OFF BEAT: Things heat up for Chef Ramsay in wage-and-hour suit

Published June 18, 2013 - 1:01pm CST

They say if it’s too hot, get out of the kitchen.

Business Insurance IN FOCUS Video: Insurers and regulators

Published June 18, 2013 - 6:00am CST

In our latest weekly video, Business Insurance explores the future of AIG and other insurers' concerns with the Federal Reserve Board.

EIOPA review of long-term guarantee rules could delay Solvency II: Fitch

By: Sarah Veysey

Published June 17, 2013 - 10:21am CST

The European insurance regulator has published results of its review of long-term guarantee rules for Solvency II, the proposed risk-based capital regulatory regime for insurers in Europe that has been delayed because of disagreement on how long-term guarantees should be treated.

Insurers' riskier investments face more regulatory scrutiny: IIS panel

By: Gavin Souter

Published June 17, 2013 - 10:01am CST

SEOUL, South Korea — With the current era of low interest rates likely to last several more years, insurers are adjusting their investment portfolios to include more investments outside of highly rated bonds that they have targeted traditionally.

Regulators need to work with insurers: Benmosche, other IIS panelist

By: Gavin Souter

Published June 17, 2013 - 9:56am CST

SEOUL, South Korea — Insurers face increased regulation across the globe, but different expectations by the various regulators make compliance complex, said Robert Benmosche, president and CEO of American International Group Inc.

Information leak shows government contractor liability exposures: Paper

By: Judy Greenwald

Published June 14, 2013 - 10:36am CST

Errors and omissions, directors and officers and employment practices liability insurance all may come into play in instances where employees leak confidential government information, broker Lockton Cos. L.L.C. says in a white paper.

First-responder training firm settles whistle-blower case for $11.8M

By: Judy Greenwald

Published June 13, 2013 - 2:57pm CST

In a whistle-blower case, a firm that trained first-responder personnel to prevent and respond to terrorism attacks has agreed to pay $11.8 million to settle charges it violated the False Claims Act by charging inflated prices under grants it received, government officials said Thursday.

Comp exclusive remedy, Human Rights Act bar gay man's harassment suit

By: Sheena Harrison

Published June 13, 2013 - 2:47pm CST

A man allegedly subjected to harassment at work about his sexual orientation cannot sue his former employer for negligence because workers compensation exclusive remedy provisions and the Human Rights Act bar his lawsuit, an Illinois appellate court has ruled.

Bill to separate agent compensation from medical loss ratios introduced

By: Mark A. Hofmann

Published June 13, 2013 - 2:31pm CST

A bipartisan bill introduced in the House of Representatives to clarify the treatment of agent compensation under the Patient Protection and Affordable Care Act is winning praise from the Independent Insurance Agents & Brokers of America.

EEOC's disability discrimination case against UPS must proceed: Judge

By: Judy Greenwald

Published June 13, 2013 - 1:23pm CST

A federal judge has denied United Parcel Service Inc.'s effort to appeal his latest ruling in a disability discrimination case filed against it by the U.S. Equal Employment Opportunity Commission, and said the case should proceed to discovery.

Health reform law research fee is tax-deductible: IRS

By: Jerry Geisel

Published June 12, 2013 - 11:12am CST

A medical outcomes research fee paid by self-funded employers and insurers as mandated by the health care reform law is tax-deductible, the Internal Revenue Service says.

E.U. to pave way for class actions against cartels

Published June 06, 2013 - 2:00pm CST

(Reuters) — E.U. antitrust regulators will unveil draft rules next week aimed at helping victims claim compensation from price-fixing cartels, seeing private lawsuits as an additional tool, on top of fines, to deter companies from breaking antitrust laws.

AIG's Benmosche: Too big to fail tag is no big deal

By: Darla Mercado

Published June 05, 2013 - 3:14pm CST

Robert Benmosche, chief executive of American International Group Inc., is unfazed over his massive insurance company coming under the supervision of the Federal Reserve as a too-big-to-fail financial institution.

IRS revises excise tax form for health reform law research fee payment

By: Jerry Geisel

Published June 05, 2013 - 11:52am CST

Employers and insurers have a newly revised Internal Revenue Service tax form they must use to pay a fee mandated by the health care reform law that is due at the end of July.

West Columbia, N.C., to improve accessibility for the disabled

By: Judy Greenwald

Published June 03, 2013 - 1:03pm CST

The City of West Columbia, N.C., has reached an agreement with the U.S. Department of Justice under which it will physically modify its facilities to improve access for disabled persons under the Americans with Disabilities Act.

Private firms will face more retaliation litigation if Sarbanes-Oxley is extended

By: Judy Greenwald

Published June 02, 2013 - 6:00am CST

Private companies likely would face increased retaliation litigation should the U.S. Supreme Court extend the Sarbanes-Oxley Act's whistle-blower protections to the privately held contractors of public companies.

Focus on counter corporate tax avoidance could affect insurance

By: Douglas McLeod

Published June 02, 2013 - 6:00am CST

U.S. and European efforts to counter corporate tax avoidance are a potential concern for multinational insurers and reinsurers, but to a lesser degree than for manufacturers and other multinational enterprises, tax experts say.

Southport becomes second reinsurer in Cayman Islands

By: Mike Tsikoudakis

Published May 30, 2013 - 11:44am CST

Southport Re (Cayman) Ltd. has changed its captive insurance status to become the second reinsurer in the Cayman Islands.

Nasdaq to pay $10 million to settle SEC charges in Facebook IPO

By: Judy Greenwald

Published May 29, 2013 - 2:47pm CST

Nasdaq has agreed to pay $10 million to settle Securities and Exchange Commission charges in connection with last year's botched Facebook Inc. initial public offering.

ISO 31000 standard provides risk management framework: Panel

By: Rodd Zolkos

Published May 29, 2013 - 10:02am CST

TORONTO — Best-in-class risk management programs begin with a process aligned with a framework, and the ISO 31000 risk management standard can provide such a framework, an enterprise risk management expert said.

Ease 90-day rule on new worker health cover: American Benefits Council

By: Jerry Geisel

Published May 28, 2013 - 1:09pm CST

The American Benefits Council is asking federal regulators to ease a rule that will require employers to offer health insurance coverage to newly hired employees no later than 90 days after they begin work starting in 2014.

PBGC to take over pension plan sponsored by charity KidsPeace

By: Jerry Geisel

Published May 28, 2013 - 12:00pm CST

The Pension Benefit Guaranty Corp. is taking over a pension plan sponsored by KidsPeace Corp., a private charity dedicated to serving the behavioral and mental health needs of children, families and communities.

Legislation would extend terrorism backstop through 2024

By: Bill Kenealy

Published May 23, 2013 - 3:23pm CST

A third bill to extend the federal terrorism insurance backstop has been introduced in Congress, the latest by Reps. Michael Capuano, D-Mass., and Peter King R-N.Y. that would extend the program for 10 years.

Insurers in Europe may up risks in managing solvency ratio volatility

By: Bill Kenealy

Published May 22, 2013 - 2:25pm CST

Insurers’ efforts to manage volatility in their solvency ratios to comply with Europe’s pending Solvency II regime may instead introduce new risks, Moody’s Investors Services Inc. said in a report released Wednesday.