In two recently issued reports Standard & Poor’s Ratings Services revised its outlook on the global reinsurance industry to stable from negative, “indicating that there will be little near-term movement in ratings or outlooks.” S&P credit analyst Simon Marshall indicated: …
The U.S. Court of Appeals for the First Circuit has refused to overturn a ruling striking down Puerto Rico’s controversial countersignature law that required non-resident commercial insurance brokers to have the countersignature of a Puerto Rico resident agent before they …
Insurance agents have succeeded in removing from the New York State budget a provision to substantially boost fines against insurance professionals. The proposal would have increased fines from $1,000 for the first violation and $2,500 for each subsequent violation to …
Lexington Insurance Group, the largest U.S.-based surplus insurance company, said it is assuming this year will look more like 2004 than 2005 as it goes about deciding where and what properties to write at what prices and terms. In 2004, …
Fire protection and medical help remains free, but the Hartford, Conn. Fire Department is set to begin charging insurers for other emergency services. The department will begin billing insurers for certain situations such as getting people out of crushed vehicles …
The Insurance Institute of Indiana and the National Association of Mutual Insurance Companies applauded the decision by the Indiana Supreme Court to deny transfer on a case filed against the Indiana Compensation Rating Bureau. According to the insurance trade groups, …
Bloomington-Ill.-based State Farm Insurance has announced that it is the first property and casualty insurer to be a sponsor of a major film promotion. State CARS, the latest movie from Disney-Pixar, the Academy Award-winning creators of The Incredibles and Finding …
Citizens Property In-surance Corp. plans to seek a rate increase for commercial residential associations, primarily condos, to keep up with increasing premiums in the private market. Citizens writes wind coverage for customers who otherwise wouldn’t be able to buy it …
California Insurance Commissioner John Garamendi successfully underwent surgery to repair a leaking mitral valve in his heart. He is currently recuperating from the surgery. Surgeons who performed the mitral valve repair on Garamendi for five hours said his prognosis for …
Washington State approved its first fraud bureau and added a fraud prosecutor. Gov. Christine Gregoire signed SB 6234 into law in late March. The measure decisively passed the state House and Senate earlier this winter. Washington joins the mainstream of …
