Mississippi Attorney General Jim Hood’s recent comments comparing the insurance industry to Nazis are “hysterical and irresponsible,” claims an insurance trade group leader. “Now that Hood’s inspired exercise in justice has met some resistance, his public rhetoric seems to get …
Right before going home for the holidays, Congress reconciled different House and Senate versions and approved an extension of the federal terrorism reinsurance program in the form of the Terrorism Risk Insurance Revision Act of 2005. This extension of the …
Congress approved the Terrorism Risk Insurance Revision Act of 2005 late last week after reconciling differing versions passed in both the House and the Senate. The legislation now moves to the President’s desk for his signature. The extension of TRIA …
The National Association of Mutual Insurance Companies (NAMIC) announced it will oppose an amended regulator proposal to add federally-styled internal control measures to state insurance regulation, according to its president. NAMIC President and CEO Charles M. Chamness said that his …
The importance of state insurance associations in shaping public policy was acknowledged by Charles M. Chamness, president of the National Association of Mutual Insurance Companies in an address in Savannah, Ga., to the State Insurance Trade Associations, a large group …
ALABAMA Vesta Reinsurance To Cover Wilma Vesta Insurance of Birmingham, issued a statement saying it has complete reinsurance coverage for Hur-ricane Wilma claims in Florida. “As previously disclosed, Vesta’s losses from Hurricanes Katrina and Rita did not reach the company’s …
The importance of state insurance associations in shaping public policy has been acknowledged by Charles M. Chamness, president of the National Association of Mutual Insurance Companies in an address in Savannah, Ga. to the State Insurance Trade Associations, a large …
The president of a national property/casualty organization told a group of state insurance trade executives in Savannah, Georgia, on Monday that their work makes them invaluable partners in the achievement of industry objectives. Charles Chamness, president of the National Association …
Crucial differences between public and mutual insurers cause NAMIC to oppose the NAIC’s proposal to embed in state insurance regulation the expensive and burdensome provisions on financial disclosure found in Section 404 of the Sarbanes-Oxley Act of 2002. These provisions, …
Adding Sarbanes-Oxley Section 404 content to state insurance regulation would cost almost eight times the maximum potential benefit to mutual insurance companies if all insolvencies were eliminated, according to a study by mutual insurers. The survey of member companies of …
