Flood News
The good news is that the National Flood Insurance Program (NFIP) has been extended until Sept. 30, 2011. The bad news is that the National Flood Insurance Program (NFIP) has been extended until Sept. 30, 2011. It’s good news because …
Arkansas Developer Jailed in Arson-for-Insurance Case
Little Rock, Ark., developer Aaron Jones, who was convicted of setting fire to his $1.6 million home in an insurance scheme, was taken into custody so he can start serving time pending a prison sentence. Arkansas Business reported that a …
Colorado Raising Workers’ Comp Insurance Loss Costs 3.4%
Most Colorado employers will be looking at an average 3.4 percent increase in workers’ compensation insurance loss costs, increasing the overall premiums they pay for workers compensation insurance in 2011, the state Department of Regulatory Agencies Division of Insurance announced. …
Declarations
Pricing Worries Persist “There are clear concerns surrounding pricing in this soft P/C insurance market. And, there appear to be indications that this market will persist over the nearer-term.” —Scott Marcello, of KPMG, which recently released a survey showing that …
Business Moves
IMS, London American Risk Specialists IMS Insurance Market Solutions acquired Houston-based London American Risk Specialists Inc. effective Sept. 1, 2010. The combined entity will become IMS/London American and will be one of the largest independent multi-line managing general agencies in …
Missouri DOI Returns $6.5M to Consumers in 2010
Consumers who filed complaints with the Missouri Department of Insurance have received $6.5 million from their insurance companies in 2010. The money was returned as a result of the department’s mediation efforts on behalf of consumers who had filed complaints …
New York Agents Group Praises Coastal Reform Plan
A key trade group for insurance agents in New York is lauding a proposal by regulators to reform the coastal homeowners insurance market in the state. The Independent Insurance Agents & Brokers of New York (IIABNY) called the proposed reforms …
Declarations
Inflationary Increase “The previous $15 million capital and surplus requirement has been in place since the ’90s, so is not near as meaningful in guaranteeing financial solvency of surplus line insurers today. This is a needed inflationary increase.” —Ted Pierce, …
Payback of Indiana Loans for Jobless to Hit Businesses
The state will begin paying millions of dollars in penalties and interest to the federal government next year because it has borrowed nearly $2 billion to pay for jobless benefits, an Indiana unemployment official says. Scott Sanders, deputy commissioner of …
Out-of-State Agents Blast Massachusetts Paperwork Requirement
A trade group for agents in several Northeast states are urging Massachusetts regulators to shelf new paperwork requirements for out-of-state businesses’ workers’ comp coverage. Massachusetts Division of Insurance (DIA) recently announced new rules requiring out-of-state businesses to submit additional paperwork …
