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NARAB could become a reality in two years

By: Mark A. Hofmann

Published March 01, 2015 - 6:00am CST

Agents' and brokers' longtime dream of establishing a national clearinghouse for nonresident state licensing could become a reality in two years.

New Senate Finance Committee proposal seeks to bolster microcaptives

By: Jerry Geisel

Published February 15, 2015 - 6:00am CST

A proposal that could have put many “microcaptives” out of business was withdrawn before a Senate Finance Committee vote last week and replaced by one that will make 831(b) captive insurers even more financially attractive.

Q&A: Monica J. Lindeen, National Association of Insurance Commissioners

By: Mark A. Hofmann

Published February 15, 2015 - 6:00am CST

Monica J. Lindeen is 2015 president of the National Association of Insurance Commissioners. She serves as Montana's commissioner of securities and insurance, a position to which she was first elected in 2008 and re-elected to a second term in 2012. She previously served in the Montana House of Representatives. Ms. Lindeen recently spoke to Business Insurance Senior Editor Mark A. Hofmann about...

Lloyd’s syndicates must pay $9.6 million of environmental cleanup costs

By: Matthew Lerner

Published February 13, 2015 - 11:39am CST

A New Mexico state court jury rendered a verdict awarding $9.6 million to United Nuclear Corp., a former uranium miner, which was seeking coverage for remediation and other costs from Lloyd’s of London underwriting syndicates.

Workers comp opt-out bill introduced in Tennessee

By: Stephanie Goldberg

Published February 12, 2015 - 3:56pm CST

Tennessee legislators introduced a bill Thursday that would create an alternative benefit system for injured workers outside of the state-mandated workers compensation insurance program.

Terrorism insurance backstop guidance doesn't address lapse

By: Mark A. Hofmann

Published February 04, 2015 - 2:57pm CST

FIO's new interim guidance on terrorism insurance does not address whether the statute that reinstated the backstop would be retroactive to Jan. 1.

E.U. watchdog to aid insurers' infrastructure investment

Published February 04, 2015 - 11:35am CST

(Reuters) — The E.U.'s insurance watchdog wants to help insurers make safe investments in infrastructure projects as politicians encourage them to invest to help boost Europe's struggling economy.

U.K. risk management association welcomes Marine Insurance Act update

By: Sarah Veysey

Published February 04, 2015 - 11:21am CST

U.K. risk management association Airmic Ltd. has welcomed the U.K. Parliament's approval of a bill that will reform a century-old insurance law.

White House targets reinsurance tax deduction

By: Mark A. Hofmann

Published February 02, 2015 - 2:38pm CST

The Obama administration is calling again to disallow the deduction for excess nontaxed reinsurance premiums paid to affiliates.

Workers compensation exclusive remedy provisions under attack

By: Stephanie Goldberg

Published February 01, 2015 - 6:00am CST

Workers compensation exclusive remedy provisions, under attack in Florida and Oklahoma, face challenges in more states where workers comp reforms have reduced benefits.

Insurers get earlier warning on financial oversight, but concerns remain

By: Mark A. Hofmann

Published February 01, 2015 - 6:00am CST

The Financial Stability Oversight Council's plan to inform nonbank financial companies earlier that they're being considered for tighter regulation is a welcomed move, but falls short of addressing a key insurance industry concern.

Employers to see lower workers comp rates in Delaware

By: Bill Kenealy

Published January 28, 2015 - 2:52pm CST

An 11.5% decrease in Delaware voluntary workers compensation rates has been approved based on a recommendation from the Delaware Compensation Rating Bureau.

U.K. insurer capital won't rise under Solvency II rules

Published January 22, 2015 - 9:37am CST

(Reuters) — European Union rules to keep insurance companies stable will not be an excuse for regulators to ramp up capital requirements for insurers in Britain, a senior Bank of England official said Thursday.

Guernsey insurance regulator licensed 85 new insurers in 2014

By: Sarah Veysey

Published January 21, 2015 - 8:47am CST

The Guernsey Financial Services Commission, the island’s insurance regulator, on Wednesday said it licensed 85 new international insurers during 2014.

Insurers prepared for international regulatory changes: Fitch

By: Sarah Veysey

Published January 20, 2015 - 12:40pm CST

The implementation of Solvency II capital requirements and other international regulatory changes is unlikely to hurt the financial strength ratings of insurers, Fitch Ratings Ltd. said in a report issued Tuesday.

2015 legislative and regulatory agenda is a mixed bag

By: Mark A. Hofmann

Published January 18, 2015 - 6:00am CST

No issue dominates this year's legislative and regulatory agenda of the risk management and property/casualty insurance community as reauthorization of the federal terrorism insurance backstop did even several weeks ago.

TRIA's temporary lapse sparks interest in private coverage of terrorism risks

By: Matthew Lerner

Published January 18, 2015 - 6:00am CST

The temporary lapse of the federal terrorism reinsurance backstop has spurred growth in the stand-alone market, with greater buyer interest in purchasing private insurance and more insurers offering private coverage of the risk.

Risk managers, insurers turn focus to making terrorism backstop permanent

By: Mark A. Hofmann

Published January 18, 2015 - 6:00am CST

Now that the federal government's terrorism insurance backstop has been extended through 2020, supporters are refocusing on what should be done before Congress deals with reauthorization again.

President Obama signs TRIA extension bill into law

By: Mark A. Hofmann

Published January 13, 2015 - 9:17am CST

President Barack Obama has signed into law legislation extending the federal terrorism insurance backstop through Dec. 31, 2020.

Insurer MetLife plans to sue U.S. regulators over tougher rules

Published January 13, 2015 - 8:36am CST

(Reuters) — MetLife Inc. said it would file a lawsuit Tuesday against regulators subjecting it to tougher oversight, challenging their verdict that the firm harbors enough risk to bring down the financial system in a crisis.

Senate approves federal terrorism insurance backstop

By: Mark A. Hofmann

Published January 08, 2015 - 2:16pm CST

The Senate on Thursday followed the House of Representatives’ lead by approving legislation that would reinstate the federal terrorism insurance backstop through the end of 2020.

Insurance, business leaders urge Senate action on TRIA renewal

By: Mark A. Hofmann

Published January 08, 2015 - 9:45am CST

A broad coalition of business and insurance groups has written the Senate urging swift passage of the Terrorism Risk Insurance Program Reauthorization Act of 2015.

House passes bill to extend terrorism insurance backstop through 2020

By: Mark A. Hofmann

Published January 07, 2015 - 2:39pm CST

Moving quickly after the federal terrorism insurance program expired on Dec. 31, 2014, the House of Representatives on Wednesday overwhelmingly approved a bill to extend the terrorism insurance backstop until the end of 2020.

House could vote this week on TRIA reauthorization

By: Mark A. Hofmann

Published January 06, 2015 - 10:35am CST

Insurance industry groups are hailing House of Representatives leaders' stated intention to move swiftly on legislation that would reinstate the federal government's terrorism insurance backstop program.

India's Modi orders insurance reforms after stymied by parliament

Published December 29, 2014 - 9:14am CST

(Reuters) — Indian Prime Minister Narendra Modi resorted to a rarely used executive decree on Wednesday to implement insurance reforms, displaying his resolve to revamp Asia's third-largest economy despite political opposition in parliament.

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