U.S. Rep. Jack Kingston (R-Ga.) was honored with the Gerald Solomon-Legislator of the Year Award for his efforts in Congress on a number of important insurance issues during the Big ‘I’ National Legislative Conference and Convention in Washington, D.C. The …
The Arkansas Insurance Department issued a reminder to insurers operating in the state of the upcoming May 2, 2006, effective date for the establishment of anti-money laundering programs. The department’s bulletin is available online at www.insurance.arkansas.gov/Legal%20Dataservices/Bulletins/2006/5.doc. The department said Bulletin …
Spending for loss control services increased or remained flat for a majority of organizations in the past year, and the greatest spending increases occurred in such areas as disaster preparedness and catastrophe management, according to internet-based 2006 Loss Control Spending …
The American Academy of Actuaries, in response to questions posed by the President’s Working Group on Financial Markets, has submitted its terrorism risk insurance analysis, which concludes that a national framework for terrorism risk is necessary if terrorism coverage is …
The commercial insurance marketplace cannot effectively price and underwrite terrorism coverage because there still is no effective modeling, so any long-term solution to the terrorism risk coverage must involve the federal government, in the opinion of U.S. commercial insurance brokers. …
Standard & Poor’s Ratings Services moved quickly to affirm its “A” counterparty credit and financial strength ratings on IPCRe Ltd. and its “A” financial strength rating on IPCRe Europe Ltd. (collectively IPCRe), following the announcement that AIG intends to sell …
A bulletin from global broker Willis Group Holdings in the April 2006 online edition of “Marketplace Realities and Risk Management Solutions” describes events in the natural catastrophe (Nat Cat) segment of the property marketplace as “nothing less than tumultuous.” Directly …
Maurice “Chico” Sabbah, a Greensboro, N.C. businessman and philanthropist whose risk-sharing insurance company had to pay more than $400 million to settle a lawsuit stemming from the Sept. 11, 2001, terrorist attacks, died this week at the age of 77, …
Commercial property/casualty rates were flat or fell slightly during the first quarter of 2006, with renewal premiums for half of all account sizes holding steady or dropping between 1 percent to 10 percent in the first three months of the …
Speaking near a cluster of chemical plants, New Jersey’s two United States senators and its new homeland security director said the state should be able to enact tougher safety standards for chemical facilities than those proposed by the Bush administration. …
