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Insurance News 07/2010



ING insurance unit to invest Rs 240 cr in India
The Indian insurance unit of Dutch financial services firm ING plans to invest Rs 240 crore ($51 million) in 2010-11 to fund expansion in the country, it said on Thursday.

Insurance companies busy processing claims Play Video
BILLINGS - Insurance companies have been processing claims, in the wake of last week's damaging storm. State Farm already has processed more than 25-hundred claims related to the damage from the June 20th hail storm.

Insurance regulators: Florida's catastrophic risk overblown
A recent Government Accountability Office report that Florida's state insurance programs are the riskiest in the country is dead wrong, according to state insurance regulators.

Insurance program could benefit high risk persons
CARLSBAD People with chronic health problems who don't have health insurance coverage through an employer are often branded as high risk and uninsurable by the major health insurance carriers, which are quick to deny coverage But the state is stepping up to help individuals in the high-risk

Insurance for the 'uninsurable'
Tennesseans who have been unable to buy health insurance because of pre-existing conditions now have another option.

Flood insurance renewal goes to Obama for signature
Insurance and real estate workers call for permanent fix

Brit Insurance Says Apollo May Make Revised Bid Proposal of $15.9 a Share
Brit Insurance Holdings NV said Apollo Global Management may be prepared to table a revised indicative proposal for Brit of 10.50 pounds per share.

Ping An Insurance Obtains Approval for Overseas Unit Capital Raising Plan
Ping An Insurance (Group) Company of China Ltd. has won government approval to inject HK$380 million ($49 million) to its Hong Kong unit to boost capital, according to a statement posted on the China Insurance Regulatory Commissions website today.

Brit Insurance says won't consider 1,050p proposal
LONDON (MarketWatch) -- Brit Insurance Holding shares gained 5% to 9.32 pounds in London on Friday. The firm said that, although it would not engage with Apollo over a 1,050 pence per share proposal to buy the firm, it "remains open to engaging if Apollo were to put forward an offer capable of recommendation." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they ...

Brit Insurance Spurns 824 Million-Pound Apollo Offer
Brit Insurance Holdings NV, a Lloyds of London insurer, rejected an increased offer of 824 million pounds ($1.25 billion) from Apollo Global Management, saying a higher bid would be needed for it to begin talks.

Petrobras Expects Insurance Costs to Rise After BP Oil Spill, Awad Says
Petroleo Brasileiro SA expects insurance costs for offshore oil exploration to rise after BP Plcs oil spill in the Gulf of Mexico, said Samir Passos Awad, the companys head in the Netherlands.

Insurance agent stole Phoenixville insurance premiums
HARRISBURG The borough of Phoenixville is one of numerous organizations whose insurance premiums were diverted by a Scranton businessman entrusted with forwarding the payments to insurance companies, state Attorney General Tom Corbett announced Friday.

Few insurance claims in wake of Alex
Insurance companies were not expecting a large number of claims in the wake of Hurricane Alex, though they said they were prepared for the worst. Brownsville State Farm insurance agent Rick Armendariz said that only a handful of claims had come in to his office.

Area insurance exec charged with theft
SCRANTON Embattled insurance executive Brian James Murray was charged with the theft of more than $1.3 million in premium payments that were collected from universities, a hospital and a casino.

Insurance firm seals its biggest ever deal
An insurance brokers in Bury St Edmunds is cele brating after winning the largest contract in its 26-year history.

Auto insurance coverage you may not know you have
You know that you have auto insurance, but do you know how you might be covered if you got in an accident or something happened to your vehicle? Because of the variety of options available when insuring your vehicle, you may not be aware of exactly what your policy really covers.

Florida's Augustyniak Insurance Group Announces an Easier Way to Purchase Online Insurance
Augustyniak Insurance Group has partnered with Astonish Results to create an easier more efficient insurance buying process. Augustyniak is proud to serve their community as a local insurance agent while offering the lowest in prices.

Florida's Augustyniak Insurance Group Announces an Easier Way to Purchase Online Insurance
Augustyniak Insurance Group has partnered with Astonish Results to create an easier more efficient insurance buying process. Augustyniak is proud to serve their community as a local insurance agent while offering the lowest in prices. (PRWeb Jul 4, 2010) Read the full story at http://www.prweb.com/releases/20

Reed: Insurance laws likely will limit discounts
If you've gotten used to saving $1,000 or more per year on homeowner's insurance due to storm-mitigation discounts, be warned. Your next home inspection will make it much tougher to qualify, and your costs could go up again.

Flood insurance program lapse stresses buyers
An active hurricane season seems an inopportune time to let the National Flood Insurance Program lapse, but on May 31 thats exactly what happened inside Congress. The insurance programs ability to issue new policies expired because of a lack of funding; four attempts were made to reauthorize the program, resulting in periods this spring and early summer when no new policies could be issued.

Insurance fraud cases tracked
The China Insurance Regulatory Commission said it discovered more than 200,000 fraudulent insurance policies and 32 fake insurance agencies across the country from July 1, 2009 to May 31, the Beijing Youth Daily reported Sunday.

Insurance fraud in Malaysia at RM1.7b
Insurance fraud, estimated at RM1.74 billion in Malaysia last year, is clearly a "big business" and more alarming is, the public apathy surrounding it. "This apathy at times, unfortunately, even finds its way into our criminal justice system," Deputy Minister of Home Affairs, Datuk Lee Chee Leong said today. Research on the public perception of insurance fraud concluded that on average, 30 per ...

Insurance fraud hit RM1.7bil last year
KUALA LUMPUR Insurance fraud, estimated at RM1.74 billion in Malaysia last year, is clearly a "big business" and more alarming is the public apathy surrounding it. "This apathy at times, unfortunately, even finds its way into our criminal justice system," Deputy Minister of Home Affairs Lee Chee Leong Read more...

Insurance companies plan IT enhancements
More than a fifth of insurance firms are planning to enhance their IT as mergers, expansion and regulation top industry concerns

Insurance fraud hit RM1.7bil last year
KUALA LUMPUR - Insurance fraud, estimated at RM1.74 billion in Malaysia last year, is clearly a "big business" and more alarming is the public apathy surrounding it.

Mexican Insurance Store Boosts Coverage for Mexican Auto Insurance Holders
Mexican Insurance Store has boosted insurance coverage for Mexican auto insurance holders through the induction of ACE Group.

Mexican Insurance Store Boosts Coverage for Mexican Auto Insurance Holders
Mexican Insurance Store has boosted insurance coverage for Mexican auto insurance (http://mexicaninsurancestore.com holders through the induction of ACE Group.The entry of ACE Mexican insurance (http://www.mexicaninsurancestore products is considered a big enhancement to policy holders owing to the fact that ACE Group has been rated A ...

BH Insurance gets new CEO
AXA Affin General Insurance Bhd's President and Chief Executive Officer (CEO) Jahanath Muthusamy has been appointed as the CEO of its wholly owned subsidiary, BH Insurance (M) Bhd (BHI).

BH Insurance gets new CEO
AXA Affin General Insurance Bhd's President and Chief Executive Officer (CEO) Jahanath Muthusamy has been appointed as the CEO of its wholly owned subsidiary, BH Insurance (M) Bhd (BHI). In a statement today, Axa Affin said the appointment follows the acquisition of BHI by AXA Affin in April this year. Both companies are currently undergoing an integration process with the aim of operating as a ...

Alliant Insurance Services Partners With Firm to Offer Armed Self-Defense Policy to Retired Law Enforcement Officers
NEWPORT BEACH, CA--(Marketwire - 07/06/10) - Alliant Insurance Services ( www.alliantinsurance.com ), the nation's largest specialty insurance brokerage firm, has partnered with the firm LEOSA-HR218 Self-Defense Protection to provide retired federal, state, and local law enforcement officers with an insurance policy that provides legal defense coverage and personal ...

Insurance Get Together
Insurance dealer Brown & Brown buys privately held Meridian Group.

Insurance Skills Center Names Koch Managing Director
Insurance Brokers and Agents of the West's (IBA West) education division, Insurance Skills Center (ISC), has entered into an agreement with Cheryl L. Koch, president and CEO of Agency Management ...

Insurance Recovery Experts Launch Dedicated Subrogation Division
Insurance Recovery Group (IRG), a firm that has successfully recouped more than $1.5B dollars for insurers and large self-insureds, announced that it is launching a new division, Insurance Subrogation Group

Insurance Company Fights Cancer Patient For One Cent
Discovery Benefits wouldn't reinstate her insurance because of the difference. They sent her a letter informing her that she had not paid her premium in full, but again neglected to tell her how much her plan would cost.

Court: Insurance rates can reflect credit scores
Insurance companies can use a person's credit report to determine rates, the Michigan Supreme Court said Thursday in declaring that state regulators exceeded their authority when they banned the practice as discriminatory.

Court: Insurance rates can reflect credit scores
Insurance companies can use a person's credit report to determine rates, the Michigan Supreme Court said Thursday in declaring that state regulators exceeded their authority when they banned the practice as discriminatory. The decision ends a legal battle... Insurance - Michigan - Law - Credit score - Supreme Court of the United States

Insurance seminar free to business owners
Landrum Human Resources, Combined Insurance Services and O'Sullivan Creel LLP are hosting a health care insurance reform seminar on Thursday in Pensacola.

Insurance rates can be tied to credit scores, court rules
LANSING -- The controversial practice of using the credit scores of insurance policyholders as a factor in setting auto and home insurance rates may continue, a divided Michigan Supreme Court said.

Insurance scam 'ringleader' charged
THE suspected ringleader behind a spate of motor insurance scams was charged with fraud in a district court on Friday. He is accused of conspiring with Lim Fong Kum, 47, between August 2005 and April 2006 to cheat insurance company NTUC Income of $5,900. Lim is believed to have submitted a personal injury claim for injuries sustained in a motor accident on Aug 19 2005 when she was not involved ...

Insurance for spa packages
THE Spa and Wellness Association has tied up with AVA Insurance to offer protection to consumers who pre-pay for packages in advance in a bid to boost consumer confidence. Customers of spas that buy the new Insurance Warranty Protection Plan will be able to claim back the unused portion of their package should the company go bust suddenly, or if the owner or director running the business dies or ...

Insurance Company Using New Policy Software System
Insurance underwriter Unico American Corporation has chosen Minnesota-based Wyde Corporation to launch a new policy administration system for its Crusader Insurance Company subsidiary, the Woodland Hills-based insurance provider announced.

Insurance for spa packages
THE Spa and Wellness Association has tied up with AVA Insurance to offer protection to consumers who pre-pay for packages in advance in a bid to boost consumer confidence. Customers of spas that buy the new Insurance Warranty Protection Plan will be able to claim back the unused portion of their package should the company go bust suddenly, or if the owner or director running the business dies or ...

Property insurance hikes on the way, despite quiet storm seasons
Why are homeowners' insurance rates rising after four years without hurricanes? Warren Kurtzman was elated when Gov. Charlie Crist vetoed legislation last month that would have made it easier for insurers to raise property insurance premiums.

Insurance companies paying mature policies
THE OFFICE of the Supervisor of Insurance and Pensions has confirmed that CLICO Holdings (Barbados) Limited and sister company British American are doing all in their financial power to honour insurance policies that have matured.

Insurance Company Distancing Themselves From Lady GaGa's Former Producer Lawsuit
GaGa's insurance company tries to ensure that they aren't liable for damages if the singer loses her legal battle against her mentor and ex-boyfriend, Rob Fusari.

Insurance office e-mail glitch rankles Del. lawmaker
Another blunder involving a letter from Insurance Commissioner Karen Weldin Stewart's office seems to be to chilling the regulator's relationship with a prominent state legislator.

Insurance company not backing Lady GaGa
Lady GaGa's insurance company refuses to be held responsible in a $30 million legal challenge.

Insurance industry relents on HIV
Insurers may not put it in their marketing literature, but it is an industry which is based on discrimination. In car, life and home insurance, providers discriminate between good and bad risk and price products accordingly.

Insurance 'training' a study in cheating state law
An instructor who had insurance agents log 15 hours of required class work in 59 minutes had his license suspended by the state last month.

Reliance Life Insurance Plans to List Shares, Hindu Business Line Reports
Reliance Life Insurance Co., owned by Anil Dhirubhai Ambani, plans an initial public offering within two weeks of getting approval from Indias regulator and may sell as much as 26 percent of the company to a strategic investor, the Hindu BusinessLine reported, citing Malay Ghosh, president and executive director.