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Caribbean catastrophe risk pool expands Central American membership

By: Matthew Lerner

Published April 20, 2015 - 3:09pm CST

The Council of Ministers of Finance of Central America, Panama and the Dominican Republic and CCRIF S.P.C., formerly known as the Caribbean Catastrophe Risk Insurance Facility, have signed a memorandum of understanding that enables Central American countries to formally join the facility to access sovereign catastrophe risk insurance, the World Bank said in a statement.

Lottery worker caught on surveillance trying to jack the jackpot

Published April 20, 2015 - 2:59pm 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.

BMX biker pleads guilty to workers comp fraud

By: Stephanie Goldberg

Published April 20, 2015 - 2:57pm CST

A worker in Washington state pleaded guilty to stealing more than $14,000 in disability benefits after he was caught racing BMX bikes, the Washington State Department of Labor & Industries said.

Insurer not liable in case settled without its consent

By: Judy Greenwald

Published April 20, 2015 - 2:52pm 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.

Specialty practice targets governments’ catastrophe exposures

By: Shelby Livingston

Published April 20, 2015 - 1:34pm CST

Guy Carpenter & Co. L.L.C. has launched an international public sector specialty practice to address the risk management needs of government agencies and entities in catastrophe situations.

Insurer reserve releases set to slow as prices fall

By: Matthew Lerner

Published April 20, 2015 - 1:28pm CST

Property/casualty insurers will likely announce solid reserve releases in 2015 but declining insurance premiums point to lower releases in 2016 and 2017, according to a report from investment analyst Keefe, Bruyette & Woods Inc.

Specialty drugs helping to drive up overall pharmacy costs

By: Shelby Livingston

Published April 20, 2015 - 1:27pm 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.

Insurance regulators set goals for cyber security rules

By: Mark A. Hofmann

Published April 20, 2015 - 10:29am CST

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

DC plans playing catch-up on education for roll-ins

By: Robert Steyer, Pensions & Investments

Published April 20, 2015 - 10:08am CST

Defined contribution plans — from the International Paper Co. 401(k) plan to the federal Thrift Savings Plan and Oregon Savings Growth Plan — are allowing employees to roll in disparate retirement account balances from previous employers and individual retirement accounts, trying to help reduce the burden of managing multiple accounts and take advantage of lower fees.

London broker partners with Brazilian network

By: Sarah Veysey

Published April 20, 2015 - 10:03am CST

London-based Cooper Gay Swett and Crawford has entered a partnership with Sao Paolo, Brazil-based broker network GC do Brasil, the wholesale and reinsurance broker said Monday.

Europe's March windstorm could blow in $1.6 billion in insured losses

By: Sarah Veysey

Published April 20, 2015 - 9:53am CST

Insured property losses from Windstorm Niklas that hit Europe in March will be between €750 million ($810.5 million) and €1.5 billion, ($1.62 billion) according to catastrophe modeler Risk Management Solutions Inc.

Laptop spyware class action reinstated

By: Judy Greenwald

Published April 17, 2015 - 3:08pm 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.

U.S. calls for more oil train inspections, other safety measures

Published April 17, 2015 - 2:23pm CST

(Reuters) — Oil train operators must have detailed information on hand about the possible risks of their cargo in case of an accident and perform more thorough checks before moving on the tracks, U.S. transportation officials said on Friday.

Alito steps into health reform contraception case

By: Lisa Schencker, Modern Healthcare

Published April 17, 2015 - 2:16pm 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.

Health care law reinsurance fee to generate about $10 billion says HHS

By: Jerry Geisel

Published April 17, 2015 - 1:40pm CST

A health care reform law-created program that imposes a fee on self-funded employers and other health care plan sponsors is expected to generate enough revenue to partially reimburse insurers — under earlier government set standards — covering those with high health care costs in the individual market, federal regulators say.