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Insurers to fund portion of L.A. Archdiocese pact
A dozen insurers will pay $227 million of the record $660 million settlement reached recently by the Archdiocese of Los Angeles and victims of clergy sexual abuse, a market source said. The settlement resolves 508 civil cases against the Archdiocese, which said in a statement that it would sell some properties in order to fund its portion of the settlement--a reported $250 million. The remainder will be paid by other religious orders.
House subcommittee to mark up TRIA bill
The House Financial Services Committee's Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee on Tuesday will mark up the Terrorism Risk Insurance Revision and Extension Act of 2007. The bill would extend the federal terrorism insurance backstop, currently slated to expire on Dec. 31, for 10 years. Among other things, the measure would extend the backstop's coverage to group life insurance and would permit the program to respond to acts of domestic- as well as foreign-initiated terrorism.
Japan quake losses less than $200 million
Insured property losses from the July 16 earthquake in Japan are expected to be around $188.0 million, according to catastrophe modeler Risk Management Solutions Inc. That estimate does not include business interruption losses and is based on expectations that insured losses will be about one-third of the 61 billion yen ($564.1) in losses caused by a 2004 temblor that struck the same region, RMS said. Last week's 6.8 magnitude earthquake was centered offshore, limiting the impacted area to coastal settlements, RMS noted. Other cat modelers did not provide estimates.
R.I. governor vetoes infertility cover bill
Rhode Island Gov. Donald L. Carcieri has vetoed a bill requiring health insurers in the state to extend coverage for infertility treatments to unmarried women. In blocking the bill, introduced earlier this year by state Rep. Edith H. Ajello, D-Providence, the Republican governor said, "As a matter of public policy, the state should be encouraging the birth of children to two-parent families, not the reverse."
Pa. docs not required to up med mal limits
Because of inadequate commercial insurance capacity, Pennsylvania health care providers will not have to boost their commercial medical malpractice insurance limits and reduce their dependence on a state fund for coverage, the state's insurance department said. Providers in the state currently must maintain $1 million of coverage, with the first $500,000 of limits purchased from a commercial insurer and an excess layer of $500,000 obtained from a state fund. Under state law, as commercial market capacity increases, providers would have to purchase $750,000 of commercial limits and $250,000 of state fund limits. A study determined that capacity is not yet adequate for that change, the department said.
Chubb agrees to refund comp premiums in Fla.
Chubb Corp. has agreed to refund its Florida workers compensation policyholders more than $13 million in "excess profits," the Florida Office of Insurance Regulation said. The refund stems from premiums paid from 2002 through 2004. The Office of Insurance Regulation said in a statement that it discovered the "excess profits" during an exam of annual financial data submitted by Chubb companies. Florida law caps workers comp insurer profits and insurers are required to return any excess or credit their policyholders.
Commerce official named PCI chief
U.S. Deputy Secretary of Commerce David A. Sampson will become the new president and chief executive officer of the Property Casualty Insurers Assn. of America. Mr. Sampson, who has served as the deputy secretary of commerce since July 2005, also is a member of the president's management council. He previously served as assistant secretary of commerce for economic development. June Holmes will continue to serve as PCI's interim CEO, a post she has held since September 2006, until Mr. Sampson assumes his duties. At that time, she will return to her previous position of PCI chief operating officer.
Risk managers continue to enjoy lower premiums on many of their commercial insurance policies, according to the Risk & Insurance Management Society Inc.'s latest benchmark survey produced by New York-based Advisen Ltd. Directors and officers liability premiums fell an average of 7.3% in the second quarter compared with last year, while workers compensation premiums fell nearly 2% and general liability premiums fell 1.2%....The Bush administration opposes legislation that would expand the National Flood Insurance Program to offer windstorm as well as flood coverage, a Treasury official said last week in an appearance before a subcommittee of the the House Financial Services Committee.