Producers should no longer expect contingent commissions from American International Group, according to the settlement with New York Attorney General Spitzer and what the company says is its own global policy now. Spitzer’s announcement stated that “AIG has agreed to …
California’s Conservation and Liquidation Office (CLO) will distribute $530 million to policyholders and claimants from the liquidated estate of the Mission Insurance Companies, California Insurance Commissioner John Garamendi announced. The latest amount brings the total amount distributed since 2003 to …
As part of its record $1.6 billion overall settlement with state and federal officials for fraud and improper accounting, American International Group will pay states $343.5 million for underpayment of workers’ compensation premiums taxes and residual market assessments. The combined …
Record $1.6 billion deal ends litigation, creates ‘new path’ for giant AIG State and federal regulators on Feb. 9 announced agreements that resolve litigation and investigations of securities fraud, account steering, bid-rigging, improper accounting and under-reporting of workers’ compensation premiums …
More than three-quarters (77%) of wholesalers and brokers said that firm salaries increased in 2005 compared to 2004. Nearly half (49%) of all E&S firms ansering Insurance Journal’s survey reported paying their producers a combination of salary plus commission. The …
Stock Prices: After four straight months of gains in the brokerage sector, stock prices fell 1 percent during the December/January period. This is particularly notable since the sector traded up 6 percent in October/November and 10 percent in August/September. The …
The outlook for the U.S. workers’ compensation sector in 2006 is good, with the ratings impact for insurers expected to be neutral on the whole, according to a report from Standard & Poor’s Ratings Services. Underwriting results in 2005 are …
New Markets Nuts & Bolts: CNA has introduced a stand-alone employment practices liability product. The new coverage, EPL Solutions, targets publicly traded commercial companies, financial institutions and financial service organizations. It includes expanded definitions and enhanced coverages that are designed …
The risk to nonprofits may actually exceed that facing for-profits because nonprofits may have smaller budgets, less financial and legal help, and undefined employment practices. As they face pressure to do more with less, nonprofit organizations are increasingly modeling some …
How to keep your non-standard auto clients When selling non-standard auto insurance, do you know how to retain your clients or are you driving away the business? There are a number of factors that affect retention, including: * Finance method …
