In the past, the agencies each used proprietary formulas to create their own scores, meaning that a lender dealing with a consumer’s application for a credit card or a mortgage might have had to reconcile three widely different scores. The …
California commissioner
California Insurance Commissioner John Garamendi successfully underwent surgery to repair a leaking mitral valve in his heart. He is currently recuperating from the surgery. Surgeons who performed the mitral valve repair on Garamendi for five hours said his prognosis for …
Selling
Major changes in the insurance field have triggered a dramatic weeding out of this country’s sales force. Five years from now, many of you will no longer be in the insurance business. To succeed in the industry, you cannot be …
News Currents
GEICO settles lawsuit over discount policy Californians who purchased auto policies from GEICO and were denied a discount for not having proof of prior insurance will receive refunds as part of a settlement between the company and a consumer advocate …
Declining rates fuel stand-alone terrorism market
With the exception of a few notorious hotspots, rates for stand-alone terrorism insurance have dropped by 40 to 50 percent since 2002, according to Aon’s Crisis Management division. The reductions have been driven by a steady growth in capacity coupled …
CLOSER LOOK: Agribusiness
City slickers are looking for entertainment on the farm – but that brings new risks Alternative and agro-tourism enterprises are allowing farmers and ranchers to earn higher profits by replacing or supplementing traditional farm operations with innovative on-farm or on-ranch …
Editor’s Note: If 1906 repeated itself in a major metropolitan space … during working hours … there would
$7 billion in workers’ compensation losses. Close to home: 1906 revisited April 18 marks the 100th anniversary of the Great San Francisco Earthquake of 1906, a catastrophe that affected thousands of lives, caused hundreds of millions of dollars in damage, …
Hawaii lawmakers propose tax credits for recent rain and flood victims
A proposed tax credit aimed at helping Oahu flood victims was expanded by Senate lawmakers to cover families and businesses throughout the islands who suffered damages during the recent heavy rains. The credit would equal 10 percent of a taxpayer’s …
Arizona establishes new penalties for late surplus lines tax payments
The Arizona Department of Insurance has established new civil penalties if a surplus lines broker fails to remit the surplus lines tax provided for by state statute 20-416 based on the amount of tax overdue. According to the department, up …
Former Calif. life insurance agent convicted for faulty notes
Fraud Roundup California Insurance Commissioner John Garamendi announced the conviction of former life insurance agent Bassem Btadini, 51, also known as Bob Btadini. Btadini entered a no contest plea and was convicted of five misdemeanor counts of Sale of Securities …
