Prudential Insurance Co. of America announced that, following the recent approvals by the Tokyo District Court, it had completed its rescue plan for the insolvent Japanese insurer Kyoei Life Insurance Co. Ltd. and would resume business under the name Gibraltar …
The Department of Business Regulation is pleased to announce that Rhode Island is the thirteenth state to pass the Insurance Producer Licensing Model Act. The Producer Licensing Model Act establishes reciprocity and contains other provisions that streamline the licensing process …
I visited Liberty Mutual’s website recently and read information about the company’s plans to form a mutual holding company. It sounds like a great deal for policyholders: a more efficiently organized,flexible, stronger and more competitive company. Funny, the website didn’t …
The Oregon Department of Consumer and Business Services revoked the licenses of five agents across the state for unrelated violations. In one case, a Cave Junction agent, Cecile G. Zimmerman, had her license revoked after investigators found she had withheld …
A five-month investigation by the CDI Criminal Investigations Branch led to the arrest of Richard Wayne Bento of Sacramento on five felony counts of workers’ comp insurance fraud. According to investigators, the 30-year-old man was employed as a security guard …
Following a joint 13-month investigation by the CDI and the California Employment Development Department (EDD), Raymond Nunez, 54, and Sandra Lawson-Nunez, 56, owners of the Furniture Saving Center, surrendered on four felony counts each of insurance fraud and two felony …
After a two-year investigation by the California Department of Insurance (CDI) Criminal Investigations Branch and the Santa Cruz County District Attorney’s Office, Jeff Levine, 45, and his wife, Martha Levine, 39, of Santa Cruz, Calif., were charged with 40 counts …
A “BBB+” subordinated debt rating was assigned to the 200 million notes, due 2021, issued on March 16 by If Property & Casualty Insurance Ltd. by S&P, which cited I strong financial security characteristics and the deep subordination of the …
The “BBBpi” FSR on Statewide Insurance Co. (IL) (Statewide) was lowered to “BBpi” by S&P. The rating action was based on Statewide’s declining surplus level, marginal operating performance, rapid premium growth and reserve development volatility. Illinois-based Statewide is licensed in …
The “AAA” counterparty credit and insurer FSR on Swiss Reinsurance Co. (SRZ) and related core subsidiaries were affirmed by S&P, which also revised the outlook on all core company ratings from negative to stable. In addition, an “A-1+” short-term counterparty …
