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IRS relaxes health reform law $2,500 limit for noncalendar-year FSAs

Published May 30, 2012 CST

WASHINGTON—The Internal Revenue Service on Wednesday provided regulatory relief for health care flexible spending account participants and also said it is reconsidering its longtime use-it-or-lose-it rule for FSAs.

FM Global announces management changes

Published May 30, 2012 CST

JOHNSTON, R.I.—Factory Mutual Insurance Co., which does business as FM Global, has announced several changes to its management team, effective June 1.

Dewey files for Chapter 11 in record law firm collapse

Published May 29, 2012 CST

NEW YORK (Reuters)—The crippled law firm Dewey & Leboeuf L.L.P. filed for Chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history.

Health savings account enrollment surges 18%: AHIP

Published May 30, 2012 CST

Enrollment in health savings accounts linked to high-deductible health insurance plans leaped more than 18% to 13.5 million as of Jan. 1, according to an annual census released Wednesday.

2012 Best Places to Work in Insurance

Published March 12, 2012 CST

Business Insurance's Best Places to Work in Insurance program is designed to identify and recognize high-quality workplaces in the commercial insurance industry. As employers compete for talent and strive to be an employer of choice, these companies are being honored for creating workplaces that do superior jobs of encouraging employees to thrive in a workplace they can love.

Employee's off-duty car-crash injuries compensable: Court

Published May 29, 2012 CST

FRANKFORT, Ky.—The Kentucky Supreme Court says workers compensation benefits should be paid to a horse groomer who was injured in a car accident, even though his employer said the man was off-duty when the crash occurred.

Property catastrophe insurance prices hinge on information

Published May 27, 2012 CST

Property catastrophe insurance prices have increased consistently since mid-2011, and while capacity remains adequate, market experts see some owners of catastrophe-exposed property taking steps to get the best prices they can in the market.

Michael Segal released from prison 4 months early

Published May 30, 2012 CST

CHICAGO—Michael Segal, the former Near North National Group Inc. owner convicted of fraud in 2004, was freed from prison on Tuesday, four months ahead of his scheduled release date.

Small companies may face greater scrutiny when buying D&O coverage under JOBS Act: Report

Published May 29, 2012 CST

Small companies utilizing provisions of the recently passed JOBS Act may face greater scrutiny when purchasing directors and officers liability insurance, according to a new report from Marsh Inc., an unit of New York-based Marsh & McLennan Cos.

'Rate-based' safety programs may discourage reporting

Published May 27, 2012 CST

“Rate-based” safety incentive programs are drawing federal scrutiny for their potential to discourage workers from reporting accidents and injuries.

Space insurance market remains volatile

Published May 27, 2012 CST

The first privately owned spaceship to rendezvous with the International Space Station launched a new era in space flight last week, but experts say the space insurance market remains volatile despite the increase in commercial launches.

OFF BEAT: Million Miler flier says he was stripped of privileges by United Airlines

Published May 29, 2012 CST

A well-traveled Chicago man alleges that United Airlines Inc. “stripped away” his exclusive benefits under its Million Miler frequent flier program after it was modified in a merger with Continental Airlines.

Health plan termination may not save employers money

Published May 27, 2012 CST

ORLANDO, Fla.—Many employers who think they will save a lot of money by terminating their health care plans and bumping up employees' salaries to enable them to buy coverage in state insurance exchanges are likely to be disappointed.

South Shore Hospital to pay $750,000 in data breach settlement

Published May 29, 2012 CST

WEYMOUTH, Mass.—A June 2010 data breach will cost Weymouth, Mass.-based South Shore Hospital $750,000 in fines and remediation costs, according to a civil settlement with the state Attorney General's Office announced last week.

Business Insurance adds events, research staffers

Published May 13, 2012 CST

Business Insurance has added to its research and events staff with appointments in Chicago and New York.

Employee's coffee-break injury not compensable: Court

Published May 31, 2012 CST

JEFFERSON CITY, Mo.—The Missouri Supreme Court ruled Tuesday that workers compensation benefits should be denied for a Missouri woman who twisted her ankle while making a pot of coffee for herself and her coworkers.

House panel approves bill to ease FSA ‘use-it-or-lose-it' rule

Published June 01, 2012 CST

WASHINGTON—A decades-old Internal Revenue Service rule that requires forfeiture of unused flexible spending account balances would be eased, and health care reform law-imposed restrictions on using FSAs and health savings accounts to pay for over-the-counter medications would be eliminated, under separate bills approved Thursday by a panel of the U.S. House of Representatives.

OFF BEAT: Certain dog breeds cause insurers to tuck their tails between their legs

Published May 30, 2012 CST

With the number of dog bite claims and their costs increasing, lists of the most-dangerous canines are finding their way into media stories.

Ways and Means Committee to vote on bill to overturn health care reform law OTC provision

Published May 30, 2012 CST

WASHINGTON—The House Ways and Means Committee is expected to vote on and pass legislation that would overturn an unpopular provision in the health care reform law that restricts the use of flexible spending accounts and health savings accounts to reimburse employees for over-the-counter medications.

Health plan 'affordability' test back on regulatory table

Published May 27, 2012 CST

WASHINGTON—An issue that employers thought had been settled—when they are liable for penalties if their health plans flunk an “affordability” test under the health care reform law—is back on the regulatory table.

Business Insurance In FOCUS video: Catastrophe exposed property

Published May 29, 2012 CST

In our latest weekly video, we examine how real estate risk managers are giving underwriters extensive data to show that significant increases on their accounts could be unwarranted

OPINION: Health care act final ruling will require support for employers

Published May 27, 2012 CST

How the Supreme Court will rule on the challenge to the health care reform law remains an unanswered question.

FM Global's Randy Schreitmueller discusses P/C market

Published May 27, 2012 CST

Randy Schreitmueller, vp-global services and market relationships at Johnston, R.I.-based Factory Mutual Insurance Co., recently discussed the impact of the past year's catastrophes on the property market and the demand for loss control with Business Insurance Senior Editor Mark A. Hofmann.

Defense of Marriage Act struck down by U.S. appeals court

Published May 31, 2012 CST

BOSTON—The controversial federal law that effectively denies married same-sex couples the same federal benefits afforded to heterosexual couples violates constitutional guarantee of equal protection, a federal appeals court ruled Thursday.

Big insurers face curbs on risky activities

Published May 31, 2012 CST

LONDON (Reuters)—Top insurers face curbs within five years on risky "non-traditional" activities, global regulators said on Thursday as they seek to avoid a repeat of American International Group Inc.'s huge taxpayer bailout in the financial crisis.