Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Florida Officials, State Farm Expect to Resolve Withdrawal Terms By June 15
May 13 2009 // Representatives of Florida insurance regulators and State Farm Florida believe they will be able to resolve their differences over how the insurer may exit the state’s insurance marketplace by June 15. Lawyers for...
Texas’ March Enforcements Result in $325K in Fines, Restitution
May 12 2009 // Enforcement actions taken by Texas Insurance Commissioner Mike Geeslin that became final during March include eight license revocations, three license denials and fines and restitution totaling more than $325,000. An order...
An Awakened Washington Promises More Stress for Directors & Officers
May 11 2009 // Corporations and their directors and officers are living in fear. Fear of the next financial scandal, the next stock market plunge, the next lawsuit. Fear of bankruptcy. Fear of angry policymakers inside Washington and...
6 Steps For Agents to Take Before Soft Market Hardens
May 11 2009 // Most insurance professionals detest a soft market due to the increase in competition, unreasonably low pricing and increased market vulnerability. Some, however, may appreciate a softening precisely because of the change...
Michigan Supreme Court to Hear Ban on Insurers’ Use of Credit Scoring
May 11 2009 // The Michigan Supreme Court has agreed to hear a case involving a ban on the use of credit scoring by insurance companies. In 2005, the Office of Financial and Insurance Regulation’s (OFIR) promulgated rules banning...
No New Government Funds for AIG
May 8 2009 // American International Group, the giant insurer bailed out by the U.S. government, reported its smallest loss in six quarters on Thursday, hurt once more by investment losses and write downs. AIG has lost more than $100...
Santa Barbara Wildfire Increase 448%, Insurers Ready for Calls
May 8 2009 // A wildfire that began on May 5 in Santa Barbara County, Calif., continues to burn, increasing 448 percent from 500 acres burned yesterday to 2,739 acres burned and at least 20 homes destroyed as of this morning, according...
Ohio Insurer Group: Proposed Fire Service Fees Not Always Covered
May 8 2009 // The Ohio Insurance Institute (OII) says the City of Toledo, and other cities and municipalities considering an additional revenue stream by charging insurers for fire department service runs to local residences should be...
New York Reminds Insurers about $10 Fees
May 6 2009 // The New York State Insurance Department has sent a reminder to all car insurers in the state that an admittedly confusing new law requires carriers to collect a $10 annual fee for each policyholder — at least for...
Insurer Group Assists Auto Theft Prevention Efforts in SE Texas
May 6 2009 // The Insurance Council of Texas (ICT) announced it has joined with the Texas Auto Burglary and Theft Prevention Authority in a crime prevention campaign aimed at preventing auto thefts and auto burglaries in southeast...
Berkshire’s Buffett: Life Insurers Took ‘Crazy’ Financial Risks
May 5 2009 // Billionaire Warren Buffett on Sunday criticized some life insurers for taking on “crazy” financial risks by selling variable annuities, or retirement products that promised unrealistic guarantees to buyers. The...
Indiana General Assembly Eliminates Credit Mandate for Insurers
May 5 2009 // The Indiana General Assembly has passed House Enrolled Act (HEA) 1246, which removes a provision in Indiana law requiring insurance companies to re-rate an insurance policy at least once every three years based on current...
Texas Senate Passes Insurance Department ‘Sunset’ Bill
May 4 2009 // After a temporary block by Democrats in the Texas Senate, a bill allowing continuation of the Texas Department of Insurance passed the Senate and headed to the House of Representatives for deliberation. Sen. Glenn Hegar of...
2009 Super Regional P/C Insurers™
May 4 2009 // The original criteria and objective definition for Super Regional P/C Insurers™ were established in the Feb. 12, 2007 issue of Insurance Journal. Prior to the establishment of an industry-wide definition, a number of...
Agents, Rate Your Regional Carriers in a New Insurance Journal Sponsored Survey
May 4 2009 // Channel Harvest Research and Insurance Journal have announced a major new study in the independent agency system that will probe agents’ attitudes toward carrier relationships and the insurance companies they...
Insurance ‘Relatively Unaffected by Recession,’ Boasts Berkshire’s Buffett
May 4 2009 // Being a big insurer will cost Berkshire Hathaway Inc. dearly when severe catastrophes strike, but it is a good place to be in the midst of an economic downturn, Chairman Warren Buffett said. “We are lucky,”...
Florida Lawmakers Pass Surplus Lines Insurance Regulation Exemption
May 4 2009 // Florida Gov. Charlie Crist has a bill on his desk that promises to clarify the state’s regulation of the surplus lines insurance business. The Florida Senate on May 1 joined in the House in passing the measure...
Texas Senate Approves Windstorm Bill
May 4 2009 // The Texas Senate approved a new structure for the state’s depleted windstorm insurance fund last week, providing a combination of potential rate hikes, bonding and other revenue to ensure the account gets...
Declarations
May 4 2009 // Column as You See ‘Em “The insurance companies that wrote credit default swaps were happy not to be regulated.” —Comments by Allstate Chief Executive Tom Wilson in a New York Times op-ed column that...
Commissioner Says Insurers Violated Maryland Regulations
May 4 2009 // A year-long investigation by the Maryland Insurance Administration has found that 67 of the state’s 119 car insurers underpaid claims, Commissioner Ralph S. Tyler said. State regulators have fined the companies a...
