Latest New York Headlines

New York Closes Receivership of Insolvent Texas Insurer

Nov 2 2008 // The New York Liquidation Bureau said it has completed all necessary steps to bring to a close the ancillary receivership in New York of American Eagle Insurance Company, a Texas-based property/casualty firm declared...

New York Hotel Worker Charged with Workers Compensation Fraud

Oct 28 2008 // A 49-year-old Nassau County, New York woman has been arrested on charges of fraudulently collecting $20,000 in workers’ compensation benefits, the New York State Insurance Department reported. Maria Escobar, of...

U.S. Treasury Mulls Aid Program for Life, Bond, Mortgage Insurers

Oct 27 2008 // The Treasury Department is studying how it could give relief to insurance companies under a $700 billion financial services rescue package, two sources familiar with the deliberations said Friday. The Troubled Asset Relief...

New York AG Confirms Pay Freeze for Ex-AIG Execs Sullivan, Cassano

Oct 22 2008 // Troubled insurer American International Group Inc. will freeze payments to a former CEO and officers of the unit that was the main source of its financial problems, New York Attorney General Andrew Cuomo said...

U.S., New York Officials Probe Credit Default Swap Market

Oct 21 2008 // Federal and New York state prosecutors have launched an investigation of the credit default swap market, inquiring whether speculators had manipulated CDS transaction data to put more pressure on the shares of banks...

New York Insurance Chief Seeks Contract Certainty for Large Policies

Oct 21 2008 // New York officials are putting pressure on insurers and brokers to sew up the details of most large commercial insurance policies and deliver finished contracts to customers within 30 days of inception to avoid uncertainty...

PURE Approved to Sell Homeowners Coverage in New York

Oct 21 2008 // White Plains, N.Y.-based Privilege Underwriters Reciprocal Exchange (PURE) has received approval from the New York State Insurance Department to begin offering homeowners and other personal lines insurance in The Empire...

New York, Bermuda Sign Regulatory Working Pact

Oct 20 2008 // Insurance regulators in New York and Bermuda have agreed to closer cooperation in overseeing insurance matters. New York State Insurance Superintendent Eric Dinallo and Matthew Elderfield, chief executive officer of the...

Business Moves

Oct 20 2008 // Wells Fargo, Wachovia Wells Fargo & Co. has won the bidding for Wachovia Corp., beating out Citicorp. Citicorp, while stepping aside, said it plans to pursue damages for interference with the deal it had worked out...

Brooke Corp. Faces Lawsuits by Illinois and New York Banks

Oct 20 2008 // Overland Park, Kansas-based Brooke Corp. faces a lawsuit by a bank seeking $13 million plus interest and costs for breach of contract. The suit was filed the last week in September 2008 in federal court in Illinois by...

Shrinking Citizens Signals Progress in Florida Property Market

Oct 20 2008 // Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance...

People

Oct 20 2008 // Angelo Ganguzza, vice president of Boca Raton, Fla.-based LIG Insurance Agency and Kimberly Langston Gray, managing partner of Langston Insurance Agency in central Florida, accepted election to the Professional Insurance...

Oct 20 2008 // Darleen Madden has been elected president of the Independent Insurance Agents of Dallas (IIAD) for a term beginning Sept.1, 2008, through August 2009. Madden is co-owner of Glenn-Madden & Associates located in Dallas,...

New York City Hosts Crane Safety Conference

Oct 17 2008 // Crane safety experts from around the nation are meeting in New York City to discuss national standards following several deadly crane accidents this year. Nine people died in two crane collapses earlier this year in...

New York AG Goes After AIG Exec Compensation, Event Expenses

Oct 16 2008 // During recent Congressional hearings into the financial crisis at American International Group (AIG) and the resulting $85 billion federal bailout for the financial giant, Rep. Elijah Cummings, D-Md., asked former AIG CEO...

Insurers to New York: It’s Not Just Gas That Drives Insurance Rates

Oct 16 2008 // The Property Casualty Insurers Association of America (PCI) said it was disappointed by New York regulators’ decision to deny most auto insurers’ rate increases based on the assumption that higher gas prices...

Ex-New York Insurance Broker Sentenced to Probation

Oct 15 2008 // A 59-year-old former New York insurance broker who sold insurance despite having his license revoked in 2002 was sentenced to five years’ probation yesterday for pocketing $90,000 in premiums from businesses in...

New York, United Kingdom Regulators Sign Cooperation Arrangement

Oct 15 2008 // New York State Insurance Superintendent Eric Dinallo and Hector Sants, chief executive officer of the United Kingdom Financial Services Authority – the United Kingdom’s insurance regulator – have signed a...

New York Governor: Gas Prices Lowered Auto Premiums by $515M

Oct 15 2008 // New York drivers will pay almost $515 million less than what auto insurance companies were originally seeking to charge next year, said Governor David A. Paterson, announcing that auto insurance rates for New York drivers...

Forecast: NYC Building Boom Will Peak in 2008

Oct 15 2008 // New York City’s building boom will peak this year, with construction jobs plunging from a record 130,100 in 2008 to 100,250 in 2010, according to a report released yesterday. The report by the New York Building...