Business Insurance

Login  |  Register Subscribe



P/C Legislation & Regulation Subscribe to RSS feed for 'Federal Legislation & Regulation'

Gates' support of extending federal terrorism backstop praised

By: Mark A. Hofmann

Published October 29, 2014 - 10:07am CST

The Coalition to Insure Against Terrorism is welcoming former Defense Secretary Robert Gates' call to extend the federal government's terrorism insurance backstop.

New PCI chairman monitors federal regulatory posture

By: Mark A. Hofmann

Published October 28, 2014 - 9:49pm CST

For Terrence W. Cavanaugh, a challenge facing the Property Casualty Insurers Association of America is continuing to provide effective advocacy for its members and the industry in a rapidly evolving risk landscape.

Pennsylvania boosts drug monitoring, limits physician repackaging

By: Stephanie Goldberg

Published October 28, 2014 - 12:12pm CST

Pennsylvania Gov. Tom Corbett on Monday signed bills into law that expand the state’s prescription drug monitoring program and limit physician dispensing and drug repackaging.

PBGC takes over food wholesaler’s pension plan; warns of 2015 rate hikes

By: Jerry Geisel

Published October 27, 2014 - 3:03pm CST

The Pension Benefit Guaranty Corp. has taken over the underfunded pension plan of White Rose Inc., an independent Carteret, New Jersey-based independent food wholesaler that filed for Chapter 11 bankruptcy last month and now is selling off assets.

2014 Annual PCI Meeting

Published October 27, 2014 - 11:26am CST

Follow Business Insurance's complete coverage of the Property Casualty Insurers Association of America's 2014 annual meeting in Scottsdale, Arizona.

Terrorism backstop extension, financial regulations top PCI agenda

By: Matthew Lerner

Published October 26, 2014 - 8:44pm CST

Securing an extension of the federal terrorism insurance backstop created by the Terrorism Risk Insurance Act of 2002 tops the agenda for the Property and Casualty Insurers Association of America, but it’s far from the organization’s sole concern.

Insurers prepare for own risk and solvency solvency assessments

By: Mark A. Hofmann

Published October 26, 2014 - 6:00am CST

A robust enterprise risk management process can help insurers meet many states' requirements that they perform their own risk and solvency assessments next year, but the requirements also could cause some headaches.

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.

More »