Charles Chamness News

Obama Insurance Views Mirror Those of P/C Agents, Insurers, Regulators

The Obama administration’s views on insurance regulation are in keeping with those of many within the property/casualty insurance industry as well as state regulators who now regulate the industry. Most in the industry are happy that the Obama Treasury Department …

Industry Lines Up ‘Pro and Con’ on Bush Plan for Federal Insurance Regulator

Insurance industry groups are lining up quickly with responses to the Bush administration’s proposed overhaul of the way the government regulates the nation’s financial services industries, including insurance. The sweeping regulatory reform proposal announced by Treasury Secretary Henry M. Paulson …

Hood’s comments called ‘hysterical, irresponsible’

Mississippi Attorney General Jim Hood’s recent comments comparing the insurance industry to “Nazis” have been met with industry criticism. Among those responding was Charles M. Chamness, National Association of Mutual Insurance Companies president and CEO: “Now that Hood’s inspired exercise …

Hood’s comments called ‘hysterical, irresponsible’

Mississippi Attorney General Jim Hood’s recent comments comparing the insurance industry to “Nazis” have been met with industry criticism. Among those responding was Charles M. Chamness, National Association of Mutual Insurance Companies president and CEO: “Now that Hood’s inspired exercise …

Insurer Group Calls Miss. AG’s Comments ‘Hysterical, Irresponsible’

Mississippi Attorney General Jim Hood’s recent comments comparing the insurance industry to Nazis are “hysterical and irresponsible,” claims an insurance trade group leader. “Now that Hood’s inspired exercise in justice has met some resistance, his public rhetoric seems to get …

New federal terrorism reinsurance differs from original in key

Right before going home for the holidays, Congress reconciled different House and Senate versions and approved an extension of the federal terrorism reinsurance program in the form of the Terrorism Risk Insurance Revision Act of 2005. This extension of the …

Congress Passes TRIA Renewal; Legislation Sent to President’s Desk

Congress approved the Terrorism Risk Insurance Revision Act of 2005 late last week after reconciling differing versions passed in both the House and the Senate. The legislation now moves to the President’s desk for his signature. The extension of TRIA …

Insurers Reject Alternate SOX Proposal

The National Association of Mutual Insurance Companies (NAMIC) announced it will oppose an amended regulator proposal to add federally-styled internal control measures to state insurance regulation, according to its president. NAMIC President and CEO Charles M. Chamness said that his …

NAMIC APPLAUDS ASSOCIATIONS’ ROLE IN SHAPING PUBLIC POLICY

The importance of state insurance associations in shaping public policy was acknowledged by Charles M. Chamness, president of the National Association of Mutual Insurance Companies in an address in Savannah, Ga., to the State Insurance Trade Associations, a large group …

News Briefs

ALABAMA Vesta Reinsurance To Cover Wilma Vesta Insurance of Birmingham, issued a statement saying it has complete reinsurance coverage for Hur-ricane Wilma claims in Florida. “As previously disclosed, Vesta’s losses from Hurricanes Katrina and Rita did not reach the company’s …