers of 2003 have been elected to the Insurance Fraud Hall of Fame by the Coalition Against Insurance Fraud (www.InsuranceFraud.org). The East Coast scored well with a third of the inductees. They were: …
Massachusetts officials have approved the merger of West Newbury Mutual Fire Insurance Co., a Massachusetts domiciled company, into Dorchester Mutual Insurance Co., also a Massachusetts company. The purpose of the merger is to streamline operations for their common parent, Norfolk …
A legislative report recommends that the state create an emergency fund to help doctors pay their skyrocketing medical malpractice insurance premiums. The report for the Program Review and Investigations Committee proposed the fund instead of placing a cap on pain-and-suffering …
Auto rates in Massachusetts are expected to average $1047 in 2004, up from $936 in 2001, and political leaders say they are willing to consider whether competition can hold down costs better than the state’s unique one-size-fits-all insurers system. Republican …
Last month the National Association of Independent Insurers issued a bulletin, which described New Jersey’s auto insurance market as “once the nation’s poster child for the dangers of over regulation.” Donald S. Cleasby, the NAII’s assistant vice president and assistant …
Rhode Island officials have not given up hope of attracting a buyer for the troubled Pawtucket Mutual Insurance Co., despite seven months of trying and the recent dropout of a prime candidate. “I’ve still got my fingers and toes crossed,” …
