Employers urge Congress to pass pension funding relief legislation

By: Jerry Geisel

Published May 15, 2012 - 3:29pm CST

WASHINGTON—More than 200 employers and trade associations have signed a letter urging federal lawmakers to pass legislation that would allow pension plan sponsors to use higher interest rate assumption in valuing plan liabilities, cutting plan contributions by billions of dollars.

Catastrophe bond issues break record in first quarter: Study

By: Rodd Zolkos

Published May 15, 2012 - 3:24pm CST

The first quarter of 2012 was the most active quarter on record in the catastrophe bond market, according to data compiled by New York-based GC Securities, a division of MMC Securities Corp. and an affiliate of reinsurance brokerage Guy Carpenter & Co. L.L.C.

OFF BEAT: Nudist colony deliveries too up close and personal for letter carriers

Published May 15, 2012 - 2:36pm CST

Two letter carriers have filed a claim with the Equal Employment Opportunity Commission contending that having to deliver mail to a nudist colony creates a hostile work environment.

Average PPO cost per family hits all-time high: Milliman

By: Matt Dunning

Published May 15, 2012 - 2:17pm CST

While cost increases for families enrolled in employer-sponsored preferred provider organizations have slowed since 2010, average total costs per family still hit an all-time high, according to a report released Tuesday by Seattle-based Milliman Inc.

Health care providers settle ADA claims over not treating patients with HIV

By: Judy Greenwald

Published May 15, 2012 - 1:38pm CST

WASHINGTON—The U.S. Department of Justice has reached settlements with two health care providers who allegedly refused to service people with HIV in violation of the Americans with Disabilities Act.

Specialty insurer Torus names Tim Harris as group CFO

By: Mark A. Hofmann

Published May 15, 2012 - 1:21pm CST

LONDON—Torus Insurance Holdings Ltd. has named Tim Harris as group chief financial officer, the specialty insurer announced Tuesday.

Cardinal Health reaches agreement with DEA over alleged controlled substance distribution

By: Roberto Ceniceros

Published May 15, 2012 - 12:23pm CST

LAKELAND, Fla.—Cardinal Health Inc. reached an agreement with the U.S. Drug Enforcement Agency over allegations that its Lakeland, Fla., distribution center failed to ensure that controlled substances were not diverted for illegitimate uses.

FBI launches probe of JPMorgan, shareholders back Dimon

Published May 15, 2012 - 11:45am CST

TAMPA, Fla. (Reuters)—The FBI has opened a probe into trading losses at JPMorgan Chase & Co., stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

Mississippi governor signs workers compensation reform bill

By: Sheena Harrison

Published May 15, 2012 - 11:56am CST

JACKSON, Miss.—Mississippi Gov. Phil Bryant signed into law Monday a workers compensation reform bill that will require claimants to meet a higher burden of proof that their injuries were work-related.

China eases investment restrictions for insurers

Published May 15, 2012 - 11:15am CST

SHANGHAI (Reuters)—China's insurance regulator will allow insurers to invest in a wider range of corporate bonds and relax limits on equity and real estate investment, granting them greater freedom to seek higher returns and play a stronger role in the financial system.

Former AIG CEO Greenberg eyes reversing N.Y. fraud case

Published May 15, 2012 - 9:45am CST

NEW YORK (Reuters)—Former American International Group Inc. Chief Executive Maurice R. Greenberg said New York's attorney general should be barred from invoking a 91-year-old state law in a fraud case over two suspect reinsurance transactions.

Allianz wary of euro zone shocks after strong quarter

Published May 15, 2012 - 9:46am CST

FRANKFURT (Reuters)—Allianz S.E. warned on Tuesday that fallout from the euro zone crisis could cause it to stumble even though Europe's biggest insurer reported a 40% jump in first quarter earnings.

The House Cyber Bill

Published May 15, 2012 - 9:39am CST

H.R. 3523, which passed the House of Representatives April 26, would help the private sector defend itself from cyber threats, according to its sponsor, but has been threatened with a veto from the Obama Administration.

Business Insurance In FOCUS video: Online insurance portals and platforms

Published May 15, 2012 - 6:00am CST

In our latest weekly video, we examine how online insurance platforms are enhancing information collection and offering insights into the insurers available for placements and the prices and limits available.

Company settles age discrimination lawsuit with EEOC for $400,000

By: Judy Greenwald

Published May 14, 2012 - 2:59pm CST

DALLAS—Central Freight Lines Inc. has agreed to settle an age discrimination lawsuit brought by the Equal Employment Opportunity Commission on behalf of eight former dockworkers for $400,000, the agency said.

OFF BEAT: Man who claims he co-founded Facebook loses defamation suit

Published May 14, 2012 - 2:50pm CST

An alleged Facebook founder has lost a lawsuit in which he complained he was deprived of his day in the sun.

EEOC to publish discrimination charge statistics online

By: Judy Greenwald

Published May 14, 2012 - 1:13pm CST

WASHINGTON—The U.S. Equal Employment Commission said Monday it is making its private sector workplace discrimination charge statistics for each of the 50 states and U.S. territories available online for fiscal years 2009-2011.

Insurer Tryg’s first quarter profit up on mild winter, cost control

Published May 14, 2012 - 1:00pm CST

COPENHAGEN (Reuters)—The Nordic region's second-biggest insurer Tryg on Monday reported a bigger-than-expected rise in first quarter pretax profit on the back of cost control and a mild winter resulting in a low level of weather related claims.

Internal audit at the crossroads

Published May 14, 2012 - 11:50am CST

In this white paper, a group of risk management scholars and leaders suggests internal audit is at a crossroads.

New Solution Arc: Toughest Workers Comp Claims

Published May 14, 2012 - 11:25am CST

With a relatively small percentage of workers comp claims responsible for a large proportion of employers' costs, how can workers comp managers better address those claims to yield big savings?

Tornado disaster safety

Published May 14, 2012 - 10:29am CST

This year's unusually early and violent tornado season has served yet again as a reminder of the threat posed by these storms. Here's some data and advice from the Insurance Institute for Business & Home Safety on how to deal with tornadoes.

Regulators provide guidance on summary of benefits rules

By: Jerry Geisel

Published May 14, 2012 - 9:33am CST

WASHINGTON—Adding additional certainty to previous guidance, federal regulators made clear last week that they will not impose financial penalties on employers that do not fully comply with health care reform law requirements that will require them to distribute to employees a new summary of benefits and coverage statement.

Towers Watson to purchase Extend Health, operator of private health insurance exchanges

Published May 14, 2012 - 9:00am CST

NEW YORK (Reuters)—Towers Watson & Co. said on Sunday it would buy Extend Health Inc., operator of the largest private Medicare exchange in the United States, to boost its health benefits offering for employers.

Plan Sponsor Council of America President David L. Wray to retire

By: Robert Steyer

Published May 14, 2012 - 9:26am CST

CHICAGO—David L. Wray, president of the Chicago-based Plan Sponsor Council of America will retire at the end of September.