Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Fitch Revises Insurer Debt Ratings Methodology
Feb 13 2001 // Fitch has made several minor revisions to its methodology for insurance industry debt ratings. The new standards are discussed in the recently published criteria report titled ‘The Relationship Between Insurer...
NAII Decries Bill Restricting Insurers’ Comments on Market Conduct Exams
Feb 13 2001 // The California Department of Insurance insists the goal of a proposed emergency regulation is to make sure that insurers use plain English on all posted market conduct exams, but according to the National Association of...
Carriers Battle Alleged Taxicab Market Fraud
Feb 12 2001 // In what looks uncomfortably like a return to the offshore scams of the late ’80s, several reports of questionable taxicab policies using the names of two well-known carriers have recently surfaced in California. The...
Commercial Auto: The Long Road Back to Profitability
Feb 12 2001 // The signs were there in 2000—and now it can safely be said that prices in the commercial auto industry are definitely firming. But how long it will take the industry to truly return to profitability is still hard to...
BANKING ACT BRINGS INSURER PROTEST
Feb 12 2001 // The Independent Insurance Agents of America (IIAA) and the National Association of Insurance and Financial Advisors (NAIFA) expressed opposition to the draft National Bank Act, which was recently proposed by the American...
Fortis To Acquire Stake in Malaysian Insurer
Feb 9 2001 // Fortis, the Belgian-Dutch financial services group, announced that it will acquire a 30 percent stake in the insurance unit of Malaysia’s Maybank for $90 million. The insurance holdings, chiefly Mayban Life Assurance...
InsureHiTech Sets Its Sights High, Opens Austin Office
Feb 5 2001 // Redefining the insurance industry is no small task. Just ask Rick Maloy, president of InsureHiTech, a company that has great hopes of changing the agency management system of every insurance agent, broker and carrier in...
Anti-Fraud Efforts Become Top Priority For Departments of Insurance
Feb 5 2001 // In an effort to assist insurers and departments of insurance, the National Association of Insurance Commissioners has undertaken the daunting task of compiling a directory of how departments of insurance across the country...
Good Samaritan Liability
Feb 5 2001 // Following the Bible parable, a Good Samaritan is a person who reaches out and takes care of someone when he or she has no obligation to do so. Generally, Good Samaritans are to be praised, while those who pass on the other...
INSURERS CITE DATA LIMITS
Feb 5 2001 // Four insurance trade associations have said they cannot supply data to federal safety regulators that will indicate whether certain passenger vehicles pose a potential danger to consumers. In a joint statement filed with...
New Law Requires Insurers to Provide Consumer Bill of Rights
Jan 30 2001 // A new law went into effect Jan. 1, 2001, requiring insurers to provide insureds with an Auto Body Repair Consumer Bill of Rights. All insurers that issue automobile liability or collision policies must distribute the...
Insurers Cite Data Limits on Vehicle Defects
Jan 26 2001 // Four insurance trade associations have said they cannot supply data to federal safety regulators that will indicate whether certain passenger vehicles pose a potential danger to consumers. In a joint statement filed last...
Japan’s Softbank To Take Over Failed Life Insurer
Jan 24 2001 // Japan’s Softbank Corp. is reported to be seeking to enter the life insurance market through its Softbank Finance Co. unit, which is seeking to acquire the policies and remaining assets of failed insurer Taisho Life...
Insurers 2000 Cat Losses Total $4.3 Billion, 53 Percent Below 10-Year Average
Jan 24 2001 // U.S. property/casualty insurers paid $4.3 billion in catastrophe claims, making 2000 the second-lowest year for catastrophe losses in the last 10, according to estimates by Insurance Services Office’s Property Claim...
Worcester Woman Sentenced for Embezzlement From Insurance Company
Jan 23 2001 // Jetzenia Ortiz, 24, of Worcester, Mass., was sentenced to 15 months in prison, $400,000 in restitution for embezzling that same amount from her employer, Unum Provident. Ortiz pleaded guilty to the charges, saying that...
U.K.’s Prudential To Buy Japanese Life Insurer
Jan 23 2001 // The U.K. ‘s Prudential announced plans to purchase Japan’s Orico Life, a subsidiary of Orient Corp., for 23 billion yen (around $200 million). The move will further strengthen the company’s Asian...
Florida-Based Insurer Brown Brown Reports 29 Percent Increase in Net Income
Jan 23 2001 // Brown & Brown Inc. has reported a 29 percent gain in fourth-quarter net income. But the big gain was not reflected in the company’s stock, which closed at $32.75 a share, down $2.25. Earnings for the fourth...
Fund Eyed for Privatization; Industry Balks at Comptroller’s Recommendation to Sell TWCIF
Jan 22 2001 // As part of an effort to privatize government units, Texas State Comptroller Carole Keeton Rylander has recommended that the Texas Workers’ Compensation Insurance Fund be sold to the highest bidder. The...
Liability Insurers and Rights of Reimbursement
Jan 22 2001 // Liability insurers face three especially difficult litigation problems. One of them arises when an insurance contract provides that an insurer has a duty to defend, and it is not clear from the plaintiff’s petition...
Managing The Risk From Climate Change
Jan 22 2001 // Whether it is the dry desert heat of El Paso or the humid sauna of Houston, people who grew up in Texas know that its summers are naturally hot. For people in Dallas, last summer was no exception. After 44 days in the...
