A Florida law enacted during a 2007 January special session provides immediate savings for homeowners by shifting potential payments for hurricane losses from the homeowners receiving the current policy benefits to future policyholders, motorists and business owners, according to the …
Rhode Island’s estimated budget deficit could grow by almost $100 million because of a stalled settlement with an insurer accused of deceptive business practices, state officials warn. As part of a massive settlement reached last year, American International Group Inc. …
Global business leaders report they are increasingly concerned about risk; prevents some from investing overseas A new report from Lloyd’s and the Economist Intelligence Unit (EIU) has found that global businesses are becoming increasingly concerned about risks from political violence. …
Contingent commissions for agents and brokers should be watched by regulators but these profit-sharing arrangements do not necessarily have to be eliminated, according to a leading insurance consumer advocate. “I think they need to at least be regulated and moderated,” …
The attack that began in October 2002 by then New York Attorney General, now Governor, Eliot Spitzer against bid rigging and contingent commissions generated significant losses, both in income and competitiveness, for the world’s three biggest global insurance brokers. Fortunately …
Baby Boomers may be more likely to switch brands across a wide variety of products and services, including apparel, cars, prepared foods, and airlines, but when it comes to service oriented categories such as banking and insurance companies, Boomers stay …
Citizens Property Insurance Corp. is expanding its insurance coverage for small businesses beyond coastal areas to properties across Florida. “Our goal is to make coverage available as quickly as possible to the Florida small business community which is in dire …
The GAO’s report, commissioned by the Senate Committee for Homeland Security and Governmental Affairs, chaired by Sens. Joe Lieberman, an Independent (ex-Democrat) from Connecticut, and Susan Collins (R-Maine), has garnered generally favorable reviews. Collins, the committee’s ranking Republican, indicated that …
Fla. Gov. Charlie Crist has come to the defense of the state’s insurance commissioner who hosted a fund raiser for a circuit judge candidate. Chief Financial Officer Alex Sink last month rebuked Insurance Commissioner Kevin McCarty after he admitted seeking …
Commercial property/casualty premiums for all sizes of accounts dropped sharply during the first quarter of 2007, with indications that insurance companies are starting to loosen underwriting standards and price aggressively to get business, according to the latest Commercial Property/Casualty Market …
