The Florida Hurricane Catastrophe Fund needs $710 million to continue to pay claims still coming in from 2005’s Hurricane Wilma but it is going to have to wait to assess policyholders to get those funds. The Florida Cabinet yesterday indicated …
The Indiana House has passed legislation that would repeal an increase on taxes that employers pay into the state’s unemployment insurance fund, which is deeply in debt to the federal government. The Democratic-controlled chamber voted 90-5 to repeal the tax …
President Obama’s latest push for a health care overhaul could drive health plans around the country into insolvency, according to an insurance trade group. A plan released Monday by the White House would give the federal government the power to …
Gloom and frustration pervaded the World Trade Organization on Monday as the prospects of completing a new global commerce pact this year receded. The WTO’s 153 members had agreed to take stock at the end of March on whether the …
To many Americans, it’s a matter of common sense: traders who failed so spectacularly at their jobs that they nearly brought down the global economy should be fired, not rewarded with handsome bonuses. Yet AIG, the fallen insurer, paid out …
Despite soft market conditions, the anticipation of less favorable loss reserve releases and a contracting economy, the U.S. commercial lines insurance market remains relatively stable. According to A.M. Best, while the pricing behavior of commercial lines insurers is always difficult …
Columbus, Ohio-based State Auto Financial Corporation’s fourth quarter 2009 net income rose to $14.4 million compared with a net loss of $0.6 million for the fourth quarter 2008, the company reported. For the year 2009, STFC had net income of …
Agents Balk at Plan, But Consumer Advocates Say New Rule Doesn’t Go Far Enough New York insurance regulators have recently unveiled new regulations that will require agents to reveal to their clients how much money they get paid. The proposal, …
The Illinois Supreme Court in early February ruled that an Illinois law enacted in 2005 that capped non-economic damage awards in medical liability cases is unconstitutional. The American Bar Association says the Court was right in striking down the law, …
Mississippi Gulf Coast policyholders are well aware a hurricane is guaranteed to hike insurance rates, but fewer realize their credit reports also are factored into homeowner and automobile insurance premiums. Consumers who have suffered financial setbacks because of the economy …
