Washington Gov. Chris Gregoire has Senate Bill 5417, an act relating to flood insurance coverage. According to the law, “every insurer issuing a homeowner, condominium unit owner, residential tenant and residential fire insurance policy that does not cover damage caused …
Dallas-based insurer, Gainsco Inc., announced net losses for the fourth quarter and the year for 2008, but the losses are less than those the company reported in 2007. The company said its net loss for the fourth quarter 2008 was …
Alaska’s Mount Redoubt Volcano erupted at least twice Wednesday, March 25, as officials from a pipeline company assessed conditions at a nearby oil storage facility to determine whether to remove its contents. The Cook Inlet Pipeline Co., which is partly …
The nation’s insurance industry found some things to like and not to like in Treasury Secretary Timothy Geithner’s proposed restructuring of financial services regulation. While Secretary Geithner said that any federal regulatory authority should not replace state regulation of insurance, …
Wall Street faces curbs on risk taking and the prospect of lower profits under sweeping U.S. proposals to prevent a repeat of the credit crisis. The Obama administration’s plan to rewrite financial rules, announced Thursday, would create a single regulator …
According to National Association of Insurance Commissioners (NAIC) President and New Hampshire Insurance Commissioner Roger Sevigny, the most recent financial services regulatory proposal from the Obama Administration retains a role for state insurance commissioners. “We are encouraged by Treasury Secretary …
A subsidiary of 21st Century Holding Co. (Nasdaq:TCHC) has received approval from the Florida Office of Insurance Regulation to market and underwrite commercial general liability insurance. American Vehicle Insurance Co. will offer an artisan commercial general liability program in the …
Ernst & Young LLP has agreed to pay $109 million to HealthSouth Corp. shareholders who sued the firm for failing to detect an accounting fraud involving more than a dozen executives. According to papers filed in Birmingham federal court this …
A banker has sued Citizens Republic Bancorp in Michigan, saying he was fired for questioning a $7.5 million bonus for the company’s chief executive on the eve of a federal bailout payment. John D. Schwab filed a lawsuit in Genesee …
An executive at American International Group Inc. defended the insurer’s controversial $165 million in bonuses in a hearing in Hartford, saying the recipients did not create the problems that led to a government bailout and several had resigned following threats. …
