Declarations

Tort reform impact

“It’s difficult to say whether tort reform measures have impacted this slow down in tort costs growth. We have yet to see what, if any, impact the class action reform legislation that was passed in February 2005 will have on future class action claims — as well as whether the newly elected Democratic Congress will have an impact. What has certainly had an impact on tort costs trends has been the decade-plus decline in auto accident frequency, as the basic auto accident is the single largest portion of U.S. tort costs.”

Russ Sutter, principal, Tillinghast business of Towers Perrin, on his 2006 Update on U.S. Tort Cost Trends showing the rate of growth of tort costs has slowed.

What really matters

“What we’re trying to do is intensely focus this exercise on what really matters.”

SEC Chairman Christopher Cox in explaining that federal regulators are moving to ease some financial-control rules for thousands of smaller public companies contained in Section 404 of the 2002 landmark Sarbanes-Oxley act. The changes would especially benefit smaller companies.

Pandemic claims

“While workers’ compensation/general liability flu claims would go up, the workers’ compensation/general liability non-flu-related claims would go down as businesses would shrink or close.”

Al Fine, managing director, Willis Risk Solutions, who also said the avian flu is an emerging exposure, but it is too soon to tell whether it will be a Y2K or 9/11-type event.

Counterproductive in Cnn.

“Not only are these restrictions unwarranted, they are counterproductive since they will have an effect that is the precise opposite of what is intended.”

Paul Tetrault, Northeast state affairs manager for National Association of Mutual Insurance Companies, on new rules issued by Conn. Insurance Commissioner Susan Cogswell restricting what mitigation efforts insurers may require of coastal property owners.

Sorry, ‘snowbirds’

“Although Florida welcomes its many visitors, whether for short or extended stays, we cannot rewrite their out-of-state contracts.”

Justice Raoul Cantero of the Florida Supreme Court in a decision that means “snowbirds” and other part-time Florida residents who insure their cars back home cannot make claims under Florida laws that may be more favorable to them than those in their own states. The ruling applies to crashes or other damages that occur in Florida.

Topics Florida