FERMA Calls for ‘Mandatory’ Protocol for Broker/Company Transactions
The Federation of European Risk Management Associations (FERMA) has issued a response concerning the revised European Insurance Mediation Directive (IMD), which states that it “should incorporate binding standards of transparency for brokers in their relationship with insurance buyers no matter …
Obama Administration Appeals Florida Judge’s Healthcare Ruling
The Obama administration Tuesday appealed a U.S. judge’s ruling in Florida that struck down its landmark healthcare overhaul law as unconstitutional because it required Americans to buy healthcare insurance or face a penalty. President Barack Obama’s Justice Department filed its …
AIG Repays $6.9 Billion More to Taxpayers
American International Group repaid another $6.9 billion of its bailout Tuesday, the U.S. Treasury said. With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or …
Noah Joins Insurer Group AIA in Federal Affairs Post
The property/casualty insurance trade group, the American Insurance Association (AIA), announced that Adam Noah has joined as its new vice president for federal affairs. Most recently, Noah served in the office of Senator Saxby Chambliss, R-Ga., as a legislative assistant …
Florida Lawmakers Aim to Shrink State Insurer Citizens
Florida lawmakers are looking to cut the state’s largest property insurer down in size. The plan is to reduce the number of properties insured by Citizens Property Insurance Corp. by allowing it to raise its rates by as much as …
File-Sharing Service LimeWire, Music Publishers Settle Copyright Case
The operator of LimeWire, a once-popular file-sharing service shut down last year for copyright infringement, has settled a lawsuit brought by music publishers. The settlement with Lime Wire LLC covers more than 30 publishers, including units of EMI Group, Sony …
Wrongful Death Suits Filed Against Massey Over West Virginia Mine Blast
The families of two coal miners killed in the Upper Big Branch mine blast in West Virginia last year filed wrongful death lawsuits against the mine’s owner, Massey Energy Co, saying it was a “catastrophe waiting to happen,” The suits …
How California Bill Implements Federal NRRA Surplus Lines Reform
The Nonadmitted and Reinsurance Reform Act (NRRA), Subtitle B, Part I, Dodd-Frank Wall Street Reform and Consumer Protection Act, reaches out and touches California on July 21, 2011. In anticipation of its effective date, the California Department of Insurance (CDI) …
West Virginia Agents Balk At Health Insurance Exchange
With the Legislature’s minority Republicans already opposing the pending bill, West Virginia’s independent insurance agents are wary of this session’s bid to create a state-run health insurance exchange. The House Judiciary Committee could take up the Senate-passed measure this week. …
