Nov 24, 2010

Daily Headlines: Wednesday, November 24, 2010

Insurance Journal Daily Headlines
November 24, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Final Claims Process for BP Oil Disaster Victims Begins

The administrator of the $20-billion fund created by BP Plc to compensate Gulf of Mexico oil spill victims announced plans Wednesday for...

U.S. Treasury Hires Adviser to Sell Government's Shares in AIG

The U.S. Treasury hired Greenhill & Co. to help it dispose of its investment in bailed-out insurer American International Group, which...

State Legislators Adopt Surplus Lines Tax Compact, Compliance Resolution

The National Conference of Insurance Legislators (NCOIL) has adopted a revised version of the Surplus Lines Multi-State Insurance Compact...

SAP to Pay $1.3 Billion Damages to Oracle for Copyright Infringement

SAP AG must pay Oracle Corp $1.3 billion for software theft in a jury verdict that could be the largest-ever for copyright infringement. The...

S&P Lowers Fireman's Fund ratings to 'A+' from 'AA-'; Outlook Stable

Standard & Poor's Ratings Services has lowered its counterparty credit and financial strength ratings on Novato, Calif.-based Fireman's...

Ratings Recap: National Guaranty, Standard Casualty, Affiliates RRG

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of National Guaranty Insurance...

Insurance Journal Magazine Unveils Android Phone Application

Insurance Journal, the leading news source for the property/casualty insurance industry, has launched a new Android phone application, that...

From MyNewMarkets.com Why Restaurant Insureds Should Invest in Cyber Risk Coverage

The Internet has dramatically changed the way most companies operate. For many businesses, their insurance may not have kept pace with their...
East

Report: New Jersey Motorcycle Deaths Drop

A new report shows a drop in deaths from motorcycle accidents in New Jersey — a change that's good news for both riders and safety...

Hate Crime Victim's Estate Sues New York Authorities

The estate of an Ecuadorean immigrant has filed a $40 million civil rights lawsuit that blames police inaction over prior violence for the...

Drivers Beware When Deer Search for Mates

Paula Reid was cruising at the speed limit on U.S. 460 in Virginia, near Montvale, her big BMW sedan slicing through the dark highway's...
Midwest

Gov.-Elect Kasich Names Sen. Buehrer to Head Ohio Workers' Comp Bureau

Ohio Governor-elect John Kasich named Senator Steve Buehrer as administrator of the Bureau of Workers' Compensation. Buehrer, a Republican...

Breckenridge Buys St. Louis Wholesale Broker IPSICO

Ohio-based wholesale insurance broker and program administrator Breckenridge Insurance Services has acquired the assets of International...

Brown & Brown Acquires Indiana's Mavum Consulting

National insurance broker Brown & Brown has acquired the assets of Mavum Consulting, LLC and Mavum Risk Management, LLC of...

Ohio to Require Electronic Funds Transfer for Insurance Product Filings

Beginning Jan. 1, 2011, the Ohio Department of Insurance will require fees for rate, rule and form filings be filed via the System for...

Pre-Paid Funeral Services Controlling Officials Indicted

The U.S. Attorney's Office announced the indictments of six controlling officials of National Prearranged Services Inc., in a 50-count...
Southeast

Is Gas Drilling Causing West Virginia Earthquakes?

Officials say there's no clear explanation for what may have prompted several earthquakes near Frametown earlier this year. Some have...

Lawsuit Challenges UMiami Use of Credit History in Job Screenings

A federal lawsuit contends that University of Miami credit history checks of job candidates discriminate unfairly against minorities. The...
Texas / South Central

2 Louisiana Insurance Producers and Employee Served with Fine Notices

Two Slidell, La., producers were served with fine notices by Louisiana Department of Insurance Fraud Section Investigators on Nov. 19 for...

Texas Employers Now Can Report Workers' Comp Status Online

State law requires Texas employers who do not carry workers' compensation insurance coverage to report their non-coverage status and...

UNT Insurance Students Land Fort Worth CPCU Society Scholarships

The CPCU Society's Fort Worth Chapter announced the winners of its annual scholarship program on October 26, 2010. The winners for 2010 were...

ICT Kicks Off Crime Prevention Program in El Paso

The Insurance Council of Texas (ICT) has joined with State Farm Insurance Co. in introducing the state's Hide, Lock and Take program to law...

IIAH Young Agents Begins 2nd Annual Be An Angel Drive

The IIAH Young Agents of Houston kicked off their second Annual Be An Angel Drive with a silent auction that was held at the IIAH 2010-2011...
West

Fireman's Fund Insurance Rating Lowered To 'A+,' Outloook Stable

New York-based Standard & Poor's Ratings Services has lowered its counterparty credit and financial strength ratings on Novato,...

California Delays Licensing Implementation Six Months

The California Department of Insurance is delaying for six months the implementation of a new licensing requirement for fire and casualty...

Lloyd's Chairman To Discuss Emerging Risks on Dec. 2

"Risk-taking lies at the heart of business operations, and it can also lead to problems if not handled properly," said Anil Puri, dean of...

EQECAT Appoints Little Sr. VP of Global Client Development

Oakland, Calif.-based catastrophe risk modeling firm EQECAT Inc. has named Paul C. Little senior vice president of global client...

Washington L&I Appoints Dupre Assistant Director for Insurance

Washington's Department of Labor and Industries has appointed Beth Dupre assistant director for insurance services. She will oversee...
International

UK MGAs Gather to Support New Managing General Agents' Association

The UK's insurance industry has spawned numerous professional and trade associations over the years, but, oddly enough, one of the most...

UN Agency Concludes Greenhouse Gases at Record Levels

Concentrations of the main greenhouse gases in the atmosphere have reached their highest level since pre-industrial times, the World...

European Union Faces Both a Debt and a Communication Crisis

The European Union has deployed billions of euros and endless words to try to contain its sovereign debt crisis this year, but poor...

Newly Formed Aliseo Re Enters Global Retrocession Market

Barbados-based Aliseo Reinsurance SCC announced its entry into the global retrocession market with an initial capitalization of $300...

S&P Revises Outlook on XL Group to Stable; Affirms Ratings

Standard & Poor's Ratings Services has revised its outlook on XL Group Ltd. and its subsidiaries to stable from negative. S&P also...

Ratings Recap: Oil Casualty, Bison, East Africa Re, Kenya Re

A.M. Best Co. has assigned a financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" to Bermuda-based Oil Casualty...
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A Windfall for Storm Claims

The insurance industry just unveiled a giant, $40 million wind chamber that is capable of...

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New Discussions in the Forums

Umbrella underlying limits
Posted: Mon Nov 22 -- ladybroker, you are correct. Technically it is not a SIR in the context of the policy and I should have clarified further. My point was that... azcompanyman
SIAA vs. Cluster?
Posted: Mon Nov 22 -- My Golden, I am a regional manager in MA for The Iroquois Group. We are one of the lagest Clusters/Agency Networks in the counttry. You are... nnabro3
State Farm Commission Structure
Posted: Mon Nov 22 -- There are different structures they can use for new agents. It varies with the number of policies they start you off with. If you are taking... magazine
Ex-Dates
Posted: Fri Nov 19 -- Jimmy, Was wondering if you could give us an update on the program you mentioned now that it's well over a year later? Are you still using... hfiagency

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November 15, 2010

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