Currents

State Fund severs ties with group administrator; issues update on audit

California’s State Compensa-tion Insurance Fund has terminated its relationship with Western Insurance Administrators and resumed its relationship with Shasta Builders’ Exchange. “I can confirm we don’t have a business relationship with Western Insurance Administrators any longer,” State Fund Spokeswoman Jennifer …

Mass. warned on coastal development and insurance

A major hurricane making landfall in Massachusetts could cause billions of dollars worth of property damage while also severely straining the resources of the state’s residual homeowners’ insurance market, the FAIR Plan, according to the industry. Dr. Robert Hartwig, president …

Business cheers as S.C. orders objective workers’ comp standards

South Carolina Gov. Mark Sanford was joined by business groups from across his state when he signed an executive order last month ordering that the Workers’ Compensation Commission apply objective standards when making workers’ compensation awards. The South Carolina Supreme …

Commerce Banc Insurance to be sold

Canada’s TD Bank Financial Group reported that it will acquire the Mid-Atlantic regional bank Commerce Bancorp Inc. in a 25 percent cash and 75 percent stock deal valued at $8.5 billion. If approved, the purchase would double TD Bank’s presence …

Ky. Gov. Fletcher willing to compromise on medical tort reform

In a blunt assessment, Kentucky Gov. Ernie Fletcher told fellow doctors recently that chances of limiting pain-and-suffering damages in medical malpractice cases are bleak because of resistance from some state lawmakers. The governor expressed a willingness to compromise if he …

Plaintiffs fail to prove racketeering by Marsh, insurers and brokers

Dismissal of corruption conspiracy charges follows earlier dismissal of antitrust complaint The same federal judge who early in September dismissed all federal antitrust charges against Marsh & McLennan Companies and a group of other brokers and insurers has now thrown …

Miss. candidates spar over public service records

The two men running for Mississippi insurance commissioner say encouraging competition is the key to reducing consumer’ costs as the state continues its recovery from Hurricane Katrina. But that’s about where the candidates’ similarities end. During a recent luncheon in …

Fired-up over safer cigarettes

Now 21 states require cigarettes to be self-extinguishing Cigarettes sold in 21 states will be self-extinguishing after a strikingly high 15 states passed new laws this year to combat smoking-related blazes, the No. 1 cause of home-fire deaths. “Fire-safe” cigarettes, …

Fla. high court affirms insurers need pay for covered perils only

Florida’s valued policy law means property insurance companies are only responsible for actual damages caused by perils that are specifically cited in the policy, the Florida Supreme Court has affirmed in a key decision. Plaintiffs in the case, who had …

Former franchisees challenge Brooke agent dealings

Overland Park, Kan.-based insurance agency franchisor Brooke Corp. has been hit with a number of lawsuits that raise questions about its business dealings with agents who bought into its nationwide operation, which now boasts some 800 locations. Brooke Corp. itself …

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