Insurance News Dec 2008
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Insurance Australia Increases Stake in AmAssurance (Update1)
Dec. 1 (Bloomberg) -- Insurance Australia Group Ltd. , which rejected a takeover proposal from QBE Insurance Group Ltd. this year, increased its stake in Malaysian insurer AmAssurance’s general insurance businesses. (Mon, 01 Dec 2008 00:12:29 GMT)
AUSSIE INSURANCE COMPANY EXPANDS FOOTPRINT IN MALAYSIA
MELBOURNE, Dec 1 (Bernama) -- Insurance Australia Group Ltd (IAG) has expanded its footprint in Asia, increasing its interest in its joint venture with Malaysian insurer AmAssurance to 49 per cent. (Mon, 01 Dec 2008 10:24:13 GMT)
AUSSIE INSURANCE - 3
Meanwhile, AmG has signed a memorandum of understanding (MoU) to acquire the general insurance business of Malaysian Assurance Alliance Bhd (MAA), in a move which would make AmG a top three general insurer in Malaysia by GWP, IAG said. (Mon, 01 Dec 2008 10:29:55 GMT)
Two legal firm clerks claim trial to cheating insurance company RM1.7 million
Two legal firm clerks pleaded not guilty in the Sessions Court here today to eight counts of cheating and three counts of attempting to cheat an insurance company involving RM1.7 million. (Mon, 01 Dec 2008 13:29:21 GMT)
Hanover Insurance Completes Acquisition of Specialty Program Writer AIX
Super regional insurance carrier The Hanover Insurance Group, Inc. has completed the previously announced acquisition of AIX Holdings, Inc. Windsor, Conn.-based AIX Holdings is a specialty property (Mon, 01 Dec 2008 14:46:38 GMT)
Ark. considers insurance program for self-employed
Only 5,000 Arkansans of a potential 50,000 have enrolled in a state program to provide health insurance to low-income workers through their employers. (Mon, 01 Dec 2008 15:01:39 GMT)
Brown Smith Wallace Add Staff to Insurance and Reinsurance Services
Missouri-based Brown Smith Wallace, LLC recently added Besa Beshiri and Ryan Fedyk to its Insurance and Reinsurance Services Group. Besa Beshiri joins Brown Smith Wallace as a staff accountant in (Mon, 01 Dec 2008 15:31:38 GMT)
The Co-operators introduces green insurance options
Seeking to promote socially responsible behaviour, The Co-operators is launching new initiatives in its investment portfolios, home insurance and auto insurance products. (Mon, 01 Dec 2008 15:32:32 GMT)
Mexico Insurance Association See Sector Growing 2.5% In '09
MEXICO CITY -(Dow Jones)- Mexico's insurance industry association said Monday that it expects the sector to grow 2.5% in 2009 in terms of premiums, down from an estimated 3.7% this year as a slowing economy hurts renewals and new business. (Mon, 01 Dec 2008 15:47:01 GMT)
Ohio warns about auto insurance phone scam
COLUMBUS, Ohio (AP) - The Ohio Department of Insurance is warning about a telephone scam targeting auto insurance customers. (Mon, 01 Dec 2008 15:59:47 GMT)
Insurance company tips $3m in Thai unrest claims
One of Australia’s largest travel insurance companies expects to pay more than $3 million in claims from Australians affected by violent protests in Thailand. Hundreds of Australians caught up in a s (Tue, 02 Dec 2008 09:57:55 GMT)
Health-insurance market 'blues' seek relief from high risk
A move to push through legislative changes to the state's health-insurance market for individuals before the end of the year could cause more problems than it fixes, state Sen. Tom George said. Related content • Business News • Read Alex Nixon's blog: Follow the Money (Tue, 02 Dec 2008 13:44:23 GMT)
AIG Offers First Takaful Homeowners Insurance Product for U.S.
Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is the first in the U.S.: a homeowners insurance product that is compliant with key Islami (Tue, 02 Dec 2008 13:46:29 GMT)
Commissioner pensions, insurance cost taxpayers $51,000 per year
Byrne will add to that total when he leaves office this month Pinconning businessman Richard L. Byrne is leaving the Bay County Board of Commissioners this month after 20 years in office. But he'll continue to collect a paycheck and taxpayer-funded health insurance from the county for the rest of his life. With nearly 26 years of service credit, which includes military time, Byrne is ... (Tue, 02 Dec 2008 14:08:07 GMT)
School district’s insurance change battle continues
Teachers and support staff in the School District of Rhinelander (SDR) are continuing to resist the board’s decision to change their insurance carrier. (Tue, 02 Dec 2008 14:44:45 GMT)
Crisis shines spotlight on insurance compliance: Expert
PARIS—The financial crisis and greater cross-border cooperation between insurance supervisors and tax authorities have already led scrutiny of insurance compliance, an expert of the issue has warned. (Tue, 02 Dec 2008 15:03:43 GMT)
Nationwide Insurance wants 10% residential rate increase
Nationwide Insurance Co. of Florida wants to raise residential property insurance prices by a statewide average of 10 percent. The increase is needed primarily to beef up reserves to pay for non-hurricane weather damage. (Tue, 02 Dec 2008 15:07:56 GMT)
New Auto Insurance Law Includes 'Opt-Out' Requirement
Colorado motorists are being told to look closely at their next auto insurance bill. A new law relating to medical coverage will require vehicle owners to 'opt out' of the additional coverage if they don't want it. (Tue, 02 Dec 2008 15:15:02 GMT)
Donegal Group Acquires Sheboygan Falls Insurance Company
Donegal Group Inc. recently reported that it had completed the acquisition of all of the outstanding capital stock of Sheboygan Falls Insurance Co. The acquisition was approximately $12 million, which (Tue, 02 Dec 2008 15:46:33 GMT)
Iffco Tokio ventures into vintage cars, musical instruments insurance
Insurance companies are entering the least-explored domain of fine arts insurance. Iffco Tokio General Insurance (ITGI) is coming up with two new products in the niche area, particularly for vintage cars, and another one for musical instruments. (Tue, 02 Dec 2008 15:50:12 GMT)
Insurance sector in India to grow 17% this fiscal - Regulator
(RTTNews) - India's insurance industry is likely to grow 17% this fiscal year, the Insurance Regulatory and Development Authority (IRDA) chairman J. Hari Narayan reported to have said at an insurance conference on Wednesday. (Wed, 03 Dec 2008 08:01:07 GMT)
MoH bars doctors from promoting insurance products
Shanghai. December 3. INTERFAX-CHINA - The Ministry of Health (MoH) has warned medical staff against promoting insurance products, according to its circular issued on Dec. 3. (Wed, 03 Dec 2008 10:27:38 GMT)
N.C. homeowners face steep increase in insurance rates
(By Mark Johnson, mark.johnson@charlotteobserver.com) Homeowners across North Carolina could face a steep increase in their insurance premium next year to help pay for damage to beach properties when the next major storm hits the coast. The N.C. Rate Bureau, an insurance-company association that helps set insurance rates, released a proposed increase Tuesday that would raise homeowners' ... (Wed, 03 Dec 2008 11:28:02 GMT)
Insurance rates soon will rise along N.C. coast
RALEIGH — Property owners in 18 coastal counties soon will pay more for insurance premiums through a state-sanctioned program in a decision that could help narrow any unfunded liabilities should a monster hurricane hit North Carolina. (Wed, 03 Dec 2008 12:01:36 GMT)
M & A guidelines for insurance sector soon
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M & A) for the sector by the end of current fiscal. (Wed, 03 Dec 2008 12:08:37 GMT)
Massachusetts Health Insurance Law Highlighting Shortage Of Doctors In State
While the Massachusetts health insurance law has led to about 440,000 newly insured state residents, the demand for primary care physicians has outpaced the supply, NPR's "All Things Considered" reports. The law, passed in 2006, requires most state residents to be covered either through a state-subsidized plan, an employer-sponsored plan or an individual policy. (Wed, 03 Dec 2008 14:12:58 GMT)
State Web site updates insurance comparisons
BATON ROUGE -- An electronic guide that allows consumers to compare homeowners and auto insurance rates has been posted on the state Department of Insurance's Web site, the first time in two years the data has been revised.... (Wed, 03 Dec 2008 15:13:42 GMT)
SC urged to reverse ruling on insurance policy
THE Department of Transportation and Communications (DOTC) has asked the Supreme Court (SC) to stop the Court of Appeals (CA) from enforcing an order enjoining it from designating the Government Service Insurance System (GSIS) as the sole insurer for private motor vehicles in the country. (Wed, 03 Dec 2008 15:15:04 GMT)
WSJ Watchdogs Sketchy Conseco Insurance Move
The Journal has a nice story today shining a light on the Conseco insurance company offloading some unprofitable long-term-care policies into a trust that may not be able to cover them. (Wed, 03 Dec 2008 15:34:03 GMT)
Guinea Bank, Insurance Workers Get 30% Pay Increase, End Strike
Dec. 3 (Bloomberg) -- Bank and insurance-industry workers in Guinea ended a strike over pay after employers agreed to increase their salaries by 30 percent, Radio-Television Guinea, or RTG, reported. (Wed, 03 Dec 2008 15:43:16 GMT)
Struggling to keep up with insurance cost
Linda Carruthers tries hard to be responsible, to do the right thing, to stay insured. But the 62-year-old in Upper Dublin recently found out her health-insurance premiums will rise more than 45 percent in January, from $6,384 to $9,336 a year. (Thu, 04 Dec 2008 10:00:29 GMT)
Insurance sector aims for 12 percent expansion next year
VietNamNet Bridge – Vietnam ’s insurance sector has set a target of attaining an average growth rate of between 12 and 13 percent during 2009, with additional goals of 8-10 percent for life insurance and 15-18 percent for other forms of insurance, according to the Ministry of Finance. (Thu, 04 Dec 2008 10:53:43 GMT)
Finding Health Insurance Can Be Tricky For Grads
Many young adults transition out of college into jobs that have limited benefits. Negotiating how to find health insurance that will meet their needs can be difficult. (Thu, 04 Dec 2008 11:09:02 GMT)
Health insurance lobby urges public-private reform panel
The nation's largest health insurance lobbying group is urging Congress to create a public-private advisory board to develop a plan to cut growth in national health care spending by almost one-third - savings that could be used to help pay for universal medical coverage for all Americans. (Thu, 04 Dec 2008 11:14:41 GMT)
Tow company owner charged with insurance fraud
NEW WINDSOR – The New Windsor Police Detective Division arrested a New Windsor Towing Operator and Body Shop owner for Insurance Fraud. The arrest was a result of an ongoing investigation with GEICO Insurance Company into the overcharging for towing and storage services.. (Thu, 04 Dec 2008 11:22:48 GMT)
Cost of flood insurance may rise
OKLAHOMA CITY — More than 16,000 Oklahomans might have to pay higher premiums for flood insurance after a federal report recommended an overhaul of the program that determines rates for such coverage. (Thu, 04 Dec 2008 12:03:02 GMT)
AARP’s Stealth Fees Often Sting Seniors With Costlier Insurance
Dec. 4 (Bloomberg) -- Arthur Laupus joined AARP because he thought the nonprofit senior-citizen-advocacy group would make his retirement years easier. He signed up for an auto insurance policy endorsed by AARP, believing the advertising that said he would save money. (Thu, 04 Dec 2008 13:16:32 GMT)
Health Insurance, Business Lobbyists Join Discussions About Overhauling U.S. Health Care System
The Boston Globe on Wednesday examined how "[p]owerful special interest groups that helped torpedo health care reform 16 years ago are now advocating significant changes in the nation's health insurance and delivery system" and "participating in regular discussion about how to expand health coverage and lower costs. (Thu, 04 Dec 2008 14:11:55 GMT)
Insurance and Transport
The facts of Ramwade are simple: the defendant insurance brokers were retained to effect comprehensive insurance cover of skip lorries owned by the claimant. (Thu, 04 Dec 2008 15:18:24 GMT)
New Delaware Insurance Commissioner Names Transition Team
Delaware's Insurance Commissioner-elect says she's chosen former New Castle County Executive Tom Gordon to serve on her transition team. Karen Weldin Stewart says she picked Gordon to evaluate ... (Thu, 04 Dec 2008 15:58:50 GMT)
Critics: AARP insurance stings seniors
Arthur Laupus joined AARP because he thought the nonprofit senior-citizen-advocacy group would make his retirement years easier. He signed up for an auto-insurance policy endorsed by AARP, believing the advertising that said he would save money. (Fri, 05 Dec 2008 09:21:30 GMT)
"Number of headwinds" to hurt EPS of insurance brokers: JPM
A number of headwinds will dampen earnings per share prospects for U.S. insurance brokers unless an improvement in insurance pricing takes place, an analyst at J.P. Morgan Securities said. (Fri, 05 Dec 2008 12:46:41 GMT)
City urges Natomas residents to buy federal flood insurance before Monday
On Monday, new federal flood maps will take effect that place South and North Natomas in a hazard zone, meaning flood insurance becomes mandatory for homeowners with federally backed mortgages. The City of Sacramento has issued a news release reminding Natomas owners to buy lower-cost preferred risk flood insurance policies before the new maps become official. Otherwise, they could wind up ... (Fri, 05 Dec 2008 13:03:09 GMT)
Zimbabwe: ZSE Crisis Affects Pension Funds And Insurance Companies
THE survival and "smooth" operation of pension funds and insurance companies will be affected by lack of activity on the Zimbabwe Stock Exchange after the Reserve Bank came up with "riot" measures to root out rampant speculative activities that were inflating share prices. (Fri, 05 Dec 2008 14:21:01 GMT)
OnStar, GM offer car insurance discount
How would you like to cut your car insurance in half? OnStar and GM are teaming up to reward customers for driving less. (Fri, 05 Dec 2008 14:53:22 GMT)
Jets DE Shaun Ellis charged with marijuana possession, speeding and driving without insurance
FLORHAM PARK, N.J. - New York Jets defensive end Shaun Ellis was arrested and charged with possession of marijuana, speeding and driving without insurance after being pulled over by police last weekend. (Fri, 05 Dec 2008 14:54:46 GMT)
D.C. Warns Homeowners to Check on Insurance If Renting for Inauguration
District of Columbia Insurance Commissioner Thomas E. Hampton of is warning residents wanting to cash in on the Presidential Inauguration festivities by renting their homes, that they may not have ... (Fri, 05 Dec 2008 15:11:44 GMT)
Maryland Insurance Department Hosts Regulatory Interns from China
The Maryland Insurance Administration is hosting of two international interns from China through the National Association of Insurance Commissioner (NAIC)'s International Internship ... (Fri, 05 Dec 2008 15:11:59 GMT)
Machon & Machon Joins Insurance Services Agency Network
Park Ridge, Ill.-based Machon & Machon, Inc. recently announced it has joined the ISU Insurance Services network. "To capitalize on the strengths and resources of ISU's coast-to-coast network, ... (Fri, 05 Dec 2008 15:26:37 GMT)
Two Men Sentenced For SF Insurance Scheme
Two men have been sentenced for a conspiracy to burn a pickup in Sioux Falls to collect insurance money. (Fri, 05 Dec 2008 15:46:32 GMT)
Ruling limits reasons for denying insurance
HELENA - Health insurance consumers in Montana won a key court victory this week as a state judge ruled that state Auditor John Morrison has properly prohibited "discretionary clauses" that give insurers broad power to deny coverage. (Sat, 06 Dec 2008 08:26:12 GMT)
Subsidized Insurance Backed
Maryland health advocates unveiled a $15.5 billion proposal yesterday for universal health care that would subsidize insurance coverage for low-income residents with a payroll tax and increases to cigarette and alcohol taxes. (Sat, 06 Dec 2008 08:39:44 GMT)
Chiropractor faces insurance fraud, theft charges
Fraud investigators on Friday filed charges against a Wilkes-Barre chiropractor accused of defrauding patients and insurance companies of nearly $35,000 since 2003. (Sat, 06 Dec 2008 09:23:37 GMT)
Commissioners court changes insurance, signs juvenile defendant agreement
The Liberty County Commissioners Court voted to increase insurance coverage for county employees and their families. The vote expanded the limits for chiropractic, dental, orthodontic and preventive care. (Sat, 06 Dec 2008 10:12:23 GMT)
N.Y. Probes Student Insurance
Georgetown University has received a subpoena from New York Attorney General Andrew M. Cuomo as part of a broader investigation into how colleges interact with health insurance providers. (Sat, 06 Dec 2008 10:19:20 GMT)
There's No Debating This Policy: Everyone Needs Renter's Insurance
Q: Washington: Do you recommend renter's insurance? I've lived in my apartment for two years. Where would I get it from, the apartment's management? (Sat, 06 Dec 2008 11:05:19 GMT)
Insurance Requirements Concern Tenant, but They Are Legitimate
Q: I am a tenant, and the owner of my apartment complex recently sent notification to the residents that as a condition of our lease, we are required to have $100,000 in renter's insurance coverage in case of damage to the apartment. (Sat, 06 Dec 2008 11:09:20 GMT)
Kefalas to advance statewide insurance
DENVER - Fort Collins Democratic Rep. John Kefalas will introduce legislation in January to provide health-care insurance coverage for all Colorado residents. (Sat, 06 Dec 2008 12:10:52 GMT)
Readers Speak Out on Insurance Fee Changes
We like to hear from our readers. From time to time the Federal Diary prints a "speak out" column featuring your thoughts. The Nov. 26 and subsequent columns on planned changes in the Blue Cross/Blue Shield standard option insurance plan for federal employees generated lots of comments. (Sat, 06 Dec 2008 12:12:07 GMT)
N.Y. Probes Student Insurance
Georgetown University has received a subpoena from New York Attorney General Andrew M. Cuomo as part of a broader investigation into how colleges interact with health insurance providers. (Sat, 06 Dec 2008 18:39:31 GMT)
S China city cuts unemployment insurance premium for enterprises amid financial crisis
South China's Guangzhou city will reduce the unemployment insurance premium for enterprises next year, aiming to partly offset the impact of the global financial crisis. Cui Renquan, head of the city's bureau of labor and social security, said "unemployment insurance premium will be reduced by a big margin starting from January to alleviate burden of enterprises, especially those labor-intensive ... (Sun, 07 Dec 2008 06:23:00 GMT)
State forces health insurance firm to pay claims
State residents who bought health insurance from the John Alden or Fortis insurance companies since 2002 are eligible for restitution of some denied claims. (Sun, 07 Dec 2008 06:29:34 GMT)
Deadline is Monday to buy flood insurance for less
Natomas residents must purchase flood insurance before Monday to take advantage of a preferred rate. Thousands of Natomas residents are being required to purchase flood insurance because of concerns about the condition of the community's levees. While the cost of that insurance is several hundred dollars for one year of coverage, failure to purchase it before Monday will cost homeowners much ... (Sun, 07 Dec 2008 08:04:12 GMT)
No job doesn't have to mean no insurance
Laid-off workers are guaranteed an opportunity to obtain coverage, if they can afford it. If you lose your job, you should be able to maintain your health insurance coverage -- but it will cost you. (Sun, 07 Dec 2008 08:29:17 GMT)
Bank will buy more insurance coverage
Great Southern Bank announced Friday it will purchase additional FDIC insurance coverage for its customers. (Sun, 07 Dec 2008 09:09:32 GMT)
Insurance firms hurt by GMWB annuities; don't you be
A popular variable annuity – the one with guaranteed “living benefits” – may be the riskiest product ever sold by the insurance industry. Risky to the health of the insurance carriers, that is. The guarantees are costing them far more than the premiums they charge, and their stock prices have plunged. (Sun, 07 Dec 2008 11:07:49 GMT)
Mauldin health insurance rates increasing 16 percent
Due to a handful of large claims insurance rates for the city will increase 16 percent, according to city administrator Trey Eubanks. (Sun, 07 Dec 2008 11:29:21 GMT)
Village hoping to cut costs of insurance plan
MINOOKA - The village will participate in a Minimum/Maximum Program with the Illinois Municipal League Risk Management Association as part of its insurance renewal. (Sun, 07 Dec 2008 13:44:31 GMT)
Open enrollment set for govt's health insurance
The NMI Retirement Fund has announced an open enrollment period for employees and retirees wishing to participate in the government's group health insurance program. (Sun, 07 Dec 2008 14:08:04 GMT)
In case of death or disability, key person insurance can save biz
Life throws curveballs. We know it. Successful businesses plan for it. Most businesses have plans in place to help protect themselves against the type of curve ball that results in the damage or destruction of their property or equipment (property and casualty insurance). However, too few have plans in place to protect their businesses from the economic impact of the death or disability of an ... (Mon, 08 Dec 2008 07:42:19 GMT)
Experts examine risk-pooling through insurance to help poor countries cope with climate change
The role of insurance mechanisms in helping poor countries cope with climate change will be taken up at climate talks in Poland. (Mon, 08 Dec 2008 08:23:11 GMT)
5 knocks on renters insurance -- all bogus
Half the 87 million Americans living in rental housing have no insurance on the contents of their home and stand to face a total loss in the even of theft or fire -- an increasing concern as we head into the holiday season. (Mon, 08 Dec 2008 11:00:00 GMT)
Insurance firms to pay $1.9M
CONCORD and#8212; New Hampshire Insurance Commissioner Roger Sevigny announced last week that John Alden Life Insurance Co. and Fortis Insurance Co. have entered into a consent order with the New Hampshire Insurance Department that includes a $900,000... (Mon, 08 Dec 2008 11:08:18 GMT)
IOB Inks Pact With Japan-Based Insurance Company
(RTTNews) - Public sector lender Indian Overseas Bank on Monday inked an agreement with Japan-based Universal Sompo General Insurance Co. or USGICL for distributing products of the non-life insurer, reports media. (Mon, 08 Dec 2008 11:54:17 GMT)
Unions oppose FDI increase in public insurance companies
Over 150,000 public sector insurance employees will strike work for a day if the government decides to raise foreign direct investment (FDI) limit to 49 percent from the current 26 percent, an employees' union said Monday. (Mon, 08 Dec 2008 12:45:49 GMT)
Life insurance products sales fall 38 percent in October
By Venkatachari Jagannathan, Chennai, Dec 8: After growing at breakneck speed for the past several years, the Indian life insurance sector has hit the speed breaker with the industry witnessing a premium fall of nearly 38 percent in October over the September figures this year. (Mon, 08 Dec 2008 14:00:59 GMT)
Helping Poor Countries Cope With Climate Change With Risk-pooling Through Insurance
The role of insurance mechanisms in helping poor countries cope with climate change were discussed at recent climate talks in Poland. A growing number of business leaders see climate risk insurance as a tool to help people adapt to some of the unavoidable weather-related risks that accompany climate change. (Mon, 08 Dec 2008 14:12:02 GMT)
Texas Insurance Claims Drop (9:37am)
Texans are filing fewer complaints against insurance companies for the fifth consecutive year. The number of complaints dropped from nearly $21,700 in 2007 to $20,375 in 2008. That's the lowest number since 1998. (Mon, 08 Dec 2008 15:47:12 GMT)
Meadowbrook Insurance Group Names Netschke Corporate Counsel
Southfield, Mich.-based Meadowbrook Insurance Group, Inc., a leading specialty risk management insurance company, recently announced that Kristen Netschke has joined the company's Southfield, ... (Mon, 08 Dec 2008 15:56:36 GMT)
UK'S FRIENDS PROVIDENT ACQUIRES 30 PCT STAKE IN AMLIFE INSURANCE
KUALA LUMPUR, Dec 9 (Bernama) -- Friends Provident plc, a UK-listed life and pensions company has completed the acquisition of a 30 percent stake, for RM170 million, in AmLife Insurance Bhd, which is the specialist life insurance operation of the AmBank Group. (Tue, 09 Dec 2008 09:55:42 GMT)
Flood Insurance Can be a Wise Investment
After the September flooding, many homeowners and businesses learned too late that their insurance did not cover flood damages. (Tue, 09 Dec 2008 11:08:43 GMT)
Eighteen-Wheelers And A Health Insurance Crunch
In Flora, Ill., Huck's convenient store is where lives intersect. Sandy Higgs works the counter there, and she also has a job maintaining big rigs to make ends meet. Neither she nor one of the company's truckers get health insurance from the job — and each faces a looming crisis. (Tue, 09 Dec 2008 11:44:50 GMT)
Malaysia's insurance business poised to improve?
Malaysia's insurance sector is expected to have a better prospect despite the weak global economy, targeting at a growth of 8 percent to 9 percent next year. The premium income of the Malaysian insurance industry has been growing these years, reaching 27.1 billion ringgit (7.5 billion U.S. dollars in 2007 from 22.0 billion ringgit (6.1 billion U.S. dollars) in 2004. In 2007, the premium income ... (Tue, 09 Dec 2008 13:00:04 GMT)
IRDA mulls vernacular insurance products
MUMBAI: The Insurance Regulatory and Development Authority (IRDA) on Tuesday said it is mulling developing insurance products in vernaculars. “It is a suggestion. (Tue, 09 Dec 2008 13:28:45 GMT)
Tackling health insurance costs
In the past eight years, health insurance premiums have doubled, rising 3.7 times faster than wages, and increasing co-pays and deductibles threaten access to care for many Americans. (Tue, 09 Dec 2008 13:29:32 GMT)
Meat processors should review insurance terms, says law firm
Richard Matthews told FoodProductionDaily.com that meat product manufacturers should confer with brokers and specialist lawyers about their insurance premiums to look at ways that they can be compensated for being caught up in future blanket recalls related to contaminants in products. (Tue, 09 Dec 2008 14:16:10 GMT)
AIG Names Eastwood to Replace Kelley as CEO at Lexington Insurance
American International Group (AIG) has named Peter Eastwood as president and chief executive officer of leading surplus lines insurer Lexington Insurance Co., a unit of AIG Commercial Insurance. ... (Tue, 09 Dec 2008 14:56:36 GMT)
Florida Insurance Office Earns Accreditation Renewal
The Florida Office of Insurance Regulation has been recognized at the National Association of Insurance Commissioners (NAIC) Winter National Meeting for renewal of its Financial Regulation ... (Tue, 09 Dec 2008 15:41:26 GMT)
Southern Mutual Insurance Company Upgrades to Insuresoft’s Diamond v5.0 Policy Processing System
Insuresoft, a leading provider of insurance software for the property and casualty insurance industry, announced today that Southern Mutual Insurance Company (SMIC) has successfully installed Insuresoft’s next generation policy processing system, Diamond v5.0. Additionally SMIC has deployed several of Insuresoft’s value added products including Diamond Publisher for print fulfillment and the ... (Tue, 09 Dec 2008 15:47:21 GMT)
American Reserve Life buys Albanian insurance firm
American Reserve Life Insurance Company has agreed to buy 61 percent of Albania's state-owned insurance company Insig for euro25 million ($32 million), the country's Finance Ministry said in a statement Tuesday. (Tue, 09 Dec 2008 17:03:38 GMT)
Employer-based health insurance plans no longer work
It seems clear that change is coming to the U.S. healthcare system. President-elect Barack Obama wants it. Congress wants it. Even the insurance industry says the time is ripe to do things differently. (Wed, 10 Dec 2008 06:40:43 GMT)
Allianz Keeps German Life-Insurance Guarantee Unchanged in 2009
Dec. 10 (Bloomberg) -- Allianz SE plans to maintain the guaranteed payout to policyholders at its German life-insurance unit at 4.5 percent next year as the company reduced risks related to falling stock markets “at the right time.” (Wed, 10 Dec 2008 12:10:48 GMT)
State reports spike in health insurance needs
The state health care ombudsman says there has been a spike in calls this month from Vermonters who can't afford their health insurance. (Wed, 10 Dec 2008 12:14:41 GMT)
Egg fined over card insurance sales
Online bank Egg has been fined £721,000 for "serious failings" in sales of payment protection insurance (PPI) to its credit card customers. The Financial Services Authority (FSA) said it found failings in around 40 per cent of telephone sales to Egg customers between January 2005 and last December. (Wed, 10 Dec 2008 13:28:03 GMT)
Encompass Insurance Stops Writing North Carolina Home Insurance
An insurance company linked to Allstate says it won't write new homeowner and dwelling fire policies in North Carolina over concerns about a state-sanctioned program for coastal ... (Wed, 10 Dec 2008 13:41:26 GMT)
Egg fined over insurance sales
Credit card provider Egg could face a compensation bill of millions after being fined for loan insurance mis-selling. (Wed, 10 Dec 2008 13:46:31 GMT)
Meat processors should review insurance terms, says law firm
Richard Matthews told FoodProductionDaily.com that meat product manufacturers should confer with brokers and specialist lawyers about their insurance premiums to look at ways that they can be compensated for being caught up in future blanket recalls related to contaminants in products. (Wed, 10 Dec 2008 14:16:15 GMT)
Death rates in hospital highest for infants, and children without insurance
( University of Michigan Health System ) The vast majority of children who die while hospitalized are newborns, according to a new nationwide study. Additionally, death rates are higher for hospitalized children without insurance compared to those with insurance, the University of Michigan researchers found. (Wed, 10 Dec 2008 15:03:59 GMT)
Health insurance council soon: Irda chief
Insurance Regulatory Development Authority (Irda) is in talks with the government and other stakeholders to set up a self regulatory organisation for health insurance companies, said Irda Chairman J Hari Narayan. (Wed, 10 Dec 2008 15:32:00 GMT)
Most Voters Say Leave My Health Insurance Alone
Health care reform is near the top of the list for incoming President Barack Obama and congressional Democrats, but a majority of U.S. voters (58%) oppose any kind of government-controlled health plan if it means they have to change their own insurance coverage. (Wed, 10 Dec 2008 15:49:09 GMT)
House GOP proposes auto-industry-funded insurance program
THe House GOP leadership Wednesday released an alternative plan to the Democrats' proposed $15 billion in loans to the auto makers. The plan is reminiscent of an loan-insurance-themed proposal that House Republicans pushed hard during the financial bailout debate. The plan would be industry funded. (Wed, 10 Dec 2008 16:07:00 GMT)
American Reserve Life buys Albanian insurance firm
American Reserve Life Insurance Company has agreed to buy Albania's state-owned insurance company Insig for euro41 million ($52.8 million), the country's Finance Ministry said Wednesday. (Wed, 10 Dec 2008 16:18:25 GMT)
Robinson looks to save money on insurance, utilities
Robinson commissioners Monday got results of an insurance analysis that is expected to save the township about $22,000 and authorized a study of utility bills. (Thu, 11 Dec 2008 10:58:57 GMT)
Florida unveils new low-cost health insurance
TALLAHASSEE -- The 3.8 million uninsured Floridians will have the option to buy affordable health insurance plans starting Jan. 5 under Gov. Charlie Crist's Cover Florida health initiative. (Thu, 11 Dec 2008 12:13:45 GMT)
Floridians get choice of low-cost health insurance plans
The 3.8 million Floridians without health insurance will get a chance to buy low-cost but bare-bones coverage under a new program launched Wednesday by Gov. Charlie Crist. (Thu, 11 Dec 2008 13:58:04 GMT)
Top court decries employment insurance plan
The federal government collected employment insurance premiums unlawfully in 2002, 2003 and 2005, the Supreme Court of Canada ruled on Thursday. (Thu, 11 Dec 2008 15:16:20 GMT)
Web Head Longo, Moavero lift Duggan Insurance to win
Tim Longo and R.J. Moavero sparked the attack for Duggan Insurance in a win against North Street in the Stamford Youth Basketball Prep Division. (Thu, 11 Dec 2008 15:43:13 GMT)
Negative Economic Factors to Severely Test U.S. Insurance Industry in 2009
The financial and housing crises, along with a prolonged soft market for insurance products, are converging to create a highly challenging environment for the U.S. insurance industry in 2009. These factors will force insurance carriers to adopt new skills and business discipline in order to survive the economic turmoil, according to new research from TowerGroup that identifies key insurance ... (Thu, 11 Dec 2008 15:47:38 GMT)
N.C. Considers 20 Percent Homeowner Insurance Hike
RALEIGH, N.C. -- The North Carolina insurance commissioner says a proposal to increase homeowner premiums by an average of nearly 20 percent isn't a done deal. (Thu, 11 Dec 2008 15:57:29 GMT)
Property insurance company wants refund from state's hurricane catastrophe fund
A property insurance company wants a refund from the state's hurricane catastrophe fund, saying the state charged for backstop insurance that it did not have enough reserves to provide. (Fri, 12 Dec 2008 08:11:39 GMT)
Enhancement of the Mortgage Insurance Programme and the Revolving Credit Facility
The Hong Kong Mortgage Corporation Limited (HKMC) is pleased to announce today (11 December 2008): (a)an enhancement of the Mortgage Insurance Programme (MIP) by lowering the threshold above which ins (Fri, 12 Dec 2008 09:59:54 GMT)
Unemployment insurance claims remain high
Metro Savannah continued to experience a surge in first-time claims for unemployment insurance benefits last month, according to a Thursday report showing a 42 percent increase in filings from the same period last year. (Fri, 12 Dec 2008 12:12:55 GMT)
PRESS RELEASE: Fitch Assigns Novae Insurance Co IFS A-
Fitch Ratings-London-12 December 2008: Fitch Ratings has today assigned Novae Insurance Company Limited (NICL) an Insurer Financial Strength (IFS) rating of 'A-' (A minus). (Fri, 12 Dec 2008 12:38:14 GMT)
Loan insurance is 'biggest gripe'
More complaints were made to the financial ombudsman about payment protection insurance this year than any other subject. (Fri, 12 Dec 2008 12:41:40 GMT)
BTF takes action on health insurance
The Buffalo Teachers Federation is seeking a contempt-of-court ruling against Buffalo school officials -- along with millions of dollars in fines -- for failing to restore multiple-carrier health insurance plans as ordered by four previous administrative and legal decisions. (Fri, 12 Dec 2008 13:26:30 GMT)
China bars doctors from promoting insurance products to patients
China's Ministry of Health has banned hospitals and doctors from selling insurance to patients to reap profits. According to media reports, some medical institutions and workers in the country have been taking advantage of their jobs and help insurance companies promote anesthesia accident insurance policies to patients to receive kickbacks. The ministry announced the rule on its website on ... (Fri, 12 Dec 2008 14:40:00 GMT)
Business basics paying off for insurance agency
There has been at least one insurance agent in Jacksonville named Pierce since Harry A. Pierce opened his office in 1927. Today his sons, Harry Jr. and Tom, along with Gregory — the third generation in the business — open the door to their State Farm office on West Forsyth Street every morning. (Fri, 12 Dec 2008 15:06:03 GMT)
Insurance and Transport
Under the Marine Insurance Act 1906, a distinction is made between valued and unvalued policies of insurance. Pursuant to section 27 (2) of the Act 1906, "a valued policy is a policy which specifies the agreed value of the subject-matter insured". (Fri, 12 Dec 2008 15:15:33 GMT)
Job creates health insurance twists, turns for many
In early October, Starla Darling was just days away from giving birth to her second child. The 27-year-old mother from Polk, Ohio, had a well-paying job with good health insurance at the Archway Cookie plant in nearby Ashland. (Fri, 12 Dec 2008 16:07:39 GMT)
Movers roundup: HCC Insurance, Stanley Works
Shares of HCC Insurance Holdings Inc. rose Friday after an analyst added the specialty insurer to his top pick list, saying the company's book value is well protected. (Fri, 12 Dec 2008 19:21:19 GMT)
Comparing American and European Unemployment Insurance
With the economy in tatters and the Democrats in control of the presidency and Congress come January, it would seem like the perfect time for an expansion of various social insurance schemes -- a New Deal II. (Sat, 13 Dec 2008 03:46:55 GMT)
State Farm Insurance: 67 percent increase nixed
An administrative law judge on Friday shot down State Farm Florida's requested 67 percent average statewide property insurance rate increase. (Sat, 13 Dec 2008 08:22:17 GMT)
insurance: Citizens facing 2 investigations
Citizens Property Insurance Corp. board members were startled to learn that the state-run insurer is under scrutiny by federal and state regulators. (Sat, 13 Dec 2008 08:22:27 GMT)
Man commits insurance fraud in order to pay for Hummer H3
SALEM - A former Peabody man who admitted filing fake insurance claims because of a mounting debt on his $45,000 2006 Hummer H3, will spend three months in jail before being placed on probation for three years and must pay $4,444.07 in restitution. (Sat, 13 Dec 2008 08:23:01 GMT)
Insurance discount in Sutter County
A one-year flood insurance reprieve announced earlier for the Natomas Basin will also be provided in areas of Sutter County remapped into a high-risk flood zone, according to the Federal Emergency Management Agency. (Sat, 13 Dec 2008 09:38:04 GMT)
Flat Rock residents can seek flood insurance
FLAT ROCK - Town residents can now apply for flood insurance, said Village Councilman Ron Davis.The village council adopted a flood damage prevention ordinance Thursday. The approval of the ordinance was needed so the village can participate in the National Flood Insurance Program administered by the Federal Emergency Management Agency. (Sat, 13 Dec 2008 10:52:17 GMT)
Abram Collier, insurance exec, of New Hampshire, 95
Abram T. Collier of Peterboro, N.H., a prominent Boston insurance executive, died Nov. 20. He was 95. Born and raised in Billerica, he alsolived in Wellesley. Mr.... (Sat, 13 Dec 2008 13:34:58 GMT)
Bonne Terre keeps MoPERM insurance
The Bonne Terre City Council met in a special session Thursday night to discuss liability, auto and equipment insurance. (Sat, 13 Dec 2008 14:31:18 GMT)
Health Insurance Fears Rise
Cynthia Casey's husband was in the hospital with a failing liver when she was laid off in September, stranding the family without health insurance. (Sun, 14 Dec 2008 05:02:05 GMT)
Man commits insurance fraud in order to pay for Hummer H3
SALEM - A former Peabody man who admitted filing fake insurance claims because of a mounting debt on his $45,000 2006 Hummer H3, will spend three months in jail before being placed on probation for three years and must pay $4,444.07 in restitution. (Sun, 14 Dec 2008 08:22:59 GMT)
Legwand adds insurance goal
More than 42 minutes elapsed between the Predators' first and second goals Saturday night, but David Legwand finally put an end to the trying stretch with a third-period insurance score. (Sun, 14 Dec 2008 08:24:52 GMT)
Make sure insurance has you protected against the worst weather
As youngsters ready their annual wish lists for Santa, homeowners should be preparing their own special lists -- like a checklist of what to include in their home insurance policies. (Sun, 14 Dec 2008 08:34:22 GMT)
Insurance industry on the up, defies credit crunch, says Finance Ministry
HA NOI — The insurance market in 2008 is estimated to have grown 8.22 per cent compared to last year, earning a total revenue of VND26 trillion ($1.57 billion), according to the Ministry of Finance. (Sun, 14 Dec 2008 09:31:30 GMT)
Life without health insurance adds to the anxieties of laid-off workers
Cynthia Casey's husband was in the hospital with a failing liver when she was laid off in September, stranding the family without health insurance. Medical bills (Sun, 14 Dec 2008 11:14:06 GMT)
Insurance and Transport
United States: Thinking About Switching Insurance Companies? Five Questions To Ask Before You Do (Sun, 14 Dec 2008 11:16:36 GMT)
Bonne Terre keeps MoPERM insurance
The Bonne Terre City Council met in a special session Thursday night to discuss liability, auto and equipment insurance. (Sun, 14 Dec 2008 12:42:37 GMT)
Commissioners court changes insurance, signs juvenile defendant agreement
The Liberty County Commissioners Court voted to increase insurance coverage for county employees and their families. The vote expanded the limits for chiropractic, dental, orthodontic and preventive care. (Sun, 14 Dec 2008 14:06:51 GMT)
Flood insurance deluge predicted in Niagara County
LOCKPORT -- By 2010, hundreds of Niagara County homeowners who never had to buy flood insurance before may find themselves doing so. The Federal Emergency Management Agency has compiled new flood plain maps of the county, and in many locations, the flood zones have expanded. (Sun, 14 Dec 2008 14:40:39 GMT)
Customer service pinpoints best insurance
Proper, adequate coverage at a fair price is the goal when shopping for a provider of property and casualty insurance. (Mon, 15 Dec 2008 05:51:30 GMT)
Insurance mandate worries small-business groups
The last thing struggling businesses need in this weak economy is a mandate from the federal government requiring them to provide health insurance to their employees. (Mon, 15 Dec 2008 06:37:03 GMT)
Buying commercial insurance starts with finding an agent
Finding the right insurance agent is key for businesses looking to secure property and casualty coverage. But it can be a difficult process. (Mon, 15 Dec 2008 07:18:13 GMT)
Merger of insurance firms driven by ‘premium volume’
Fifteen years ago, then 35-year-old David Warfield bought Warfield-Dorsey Co. Inc. from his father, carrying the Baltimore insurance agency into its fourth generation as a family-owned business. (Mon, 15 Dec 2008 07:22:53 GMT)
Fairness of insurance caps is questioned
More than half of all employer-based insurance plans in America have lifetime caps limiting how much can be spent on any one employee. Because of rising health-care costs, more Americans appear to be reaching those caps. (Mon, 15 Dec 2008 10:00:31 GMT)
Harel Insurance has 55 mln shekels exposed to Madoff
TEL AVIV, Dec 15 (Reuters) - Israel's Harel Insurance Investments & Financial Services said on Monday some of its subsidiaries invested in a U.S. fund that had invested in financial instruments linked to Wall Street trader Bernard Madoff. (Mon, 15 Dec 2008 10:48:15 GMT)
How to go it alone when company health insurance ends
Cynthia Casey 's husband was in the hospital with a failing liver when she was laid off in September, stranding the family without health insurance. (Mon, 15 Dec 2008 11:05:09 GMT)
First Niagara agrees to join deposit insurance program
First Niagara Financial Group said Friday that it would join a government program to provide unlimited deposit insurance coverage to certain non-interest-bearing transaction accounts, including commercial and some NOW accounts. (Mon, 15 Dec 2008 13:10:45 GMT)
Aviva eyes foray into general insurance space
Faced with a downturn in Europe, the world's fifth largest insurer, Aviva Plc, has started exploring options to enter the non-life insurance business in India. (Mon, 15 Dec 2008 13:59:48 GMT)
Experts call for strong measures to prevent social insurance debt
VietNamNet Bridge – Enterprises, which have been remiss in paying employees’ social insurance, will have to pay a fine of 20 per cent of the debt to the State, according to a proposal by the HCM City Department of Labour, Invalids and Social Affairs. (Mon, 15 Dec 2008 14:24:25 GMT)
Senate OKs P500K deposit insurance on 2nd reading
MANILA, Philippines - The Senate on Tuesday approved on second reading the bill increasing the deposit insurance coverage of Philippine Deposit Insurance Corporation (PDIC) from P250,000 to P 500,000. (Tue, 16 Dec 2008 10:54:59 GMT)
Study Examines Association Of Race And Insurance Status With Presentation And Surgical Treatment Of Diverticulitis
Among patients undergoing surgery for diverticulitis, race was associated with a complicated presentation and in-hospital mortality, but not with receiving a colostomy, whereas insurance status was associated with complicated presentation, in-hospital mortality and receiving a colostomy, according to a report in the December issue of Archives of Surgery, one of the JAMA/Archives journals. (Tue, 16 Dec 2008 12:18:00 GMT)
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