New Jersey workers’ comp regulators will soon be able to issue stop-work orders to contractors who misrepresent employee headcounts, under a bill signed by Gov. Jon S. Corzine. The bill targets contractors that undercount employees in order to avoid paying …
The North Carolina House voted 89 to 27 yesterday to approve a measure designed to re-establish the state’s coastal insurance provider, the Beach Plan, as a market of last resort and cap the liability of private insurers for any shortfall …
Today is an important deadline in the process of settling the terms of State Farm’s withdrawal from the Florida insurance market. Representatives of Florida insurance regulators and State Farm Florida had hoped to resolve their differences by June 15over how …
Connecticut’s flex-rating law will continue for two more years, after Gov. M. Jodi Rell signed legislation extending the practice of letting insurers vary premiums without regulatory approval. Flex-rating allows Connecticut personal lines insurers to adjust premiums up or down by …
Smithfield Foods Inc. said Tuesday that fire damage at its Patrick Cudahy meat plant in Cudahy, Wisconsin, should not have a measurable affect on its earnings or liquidity. Partial production has resumed in areas of the plant not damaged by …
Most bond insurers are headed for liquidation or run-off as losses from troubled assets linger, an analyst at independent research firm CreditSights said Tuesday. While some insurers, such as MBIA and Ambac , are stronger than others, “we think the …
MetLife, Inc. said that it is combining its institutional and individual businesses, as well as its auto and home insurance unit, into a single U.S. business organization. The company said this move stems from a strategic review that was launched …
Virginia State Police issued citations for nearly 8,300 violations on Interstates 95 and 81 as part of a weekend traffic-enforcement campaign. State police say troopers stopped 2,077 speeders and 240 reckless drivers on I-81 and 4,749 speeders and 504 reckless …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bermuda-based Omega Specialty Insurance Company Limited (OSIL), both with stable outlooks. In a separate action Best also affirmed its Syndicate Rating …
Standard & Poor’s Ratings Services has affirmed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on various operating companies belonging to global reinsurer Swiss Reinsurance Company Ltd. (Swiss Re; A+/Stable/A-1). The ratings were subsequently withdrawn at the request …
