Legislation - Latest Insurance News

Perry Says Texas Lawmakers Will Deal With Insurers Dodging Rollbacks

Nov 14 2004 // Texas Gov. Rick Perry recently sent a message to State Farm and Farmers insurance companies, who have successfully fought state-ordered rate rollbacks for homeowners policies. “I’m not happy at all when...

Two Southeast States Could Reconsider Anthem/WellPoint Merger

Nov 11 2004 // Georgia and West Virginia are two southeast states that could reconsider their earlier approval of the Anthem Inc./WellPoint merger, after California’s $265 million concessions package in California. Seven other...

N.J. Repairs Contractors’ Registration Act

Nov 11 2004 // New Jersey Gov. James McGreevey has signed into law a measure sought by agents and insurers that removes troublesome provisions from the Contractor’s Registration Act. The amendments fix a provision that required...

State Farm Decision to Stay in New Jersey Auto Market Latest Sign of Improved Insurance Environment

Nov 10 2004 // A flurry of special dividends and a series of rate reduction announcements from auto insurers, coupled with increased competition and new regulations adopted by the New Jersey insurance department, are helping to reshape...

CIAB Makes Recommendations on NAIC Proposed Compensation Regulation

Nov 10 2004 // In a letter to the National Association of Insurance Commissioner President, Diane Koken, who also serves as the commissioner of the Pennsylvania Insurance Department, the Council of Insurance Agents & Brokers...

PCI Seeks November Vote on Class Action Reform

Nov 10 2004 // In a letter to Senate Leaders, Property Casualty Insurers Association of America Senior Vice President, Government Affairs, Carl Parks this week urged the passage of class action reform legislation before Congress adjourns...

Judge Rules Against Mutual Benefits In Favor of SEC

Nov 10 2004 // A federal magistrate judge late today upheld findings by the U.S. Securities and Exchange Commission (SEC) that Mutual Benefits Corporation (MBC), the nation’s largest viatical settlement company, engaged in...

Marsh to Lay Off 3,000 in Cost-Cutting Move

Nov 9 2004 // Marsh & McLennan Companies Inc. (MMC) today revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk...

State Farm, Farmers Win a Round in Texas as Judge Strikes Down Mandated Rollbacks

Nov 9 2004 // A state district judge in Texas overturned mandated rate rollbacks in homeowners insurance for State Farm and Farmers insurance companies, but the Texas Department of Insurance is reportedly not ready to give up the...

Big ‘I’ Takes Proactive Approach to Issues in the Spitzer Investigation

Nov 8 2004 // By now, you probably are aware that insurance broker Marsh & McLennan Companies Inc. and Marsh Inc. (collectively Marsh) were sued in New York on Oct. 14 based on allegations of engaging in certain illegal business...

The October Surprise

Nov 8 2004 // In a not-so-far-away land not too long ago, insurance professionals were decrying the actions of high ranking officers of companies like Enron, WorldCom, Tyco, etc., for their challenged ethics, their “I’m on...

Industry in the Bull’s Eye

Nov 8 2004 // In the days after New York Attorney General Eliot Spitzer filed a civil lawsuit against insurance broker Marsh & McLennan Companies Inc. for alleged commercial account steering and bid rigging, the insurance industry...

Looking at the Med-Mal Crisis from Both Sides

Nov 8 2004 // Insurance Journal National Editor Andrea Ortega-Wells recently moderated a “Take Two” debate discussing the hot topic of medical malpractice, and what, if any, reforms are needed. The debate features Paula...

Unfair Trade Practices Unfair to Insurance Agents

Nov 8 2004 // Here is a tale of two sellers. A realtor sold a home in a quiet neighborhood to a nice family. Shortly after settling in, the new homeowners begin to discover certain defects in the property, which had not been disclosed...

Scandal in the Industry

Nov 8 2004 // The industry was rocked weeks ago with the announcement of New York Attorney General Eliot Spitzer’s charges against Marsh & McLennan. While Spitzer’s probe had been known for some time, the unexpected...

RemedyTemp to Appeal Workers' Comp Case Appeals Court Ruling

Nov 8 2004 // The California Insurance Guarantee Association (CIGA), will not be held responsible for covering workers’ comp claims filed by 500 of the staffing agency’s employees who were insured by insolvent carrier...

Legislative watchdogs put a fresh spin on traditional lobbying techniques

Nov 8 2004 // Lobbying has been around for as long as any single profession has been around, but it has changed. It isn’t what it used to be,” said John Norwood, managing partner of Norwood & Mattoch, one of...

States Loathe to Lose Say Over Insurance Plans

Nov 8 2004 // Strong objections are being voiced in the states to part of President Bush’s prescription to make health insurance more affordable for small businesses. The principal worry is that states will lose the ability to...

Calif. Commissioner Proposes New Broker Regulations, AG Steps In

Nov 8 2004 // In response to New York Attorney General Eliot Spitzer’s charges against super brokerage Marsh McLennan, California Insurance Commissioner John Garamendi proposed new regulations for agents and brokers Oct. 20 which...

Big “I” Takes Proactive Approach to Issues in the Spitzer Investigation