California’s State Compensation Insurance Fund announced it has revised its broker of record policy, as well as filed for a 5.2 percent overall rate increase for 2011. The rate filing also includes changes that it says will better serve employers …
Florida insurance officials have agreed that three Bermuda-based reinsurers can participate in Florida’s insurance marketplace without having to post millions of dollars in extra collateral. The Office of Insurance Regulation’s (OIR) agreements are with Ace Tempest Reinsurance Ltd., Hiscox Insurance …
The American Academy of Actuaries has honored Sheldon Summers with the 2010 Robert J. Myers Award for Public Service. Summers received the award in recognition of his contributions to the public good through his 31 years of service during his …
In its presentation at the 17th General Insurance Seminar at the Gold Coast in Australia, Aon Benfield highlighted the critical role of actuaries in managing emerging risks for the re/insurance industry. “The profession’s role will evolve to deliver more robust …
American International Group is expected to sell its Asian real estate business to Invesco Ltd later this month, a source said on Tuesday. The source said AIG’s gross property assets were currently worth around $5 billion, although the actual cost …
Ireland unveiled a new corporate governance code for banks and insurers on Monday to bring ‘fresh blood’ into boardrooms and prevent a repeat of the excessive risk-taking that precipitated the country’s financial crisis. A property market crash exposed years of …
The White House oil spill commission said on Monday it found no evidence to support accusations that the largest offshore oil spill in U.S. history happened because workers for BP Plc and its partners cut corners to save money, mostly …
New York regulators have finalized guidelines for how agents and brokers are to reveal to clients their commissions, but at least one trade group says any changes to the rules thus far have been “underwhelming.” The department released a new …
Average medical costs per workers’ compensation claim in Tennessee stabilized at pre-fee schedule levels after the state introduced medical fee schedules in 2005, according to a new study. According to the report by the Workers Compensation Research Institute (WCRI), the …
Home appraisers who overestimate the value of homes may be liable for fraudulent misrepresentation, the Tennessee Supreme Court has ruled. The state’s high court has overruled an appellate court that had held that because an appraiser’s estimate is an opinion, …
