Insurance Journal » Government http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 24 Apr 2014 17:43:50 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Montana’s Sen. Tester Awarded Big ‘I’s’ Legislator of the Year 2013 http://www.insurancejournal.com/news/national/2014/04/10/325947.htm Thu, 10 Apr 2014 14:58:14 +0000 http://www.insurancejournal.com/?p=325947 U.S. Sen. Jon Tester (D-Mont.) has been named the Gerald Solomon-IIABA Legislator of the Year for 2013 by the Independent Insurance Agents & Brokers of America (the Big “I”). The award was presented Tuesday during the annual Leadership Luncheon, just …

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U.S. Opens Skies to Test Use of Aerial Drones http://www.insurancejournal.com/news/national/2013/12/31/315775.htm Tue, 31 Dec 2013 15:15:22 +0000 http://www.insurancejournal.com/?p=315775 The U.S. government took a step on Monday toward opening the skies to aerial drones, authorizing six sites where unmanned aircraft can be tested for a variety of uses. The Federal Aviation Administration already had approved limited use of drones …

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P/C Industry Supportive But Cautious on Federal Insurance Office Recommendations http://www.insurancejournal.com/news/national/2013/12/13/314446.htm Fri, 13 Dec 2013 17:57:37 +0000 http://www.insurancejournal.com/?p=314446 Insurers, agents, brokers and state regulators welcome modernization and improvements in the current regulation of insurance, but are not so welcoming of changes that might invite regulation by the federal government. The U.S. Treasury’s Federal Insurance Office (FIO) yesterday released …

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Federal Insurance Office Releases Long-Awaited Modernization Report http://www.insurancejournal.com/news/national/2013/12/12/314309.htm Thu, 12 Dec 2013 22:10:41 +0000 http://www.insurancejournal.com/?p=314309 After nearly two years of delay, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its report on how to modernize and improve the system of insurance regulation in the United States. In its report, the FIO …

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U.S. Expected to Seek Limits on Car Touchscreens http://www.insurancejournal.com/news/national/2013/04/25/289693.htm Thu, 25 Apr 2013 14:08:40 +0000 http://www.insurancejournal.com/?p=289693 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? http://www.insurancejournal.com/news/national/2013/01/18/277930.htm Fri, 18 Jan 2013 15:45:07 +0000 http://www.insurancejournal.com/?p=277930 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 http://www.insurancejournal.com/news/national/2013/01/14/277408.htm Mon, 14 Jan 2013 17:57:28 +0000 http://www.insurancejournal.com/?p=277408 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 http://www.insurancejournal.com/news/national/2012/12/26/275105.htm Wed, 26 Dec 2012 17:00:07 +0000 http://www.insurancejournal.com/?p=275105 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 http://www.insurancejournal.com/news/national/2012/12/12/273644.htm Wed, 12 Dec 2012 16:12:54 +0000 http://www.insurancejournal.com/?p=273644 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 http://www.insurancejournal.com/news/national/2012/12/05/272170.htm Wed, 05 Dec 2012 17:55:48 +0000 http://www.insurancejournal.com/?p=272170 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 http://www.insurancejournal.com/news/international/2012/11/26/271560.htm Mon, 26 Nov 2012 11:45:44 +0000 http://www.insurancejournal.com/?p=271560 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 http://www.insurancejournal.com/news/international/2012/09/19/263466.htm Wed, 19 Sep 2012 12:36:07 +0000 http://www.insurancejournal.com/?p=263466 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 http://www.insurancejournal.com/news/southeast/2012/08/30/261221.htm Thu, 30 Aug 2012 14:59:56 +0000 http://www.insurancejournal.com/?p=261221 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 http://www.insurancejournal.com/news/national/2012/07/31/257675.htm Tue, 31 Jul 2012 16:44:16 +0000 http://www.insurancejournal.com/?p=257675 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 http://www.insurancejournal.com/news/southeast/2012/06/27/253182.htm Wed, 27 Jun 2012 16:50:03 +0000 http://www.insurancejournal.com/?p=253182 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 http://www.insurancejournal.com/news/international/2012/06/18/251941.htm Mon, 18 Jun 2012 10:57:33 +0000 http://www.insurancejournal.com/?p=251941 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 http://www.insurancejournal.com/news/national/2012/06/08/250610.htm Fri, 08 Jun 2012 13:23:32 +0000 http://www.insurancejournal.com/?p=250610 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 http://www.insurancejournal.com/news/international/2012/05/07/246470.htm Mon, 07 May 2012 10:33:22 +0000 http://www.insurancejournal.com/?p=246470 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 http://www.insurancejournal.com/news/international/2012/04/30/245191.htm Mon, 30 Apr 2012 09:41:25 +0000 http://www.insurancejournal.com/?p=245191 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. http://www.insurancejournal.com/news/international/2012/04/04/242089.htm Wed, 04 Apr 2012 09:19:09 +0000 http://www.insurancejournal.com/?p=242089 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 http://www.insurancejournal.com/news/southeast/2012/03/26/240723.htm Mon, 26 Mar 2012 16:06:20 +0000 http://www.insurancejournal.com/?p=240723 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 http://www.insurancejournal.com/news/national/2012/03/23/240587.htm Fri, 23 Mar 2012 16:06:59 +0000 http://www.insurancejournal.com/?p=240587 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 http://www.insurancejournal.com/news/national/2012/03/23/240581.htm Fri, 23 Mar 2012 15:59:08 +0000 http://www.insurancejournal.com/?p=240581 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 http://www.insurancejournal.com/news/southeast/2012/03/06/238459.htm Tue, 06 Mar 2012 17:33:46 +0000 http://www.insurancejournal.com/?p=238459 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 http://www.insurancejournal.com/news/southcentral/2012/03/02/237915.htm Fri, 02 Mar 2012 17:33:52 +0000 http://www.insurancejournal.com/?p=237915 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 http://www.insurancejournal.com/news/southcentral/2012/03/01/237734.htm Thu, 01 Mar 2012 17:51:53 +0000 http://www.insurancejournal.com/?p=237734 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 http://www.insurancejournal.com/news/international/2011/12/28/228855.htm Wed, 28 Dec 2011 11:37:29 +0000 http://www.insurancejournal.com/?p=228855 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 http://www.insurancejournal.com/news/national/2011/12/19/227978.htm Mon, 19 Dec 2011 15:45:57 +0000 http://www.insurancejournal.com/?p=227978 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 http://www.insurancejournal.com/news/national/2011/11/22/225016.htm Tue, 22 Nov 2011 16:02:42 +0000 http://www.insurancejournal.com/?p=225016 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 http://www.insurancejournal.com/news/national/2011/11/21/224905.htm Mon, 21 Nov 2011 16:31:26 +0000 http://www.insurancejournal.com/?p=224905 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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