La. Names New Dep. Commissioner
Acting Commissioner of Insurance J. Robert Wooley named Paula Pellerin-Davis as the new Deputy Commissioner of the Office of Property and Casualty for the Louisiana Department of Insurance. Davis previously served as director of the department's Louisiana Property and Casualty Insurance Commission (P&C Commission). Wooley praised Davis' work as P&C Commission and said she has a vast working knowledge of the issues affecting the property and casualty market in Louisiana. Davis joined the DOI in 1998 as a research analyst for the Council on Automobile Insurance Rates and Enforcement (CAIRE). She was promoted to director of CAIRE in 2000.
Argonaut Group Forms Captive
Argonaut Group Inc., a specialty insurance provider headquartered in San Antonio, Texas, has formed a new captive business unit, Captive Advisory Services Inc. The new unit will provide advice to commercial clients seeking to use captive insurance programs, and will also coordinate underwriting, actuarial, tax and legal services necessary to form captive programs. Kate Westover, formerly COO of Credit Suisse Group unit
Strategic Risk Solutions Vermont, will lead Captive Advisory Services. She has more than 15 years of experience in the captive insurance industry. Argonaut Group president and CEO Mark Watson said the move to form the captive unit is a "natural progression of our service model for our customer base."
La. Agents Charged, Suspended
Two insurance agents in Lafayette were arrested and their licenses suspended after they allegedly submitted fraudulent documents and misappropriated insurance funds, according to acting Louisiana Insurance Commissioner J. Robert Wooley. Coordinated efforts by the Department of Insurance and the state police resulted in the arrests. Additional charges could be filed pending further investigations. Robert Short, 29, allegedly forged applicant signatures on insurance applications, altered checks and misappropriated insurance premiums by collecting them and failing to remit payment to the insurance company. Jason Louis Berard, 28, is charged with insurance fraud for allegedy signing fraudulent insurance applications. Each was served with a summary suspension of all insurance licenses and an order to cease and desist from all insurance transactions. They were arrested by the Louisiana State Police Fraud Enforcement Division on a total of 20 counts of insurance-related charges against Short and three against Berard. Office records were seized from their business address at 6 Flagg Place, Suite D, Lafayette, and other undisclosed locations.
Okla. Storm Losses Reach $40M
Oklahoma Insurance Commissioner Carroll Fisher announced updated estimates for insured losses stemming from ice storms that hit the state Jan. 31-Feb.1. Latest estimates, tabulated by New Jersey-based Property Claims Service, show that insurers face $40 million in claims from storm damage. The figure, up from $17 million initially, excludes deductibles and losses not covered under insurance policies. Fisher noted that while the "damage turned out to be much worse than originally expected," the insurance industry is strong financially and will be able to "respond as needed." He approved applications from State Farm, Shelter and MetLife requesting use of out-of-state emergency adjusters. Fisher also indicated that his department "stands ready to assist the industry in any way it can to expedite the claims paying process."
