Business Insurance - Web News en-us Wed, 7 Oct 2015 12:30:09 EST 10 FAA fines drone company $1.9 million for unauthorized aerial photography flights 20151007/NEWS06/151009872 The Federal Aviation Administration handed out its largest-ever penalty to a drone operator for “endangering the safety of our airspace,” the Administration said in a statement Tuesday. Wed, 7 Oct 2015 12:13:16 EST California closed formulary for workers comp prescriptions approved 20151007/NEWS08/151009875 California Gov. Jerry Brown has signed a bill to establish a closed formulary for medications prescribed in the workers compensation system. Wed, 7 Oct 2015 11:49:20 EST Ralph Nader's tort law museum opens without a bang 20151007/NEWS06/151009876 Tort reform has vexed insurers and corporate lawyers for decades, and now there’s a place to explore the subject under one roof. Wed, 7 Oct 2015 09:44:28 EST Council of Insurance Agents & Brokers elects 2016 officers 20151007/NEWS06/151009877 Bill Henry, chairman and CEO of Dallas-based MHBT Inc., a Marsh & McLennan Agency L.L.C. company, has been elected as the 2016 chairman of the Council of Insurance Agents & Brokers, the council announced Wednesday. Wed, 7 Oct 2015 09:36:50 EST Losses from typhoon Mujigae total $3.6 billion in China's Guangdong Province 20151007/NEWS09/151009879 The civil affairs department of China's Guangdong Province said that the recent typhoon Mujigae has caused direct economic loss of 23.24 billion Chinese yuan ($3.65 billion) in the province, Xinhua reported. Wed, 7 Oct 2015 05:25:44 EST Insurers boost investment in Indian insurers 20151007/NEWS09/151009880 Japanese insurers are increasing their investments in Indian insurers after the limit for foreign direct investment in Indian insurance sector was raised in March, reported Nikkei Asian Review. Wed, 7 Oct 2015 05:22:34 EST Four major rating agencies place negative outlook on global reinsurance sector 20151007/NEWS09/151009881 Four major rating agencies have placed a negative outlook on the global reinsurance sector, reported The Royal Gazette. Wed, 7 Oct 2015 05:21:09 EST Insurance Australia Group appoints Peter Harmer as new CEO 20151007/NEWS09/151009882 Insurance Australia Group Ltd. has appointed Peter Harmer as its new chief executive, reported The Sydney Morning Herald. Wed, 7 Oct 2015 05:19:41 EST Vietnamese insurers increase their capital 20151007/NEWS09/151009883 Several Vietnamese insurers are increasing their capital, reported VietNamNet Bridge. Wed, 7 Oct 2015 05:18:20 EST Casualty space biggest threat to insurance and reinsurance sector: Willis Re 20151007/NEWS09/151009884 Andrew Newman, global head of casualty and Co-President at Willis Re, the reinsurance arm of Willis Group Holdings P.L.C., has said that the casualty space is likely the biggest threat to the insurance and reinsurance sector, reported Wed, 7 Oct 2015 05:16:45 EST