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RISK MANAGEMENT

NOAA predicts 'active or extremely active' hurricane season

Delivering its annual outlook, NOAA's Climate Prediction Center said it foresees an “active or extremely active” hurricane season this year, which begins June 1.


$1B to $5B in insured losses in tornado outbreak

Estimated insured losses resulting from Monday's devastating storms in Oklahoma are at least $1 billion, said Insurance Information Institute President Robert Hartwig.

SPECIALTY RISKS

U.S. electric grid vulnerable to cyber attacks: Analysis

The U.S. electric grid is the target of numerous, daily cyber attacks, but most utilities comply only with mandatory cyber security standards and have failed to implement proposed voluntary measures, says a congressional report.


Ista Pharma pleads guilty in drug kickback case

Ista Pharmaceuticals Inc., a unit of Bausch & Lomb Inc., has agreed to pay $33.5 million to resolve criminal and civil liability charges arising from its marketing, distribution and sale of a cataract drug for unapproved uses, the Department of…

BENEFITS MANAGEMENT

Employees' 401(k) balances hit record in first quarter: Fidelity

Aided by a strong equities market, employees' 401(k) plan account balances hit a record average of $80,900 at the end of the first quarter, according to Fidelity Investments.


Michigan lawmakers approve bill extending 1% health claim tax to 2018

The Michigan House of Representatives has given final approval to legislation that would extend the state's controversial 1% tax on paid health care claims through 2017.

BROKERS & INSURERS

Brown & Brown buys Beecher Carlson for $336.5 million

Brown & Brown Inc. has acquired rival Beecher Carlson Holdings Inc. for approximately $336.5 million in net consideration, the brokerage announced Tuesday.


House bill would exempt insurers from Fed’s capital requirements

Reps. Gary Miller, R-Calif., and Carolyn McCarthy, D-N.Y., introduced legislation on Thursday that would exempt insurers from proposed new capital requirements from the Federal Reserve Board.

MID-MARKET EXECUTIVE

Property valued at $6 billion in track of Oklahoma tornado: Modeler

Property worth more than $6 billion was within the track of the massive tornado that ravaged areas around Oklahoma City Monday, AIR Worldwide Corp. estimates.


Lumber company wins insurance dispute over contract language

An Arkansas lumber company can recover the actual cash value of electrical wire stolen from its facility even though it purchased optional replacement cost coverage, an appeals court has ruled.

WORKERS COMP

Court rules for CorVel in removal of doctor from workers comp network

CorVel Corp. had a right to remove a doctor from its workers compensation medical provider network after the doctor failed to respond to utilization and peer review requests for unauthorized treatments, a California appellate court has ruled.


Cigna to pay more than $2M in disability claims irregularities

Cigna Corp. will pay $1.6 million in fines and pay long-term disability policyholders up to $77 million to settle allegations of irregular claims-handling practices, California Insurance Commissioner Dave Jones announced Friday.

INSIGHTS & SOLUTIONS

The 2013 Third-Party Administrators Directory and Rankings include information about 42 of the...
A company's reputation is one of its most important assets. Years of good work can be jeopardized...
Rising prices for workers compensation insurance policies and for excess insurance purchased by...
Remember when most insurance agent and broker business transactions were offline? Customers,...

BUSINESS INSURANCE FEATURE

Globalization means more U.S. employees are at risk of injury and illness while traveling to...
A company’s reputation is one it’s most important assets. Reputational damage can have a dramatic...
Learn how employers can design and implement a wellness program that achieves strong engagement...
Register today for Business Insurance's 4th Annual Workers Compensation Virtual Conference, a one-...
 

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Home to some of the country’s largest life, health and property/casualty insurers—and now also...