Down to mirth
Insurance is a serous business. It’s not easy finding humor in the insurance headlines. But in 2006, a few stories that brought a smile snuck through the disasters and dire warnings. No belly laughs, for sure, but a little relief …
Global warming represents watershed event for insurance industry
At various points in history — the Great Dust Bowl of the 1930s, urban riots of the 1960s, and terrorism today — watershed events or trends ushered in structural changes within the U.S. insurance industry. While entirely different in their …
New rules mean bytes could produce a big bite
Insurance agents want to avoid litigation, but it is not always possible. When agents become involved in litigation in federal court, it is important for agents and their attorneys to understand the new Federal Rules of Civil Procedure governing electronically …
In buying back, what did I buy?
A look at policy buyback settlements Over the last decade, I have participated in the drafting of dozens of settlement agreements between carriers and insureds commonly called “buybacks of insurance” or simply “buybacks.” These settlements usually take place where there …
Despite ‘uneventful’ year, there was no escaping catastrophes in 2006
It was difficult to get away from natural catastrophes in 2006, even though the year was relatively unscathed by those types of events. Back-to-back 2005 Hurricanes Katrina and Rita continued to wreak havoc on insurance markets in the South Central …
People and Places
The Independent Insurance Agents of Texas appointed P. Scott Hubacek to the newly created position of IIAT Member Services Ambassador. Hubacek will be responsible for recruiting new members and for helping new and existing members increase use of programs and …
ID theft warning in Okla.
Oklahoma Attorney General Drew Edmondson issued a consumer alert to customers of First State Bank in Ketchum warning them about a scam being perpetrated in their area. According to the AG’s office, the bank had gotten complaints from customers who …
Declarations
No long-term negatives “Fortunately lawmakers did not pass legislation that will have negative long-term consequences for consumers and the insurance market.” — Greg LaCost, assistant vice president and regional manager for Property Casualty Insurers Association of America (PCI), commenting on …
No rule change for Allstate in La.
A panel of state insurance regulators on Dec. 15 rejected a proposed rule change that Allstate Insurance Co. cites as critical to deciding the company’s long-term future in Louisiana after Hurricane Katrina. The Louisiana Insurance Rating Commission voted 4-to-1 against …
It Figures
$261 Billion The total amount of U.S. tort costs in 2005, according to the 2006 Update on U.S. Tort Cost Trends from the Tillinghast business of Towers Perrin. The amount adds up to about $880 per person, $4 less per …
