Indiana has ordered Elk Grove Village, Ill.-based auto insurance company Universal Casualty Company (UCC) to stop writing new policies in the state until the company can demonstrate “improved business practices,” according to the Indiana Department of Insurance (IDOI), which has …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A’ (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of ProAssurance Group and its group rated members. Best also upgraded the ICR to “bbb” …
A suburban Chicago, Ill., man accused of posing as a doctor to buy vials of deadly puffer fish toxin has been charged with planning to use the poison to kill his wife and collect $20 million in life insurance. Edward …
More than 40 earthquake recording stations will be placed around the state and in Iowa as part of a federal initiative overseen by Missouri University of Science and Technology. The seismic monitors join another 400 stations already in place across …
House lawmakers are divided about how to supervise the insurance industry as Congress reviews the Obama administration’s blueprint for a broad overhaul of the nation’s financial rule book. Rep. Paul Kanjorski, D-Pa., chairman of a House Financial Services subcommittee, said …
A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Good) and issuer credit rating to “bb” from “bbb-” of State Farm Florida Insurance Co. The rating agency’s outlook for the insurer has been revised to …
Tinley Park, Ill.-based insurance broker BF&S Insurance (Boyle, Flagg & Seaman) has been named the exclusive marketing agent for the Illinois Public Risk Fund (IPRF). Thomas P. English, president of BF&S, has been a marketing agent since IPRF’s inception in …
The Obama administration’s views on insurance regulation are in keeping with those of many within the property/casualty insurance industry as well as state regulators who now regulate the industry. Most in the industry are happy that the Obama Treasury Department …
Wheaton, Ill.-based American Association of Insurance Services (AAIS) has developed a new rating plan for adding earthquake coverage to policies based on standardized forms, manual rules, and rating information provided under the AAIS Homeowners Program. The new plan consists of …
A new deadline of July 15 has been set for settling the terms of State Farm’s withdrawal from the Florida insurance market. Representatives of Florida insurance regulators and State Farm Florida had hoped to resolve their differences by June 15 …
