Reaffirming his instruction that it remains California’s “insurer of last resort,” Commissioner John Garamendi directed the State Compensation Insurance Fund (State Fund) to ease access requirements for small employers who pay $25,000 or less in estimated annual premium (EAP) seeking …
The Georgia Senate unanimously approved legislation allowing insurers to use credit-based insurance scores in underwriting and rating homeowners and auto insurance coverage, according to the American Insurance Association (AIA). The bill now goes to Gov. Sonny Perdue for his signature. …
New York State Insurance Department Superintendent Gregory V. Serio announced that a joint investigation with the Suffolk County District Attorney’s Office has resulted in the arrest of Patrick Ferguson, 53, a former independent insurance salesman, on charges of scheming to …
The long-awaited report from the royal commission investigating the collapse of Australia’s HIH in March of 2001, has been issued. It concluded, that, although there may have been breaches of civil and criminal law by the company’s managers, the company’s …
Bermuda-based ACE Financial Solutions International, Ltd. announced the promotion of both Mark Lima and Simon Burton to the position of executive vice president. Both Lima and Burton will continue to report directly to Pierre Samson, president & CEO of ACE …
Willis Group Holdings announced the sale of the DRIVE business to MVRA Limited. DRIVE is a vehicle accident management service that comprises facilitating access to call centre assistance, roadside recovery, vehicle repair and other associated services. MVRA Limited is a …
Progressive Corp. increased its buyback authorization to 15 million shares and declared its regular quarterly dividend of 2.5 cents, payable June 30 to shareholders of record June 13. In a press release Friday, the insurance company said it had about …
Itasca, Ill.-based brokerage Arthur J. Gallagher & Co. has forgiven the unpaid balance on a $2.3-million loan to Michael J. Cloherty, who stepped down as chief financial officer in 2003. After stepping down, Cloherty was named a special adviser to …
Colorado has become the fourth state this year, following Arkansas, Idaho and West Virginia to enact substantive improvements in its tort system. Colorado recently enacted two reform bills and is considering three others that will make even more substantial changes, …
In recognition of today’s workers’ compensation marketplace, the New Mexico Division of Insurance has exempted workers’ compensation insurance rate filings from the 90-day waiting period required by state law. The division recently issued bulletin 2003-004, which exempts workers’ compensation rate …
