Insurance Journal » Government

U.S. Expected to Seek Limits on Car Touchscreens

Thu, 25 Apr 2013 14:08:40 +0000

U.S. traffic safety regulators are expected to propose stronger measures to keep drivers from being distracted by in-car touchscreens. Transportation Secretary Ray LaHood and National Highway Traffic Safety Administration Administrator David Strickland have scheduled a news conference for Tuesday afternoon …

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A Future Without the Terrorism Insurance Backstop?

Fri, 18 Jan 2013 15:45:07 +0000

The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of coverage to increased premiums. The impact would be particularly acute …

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Ullico to Offer Policies through Alterra America

Mon, 14 Jan 2013 17:57:28 +0000

Ullico Inc. has announced that its subsidiary, Ullico Casualty Group, Inc., will begin writing and renewing multiemployer and government fiduciary liability and union liability policies next week with Alterra American Insurance Co. Proposals and renewals released January 17, 2013 and …

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Congress Repeals Insurance Booklet Mandate at Car Dealerships

Wed, 26 Dec 2012 17:00:07 +0000

The U.S. Senate has approved legislation that would eliminate the requirement that new-car dealerships keep on hand an information booklet about insurance. The bi-partisan legislation, H.R. 5859, endorsed by the National Automobile Dealers Association, passed the House in late July …

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States Plan to Sue EPA Over Greenhouse Gas Regulations

Wed, 12 Dec 2012 16:12:54 +0000

A coalition of seven eastern states led by New York plans to sue the U.S. Environmental Protection Agency for failing to issue new guidelines to curb methane emissions, a greenhouse gas that may be linked to climate change. In a …

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Viewpoint: Trade Sanctions and Risk Management

Kathleen Ellis — Wed, 05 Dec 2012 17:55:48 +0000

The U.S. government has increasingly used laws and regulations that impose economic sanctions on others as an instrument to advance foreign policy and national security goals, with some of the most recent efforts aimed at putting additional pressure on Iran …

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China’s Ping An Considers Legal Action vs. NY Times after Family Wealth Exposé

Mon, 26 Nov 2012 11:45:44 +0000

China’s second-biggest insurance company has threatened to take legal action against the New York Times for reports that Premier Wen Jiabao’s relatives had accumulated massive wealth, largely through holdings in the firm. In a written statement on Monday, Ping An …

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Willis Intelligence Specialist Warns of Continued Somali Pirate Threat

Wed, 19 Sep 2012 12:36:07 +0000

Tim Holt, Head of Intelligence at Special Contingency Risks (SCR), part of the Willis Group, has warned that the piracy threat in Somalia is unlikely to abate for the following reasons: • “Piracy is the second largest generator of income in …

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Florida Governor Opens Disaster Fund

Thu, 30 Aug 2012 14:59:56 +0000

Florida Gov. Rick Scott has announced that the state is activating Florida’s disaster fund to help residents who suffered property losses from Hurricane Isaac and Tropical Storm Debbie. Earlier this week, Hurricane Isaac made its way through the Florida Keys …

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What to Know About the New Flood Insurance Program

Tue, 31 Jul 2012 16:44:16 +0000

If it were a dam or a levee, it would have been replaced ages ago. Yet the National Flood Insurance Program (NFIP) has stayed afloat despite a regular leaking of funds since its inception in 1968. The much-needed, often-maligned program …

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Citizens New President Gilway: Changes Coming, but Progress Will Be Slow

Michael Adams — Wed, 27 Jun 2012 16:50:03 +0000

The new chief of Florida’s policyholder-backed property insurer Citizens Property Insurance offered no magic bullet to depopulate the insurer, but promised the insurer will charge higher rates for less coverage in order to encourage customers to buy elsewhere. Newly-appointed Citizens …

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Greek Pro-bailout Parties Look to Forge Coalition

Mon, 18 Jun 2012 10:57:33 +0000

Political parties supporting Greece’s international bailout begin forging a government on Monday after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro and brought relief to global markets. Conservative New Democracy leader …

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Administration Ready to Respond on Healthcare Reform Ruling

Fri, 08 Jun 2012 13:23:32 +0000

U.S. Health and Human Services Secretary Kathleen Sebelius said on Thursday the administration will be ready to respond if the Supreme Court strikes down all or part of the healthcare reform law in a landmark ruling expected this month. Speaking …

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Fitch Analyzes Uncertainty over Extension of UK Flood Insurance Plan

Mon, 07 May 2012 10:33:22 +0000

The end in June of the UK government’s agreement with the country’s insurance industry, the Statement of Principles (SoP) agreement, which provides insurance in high flood risk areas, “may prove positive for the UK insurance industry,” according to a report …

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UK Terrorism Reinsurer Pool Re Has over $7 Billion for Olympic Games Coverage

Mon, 30 Apr 2012 09:41:25 +0000

Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has £4.5 billion ($7.327 billion) of assets to cover the Olympic Games and is not jacking up premiums for the event. Bombings or other incidents costing more …

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Starr’s Greenberg: China ‘Eager to Begin Talks’ on Free Trade Pact with U.S.

Wed, 04 Apr 2012 09:19:09 +0000

China is eager to begin talks on a free trade pact with the United States and key leaders seem willing to step away from the state capitalism Beijing has been pursuing, a senior U.S executive with access to China’s leadership …

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U.S. Supreme Court Upholds West Virginia Law on Arbitration in Nursing Home Cases

Michael Adams — Mon, 26 Mar 2012 16:06:20 +0000

The U.S. Supreme Court has upheld a West Virginia law that allows nursing homes to use pre-dispute arbitration agreements with residents that prevent them from suing in medical malpractice cases. In a recent case, [Marmet Health Care Center, Inc. v …

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Judge Orders Feds to Begin Proceedings to Remove Antibiotics in Animal Feed

Fri, 23 Mar 2012 16:06:59 +0000

A federal judge on Thursday ordered U.S. regulators to start proceedings to withdraw approval for the use of common antibiotics in animal feed, citing concerns that overuse is endangering human health by creating antibiotic-resistant “superbugs”. U.S. Magistrate Judge Theodore Katz …

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AIG Makes Final Payment for AIA Aurora Stake

Fri, 23 Mar 2012 15:59:08 +0000

American International Group Inc. has made a final $1.5 billion payment to the United States Treasury Department to retire the Treasury’s interest in AIA Aurora LLC (AIA SPV) – a special purpose vehicle created to hold ordinary shares of American …

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Florida Surplus Lines Take-Out Bill Heading for Defeat

Michael Adams — Tue, 06 Mar 2012 17:33:46 +0000

A bill that would allow surplus lines policies to directly assume policies from Florida’s state-run property insurer is all but dead after lawmakers tacked on an amendment that would require policyholders to sign-up for the program. The Florida Senate by …

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Oklahoma Advances Open-Carry Firearm Bill

Fri, 02 Mar 2012 17:33:52 +0000

Despite some concern that Oklahoma is returning to the “lawless days of yesteryear,” a state House panel has approved a bill (House Bill 2522) to allow gun permit holders to openly carry firearms. The House Public Safety Committee voted 13-2 …

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Dallas Doctor, 6 Others Arrested in $375M Health Care Fraud Scheme

Thu, 01 Mar 2012 17:51:53 +0000

A physician and the office manager of his medical practice, along with five owners of home health agencies, were arrested today on charges related to their alleged participation in a nearly $375 million health care fraud scheme involving fraudulent claims …

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ABI Seeks ‘Long Term’ Solution, Government Help to Cover UK Floods

Wed, 28 Dec 2011 11:37:29 +0000

Otto Thoresen, director general of the Association of British Insurers has issued a statement outlining the organization’s position on flood coverage in the UK, in response to recent proposals from the government. “This is a frustrating update from the Government,” …

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Deficit Poses the Biggest Threat to U.S. Healthcare

Mon, 19 Dec 2011 15:45:57 +0000

A mounting U.S. deficit could pose a much greater threat to the survival of President Barack Obama’s healthcare reforms than either the Supreme Court or 2012 elections. Many health experts say innovations in delivering medical care and the creation of …

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U.S. Healthcare Cuts Minimal, More Pain Looms

Tue, 22 Nov 2011 16:02:42 +0000

The breakdown of deficit talks in Congress will exact little pain on the U.S. healthcare industry, but it’s a temporary reprieve from steeper cuts that could be put back on the table in 2013. The failure of the congressional “super …

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Starr International Files $25B Suit Against U.S. Over AIG Takeover

Jonathan Stempel — Mon, 21 Nov 2011 16:31:26 +0000

A company run by former American International Group Inc Chief Executive Maurice “Hank” Greenberg sued the U.S. government for $25 billion, calling the 2008 federal takeover of the insurer unconstitutional. The lawsuit marks an unusual effort to force the government …

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Treasury Names Members of Federal Advisory Committee on Insurance

Wed, 02 Nov 2011 16:39:54 +0000

The U.S. Department of the Treasury appointed 15 individuals to serve as members of the Federal Advisory Committee on Insurance. The committee will provide advice to Treasury’s Federal Insurance Office (FIO), which was established as part of the Dodd-Frank Wall …

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Florida, Georgia Agree on Catastrophe Cooperation Plan

Wed, 02 Nov 2011 14:59:29 +0000

Florida and Georgia have renewed their partnership to provide services in the event a catastrophe compromises their ability to respond to a disaster. First drafted in 2009, the updated plan is designed to ensure a continuity of operations so that …

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U.S. Sues Allied Home Mortgage for Lending Fraud

Jonathan Stempel — Tue, 01 Nov 2011 16:57:06 +0000

The U.S. Department of Justice sued Allied Home Mortgage Capital Corp and two top executives over fraudulent lending practices that have cost the government more than $834 million of insurance claims. In a complaint filed Tuesday, the Justice Department said …

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Obama Pulls Plug on Long-Term Care Plan in Healthcare Law

Mon, 17 Oct 2011 16:10:03 +0000

The Obama administration Friday pulled the plug on a major program in the president’s signature health overhaul law — a long-term care insurance plan dogged from the beginning by doubts over its financial solvency. Targeted by congressional Republicans for repeal, …

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