Insurance News

Posts Tagged ‘8217

Chester, UK, February 24, 2011 (Insurance Headlines) February 25, 2011– Consumers with high interest-bearing debts can find relief by consolidating their balances to MBNA?s exclusive online credit card and enjoy a lower long-term rate.

The MBNA Rate for Life credit card offers a promotional rate of 5.9% and a low handling fee of 1.5% on all balance transfers and money transfers made within the first 60 days of opening an account, and Read the rest of this entry »

WASHINGTON — The first warning sign was a house in Humble.

Between 1977 and 1995, the National Flood Insurance Program paid out $806,591 for repeated storm damage to a suburban Houston home that was valued at $114,480. If you think the math doesn’t add up, you’re not the only one.

The federal government’s program to protect coastal residents from nature’s devastation has coughed up more than $8 billion over the past 15 years for more Read the rest of this entry »

As last week came to a close, two long-simmering legislative issues of great import to the insurance industry came to a head as the Senate passed financial service reform legislation and the house passed a bill that would extend the National Flood Insurance Program (NFIP) for five more years.

After a couple of years of legislative tumult, Jimi Grande, SVP of federal and political affairs for the National Association of Mutual Insurance Cos., Read the rest of this entry »

The credit profile for personal lines of insurance in the United States is stable, despite intense underwriting competition and a weak economy, Moody’s Investors said.

In a report, the New York-based rating agency cites the sector’s core underwriting earnings power, resilience to a weak economy and good risk-adjusted capitalization as reasons for the stable outlook.

The company said it expects core underwriting earnings (excluding Read the rest of this entry »

The state?s highest court yesterday upheld the Massachusetts Division of Insurance?s decision to temporarily exempt auto insurance companies that are new to the Bay State from having to cover high-risk motorists.

The Supreme Judicial Court?s ruling was the result of a lawsuit filed by Arbella Mutual Insurance, a Quincy carrier that claimed Nonnie S. Burnes ?exceeded her authority?? when she was insurance commissioner and favored Read the rest of this entry »

A New York independent agent?s group said it is moving ahead with a lawsuit to block the state?s insurance department from implementing new agent and broker compensation disclosure regulations.

The Independent Insurance Agents & Brokers of New York said it planned to go to court to keep the New York Insurance Department from implementing rules published today in the State Register.

Those regulations would require insurance agents Read the rest of this entry »

Allstate is denying a charge by an agent group that it has a goal of eliminating more than 3,000 agents in three-to-five years.

Jim Fish, executive director for the National Association of Professional Allstate Agents (NAPAA), said an internal company memo laying out the company?s strategy to grow its business in the future calls for the elimination of up to 3,300 agents whose business has not grown to between $3 million and $4 million Read the rest of this entry »

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.

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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.

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AUGUSTA, Maine – Motorists, drop those cellphones. And lose the laptops, bag the Big Macs, and nix the newspapers and roadmaps while you?re behind the wheel. It?s now against the law to drive while distracted in Maine.

More than a dozen states have passed laws making texting while driving illegal, and some states and cities have outlawed use of cell phones while driving. A bill in Congress would force states to ban texting or e-mailing Read the rest of this entry »