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Insurance News 01/2011



New insurance rules kick in
New insurance rules kick in

New law raises car insurance rates for Texas drivers
HOUSTON—A new car insurance law went into effect Saturday that could make your insurance rates jump. The new law increases minimum coverage from $25,000 to $30,000 for each person injured in an accident and raises the total cost per accident from $50,000 to $60,000. That translates to a roughly 3 percent increase in premiums for drivers carrying minimum coverage. Although the law offers more ...

Auto Insurance Increase for Texas with Only Liability Coverage
Car insurance rates went up for drivers in Texas, who only have liability coverage.

Insurance rate forecast: Cloudy with a chance of increases
For many drivers, trying to figure out where auto insurance premiums are headed is like trying to catch butterflies: Just when you get close, they fly off in another direction.

Insurance company seeking contractor for First Creek flood project
Several weeks have passed since any construction has occurred on a North Knoxville project to alleviate residential flooding, but an Ohio-based insurance company says it is working diligently to find a contractor that will complete the First Creek Drainage Improvements Project.

New Leaders: Ralph Hudgens wants to fight fraud, red tape as insurance commissioner
Newly elected state Insurance Commissioner Ralph Hudgens plans to aggressively root out fraud when he takes office next week.

Sale of Quinn Insurance to hit consumers
Consumers may end up paying higher insurance bills as the government prepares to use a compensation fund to plug any deficit that arises as part of a deal to break up Quinn Insurance.

Life insurance ownership is tax issue
Two life insurance policies, one owner. Does such an approach make financial sense?

Home price is down, so why not insurance?
The average cost of insuring a home has been rising in recent years, even as home prices have fallen sharply in the wake of the severe housing bust.

Insurance fight looms for victims
MANDY GREENE waded chest deep in Rockhampton floodwaters - a last-minute mission to reach her home, and find her insurance policy before the river rose too high.

Resold life insurance heads to court
NEW YORK, Jan. 3 (UPI) -- Secondary market life insurance policies are facing renewed scrutiny by U.S. courts, papers filed in various lawsuits show.

Everest Re Group buys Heartland Crop Insurance
Insurance and reinsurance company Everest Re Group Ltd. said Monday it acquired Heartland Crop Insurance Inc.'s business and operations in a deal worth about $68.5 million.

Toyota sued by insurance companies over alleged acceleration-related crashes
Insurance companies sue Toyota to recover payouts for crashes blamed on sudden acceleration

Suncorp, Insurance Australia Decline on Concern Flood Claims Will Increase
Suncorp Group Ltd. and Insurance Australia Group Ltd. led declines among insurers in Sydney trading on concern floods in Queensland will trigger a jump in claims.

Insurance claims pour in after Friday's storms
Nearly six hundred claims for property damage from Friday'stornadoes already have been filed with Missouri's three largestinsurance carriers with more expected.

Insurance on joint bank account
With a credit union or bank, deposit insurance increases on a joint account.

Insurance Stocks Drop on Flood Concerns
Suncorp Group Ltd. and QBE Ltd. led declines among insurers in Sydney trading on concern floods in Queensland will trigger a jump in claims.

New Yorkers Like Acupuncture Too Much For Insurance Group
New Yorkers Like Acupuncture Too Much For Insurance Group

ND, SD auto insurance premiums among lowest
North Dakota Insurance Commissioner Adam Hamm says auto insurance premiums paid by drivers in the Dakotas remain among the lowest in the nation.

Insurance Companies Sue Toyota
Seven insurance companies have sued Toyota Motor Corp. in an attempt to recover money paid to cover crashes they blame on sudden acceleration. The insurers cite data that blames 725 crashes on the problem and fault the Japanese automaker for failing to equip its cars with an override system that would cause a car to idle if the brake and gas were deployed simultaneously. They are seeking damages ...

Senate insurance panel tackles Florida sinkhole claims
With more Florida homeowners filing insurance claims for damage caused by sinkholes -- claims nearly quadrupled between 2006 and 2010 statewide -- the Senate Banking and Insurance Committee said in a report this week that something must be done to curb insurance companies' sinkhole costs.

Insurance fine print slammed as unfair
People whose insurance companies knock back their claims for flood damage are being advised to challenge the ‘‘unfair’’ fine print in their contracts.

Insurance fraud investigators begin probe into workers' comp claims at Menard
State insurance fraud investigators have opened an official probe of the Menard Correctional Center, where hundreds of guards and others have filed for or received taxpayer-funded settlements for "repetitive trauma" they say was mainly caused by operating heavy cell locking mechanisms.

Insurance director says she's moving on
First, Lehman Brothers collapsed. About the same time, remnants of Hurricane Ike blew through the state, sending trees into houses and damaging roofs statewide.

Texas Insurance Commissioner Geeslin to Step Down
Texas Insurance Commissioner Mike Geeslin has announced that he will not seek another term as head of the Texas Department of Insurance. His term ends Feb. 1, 2011. Geeslin has been with TDI for ...

HHS Insurance Oversight Office To Become Part Of Medicare Agency
A high-level federal office that serves as a health insurance watchdog is being folded into the rest of the Medicare program. One insider sees it as a defensive move to protect funding that could be threatened by the newly Republican House.

Insurance switch saves town $1.2M, official says
FAIR LAWN — A switch in health insurance plans that touched off a heated dispute with the police union has saved the borough $1.2 million since the August transition, former Mayor Joe Tedeschi said Tuesday.

Insurance commissioner Geeslin to step down Feb. 1
AUSTIN - Insurance Commissioner Mike Geeslin, who has overseen regulation of the insurance industry for 5 years, is stepping down.

Insurance companies encouraged to participate in HR benchmarking survey
Insurance companies are being encouraged to participate in a leading benchmarking study, backed by the Association of British Insurers, looking at how human resources practices compare across the sector.

Texas Insurance Commissioner Mike Geeslin stepping down
Citing family considerations, Mike Geeslin tells Gov. Rick Perry that he doesn't want to be reappointed when his term expires on Feb. 1.

Farmers who limit losses to get insurance refunds
The federal government proposed Thursday to reward farmers who use crop insurance and demonstrate good management practices that limit their losses.

5 Insurance Policies You Shouldn't Overlook
How much insurance coverage do you need? Take a look at five frequently forgotten insurance policies you should not overlook.

Insurance sector -- positive but there may be bumps
THE Malaysian insurance industry is expected to grow by at least 12 per cent in 2011. However, there remains an uncertain outlook in the western economies that could shape the performance of the industry. "Some products hinge on the sentiments and the reactions of the local stock market, thus global indicators might affect consumer confidence as well. And with the expected continued low interest ...

Farmers who limit losses to get insurance refunds
The federal government proposed Thursday to reward farmers who use crop insurance and demonstrate good management practices that limit their losses.

4 ways cheap insurance prices may bamboozle you
Everyone wants to save money on insurance, whether it's home, life or car insurance. But sometimes, shaving a few bucks off insurance premiums now can lead to big problems down the road.

Pet Insurance: Is It Worth the Cost?
This post provided by GetRichSlowly.org. My cat, Monster, died two weeks ago after a struggle with c

Who Can Stop Health Insurance Hikes?
Blue Cross of California has announced massive health insurance rate hikes -- up to 59 percent in one case -- and lawmakers do not have power to stop it. Health and Human Services Secretary Kathleen Sebelius urged people to lobby for the law to be changed.

Confront cities' insurance crisis
Term limits have cost Detroit, and Michigan, the Legislature's loudest and most tireless voice opposing unaffordable insurance rates, especially in Michigan's urban areas.

Insurance firm's 300 jobs boost
Insurance company Admiral plans to create up to 300 new jobs in Swansea and is in talks over a major development.

Insurance Industry Outlook
We expect slightly lower favorable reserve development trends in the upcoming quarters, as there are lingering concerns about the overall economy.

Will government health insurance erase disparities?
Patients carrying government-sponsored health insurance may not fare much better than the uninsured after undergoing major heart surgery, suggests a new study.

Video: Calif. Insurance Hike Uproar
There is outrage over a new hike for Blue Shield of California insurance customers, who may have to pay as much as 59% more each month for coverage. Ben Tracy reports from Los Angeles.

Insurance exec cites 'vendetta' in Fla. lawsuit
A Dallas insurance executive branded by Florida regulators as unfit to run an insurance company has

Labor insurance fund earns NT$13 billion
The labor insurance fund managed by the Bureau of Labor Insurance (BLI) scored net earnings of NT$13 billion in 2010, for an investment return rate of close to 4 percent, higher than the projected profit rate of 3.35 percent, according to statistics compiled by the BLI.

Stampede to top up insurance
INSURANCE companies have been inundated by calls from people updating their flood coverage after the devastation in Queensland.

Travel insurance can provide peace of mind on next trip
Before 9/11, it was estimated that only 8 percent of leisure travelers purchased some type of travel

Insurance rebate deadline passes
Property insurance policyholders in Louisiana have missed the chance to claim almost $133 million in rebates that had been available before the end of 2010.

Do you have enough homeowner's insurance?
The amount of insurance that you buy for your home should not be confused with the real estate value of your home.

Doubt cast over flood re-insurance
INSURERS will be forced to delve into the fine print of their own "re-insurance" contracts due to the duration and damage of the Queensland floods.

Insurance concerns scupper Beckham move to Tottenham
David Beckham Harry Redknapp LA Galaxy Tottenham English Premiership MLS David Beckham’s much hyped return to the Premiership with Tottenham is off due to what boss Harry Redknapp calls “insurance issues.” The likely outcome now is the former England skipper will train with Spurs for a month. At one stage the 35 year old LA Galaxy man midfielder was to link up with Spurs on a two-month loan in ...