Accounting firm Ernst & Young was sued by New York prosecutors over allegations it helped to hide Lehman Brothers’ financial problems, in the first major government legal action stemming from the Wall Street company’s 2008 downfall. The civil fraud case …
The ailing U.S. food safety system moved closer Tuesday toward its biggest overhaul in more than 70 years after the House passed legislation that would increase inspections and give regulators the power to recall tainted foods. The House voted 215-144 …
Wisconsin Insurance Commissioner Sean Dilweg announced a regulatory settlement with Time Insurance Co., a health insurer headquartered in Milwaukee, that includes a forfeiture of $280,000 for failure to correct previously identified problems with company practices in Wisconsin. In addition, the …
An Oklahoma state representative says he’s prepared to introduce legislation to further improve the state’s workers’ compensation system. Rep. Mark McCullough says the recent recommendations of the Task Force on Vocational Rehabilitation in Workers’ Compensation will be introduced as legislation …
During a rainstorm in Washington in early 2009, amid the furor over Wall Street’s post-bailout bonuses, an American International Group employee pulled out an umbrella that had the insurer’s name on it. “Somebody came by, grabbed the umbrella and broke …
U.S. health insurance companies that want to increase premiums by 10 percent or more next year would face tougher government scrutiny under new rules proposed Tuesday. The rules, called for under the sweeping healthcare law passed in March, would require …
A woman was indicted last week in the Eastern District of Louisiana for allegedly filing fraudulent claims for compensation due to the Deepwater Horizon oil spill. Four other individuals were also charged last week in Alabama, Michigan, and Mississippi for …
The States appear poised, through inaction, to leave untold millions of dollars in premium tax revenue “on the table” when the Nonadmitted Insurance and Reinsurance Reform Act (NRRA) becomes the law of the land on July 21, 2011. Under Subtitle …
Standard & Poor’s Ratings Services has assigned its ‘A’ counterparty credit and financial strength ratings to Switzerland-based Catlin Re Switzerland (CRCH), a new insurance entity created as a subsidiary to Catlin Insurance Co. Ltd. (CICL; A/Stable). The outlook is stable. …
A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the property/casualty and life/health subsidiaries of American International Group, Inc. as well as the ICR of “bbb” of AIG. The FSR’s of most of …
