Senate panel approves farm bill that expands crop insurance

Published May 14, 2013 - 1:45pm CST

(Reuters) — The Senate Agriculture Committee approved a $500 billion farm bill on Tuesday that would expand spending on the federally subsidized crop insurance program by 10% and trim spending slightly on food stamps for the poor.

New TRIA bill would extend terrorism insurance backstop for 10 years

By: Mark A. Hofmann

Published May 10, 2013 - 10:03am CST

A bill extending the federal government's terrorism insurance backstop through 2024 was introduced by Rep. Bennie G. Thompson, D-Miss., on Thursday.

Business Insurance BROKER BEAT Video: Keenan & Associates

Published May 08, 2013 - 6:00am CST

In this episode of Broker Beat, sponsored by FM Global, Managing Editor Paul Bomberger discusses industry trends pertinent to the West region with John Stephens, senior vice president, public agency property/casualty practice leader at Keenan & Associates.

Boston Marathon bombing could spur Congress on terror backstop

By: Mark A. Hofmann And Sarah Veysey

Published April 21, 2013 - 6:00am CST

The Boston bombings appear unlikely to trigger the federal government's terrorism insurance backstop established by the Terrorism Risk Insurance Act of 2002.

PERSPECTIVES: Insurance coverage for clawbacks could be affected by new legislation

By: Steven H. Weisman and Nicholas M. Insua

Published April 15, 2013 - 4:27pm CST

The Dodd-Frank Wall Street Reform and Consumer Protection Act prompted many insurers to offer compensation clawback endorsements to their directors and officers liability policies. However, new proposed legislation now seeks to keep policyholders from procuring such coverage. Steven H. Weisman and Nicholas M. Insua, partners with McCarter & English L.L.P., explore how passage of this bill could...

Four charged with murder of Nevada's chief insurance examiner

By: Bill Kenealy

Published April 10, 2013 - 1:55pm CST

Nevada authorities have charged four people with murder in the death of the state's chief insurance examiner, William “Bill” McCune, whose bound body was discovered in the Carson River on Saturday.

EIOPA interim rules will burden insurers until Solvency II goes into effect

By: Sarah Veysey

Published April 07, 2013 - 6:00am CST

Interim rules that would govern insurers and reinsurers doing business in Europe until Solvency II goes into effect include a requirement that quarterly reports be filed, somewhat of a surprise to the market.

California's 2012 workers comp reforms see mixed results: Study

By: Roberto Ceniceros

Published April 04, 2013 - 2:26pm CST

California's workers compensation reforms adopted in 2012 could increase the price paid for primary medical care but decrease the price paid for specialty medical services, according to a Workers Compensation Research Institute report.

E.U.-U.S. group to cooperate on reinsurance, collateral needs

By: Sarah Veysey

Published April 02, 2013 - 9:27am CST

The steering committee of the E.U.-U.S. Insurance Dialogue Project has agreed to a work plan for the 2013-2017 period that includes agreement to work closely on issues of reinsurance and insurer collateral requirements, among other things.

Pennsylvania workers compensation rates to decrease by 4%

By: Sheena Harrison

Published March 29, 2013 - 11:19am CST

Pennsylvania workers compensation rates are set to decrease 4.01% on Monday, the Pennsylvania Insurance Department announced.

Industry experts hope forthcoming Solvency II guidelines focus on governance

By: Sarah Veysey

Published March 24, 2013 - 6:00am CST

The European insurance regulator is expected to publish guidelines this week on interim measures for companies preparing for Solvency II, the risk-based capital regulatory regime for insurers in Europe that is now likely delayed until 2016.

Insurers, reinsurers oppose national catastrophe fund for homeowners

By: Mark A. Hofmann

Published March 24, 2013 - 6:00am CST

Commercial insurer and reinsurer organizations oppose a bill that would establish a national catastrophe fund to protect homeowners.

Ohio workers comp bureau to appeal order to refund $859M in premiums

By: Roberto Ceniceros

Published March 20, 2013 - 2:51pm CST

The Ohio Bureau of Workers' Compensation said Wednesday that it will appeal a judge's order to refund $859 million to some 264,000 employers for allegedly charging them excessive premiums.

Coalition of insurers, environmental groups opposes catastrophe fund

By: Mark A. Hofmann

Published March 15, 2013 - 2:38pm CST

A coalition of insurance, environmental and free-market groups is opposing legislation that would create a national catastrophe fund.

Maine's largest workers comp insurer leaving rates unchanged

By: Roberto Ceniceros

Published March 15, 2013 - 2:07pm CST

Maine Employers' Mutual Insurance Co., Maine's largest workers compensation insurer, said that it will not raise rates as suggested by the Maine Bureau of Insurance.

Utah bill would limit medical stop-loss insurance sales to small employers

By: Joanne Wojcik

Published March 13, 2013 - 3:04pm CST

Lawmakers in Utah introduced legislation this week that would restrict the availability of medical stop-loss insurance to small employers that self-insure their health benefits plans.

Federal Insurance Office reports to be released in summer: McRaith

By: Mark A. Hofmann

Published March 13, 2013 - 9:41am CST

Long-delayed reports from the Federal Insurance Office will be issued by summer, according to the head of FIO.

Lawmakers reintroduce insurance agent licensing bill

By: Mark A. Hofmann

Published March 12, 2013 - 3:12pm CST

Legislation that would streamline insurance agent licensing was introduced in both houses of Congress on Tuesday.

European insurer group urges discussion of interim Solvency II measures

By: Sarah Veysey

Published March 12, 2013 - 9:53am CST

Insurance Europe, a federation of insurers and reinsurers in Europe, has written to the European insurance regulator to say it would welcome discussion about any interim measures introduced during the delay in the implementation of Solvency II.

China's insurance regulatory system needs more reform: AIA

By: Mark A. Hofmann

Published March 07, 2013 - 1:35pm CST

China's insurance regulatory system, though much improved, needs to undergo further reform, an official of the American Insurance Association told a congressionally created panel Thursday.

Assistance program created for Sandy Hook first responders

By: Sheena Harrison

Published March 07, 2013 - 12:03pm CST

Connecticut lawmakers have approved an assistance program that will provide benefits to first responders who suffered psychological trauma from the Sandy Hook Elementary School shootings in Newtown, Conn.

Private equity firm Genstar acquires retail insurance brokerage Acrisure

By: Bill Kenealy

Published March 01, 2013 - 10:17am CST

Private equity firm Genstar Capital L.L.C. said Friday that it had acquired Acrisure L.L.C., a retail insurance brokerage based in Grand Rapids, Mich., for an undisclosed sum.

Texas bills would establish workers comp assigned risk program

By: Sheena Harrison

Published February 28, 2013 - 3:00pm CST

Two bills filed in the Texas Legislature this week would establish a workers compensation assigned risk program as the state seeks to privatize Texas Mutual Insurance Co., the state’s workers comp insurer of last resort.

Sen. Blunt to address agent group

Published February 28, 2013 - 8:17am CST

Sen. Roy Blunt, R-Mo., will address the Independent Insurance Agents & Brokers of America's Large Agent/Broker and CEO dinner on April 18 during the producer group's legislative conference.