Massachusetts Attorney General Martha Coakley and a North Carolina insurance company have reached a settlement barring the company from using what Coakley described as unfair ratings practices. Occidental Fire and Casualty Insurance Co. has filed a rating plan to begin …
Northumberland, Pennsylvania-based Keystone Insurers Group has hired five new executives and restructured its top management team in a move aimed at boosting growth and enhancing services, the company said. Ralph Sitterson, previously vice president of claims at Berkley-Mid Atlantic Group, …
Two congressional leaders introduced legislation today that would create a federal regulator for insurance as an alternative to the current state-based regulatory structure currently in plan. Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., introduced their bipartisan insurance regulation …
The former chief financial officer at a unit of Berkshire Hathaway Inc. was sentenced to 18 months in prison Thursday for her role in a scheme to manipulate American International Group Inc.’s financial statements. Elizabeth Monrad, who was finance chief …
Insurers and reinsurers may have weathered the global financial crisis comparatively well so far, but they could be facing another threat. “We’re not capitalized enough,” was the way Michael O’Halleran, executive chairman of Aon Benfield, put it at the recently …
American International Group Inc. directors Virginia M. Rometty and Michael H. Sutton will not seek re-election at the insurer’s annual meeting, an AIG filing with the U.S. Securities and Exchange Commission showed on Tuesday. The company usually holds its annual …
A Florida domestic property insurance company has been told to stop writing business– the second time in a week state regulators have had to act against an insurer. Hollywood-based Coral Insurance, which began doing business in March 2004 and has …
Arkansas lawmakers have approved a new law that stops local governments from billing motorists for accident response services performed by police departments, according to the Property Casualty Insurers Association of America (PCI). HB 1895, sponsored by Representative Allen Kerr (R-Little …
A state workers’ health insurance plan in Oklahoma recently came under renewed criticism when state lawmakers and plan administrators said it may take months to get rid of a backlog of more than 200,000 unpaid health care claims filed by …
The Illinois Department of Financial and Professional Regulation’s (IDFPR) Division of Insurance has ordered First Farm Credit Services to discontinue its Patronage Program, calling the program an “improper rebate.” The insurance division said the action resulted from a Professional Independent …
