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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.

BROKER BEAT Video: Woodruff-Sawyer & Co.

Published October 21, 2014 - 4:42pm CST

Business Insurance Associate Editor Bill Kenealy speaks with Priya Huskins, Senior Vice President of Woodruff-Sawyer & Co., about Bay area D&O buyers, big data and regulation.

Possible sunset of federal terrorism coverage backstop concerns insurers

By: Sheena Harrison

Published October 21, 2014 - 1:58pm CST

CHICAGO — The federal terrorism insurance backstop set to expire at the end of this year likely will be replaced or extended, but insurers are worried about workers comp exposures if the backstop goes away.

Council of Insurance Agents and Brokers elects chairman for 2015

By: Mark A. Hofmann

Published October 15, 2014 - 10:11am CST

Steve Brockmeyer, president and CEO of Pasadena, California-based Bolton & Co. was elected as 2015 chairman of the Washington-based Council of Insurance Agents and Brokers on Tuesday.

Travelers sues P.F. Chang's to avoid paying breach costs

By: Judy Greenwald

Published October 13, 2014 - 3:27pm CST

A Travelers Cos. unit has filed suit against P.F. Chang's China Bistro Inc. seeking a judicial declaration that it is not obligated to provide indemnity coverage or defense costs in connection with a data breach announced earlier this year.

Brokers, insurers need to offer relevant insurance to prosper: Panel

By: Gavin Souter

Published October 13, 2014 - 1:31pm CST

COLORADO SPRINGS, Colorado – Insurers and brokers need to offer relevant products to add value for insurance buyers if they are to prosper in an environment where nontraditional capital continues to enter the market.

Swiss Re to cover product contamination or failure in U.K., Ireland, Italy

By: Stephanie Goldberg

Published October 13, 2014 - 10:51am CST

Swiss Re Corporate Solutions will offer contaminated products insurance to manufacturers, retailers and distributors in the food and drink industries in the United Kingdom, Ireland and Italy, the Zurich, Switzerland-based reinsurance company announced Monday.

OFF BEAT: City van driver seeks damages after hitting own parked car

Published October 10, 2014 - 12:31pm CST

In most cases, a city might willingly cover the cost of damage caused by city workers to private property.

Former Treasury Secretary Timothy Geithner defends AIG bailout

Published October 07, 2014 - 1:52pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the government's rescue of AIG in September 2008, saying the action was necessary to prevent the country from plunging into a possible second Great Depression.

U.S. FSOC may tweak process for spotting super-risky firms

Published October 07, 2014 - 9:50am CST

(Reuters) — The U.S. top financial risk council may tweak the way in which it identifies insurers and other companies that are not banks as systemically important, a process the industry and politicians have fiercely criticized.

Calif. law requires free year of credit monitoring after data breaches

By: Judy Greenwald

Published October 01, 2014 - 2:50pm CST

California Gov. Jerry Brown has signed into law legislation that requires companies affected by data breaches to offer credit monitoring.

Calif. law makes companies share wage, comp liability with labor contractors

By: Judy Greenwald

Published October 01, 2014 - 2:14pm CST

California Gov. Jerry Brown has signed into law a bill that imposes liability on companies when labor contractors fail to pay wages or provide workers compensation premium.

National Council proposes workers comp rate hike for Hawaii in 2015

By: Bill Kenealy

Published October 01, 2014 - 12:26pm CST

The National Council on Compensation Insurance Inc. has proposed a 3.2% rate increase in Hawaii workers compensation advisory rates for 2015.

TRIA reauthorization delayed until November at the earliest

By: Mark A. Hofmann

Published September 28, 2014 - 6:00am CST

The fate of the federal terrorism insurance backstop and an initiative to streamline licensing of interstate agents and brokers won't be known until November at the earliest.

NCCI recommends Kansas workers comp rate cut of 10.4% in 2015

By: Sheena Harrison

Published September 25, 2014 - 2:27pm CST

The National Council on Compensation Insurance Inc. has proposed a 10.4% decrease in Kansas workers compensation advisory rates for 2015.

U.S. insurance sector shows resilience in wake of financial crisis: FIO

By: Mark A. Hofmann

Published September 24, 2014 - 3:09pm CST

The U.S. insurance industry has shown “resilience” in the wake of the financial crisis, according to a report issued Wednesday by the Federal Insurance Office.

Illinois workers comp medical fee rates to increase 1.7% in 2015

By: Sheena Harrison

Published September 24, 2014 - 12:38pm CST

Illinois workers compensation medical fee schedule rates are set to increase 1.7% next year, the Illinois Workers Compensation Commission said.

Property/casualty groups stress resilience to extreme weather: statement

By: Mark A. Hofmann

Published September 23, 2014 - 2:26pm CST

A group of property/casualty insurance groups issued a joint statement emphasizing their commitment to risk mitigation and extreme weather resilience.

Canada may spread oil-by-rail insurance burden, mulls special fund

Published September 23, 2014 - 10:17am CST

(Reuters) — The Canadian government is looking at extending the insurance burden for crude-by-rail disasters beyond just railways and is weighing the idea of a special fund similar to one once set up for maritime oil spills, a government official said.

EEOC faces criticism from House panel studying transparency measures

By: Judy Greenwald

Published September 19, 2014 - 12:55pm CST

The chairman of a House of Representatives subcommittee sharply criticized the U.S. EEOC regarding the agency's transparency and accountability.

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.

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