PwC Says Insurance Sector In Top Tier Of Fraud Impacted Businesses
Posted by: incur on: November 24, 2009
NEW YORK ?The insurance industry was the second most fraud-prone industry sector behind communications according to a global economic crime survey released yesterday by PricewaterhouseCoopers.
In a massive wide-ranging report based on information from 3,037 respondents, the consulting firm also found that companies in their efforts to head off crime have more than tripled their use of fraud risk management.
At a news conference Read the rest of this entry »
Groups oppose property/casualty prudential supervision
Posted by: incur on: November 23, 2009
WASHINGTON?Five property/casualty insurance trade groups sent a letter Tuesday to House Financial Services Committee Chairman Barney Frank, D-Mass., reiterating their concerns about how their industry would be treated under the Financial Stability Improvement Act.
?We believe that any federal proposal to subject financial companies to heightened prudential supervision should start from the premise that property and casualty companies Read the rest of this entry »
U.S. Proposes Bus Seat Belts, Driver Cell-Phone Ban
Posted by: incur on: November 20, 2009
The U.S. government wants to monitor bus operator fatigue, ban driver cell-phone use and require the installation of seat belts on buses to improve highway safety.
Transportation Secretary Ray LaHood, who helped ban federal employees from texting while driving, proposed the commercial bus safety steps in a plan posted today on the Transportation Department?s Web site.
Motor coaches carry about 750 million travelers annually, with about Read the rest of this entry »
The Sky Isn’t Falling, But the Regulators are Coming
Posted by: incur on: November 20, 2009
Gaining new authorization under President Barack Obama?s administration in 2009, financial services regulators will likely transform this sense of empowerment into a broad array of new rules and agencies, as well as stepped-up enforcement actions in 2010, according to regulatory compliance experts at Wolters Kluwer Financial Services, a provider of compliance, content and technology solutions, and services geared toward risk management.
Survey: Producer Requirements Varied
Posted by: incur on: November 18, 2009
A survey of 275 insurance producers in the United States during September 2009 finds that agents craft their business requirements based on age, experience in the field and unique position within the industry. So says research results released by Mintel Comperemedia, a service that provides direct marketing competitive intelligence,
The survey results include:
? Independent agents rank marketing support higher than captive agents Read the rest of this entry »
Financial services bill includes insurer reforms
Posted by: incur on: November 18, 2009
WASHINGTON?The inclusion of surplus lines reform in a massive financial services regulatory reform bill released last week was welcomed by insurers and risk managers, although some fear other measures in the bill could have unintended consequences for the insurance industry.
The draft of the Restoring American Financial Stability Act, unveiled last week by Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, Read the rest of this entry »
It’s Still A Buyers’ Market
Posted by: incur on: November 18, 2009
With layoffs and lower sales volume decreasing demand for insurance coverage, the recession continues to deeply depress renewal rates for property and casualty insurance programs, according to the most recent RIMS Benchmark Survey.
The survey, administered by Advisen Ltd. on behalf of the Risk and Insurance Management Society, tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.
Michigan ballot drive would drop insurance rates 20%
Posted by: incur on: November 13, 2009
Michigan voters could decide whether to reduce automobile, home and business insurance premiums by 20 percent if a proposal qualifies for the 2010 statewide ballot.
The form of a legislative initiative submitted by a group called Fair Affordable Insurance Rates was approved Monday by the Board of State Canvassers. Supporters still must collect more than 304,000 valid voter signatures and clear other procedural hurdles to put the measure Read the rest of this entry »
Senate panel adds surplus lines to regulatory bill
Posted by: incur on: November 13, 2009
WASHINGTON?Inclusion of a provision to streamline the regulation of surplus lines insurers in a comprehensive financial regulatory reform bill is drawing plaudits from industry observers.
Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-Conn., included the Nonadmitted and Reinsurance Reform Act as part of the 1,136-page discussion draft of the Restoring American Financial Stability Act of 2009, which he Read the rest of this entry »
