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Insurers prepare to comply with tax rules for offshore accounts

By: Matthew Lerner

Published November 23, 2014 - 6:00am CST

Even as the insurance industry moves to meet the first reporting deadlines under the Foreign Account Tax Compliance Act, the law and compliance remain works in progress.

Insurance industry PACs back Republican winners in congressional races

By: Mark A. Hofmann

Published November 23, 2014 - 6:00am CST

Property/casualty insurance industry political action committees did well in the midterm elections, and officials say member input was crucial to their success.

NAIC supports adding to list of qualified reinsurance jurisdictions

By: Sarah Veysey

Published November 23, 2014 - 6:00am CST

While a group representing London market underwriters welcomes a National Association of Insurance Commissioners recommendation that five international regulators be added to its list of qualified jurisdictions, the International Underwriting Association says it does not go far enough in leveling the playing field for overseas reinsurers operating in the United States.

Insurance commissioners group's task force to target cyber security

By: Mark A. Hofmann

Published November 19, 2014 - 12:25pm CST

WASHINGTON — The National Association of Insurance Commissioners has created a task force to help coordinate insurance issues related to cybersecurity, the NAIC recently announced.

E.U. insurance watchdog warns on 'undue' investment incentives

Published November 19, 2014 - 11:55am CST

(Reuters) — The E.U.'s top insurance watchdog has warned against giving insurers strong enticements to invest in particular asset classes, saying this would run counter to prudent supervision.

Pool Re secures premium rate concessions from U.K. Treasury

By: Sarah Veysey

Published November 18, 2014 - 10:01am CST

Pool Reinsurance Co. Ltd. on Tuesday said it had secured several concessions and acceptance of several modernization proposals from the U.K. Treasury ahead of a Friday vote on Treasury proposals to increase the retrocession premium it charges the government-guaranteed terrorism reinsurance backstop.

Ohio creates captive insurance office

By: Shelby Livingston

Published November 17, 2014 - 9:53am CST

The Ohio Department of Insurance has created a new Office of Captive Insurance to regulate and support the state's recently authorized captive insurance companies.

U.S. insurers concerned about federal and foreign bank-style regulations

By: Mark A. Hofmann

Published November 09, 2014 - 6:00am CST

SCOTTSDALE, Arizona — U.S. property/casualty insurers and state regulators are concerned about how the actions of federal and foreign regulators will effect the the industry.

Insurance groups hope Republican-controlled Congress will amend Dodd-Frank

By: Mark A. Hofmann

Published November 09, 2014 - 6:00am CST

With Republican control of the next Congress, the insurance industry gains confidence that at least both chambers will consider pivotal changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Aetna to form captive in Connecticut

By: Bill Kenealy

Published November 07, 2014 - 3:40pm CST

Hartford, Connecticut-based insurer Aetna Inc. confirmed on Friday that it is forming a captive insurance company, Aetna Risk Insurance Co., in its home state.

Florida insurance commissioner rejects 3.3% comp rate cut for 5.2% decrease

By: Stephanie Goldberg

Published November 07, 2014 - 12:54pm CST

The Florida insurance commissioner on Wednesday rejected a 3.3% overall decrease in state workers compensation rates and ordered the National Council on Compensation Insurance Inc. to re-file an overall rate cut of 5.2%.

Agent group scores 93% congressional victory rate

Published November 07, 2014 - 9:08am CST

The Independent Insurance Agents & Brokers of America's political action committee, InsurPac, distributed more than $1.8 million in the 2014 campaign cycle, which resulted in a 93% congressional victory rate, the Alexandria, Virginia-based producer group announced shortly after Tuesday's midterm elections.

Californians reject med mal proposition; AIA urges TRIA action

By: Mark A. Hofmann

Published November 05, 2014 - 2:32pm CST

California voters on Tuesday decisively rejected a ballot measure that called for repealing the state’s current cap on noneconomic damages in medical malpractice cases.

MetLife hires top lawyer in bid to escape tougher oversight

Published November 04, 2014 - 10:02am CST

(Reuters) — MetLife Inc. has retained a top Washington lawyer in its bid to escape a plan by the U.S. financial risk council to subject it to far tougher rules, a sign the largest U.S. insurer may be preparing a legal challenge.

New York workers comp assessment rate dropping in 2015

By: Stephanie Goldberg

Published November 03, 2014 - 11:28am CST

New York's workers compensation assessment rate will drop to 13.2% as of 2015, Gov. Andrew Cuomo said.

Proposed U.K. Treasury change likely to increase Pool Re rates

By: Sarah Veysey

Published November 03, 2014 - 10:26am CST

The CEO of Pool Reinsurance Co. Ltd., the U.K. terrorism reinsurance backstop, said Monday he likely will convene an extraordinary general meeting of insurers to discuss proposed changes by the U.K. Treasury department to terms governing participation in the pool.

New law to spur Indonesia's Islamic insurance market

Published November 03, 2014 - 9:53am CST

(Reuters) — Indonesia's Islamic insurance market will be reshaped over the next decade by a new law that requires conventional firms to spin off their sharia-compliant units, while encouraging more foreign investors to enter the market.

Gates' support of extending federal terrorism backstop praised

By: Mark A. Hofmann

Published October 29, 2014 - 10:07am CST

The Coalition to Insure Against Terrorism is welcoming former Defense Secretary Robert Gates' call to extend the federal government's terrorism insurance backstop.

New PCI chairman monitors federal regulatory posture

By: Mark A. Hofmann

Published October 28, 2014 - 9:49pm CST

For Terrence W. Cavanaugh, a challenge facing the Property Casualty Insurers Association of America is continuing to provide effective advocacy for its members and the industry in a rapidly evolving risk landscape.

Pennsylvania boosts drug monitoring, limits physician repackaging

By: Stephanie Goldberg

Published October 28, 2014 - 12:12pm CST

Pennsylvania Gov. Tom Corbett on Monday signed bills into law that expand the state’s prescription drug monitoring program and limit physician dispensing and drug repackaging.

PBGC takes over food wholesaler’s pension plan; warns of 2015 rate hikes

By: Jerry Geisel

Published October 27, 2014 - 3:03pm CST

The Pension Benefit Guaranty Corp. has taken over the underfunded pension plan of White Rose Inc., an independent Carteret, New Jersey-based independent food wholesaler that filed for Chapter 11 bankruptcy last month and now is selling off assets.

2014 Annual PCI Meeting

Published October 27, 2014 - 11:26am CST

Follow Business Insurance's complete coverage of the Property Casualty Insurers Association of America's 2014 annual meeting in Scottsdale, Arizona.

Terrorism backstop extension, financial regulations top PCI agenda

By: Matthew Lerner

Published October 26, 2014 - 8:44pm CST

Securing an extension of the federal terrorism insurance backstop created by the Terrorism Risk Insurance Act of 2002 tops the agenda for the Property and Casualty Insurers Association of America, but it’s far from the organization’s sole concern.

Insurers prepare for own risk and solvency solvency assessments

By: Mark A. Hofmann

Published October 26, 2014 - 6:00am CST

A robust enterprise risk management process can help insurers meet many states' requirements that they perform their own risk and solvency assessments next year, but the requirements also could cause some headaches.

International group introduces capital standard formula for insurers

By: Mark A. Hofmann

Published October 23, 2014 - 1:56pm CST

The International Association of Insurance Supervisors on Thursday said it has developed the first global insurance capital standard.

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