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Fireman's Fund to pay $44 million to settle U.S. charges

Published March 23, 2015 - 3:01pm CST

(Reuters) — Fireman's Fund Insurance Co. agreed to pay $44 million to settle U.S. charges that it knowingly issued policies that did not qualify for the U.S. Department of Agriculture's federal crop insurance program, and also falsified documents.

Regulatory overreach puts U.S. insurers on defensive

By: Dave Snyder

Published March 22, 2015 - 6:00am CST

Despite a stable marketplace, U.S. insurers and their regulators face an unprecedented threat of scrutiny and intrusion from U.S. and foreign entities. Such efforts could negatively affect the industry they purport to assist, says Dave Snyder, vice president, international policy at the Property Casualty Insurers Association of America.

Bank of England says will apply Solvency II insurance rules 'proportionately'

Published March 20, 2015 - 9:00am CST

(Reuters) — The Bank of England on Friday said it would apply new European Union insurance regulations "proportionately" following industry fears that the central bank might seek to add extra rules for companies based in Britain.

Senate panel takes up cyber insurance issues

By: Mark A. Hofmann

Published March 19, 2015 - 12:19pm CST

A single federal standard for notifying victims of cyber security breaches is preferable to the current patchwork of state laws, an attorney who is also a professor of insurance law told a Senate panel on Thursday

U.S. insurer groups wary of international capital standards

By: Mark A. Hofmann

Published March 15, 2015 - 6:00am CST

Insurers in the U.S. and elsewhere are concerned that an effort to set an international capital standard for globally active insurers could result in duplicative rules, higher costs and less choice for insurance buyers.

2015 Risk Management Summit highlights cyber terrorism, international risk

Published March 15, 2015 - 6:00am CST

In our latest In Focus video, senior risk managers, leaders and innovators convene for the Business Insurance two-day networking and educational conference in New York City.

Cyber security input sought by NAIC

By: Judy Greenwald

Published March 13, 2015 - 12:36pm CST

The National Association of Insurance Commissions has released a draft of “Principles for Effective Cybersecurity Insurance Regulatory Guidance” for public comment.

AIG settles workers comp rate allegations for $1.25 million

By: Sheena Harrison

Published March 11, 2015 - 10:40am CST

AIG has agreed to pay a $1.25 million settlement after the Missouri Department of Insurance accused nine AIG-affiliated insurers of failing to file rate plans for thousands of large-deductible workers compensation policies.

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.

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