Legislation - Latest Insurance News

Bus Company, Owner Found Guilty of Safety Violations in Texas

Oct 5 2006 // A South Texas company whose bus exploded and killed 23 nursing home residents as they fled from Hurricane Rita has been convicted of failing to maintain its buses and follow inspection regulations, and conspiring to lie on...

Financial Reporting Changes Create New Challenges for Actuaries

Oct 4 2006 // New laws and increased public scrutiny are changing financial reporting requirements in the property/casualty insurance industry. Actuaries, who play key roles in that critical arena, are being asked to broaden the scope...

Second Association Joins in Fight Against Garamendi Regulations

Oct 4 2006 // The Alliance of Insurance Agents and Brokers, La Verne, Calif., is drafting a letter to the California Office of Administrative Law in support of the recent petition by IBA West over the Insurance Commissioner’s...

Pa. High Court Denies Reinstatement of Liability Award Law

Oct 2 2006 // The Pennsylvania Supreme Court has rejected an effort by two high-ranking Republican lawmakers to revive a business-friendly law that would have altered how civil lawsuit awards are paid. In a one-sentence order released...

Hurricane Research Bill Introduced in U.S. Senate

Oct 2 2006 // U.S. Senator Mel Martinez, R-Fla., has introduced bipartisan legislation to implement a national hurricane research initiative designed to better research, predict and prepare for hurricanes. Martinez crafted the proposal...

Former Ohio Judge Must Pay Legal Fee, Court Rules

Sep 29 2006 // A former Franklin County judge must pay $587,000 in legal fees connected to her failed defense against accusations of misconduct, a federal judge ruled. Former Common Pleas Judge Deborah O’Neill, 51, owes the money...

California Anticipates Lowering Workers’ Comp Rates

Sep 29 2006 // Califiornia Insurance Commissioner John Garamendi announced he will likely recommend a further reduction in workers’ compensation insurance rates of at least an additional 6.3 percent. Based on pre-reform trends, the...

California Association Launches Attack on Garamendi Regulations

Sep 29 2006 // California’s Insurance Brokers and Agents of the West (IBA West) has launched a legal attack on what it is calling California Insurance Commissioner John Garamendi’s attempt to illegally redefine agent and...

Optional Federal Charter Legislation Introduced in the U.S. House

Sep 28 2006 // Rep. Ed Royce (R-Calif.), a senior Member of the House Financial Services Committee, today introduced legislation that would create an optional federal charter regulatory regime for life and property/casualty insurance...

Court Rules Hurt Prison Guard Not Entitled to Workers’ Comp

Sep 28 2006 // A California correctional officer who was hurt while helping at an accident while on his way to work is not entitled to workers’ compensation benefits, the Third Appellate District Court of Appeal has ruled. It...

House Passes Surplus Lines Regulatory Reform Legislation

Sep 27 2006 // The U.S. House of Representatives passed legislation that would apply single-state regulation and uniform standards to the nonadmitted insurance and reinsurance marketplace. H.R. 5637, The Non-Admitted and Reinsurance...

Industry to Congress: Permanent Solution to Terrorism Insurance Vital

Sep 27 2006 // Insurers, agents and business groups called on Congress to create a permanent solution safeguarding the economy against future terrorist attacks at congressional hearing today, “Protecting Americans from Catastrophic...

Susan Voss, Iowa, Commissioner of Insurance

Sep 25 2006 // Iowa is perceived by other states as a model in terms of the number of companies domiciled in the state and those wanting to do business there, as well as having a very stable legislative and regulatory environment. But...

The Commissioners

Sep 25 2006 // Hawaii:Perfectly poised for insurers in the Pacific Rim Although it is undeniably one of the 50 United States, Hawaii’s location at the edge of the Pacific Rim yields creative business opportunities throughout the...

Steven M. Goldman, New Jersey, Commissioner of Banking and Insurance

Sep 25 2006 // Steven M. Goldman was sworn in as Commissioner of the New Jersey Department of Banking and Insurance on March 20, 2006, after the Senate Judiciary Committee and full Senate unanimously approved his appointment. Prior to...

Fla. sinkhole law could mean premium savings for some

Sep 25 2006 // Residential property owners in Florida could potentially save from 4 to 14 percent on the sinkhole portion of their home insurance premium due to changes in coverage enacted earlier this year. However, because the sinkhole...

Cutting the fat in state regulation

Sep 25 2006 // Are we doing things we really should be doing from a regulatory standpoint to cut the cost of regulation? asked Property Casualty Insurers Association of America President and CEO Ernie Csiszar during the International...

Commentary: Newton’s Third Law

Sep 25 2006 // Sir Isaac Newton’s third law of motion — “For every action, there is an equal and opposite reaction” — wouldn’t appear to have much to do with the insurance industry. If the Street...

Farmers vows to appeal California court ruling

Sep 25 2006 // Farmers Insurance Exchange will appeal a decision by a San Diego Superior Court regarding premium payment plans offered to its customers in California and Nevada. In September, San Diego County Superior Court Judge Jay M....

Iowa’s open dialogue and stable environment a ‘draw’ for insurers