Insurance News

Posts Tagged ‘over

Secret’s out.

For more than a decade, Prudential Financial Inc. has had a confidential arrangement with the U.S. Department of Veterans Affairs to withhold lump-sum payments of life-insurance benefits to the family of dead soldiers, so that Prudential could invest that money and keep whatever cash it made it itself, Bloomberg News reported.

The VA failed to inform soldiers and their families of the agreement. Prudential, the second-largest Read the rest of this entry »

Last April, Ivor van Heerden, an internationally known hurricane expert, was told he was losing his job at Louisiana State University. He and other experts said it was because of his outspoken criticism of the federal government?s flood protection of New Orleans; the university would not comment.

Now Dr. van Heerden, the former deputy director of the L.S.U. Hurricane Center, is suing the university to get his job back. His lawyers filed Read the rest of this entry »

While commercial and homeowner insurers are determining how to handle the financial headache they allege some Chinese drywall is causing, claims and costs continue to mount.

Several small private insurance companies have filed pre-emptive declaratory judgment motions in Florida state courts, saying they are not obligated to cover damages caused by the tainted drywall based on exclusions in their policies. While no large commercial insurers Read the rest of this entry »

Last year was a watershed for many industries, and the insurance-linked securities market was no exception. ILS is a sector that has gained considerable momentum in the last decade, and was included in the same category as other, more volatile financial products. Unlike other financial products, however, catastrophe bonds?a major component of the ILS market?held their values quite well during the downturn.

Despite the influence of market Read the rest of this entry »

A conservative think tank report challenging regulators? picture of the Florida home insurance market is out of focus, according to the Florida Office of Insurance Regulation.

OIR was responding to the Washington-based Competitive Enterprise Institute, which challenged the import of numbers reported by the OIR.

The CEI had stated that the agency?s report mischaracterizes the amount of capacity in the marketplace, but the OIR Read the rest of this entry »

MINNEAPOLIS —The nation’s insurance regulators have pressed insurance trade organizations for specifics on how use of credit in determining rates affects certain groups of people, and criticized the answers for not being specific enough.

Their comments came at a joint committee hearing during the National Association of Insurance Commissioners Summer Meeting, here.

NAIC’s Property and Casualty, and Market Regulation Read the rest of this entry »

The Obama administration on Monday will propose raising nearly $60 billion over 10 years through changes to the estate tax law and closing certain domestic tax loopholes, an administration official said.

Funds raised will go to beef up a health care reserve fund, a $634 billion pot of money President Barack Obama wants to use to revamp the health care system and expand insurance to tens of millions of Americans who lack it.

The White Read the rest of this entry »

WASHINGTON—The head of W.R. Berkley Insurance Co. testifying at a Senate hearing on the future of insurance regulation voiced support for creation of a “independent” federal insurance regulator as the best means of regulating property-casualty insurance.

But representatives of smaller insurers, state regulators and independent agents challenged that view, asking that legislators “act prudently and responsibly” before revising Read the rest of this entry »

WASHINGTON—The head of W.R. Berkley Insurance Co. testifying at a Senate hearing on the future of insurance regulation voiced support for creation of a “independent” federal insurance regulator as the best means of regulating property-casualty insurance.

But representatives of smaller insurers, state regulators and independent agents challenged that view, asking that legislators “act prudently and responsibly” before revising Read the rest of this entry »

WASHINGTON—The head of W.R. Berkley Insurance Co. testifying at a Senate hearing on the future of insurance regulation voiced support for creation of a “independent” federal insurance regulator as the best means of regulating property-casualty insurance.

But representatives of smaller insurers, state regulators and independent agents challenged that view, asking that legislators “act prudently and responsibly” before revising Read the rest of this entry »