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Insurance regulators set goals for cyber security rules

Published April 20, 2015 CST

Cyber security regulatory guidance for insurers and insurance producers must be flexible, according to principles issued by the National Association of Insurance Commissioners.

Government had no right to take 80% in AIG bailout: Greenberg lawyer

Published April 22, 2015 CST

WASHINGTON — The federal government did not have the authority to demand nearly 80% of AIG's equity in return for financial assistance during the 2008 financial crisis, an attorney for AIG investors told a federal judge Wednesday.

Insurer not liable in case settled without its consent

Published April 20, 2015 CST

An insurer is not liable for a bad faith claim in a case where, contrary to policy language, an insured settled without the insurer's consent, says the Georgia Supreme Court, in a case involving an XL Reinsurance America Inc. unit.

HSBC reveals disclosure of mortgage customers' data

Published April 21, 2015 CST

Information on an undisclosed number of current and former mortgage customers of HSBC Finance Corp. was inadvertently disclosed over a period of several months, a company spokesman said Tuesday.

Ex-AIG chief Greenberg presses for dismissal of fraud charges

Published April 22, 2015 CST

(Reuters) — In an effort to avoid trial, former American International Group Inc. Chairman Maurice R. Greenberg is seeking permission to ask New York's highest court to throw out the accounting fraud case against him.

Specialty drugs helping to drive up overall pharmacy costs

Published April 20, 2015 CST

Employees and retirees will see U.S. pharmacy cost increases reach the low double-digits by 2016 due in part to rising specialty drug costs, according to an analysis by Aon Hewitt released Monday.

Whistleblowing compliance officer to get $1.5 million award

Published April 23, 2015 CST

A compliance officer will receive a whistleblower award of between $1.4 million and $1.6 million, the U.S. Securities and Exchange Commission said Wednesday.

Laptop spyware class action reinstated

Published April 17, 2015 CST

A U.S. appeals court has reinstated a putative class action lawsuit filed by a couple who said their rented computer had spyware that took pictures of them and the websites they visited, violating their privacy.

NFL concussion class action settlement approved

Published April 23, 2015 CST

A federal judge in Philadelphia on Wednesday granted final approval to a settlement in a class action lawsuit brought by more than 4,500 former players against the National Football League for concussion-related injuries.

Definition of 'expenses' at center of insurer policy dispute

Published April 22, 2015 CST

The term “expenses” in an insurance policy encompasses attorneys’ fees in a variety of contexts, said an appeals courting ruling in favor of Arch Specialty Insurance Co. in a dispute with Amerisure Mutual Insurance Co. on an underlying issue in the case.

Workers comp prescription drug costs up in 2014

Published April 21, 2015 CST

Workers compensation prescription drug spending per worker increased 1.9% last year, but a 5.4% decrease in drug utilization helped offset a 7% increase in overall prescription costs, according to pharmacy benefit manager Express Scripts Inc.

Soft commercial property/casualty insurance market continues

Published April 22, 2015 CST

Large accounts felt the greatest effects as the commercial property/casualty insurance market continued to soften during the first quarter of 2015, according to a study released Wednesday by the Council of Insurance Agents & Brokers.

Alito steps into health reform contraception case

Published April 17, 2015 CST

Supreme Court Justice Samuel Alito has signed an order temporarily granting relief to a handful of Pennsylvania religious organizations from a lower court's decision that they must notify insurers of their intention not to provide birth control to employees, or face fines under the Affordable Care Act.

Banks seek to block Target's deal with MasterCard over data breach

Published April 23, 2015 CST

(Reuters) — A group of small banks and credit unions suing Target Corp. over its massive data breach in 2013 are moving to block the retailer's proposed $19 million settlement with MasterCard Inc., calling it a "sweetheart deal" aimed at undercutting their own claims for losses.

Insurer not required to pay lawyer who didn't disclose procedural error

Published April 22, 2015 CST

A Fireman’s Fund Insurance Co. unit was justified in denying a $1.75 million legal malpractice award, because the policyholder had failed to inform it of the case when he applied for coverage, an appeals court says.

Willis offers $594 million for rest of Gras Savoye

Published April 22, 2015 CST

Willis Group Holdings P.L.C. has offered approximately €550 million ($594.4 million) to acquire the remaining 70% of French broker Gras Savoye & Cie. that it does not currently own, Willis said Wednesday.

Captive benefit funding requests back on the fast track

Published April 21, 2015 CST

The U.S. Labor Department's final authorization of a health care service firm's application to fund benefit risks through its captive insurance company affirms that the door again is open to employers to seek fast regulatory review of their captive benefit funding proposals.

Travelers profit drops 21% in first quarter

Published April 21, 2015 CST

Travelers Cos. Inc. reported net income of $833.0 million in the first quarter of 2015, a 21% decrease from the same period a year earlier that the property/casualty insurer attributed primarily to lower investment income, lesser prior-year reserve developments and slightly higher catastrophe losses.

Surprise bid creates reinsurance merger triangle

Published April 21, 2015 CST

Exor S.p.A.'s $6.4 billion surprise bid for Bermuda reinsurer PartnerRe Ltd. presents Partner shareholders with a dramatically different alternative to the merger proposed by Axis Capital Holdings Ltd.

Financial incentives for wellness gain popularity

Published April 21, 2015 CST

The number of employers that use financial incentives to drive employee engagement in workplace wellness programs continued to grow in 2014, a new survey shows.

Corporate boards urged to devote more resources to cyber security

Published February 05, 2015 CST

NEW YORK — The potential fallout from cyber-related losses is devastating, and boards of directors need to spend much more time on this issue, said Mary L. Schapiro, the former chairman of the U.S. Securities and Exchange Commission.

Lottery worker caught on surveillance trying to jack the jackpot

Published April 20, 2015 CST

An Iowa lottery worker is set to stand trial this summer for allegedly gaming the state’s Hot Lotto game in an attempt to fraudulently collect a $14.3 million jackpot.

Oil drilling firm settles race bias case for $14.5 million

Published April 21, 2015 CST

A Texas oil drilling company has agreed to pay $14.5 million to settle U.S. Equal Employment Opportunity Commission race and national origin discrimination, harassment and retaliation charges.

ADM could use drones from 2016 to get crop insurance claims data

Published April 23, 2015 CST

(Reuters) — Archer Daniels Midland Co. plans to use drones to gather data on crop insurance claims as soon as the summer of 2016, its risk services head told Reuters on Wednesday.

Winter weather cools Chubb's first-quarter results

Published April 24, 2015 CST

Harsh winter weather contributed to a downturn in Chubb Corp.'s first-quarter profit for 2015, the Warren, New Jersey-based insurer said.