Jun 6, 2011

Daily Headlines: Monday, June 6, 2011

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Insurance Journal Daily Headlines
June 6, 2011
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Today's Headlines

National

Late May Storms to Cost Insurers Up to $7 Billion: AIR

The severe thunderstorms that struck the United States from May 20 to the 27 will result in insured losses to residential, commercial, and ...

Fed Eyes Steep Capital for Risky Financial Firms

The largest and riskiest U.S. financial firms could be forced to hold up to twice as much capital as called for in the international Basel ...

Stigma Keeps Many Firms From Reporting Cyber Attacks

Wary of alarming customers, many firms never report the kind of cyber attacks suffered by Sony, Google and others -- and as long as the ...

Supreme Court Rules Shareholders Do Not Need to Prove Loss Causation

Halliburton Co. suffered a legal setback Monday when the U.S. Supreme Court refused to make it harder for shareholders to proceed with some ...

Business, Home Safety Institute Changes Leadership

The Insurance Institute for Business & Home Safety announced a change of leadership with the elevation of Carl Hedde, senior vice ...

Buffett Lunch Bids Topping $1.5 Million

Double-dip recession or not, people will still pay any price to have lunch with Warren Buffett. The annual charity auction for lunch with ...

From MyNewMarkets.com Real Estate E&O Players Prepped and Ready for Market Turnaround

Insurers are beginning to see some flickers of confidence in the real estate industry, which means the market for real estate E&O...
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East

Agents Warn of Insurance Complications for NYC Contractors

Insurance agents are warning contractors in New York City that they may not be able to obtain increased coverage requirements called for by ...

Rhode Island Radio Personality Admits Insurance Scheme

A former Rhode Island disc jockey has pleaded guilty to an insurance fraud scheme involving a former North Providence town councilman ...

New Hampshire Association Repaying $17M

A nonprofit that manages New Hampshire's public employees' health insurance risk pool is repaying the health insurance pool $17 million ...
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Midwest

Michigan Court Tie Vote Favors Parental Immunity

A dispute between a divorced couple over the death of their daughter has created sharp differences at the Michigan Supreme Court about ...

Mistake on Address Nixes Michigan Sidewalk Lawsuit

A lack of precision has killed a lawsuit over a bad sidewalk and a broken arm. The Michigan Supreme Court last week overturned the state ...

Illinois Cheese Company Recalls Mozzarella Products

A northern Illinois cheese company is voluntarily recalling some of its mozzarella products because of possible antibiotic contamination. ...

Missouri Capital City Looking to Upgrade Tornado Sirens

Officials in Missouri's capital city have decided to look into improving its aging storm warning system, after a deadly tornado hit the ...

Messmore Named Acting Head of Illinois Insurance Department

Jack Messmore will serve as acting director of the Illinois Department of Insurance. He currently serves as chief deputy director of the ...

Illinois Insurance Department Publishes Information on New Civil Union Law

The Illinois Department of Insurance has published information for consumers and insurance professionals about a new state law that, ...
Southeast

Home Insurer Dropping 73,000 Policies in Alabama

Alabama's second largest insurer of homes, Alfa Insurance, announced plans Friday to not renew policies on one out of every six homes it ...

South Carolina Governor Expected to Sign Lawsuit Limits Bill

Punitive damage payouts for lawsuits will be limited for the first time in South Carolina under a bill the Legislature agreed last week to ...

Massey Criticizes Federal Report on West Virginia Mine Disaster

The company that owned the coal mine where 29 miners died in the worst U.S. mining disaster in four decades concluded the explosion was the ...

South Carolina Bill to Curb Copper Theft Goes to Governor

A South Carolina bill banning cash payments for copper appears one vote away from Gov. Nikki Haley's desk. The House voted last Thursday to ...

Florida’s NSI Insurance Merges with Royal Marine

Miami Lakes, Florida-based NSI Insurance Group it has merged with another Miami-based brokerage, Royal Marine Insurance Group. The combined ...

Sipos Joins All Risks in Florida

Paul Sipos has joined wholesaler All Risks, Ltd. in its expanded Orlando, Florida office as a casualty broker. Prior to joining All Risks, ...
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South Central

Agency Says Oklahoma Paying Less for Insurance

The amount the state of Oklahoma pays in liability and property insurance premiums is going down. Department of Central Services Director ...

Insurance Lawsuit Settlement Sends $51M to Oklahoma

The Oklahoma Insurance Department is processing claims from a $51 million settlement of a lawsuit against an insurance company that went ...
West

Calif. State Fund Seeks to Offer Out-of-State Workers’ Comp

California State Compensation Insurance Fund is pursuing legislation to allow it to offer coverage to California employers who have out of ...
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International

Germany Says Beansprouts May be Cause of E.coli Infections

German-grown beansprouts could be the source of the deadly E.coli outbreak that has killed 22 people, made more than 2,000 ill and struck ...

3,500 People Evacuate as Volcano Erupts in Southern Chile

One of the volcanoes in the Caulle Cordon of southern Chile erupted violently Saturday, billowing smoke and ash high into the sky and ...

Catlin Launches Service Initiative for UK, Lloyd’s Brokers

The Catlin Group Limited announced a "major initiative by the Catlin Syndicate at Lloyd's and Catlin UK to improve the service provided ...
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Agents Battle MLR Rules

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Interstate Compacts? Forget About Them

In preparation for new surplus lines regulations, states are considering whether to join a...

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New Discussions in the Forums

Innovative Insurance Product (PA)
Posted: Mon Jun 6 -- I represent the inventor of an innovative insurance based business method, patent pending, involving the purchase of real estate. My client... garyashapiro
National Agents Alliance? Legit or Keep Away?
Posted: Sat Jun 4 -- Pontiac, I like your positive attitude towards the company and the opportunity. Perhaps we could exchange emails and I could get some more... slushpuppyking
Auto driven on a racetrack - NY PAP excludes
Posted: Thu Jun 2 -- Try Lockton Affinity's HPDE program. I believe they released an ala carte product a year or so ago for track day and driving school events... brydo
Policies written through E&S markets--Florida
Posted: Thu Jun 2 -- Any evidence of coverage (Dec's, certs etc) issued by a producing agent pursuant to this section must include the name and address of the... TheInsKid
Ethical Problem - Please help!
Posted: Wed Jun 1 -- Somewhere in the program is a transaction file. Find the approximate date the file was deleted, it will be shown in the transaction file. To... CSP
Healthcare Reform
Posted: Sat May 28 -- There's always a buzz on Health care reform. Recently, Obama made changes on Medicare and then signed the CLASS Act to lessen the dependence... carefree

Reader Comments

New Jersey Court: Drunk Driver Can Sue Bar that Served Him
Posted: Fri Jun 3 -- Another absurd rendering by the NJ courts. It's time to start holding individuals accountable for their own poor judgment and social... Jester
Cell Phone Cancer Report Comes As Supreme Court Weighs Lawsuits
Posted: Thu Jun 2 -- If I have had the same job for the last 10 years, and if my only cell phone has been my work issued cell phone, is my brain cancer a work... Producer #1
A.M. Best Downgrades Ratings of State Auto Insurance Companies
Posted: Thu Jun 2 -- And another one bites the dust as their reign of having one of the longest strings of A+ comes to an end. I think when Restrepo restructured... Bob

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