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Insurance groups hail House approval of capital standards bill

By: Mark A. Hofmann

Published September 17, 2014 - 11:43am CST

Insurance groups are welcoming the House's approval on Tuesday of legislation that would give the Federal Reserve more leeway in determining accounting standards.

DOL proposes rule for more contractor pay transparency

By: JUDY GREENWALD

Published September 15, 2014 - 1:26pm CST

The U.S. Department of Labor announced Monday a proposed rule that would prohibit federal contractors from maintaining pay secrecy policies.

NCCI recommends lower workers compensation rates for 15 states

By: Sheena Harrison

Published September 14, 2014 - 6:00am CST

An improving workers compensation market is driving the National Council on Compensation Insurance Inc. to recommend more decreases in state workers comp rates for next year.

Surplus lines market sees rise in premium volume as economy improves

By: Louise Esola

Published September 14, 2014 - 6:00am CST

A modest surge of business in the surplus lines market reflects an improving economy.

Illinois law that raises tax on captive insurers draws fire

By: Rodd Zolkos

Published September 12, 2014 - 1:27pm CST

An Illinois law that apparently will subject Illinois-based companies to self-procurement taxes on premiums placed in their captives could be “very detrimental” to those companies' captive operations, a captive association leader said.

California may see stable workers comp pricing despite rate hike: Panel

By: Bill Kenealy

Published September 11, 2014 - 7:45am CST

DANA POINT, California — The conditions that have caused the California Workers Compensation Insurance Rating Bureau to recommend an increase in workers comp rates will not necessarily affect pricing in the near term.

Illinois workers comp rates to drop 5.5% in 2015

By: Stephanie Goldberg

Published September 09, 2014 - 1:51pm CST

Illinois businesses will see a 5.5% cut in workers compensation rates as of Jan. 1, 2015, a spokesman for the state said Tuesday.

False evidence charges against asbestos company, law firm reinstated

By: Judy Greenwald

Published September 05, 2014 - 10:46am CST

A federal appeals court has reinstated fraud and fraud concealment claims against a former asbestos manufacturer and its law firm.

NCCI recommends 3.7% decrease in Missouri workers comp rates for 2015

By: Sheena Harrison

Published September 02, 2014 - 4:45pm CST

The National Council on Compensation Insurance Inc. has recommended a 3.7% decrease in Missouri workers compensation rates for 2015, the state insurance department said Tuesday.

Congress could delay passage of TRIA renewal bill past November elections

By: Mark A. Hofmann

Published August 31, 2014 - 6:00am CST

Passage of a bill that would extend the federal terrorism insurance backstop could be pushed into a lame-duck session following the November elections.

U.S. risk council to discuss oversight of nonbank firms on Sept. 4

Published August 29, 2014 - 9:08am CST

(Reuters) — The U.S. systemic risk council will meet on Sept. 4 to discuss naming nonbank financial firms for tougher regulatory oversight, the U.S. Treasury Department said Thursday.

Marsh & McLennan CEO Daniel Glaser tapped to lead Federal Advisory Committee on Insurance

By: Mark A. Hofmann

Published August 17, 2014 - 6:00am CST

WASHINGTON — The Federal Advisory Committee on Insurance has been one of the lowest-profile panels in Washington, but that could change in the coming months.

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

Published August 15, 2014 - 3:30pm CST

(Reuters) — Insurer American International Group Inc. is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Industry welcomes bills to clarify NRRA's application to captive insurers

By: Rodd Zolkos

Published August 13, 2014 - 11:20am CST

BURLINGTON, Vt. — The president of the Vermont Captive Insurance Association is “cautiously optimistic” about the chances for bills in Congress aimed at clarifying the federal Non-Admitted Reinsurance Reform Act as it relates to captive insurance.

E.U. executive wants to beef up bloc's financial watchdogs

Published August 08, 2014 - 9:03am CST

(Reuters) — The European Union's trio of new financial watchdogs should have more powers over banks, insurers and markets to ensure national regulators apply E.U. rules, the bloc's executive body said on Friday in a review that may raise hackles in Britain.

Texas adopts NCCI workers comp statistical plan

By: Sheena Harrison

Published August 06, 2014 - 1:33pm CST

The Texas Department of Insurance has adopted the NCCI's statistical plan, which it will use as the basis of state collection of workers compensation statistics and data starting next year.

White House, insurers partner on building resillience to catastrophes

By: Mark A. Hofmann

Published August 03, 2014 - 6:00am CST

A new and ongoing dialogue between the White House and the insurance and reinsurance industries could lead to more effective public/private partnerships to promote resilience in the face of severe weather events, according to participants.

National insurance broker licensing effort gaining support

By: Mark A. Hofmann

Published August 03, 2014 - 6:00am CST

The elusive goal of establishing the National Association of Registered Agents and Brokers, a nonprofit organization to streamline the licensing of insurance agents and brokers outside their home state, finally may be within reach.

U.K. insurance buyers laud changes in Marine Insurance Act 1906

By: Sarah Veysey

Published August 03, 2014 - 6:00am CST

Proposed changes to the United Kingdom's century-old insurance contract law will prompt underwriters to review their business practices and policy wordings and should eliminate claims denials due to inadvertent buyer errors.

Workers comp rate decrease of 5.5% proposed for Illinois

By: Sheena Harrison

Published July 31, 2014 - 9:43am CST

The National Council on Compensation Insurance Inc. has proposed a 5.5% decrease in Illinois workers compensation advisory rates next year, Illinois Gov. Pat Quinn announced Wednesday.

Both House, Senate TRIA bills, place more liability on insurers: Report

By: Rodd Zolkos

Published July 21, 2014 - 3:13pm CST

While bills introduced in the U.S. Senate and House of Representatives to extend the federal terrorism backstop mark progress towards that goal, both would raise the insurance industry’s liability following a terrorist attack.

Captive insurers stick with E.U. domiciles despite impending Solvency II rules

By: By Sarah Veysey

Published July 20, 2014 - 6:00am CST

Captive insurers are making good progress in preparing for Solvency II and are defying predictions that they would leave the European Union for domiciles where the risk-based capital rules will not apply.

Insurance industry welcomes Senate approval of seven-year TRIA extension

By: Mark A. Hofmann

Published July 17, 2014 - 12:54pm CST

Insurers and other industry groups are welcoming Thursday's 93-4 Senate vote to extend the federal terrorism insurance backstop for seven years.

SEC official vows to defend agency from Fed encroachment

Published July 15, 2014 - 1:59pm CST

(Reuters) — A member of the U.S. Securities and Exchange Commission is vowing to defend the regulator's turf against what he said is growing encroachment by the Federal Reserve and a council of financial regulators on everything from asset manager regulation to high-speed trading.

IN FOCUS Video: Property/Casualty Insurance Lobbyists

Published July 08, 2014 - 3:56pm CST

In our latest video report, we speak with several top lobbyists for the property/casualty insurance industry and find out what key issues are currently their top priorities on Capitol Hill.

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