modernization News

Texas Insurance Department Wants to Know: What Rules Need Changing?

Texas insurance regulators are now accepting comments from the industry in an effort to identify rules that need to be updated or changed. The Texas Department of Insurance announced earlier this year it would begin collecting input from stakeholders on …

Jewelers Mutual Board OKs Plan to Transition to Mutual Holding Company

Jewelers Mutual Insurance Company’s board of directors has approved the insurer’s plan to become a mutual holding company, a process the company hopes to complete by Jan. 1, 2020. The plan was filed with the with the Wisconsin Office of …

2015- Modernization in the Non-Admitted Market

Dallas, TX, December 9, 2015- 2015 has been a big year for mergers and acquisitions in our industry. You read consolidation news everyday…Willis to buy Towers Watson…Confie acquires another broker…Gen Star purchases All Web Leads…All Web Leads purchases Bankrate’s Insurancequotes.com…it’s …

Ohio Insurance Director: New Insurance Reforms Benefit Consumers

Lieutenant Governor and Department of Insurance Director Mary Taylor says the passage of reforms to Ohio’s insurance law will help maintain the strength and competitiveness of Ohio’s insurance marketplace while also providing new consumer protections. Under Senate Bill 140, which …

Ohio Workers’ Comp Fund Plans to Return $1 Billion to Employers

Ohio’s governor and the state workers’ compensation fund want to return $1 billion in dividends to Ohio businesses, bolster workplace safety initiatives, and modernize the way employers pay into the fund. A higher-than-expected return on investments is making possible the …

Xchanging Unveils Modernization Technology Initiative for London Market

Global business processor Xchanging has unveiled its vision for the Lloyd’s and London market in a presentation to 120 senior market executives. Xchanging highlighted the “business imperative for London to become easier to deal with in order to remain competitive …

Treasury Says More Time Needed to Complete FIO’s Modernization Report

The Treasury Department’s Federal Insurance Office was expected to complete and send its highly anticipated report on modernization of insurance regulation to Congress in January. But now, it looks like it may take a while longer. A spokesperson for the …

FIO’s McRaith: 150 Comments Received on Modernizing Insurance Regulation

Speaking at an industry conference yesterday, the Federal Insurance Office’s top official gave an update on his department’s upcoming report on the U.S. insurance regulatory system. FIO Director Michael McRaith said he has received close to 150 comment letters from …

Willis and XL Implement e-Accounting for London Market

The London-based operations of XL Group plc and Willis Limited, the principal UK broking company of global insurance broker Willis Group Holdings plc, announced the successful launch of a “full electronic accounting process between the two companies, using the new …

Mississippi Counties Oppose New Flood Insurance Maps

Two counties in the northeastern part of Mississippi are fighting flood zone designations on new maps that are part of a modernization program spearheaded by the Mississippi Emergency Management Agency. Officials in Itawamba and Monroe counties say the flood zone …