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U.K. insurers mandated to process claims quickly

By: Sarah Veysey

Published May 22, 2016 - 12:01am CST

A new U.K. law will allow insurance buyers of all sizes to receive damages if their claims are not paid within a reasonable amount of time, but the law does not define what is considered “reasonable.”

Questioning overseas oversight

By: Mark A. Hofmann

Published May 22, 2016 - 12:01am CST

A new front has opened in the ongoing battle over how much say international regulators should have in the operation of U.S.-domiciled insurers.

Insurers shun risk as oil-linked quakes soar in Oklahoma

By: Thomson Reuters

Published May 12, 2016 - 9:25am CST

As the number of earthquakes in Oklahoma exploded in the past few years, insurers move to limit their exposure.

Ruling clarifies insurer claims under U.K. riot damages act

By: Sarah Veysey

Published May 08, 2016 - 12:01am CST

Insurance buyers cannot rely on the United Kingdom's 130-year-old riot law to compensate them for consequential losses caused by civil unrest, according to a landmark U.K. Supreme Court ruling.

Flood cover bill makes progress in Congress

By: Mark A. Hofmann

Published May 08, 2016 - 12:01am CST

Supporters of a greater private insurance presence in the flood insurance market may get closer to their goal — if the congressional calendar doesn't run out.

House vote to encourage private flood insurance wins praise

By: Mark A. Hofmann

Published April 28, 2016 - 3:52pm CST

Insurers and other groups praised Thursday’s vote by the U.S. House of Representatives in favor of the Flood Insurance Market Parity and Modernization Act.

Adequate insurance urged for potentially volatile oil trains

By: Mark A. Hofmann

Published April 26, 2016 - 1:58pm CST

New York State Comptroller Thomas P. DiNapoli has sent a letter to U.S. Transportation Secretary Anthony Foxx calling on the federal government to require railroads that transport oil to carry adequate insurance to cover cleanup costs and other liabilities associated with major rail accidents.

Surplus lines tax compact in jeopardy as Florida exits

By: Mark A. Hofmann

Published April 24, 2016 - 12:01am CST

The fate of the Nonadmitted Insurance Multistate Agreement remains murky at best in the wake of Florida's announcement that it will leave the surplus lines premium tax collection and allocation clearinghouse on June 1.

Q&A: Bob Richards, Bermuda's deputy prime minister and minister of finance

By: Gavin Souter

Published April 24, 2016 - 12:01am CST

Bermuda, one of the world's largest insurance and reinsurance markets, has seen some significant developments in the past few months — it was granted Solvency II equivalence by the European Union, reducing red tape for Bermuda's insurers, and XL Catlin announced plans to redomicile to the island. But it also has seen its share of the captive market shrink, and the “Panama...

New York names top insurance regulator

By: Joyce Famakinwa

Published April 21, 2016 - 11:52am CST

The New York State Department of Financial Services has named Scott Fischer as its executive deputy superintendent for insurance.

Cyber coverage seen as security incentive

By: Mark A. Hofmann

Published April 10, 2016 - 12:01am CST

Congressional interest in promoting cyber insurance as a market-based way to manage business and critical infrastructure risks is growing.

Designation of MetLife as SIFI 'arbitrary and capricious': Federal judge

By: Mark A. Hofmann

Published April 07, 2016 - 1:54pm CST

A federal judge doesn't take much stock in the government's decision to identify MetLife as a systemically important financial institution.

Week in pictures

Published April 01, 2016 - 9:36am CST

SIFI challenges, man-made earthquakes, oil slicks and paperwork slip-ups top the Business Insuranceweek in pictures.

AIG mortgage insurance unit files for IPO of up to $100 million

By: Thomson Reuters

Published March 31, 2016 - 8:38am CST

(Reuters) — AIG said it would spin off the unit in an attempt to overhaul its structure in the face of pressure from investor Carl Icahn.

AIG CEO says MetLife ruling an opportunity for AIG

By: Thomson Reuters

Published March 31, 2016 - 8:25am CST

Peter Hancock says judge’s ruling in favor of MetLife opens the door for AIG to seek to shed SIFI designation.

Homeland Security subcommittee calls for strengthened cyber insurance role

By: Mark A. Hofmann

Published March 29, 2016 - 10:34am CST

Coverage seen as one way to promote security at companies that store vast amounts of customers' and clients' personal information.

Insurance Services Office to help U.S. analyze terrorism insurance data

By: Judy Greenwald

Published March 28, 2016 - 2:09pm CST

Insurance Services Office Inc. will collect, aggregate and help analyze insurance data on terrorism for the U.S. Treasury Department this year, the Jersey City, New Jersey-based organization said.

Adjusters seek to cut red tape

By: Mark A. Hofmann

Published March 27, 2016 - 12:01am CST

Independent claims adjusters want to be treated the same way as insurance agents and brokers when it comes to the issue of nonresident state licensing. The independents say they face many of the same problems agents and brokers with interstate business faced before legislation was enacted to establish the National Association of Registered Agents and Brokers.

U.S., European regulators independent but take cues from each other

By: Mark A. Hofmann

Published March 17, 2016 - 1:39pm CST

WASHINGTON — The U.S. and international insurance regulatory systems are not converging, according to the director of the Federal Insurance Office on Thursday.

AIG units to pay SEC for steering clients to pricey fund shares

By: Thomson Reuters

Published March 15, 2016 - 11:25am CST

The three units — Royal Alliance Associates, Sagepoint Financial and FSC Securities — are on the hook for more than $9.5 million.

Flood insurance reform passes first hurdle

By: Mark A. Hofmann

Published March 13, 2016 - 12:01am CST

Supporters of federal flood insurance legislation look for Congress to follow a House panel's lead and approve a bill that would put private insurers on an even footing with the National Flood Insurance Program.

AIG to reinsure U.S. casualty portfolio through Swiss Re

By: Mark A. Hofmann

Published March 10, 2016 - 9:41am CST

The two-year reinsurance arrangement is part of AIG's strategy to become a more profitable insurer.

Flood insurance bill approved by House committee

By: Mark A. Hofmann

Published March 02, 2016 - 3:45pm CST

The House Financial Services Committee approved legislation Wednesday that's designed to encourage private insurers to enter the flood insurance market.

AIG, Coventry First settle lawsuit over 'life settlements'

By: Thomson Reuters

Published February 29, 2016 - 2:13pm CST

Companies settled the lawsuit while awaiting a judge's ruling in an October bench trial.

Insurers wary of consequences if Britain exits European Union

By: Sarah Veysey

Published February 28, 2016 - 12:01am CST

A vote in favor of Britain leaving the European Union could profoundly affect the London insurance market and put billions of dollars in premiums at risk.

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