Figures

$1.07 million

The fine imposed against the owners of Rhode Island’s The Station nightclub for failing to carry workers’ compensation insurance at the club, the site of a 2003 fire that killed 100 people. Owners Jeffrey and Michael Derderian sought to have the state fine wiped out after filing for bankruptcy protection last year. But a federal bankruptcy judge has ruled the fine could not be discharged under bankruptcy law.

6%

The State Farm rate cut for homeowners and rental policies approved by Delaware Commissioner Matthew Denn. Denn also allowed other cuts for auto insurance policies: American International Pacific Insurance Co., 7.1 percent; American International South Insurance Co. , 4.1 percent; Birmingham Fire Insurance Co., 4.1 percent; Harleysville Preferred Insurance Co., 9.4 percent and Westfield Insurance Co., 2.6 percent.

$1,221

The average auto insurance premium in 2004, one year after the state adopted major reform to the system, according to figures from the National Association of Insurance Commissioners. New Jersey drivers had the highest auto insurance bills in the nation in 2004. Average premiums in New Jersey, at $1,221 per vehicle per year, were 46 percent higher than the national average of $838 in 2004.

-7.9%

The voluntary market workers’ compensation loss cost reduction for industrial risks approved in Virginia. The State Corporation Commission also approved a 9.7 percent cost increase for surface coal mines and a 13.8 percent cut for underground coal mines. Assigned risks rate revisions include a 8.2 percent reduction for industrial; a 19.2 percent reduction for federal; a 17.4 percent reduction for underground mines and 6.9 percent increase for surface mines. The changes will become effective April 1, 2007, for new and renewal workers’ compensation policies.

2.7%

The hike in workers’ compensation rates for the assigned risk market approved in Delaware. Insurance Commissioner Matt Denn also said he would approve no increase in costs for voluntary market workers compensation rates. The Delaware Compensation Ratings Bureau had applied for increases of 4.05 percent in the loss costs for the voluntary market and 6.72 percent for the residual market.

$25 million

The figure defining a high net worth individual in a new law signed by Massachusetts Gov. Mitt Romney that creates an exclusion governing the guaranty fund that covers claims when an insurer becomes insolvent. The Massachusetts Insurers Insolvency Fund (MIIF) will not be obligated to pay first party claims to a high net worth insured.