Massachusetts News

Class Action Suit Filed Against Salomon Smith Barney, Citigroup and Travelers Group

The law firm of Dwyer & Collora LLP announced that on Friday, June 8, 2001, Federal Judge Robert E. Keeton of the U.S. District Court of Massachusetts certified state classes for four states, including Massachusetts and Connecticut, in a suit …

Eastern Casualty Puts a Moratorium on New Mass. Workers’ Comp. Coverage

According to a report in The Boston Globe, Marlborough-based Eastern Casualty Insurance Co., Massachusetts’ third largest writer of workers’ compensation coverage, has informed its agents in the state that it will no longer accept new business, although it will continue …

CGU Changes Name to OneBeacon Insurance

Company executives representing CGU Insurance Group had reason to smile June 1 at the 50th Annual “I” Day in San Diego. Not only were they representing their company, but they were unveiling a new name and a new era—OneBeacon Insurance …

The Middleton Group Releases its Biannual Compensation Survey: How Does Your Agency Compare’

Not surprisingly, compensation continues to be the single largest agency expense. The average independent agency in the U.S. spent between 62.2 percent and 66.3 percent on compensation in 2000, according to The Middleton Group’s biannual Compensation Survey. Some 2.3 million …

NAMIC Survey Shows Most States Will Not Meet GLBA Deadline

Less than half of the states are likely to have their own privacy rules in place by the July 1 deadline imposed by the Gramm-Leach-Bliley Act (GLBA), a survey conducted by the National Association of Mutual Insurance Companies (NAMIC) shows. …

IIAA LAUNCHES INSURBANC

The Independent Insurance Agents of America (IIAA) announced the launch of InsurBanc, a unique federal savings bank that consumers can access through their hometown-based independent insurance agents. As approved by the Office of Thrift Supervision (OTS), InsurBanc is authorized to …

AIA Seeks Exemption for Workers’ Comp Managed Care Programs

The American Insurance Association (AIA) is calling on the Massachusetts Legislature’s Joint Health Care Committee to approve an AIA-filed bill (HB 3310) to exempt workers’ compensation programs from new managed care regulations. Testifying before the Joint Health Committee, Donald Baldini, …

How Does Your Agency Compare’ The Middleton Group biannual compensation survey

Not surprisingly, compensation continues to be the single largest agency expense. The average independent agency in the U.S. spent between 62.2 percent and 66.3 percent on compensation in 2000, according to The Middleton Group’s biannual Compensation Survey. +20% CT DC …

CGU Acquired by White Mountains, Changes Name to OneBeacon

Company executives representing CGU Insurance Group had reason to smile June 1 at the 50th Annual “I” Day in San Diego. Not only were they representing their company, but they were unveiling a new name and a new era – …

Most States Will Not Meet GLBA Deadline, NAMIC Survey Says

Less than half of the states are likely to have their own privacy rules in place by the July 1 deadline imposed by the Gramm-Leach-Bliley Act (GLBA), a survey conducted by the National Association of Mutual Insurance Companies (NAMIC) shows. …