Insurance news

• Workers’ Comp Study: California Reforms Lowered Medical Payments Per Claim

  23-04-2015 21:44
  
  A study from the Workers Compensation Research Institute indicates some benefits were had from California’s workers’ compensation reform bill. This WCRI 15th edition of the CompScope’ Benchmarks study tracks the provisions of Senate Bill 863, which sent into effect Jan. …
  The article Workers’ Comp Study: California Reforms Lowered Medical Payments Per Claim appeared first on Insurance Journal.
  
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• Funding of big pension plans dips in March

  23-04-2015 21:27
  The funded status of very large pension plans sponsored by public companies dipped in March as a slight decline in interest rates boosted the value of plan liabilities, according to a Milliman Inc. survey released Thursday.
  
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• Two shareholders sue American Apparel over CEO's ouster

  23-04-2015 21:25
  
  (Reuters) — Two American Apparel shareholders have filed a lawsuit against the clothing and accessories retailer, alleging its founder and former CEO Dov Charney was fired because he refused to sell the company.
  
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• House passes second threat-sharing cyber security bill

  23-04-2015 21:03
  (Reuters) — The U.S. House of Representatives voted overwhelmingly on Thursday to pass a bill that extends liability protection for companies that share information about cyber attacks, if they give the data to the U.S.
  
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• Case over hiring women on oil rigs settles; $1.5 million jury award upheld

  23-04-2015 21:00
  An Oklahoma oil drilling company has reached a $400,000 settlement with the U.S. Equal Employment Opportunity Commission in a case in which it was charged with systemic sex discrimination, the agency said.
  
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• Proposed PFIC rules would define “active conduct” of an insurance business - Journal of Accountancy

  23-04-2015 20:57
  
  Journal of Accountancy
  Proposed PFIC rules would define “active conduct” of an insurance business
  Journal of Accountancy
  Proposed regulations issued by the IRS on Thursday would clarify the circumstances under which investment income earned by a foreign insurance company is derived in the active conduct of an insurance business for purposes of determining whether the ...
  
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• California Department of Insurance Approves CEA Rate Reduction

  23-04-2015 20:53
  
  California Insurance Commissioner Dave Jones approved a statewide rate reduction of 10 percent for earthquake insurance policies issued by the California Earthquake Authority. The reduction is effective Jan. 1, 2016. Jones also approved additional CEA coverage options for consumers, including …
  The article California Department of Insurance Approves CEA Rate Reduction appeared first on Insurance Journal.
  
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• Clock's ticking for employers who overpaid ACA reinsurance fee

  23-04-2015 20:49
  
  Employers that realize they overpaid a health reform law-mandated “reinsurance” fee generally have until April 30 to seek a refund from the Centers for Medicare and Medicaid Services, regulators have disclosed.
  
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• Aspen repositioning; Rupert Villers to retire

  23-04-2015 20:38
  
  Despite solid first-quarter financials, Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. is repositioning itself amid persistent soft reinsurance prices and said Thursday that top executive Rupert Villers will retire later this year.
  
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• Workers comp drug formulary bill moves in California

  23-04-2015 20:29
  
  A California bill that would establish a closed formulary for medications prescribed in the workers compensation system has unanimously passed the Assembly Insurance Committee.
  
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• Allianz warns of possible European stock market crash

  23-04-2015 20:13
  Allianz warned that stock-market turmoil may follow a recent rally.
  
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• White Mountains Invests $13M in Title Insurer, OneTitle

  23-04-2015 20:00
  
  Bermuda-based holding company White Mountains Insurance Group Ltd. has agreed to provide up to $13 million to OneTitle National Guaranty Co. Inc. and will take a minority stake in the company. OneTitle is a licensed New York title insurance underwriter …
  The article White Mountains Invests $13M in Title Insurer, OneTitle appeared first on Insurance Journal.
  
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• IGF Cos. Names Kempen Senior Vice President in Colorado

  23-04-2015 19:35
  
  IFG Cos. has named Andrew P. Kempen senior vice president and chief pricing actuary. Kempen has more than 14 years of insurance-related actuarial experience in pricing, modeling and reserving. He joins IFG’s corporate actuarial department and will be based in …
  The article IGF Cos. Names Kempen Senior Vice President in Colorado appeared first on Insurance Journal.
  
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• IFG Cos. Names Kempen Senior Vice President in Colorado

  23-04-2015 19:35
  
  IFG Cos. has named Andrew P. Kempen senior vice president and chief pricing actuary. Kempen has more than 14 years of insurance-related actuarial experience in pricing, modeling and reserving. He joins IFG’s corporate actuarial department and will be based in …
  The article IFG Cos. Names Kempen Senior Vice President in Colorado appeared first on Insurance Journal.
  
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• Texas Insurers Group Honors 26 Students with Spring Scholarships

  23-04-2015 18:56
  
  The Insurance Council of Texas (ICT) Education Foundation awarded 26 students at five Texas universities, $21,000 in academic scholarships. The students attend the University of Houston Downtown, the University of Texas at San Antonio, Texas Southern University in Houston, the …
  The article Texas Insurers Group Honors 26 Students with Spring Scholarships appeared first on Insurance Journal.
  
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• Policy checker program offers error solutions for brokers

  23-04-2015 18:46
  
  Document analysis software company Adsensa Ltd. has launched an insurance policy-checking product for North American brokers that aims to minimize potential errors and omissions exposures and reduce policy backlog.
  
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• Spracklen Joins Texas’ Roach Howard Smith & Barton as VP

  23-04-2015 18:26
  
  Julia Miller Spracklen, J. D. has joined Texas-based independent insurance brokerage firm, Roach Howard Smith & Barton, as vice president of risk services, responsible for overseeing the employees and function of the risk services department. Spracklen joins RHSB from Travelers …
  The article Spracklen Joins Texas’ Roach Howard Smith & Barton as VP appeared first on Insurance Journal.
  
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• Oklahoma Geologists Also See Earthquake-Injection Well Link

  23-04-2015 18:23
  
  The Oklahoma Geological Survey said it is “very likely” that most of the state’s recent earthquakes were triggered by the subsurface injection of wastewater from oil and natural gas drilling operations. Geologists have been studying the cause of hundreds of …
  The article Oklahoma Geologists Also See Earthquake-Injection Well Link appeared first on Insurance Journal.
  
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• Missouri Bill with Medical Malpractice Caps Sent to Governor

  23-04-2015 18:20
  
  A measure to reinstate limits on lawsuit awards for pain and suffering in medical malpractice cases is heading to Missouri Gov. Jay Nixon’s desk three years after the state Supreme Court overturned lower caps. The Missouri House voted 125-27 to …
  The article Missouri Bill with Medical Malpractice Caps Sent to Governor appeared first on Insurance Journal.
  
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• German soccer team fails to qualify for Champions League, is covered for lost revenue

  23-04-2015 18:20
  Borussia Dortmund is using an unusual insurance policy to recover most of the income it is losing for failing to qualify for the Champions League.
  
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• Louisiana State Employees File Lawsuit over Changes to Insurance Program

  23-04-2015 18:16
  
  A group of state employees and retirees is asking a judge to reverse changes made to their insurance program, which cost many workers more out-of-pocket for lessened benefits. The lawsuit, announced on April 22, was filed in state district court …
  The article Louisiana State Employees File Lawsuit over Changes to Insurance Program appeared first on Insurance Journal.
  
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• Allied World reports income drop for first quarter

  23-04-2015 18:11
  
  Allied World Assurance Co. Holdings A.G. saw net income drop 29.7% to $124.4 million as expenses rose sharply and the company’s combined ratio worsened in the first quarter of 2015.
  
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• Radian adds unemployment insurance to coax would-be homebuyers

  23-04-2015 18:06
  Radian will broaden some mortgage-insurance policies to provide relief when borrowers lose their jobs.
  
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• Minnesota Manufacturers Relying on Robots Amid Worker Shortage

  23-04-2015 18:05
  
  A growing number of Minnesota manufacturers are turning to robots amid a shortage of skilled workers. Minnesota Public Radio News reports small companies are following the lead of larger manufacturers. Bob Kill, president and CEO of consulting firm Enterprise Minnesota, …
  The article Minnesota Manufacturers Relying on Robots Amid Worker Shortage appeared first on Insurance Journal.
  
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• Americans Want Self-Driving Cars for the Cheaper Insurance - Wired

  23-04-2015 18:03
  
  Wired
  Americans Want Self-Driving Cars for the Cheaper Insurance
  Wired
  The XC90 is the first car in the world with technology that features automatic braking if the driver turns left (or right in left-hand traffic) in front of an oncoming car. This is a common scenario both in in busy city crossings and on highways. The ...
  
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• Hedge fund managers get more time from IRS for reinsurance tax savings

  23-04-2015 17:59
  Hedge fund managers won’t immediately face new limits on their use of insurance in offshore tax havens, after the IRS proposed rules and chose not to make them effective now.
  
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• School Shooting Liability Bill Advanced by Colorado Lawmakers

  23-04-2015 17:55
  
  Colorado lawmakers choked back tears and recalled the state’s painful history of school violence Tuesday as they advanced a plan intended to reduce school shootings by making public schools legally liable for student safety. The approval of the Republican-controlled Colorado …
  The article School Shooting Liability Bill Advanced by Colorado Lawmakers appeared first on Insurance Journal.
  
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• Teacher Scared by Gunman in Drill Sues Oregon District for PTSD

  23-04-2015 17:53
  
  A former grade school teacher in eastern Oregon says she was so scared when a man burst into her classroom and pulled the trigger on the pistol he pointed at her face that she suffers from post-traumatic stress disorder and …
  The article Teacher Scared by Gunman in Drill Sues Oregon District for PTSD appeared first on Insurance Journal.
  
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• Banks seek to block Target's deal with MasterCard over data breach

  23-04-2015 17:52
  
  (Reuters) — A group of small banks and credit unions suing Target Corp. over its massive data breach in 2013 are moving to block the retailer's proposed $19 million settlement with MasterCard Inc.
  
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• Oil, Gas Driller Settles for $73 M in Colorado Pollution Case

  23-04-2015 17:49
  
  Major oil and gas driller Noble Energy has agreed to pay more than $73 million in a settlement with state and federal regulators over Colorado Front Range air-pollution violations. The Denver Post reported that the company’s tank batteries were emitting …
  The article Oil, Gas Driller Settles for $73 M in Colorado Pollution Case appeared first on Insurance Journal.
  
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• Willis to buy France's largest insurance broker

  23-04-2015 17:49
  Willis offered to buy 70% of French broker Gras Savoye to expand in France, Eastern Europe and the Middle East.
  
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• Report Shows Occupational Fatalities in California Rose in 2013

  23-04-2015 17:30
  
  The number of Californians who died on the job rose slightly in 2013, according to a Department of Industrial Relations report. The uptick apparently corresponds to California’s higher employment rates and its broad-based economic recovery. A review of the past …
  The article Report Shows Occupational Fatalities in California Rose in 2013 appeared first on Insurance Journal.
  
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• Schinnerer Taps AIG’s Kletzli to Lead Management Liability Practice in Maryland

  23-04-2015 17:18
  
  Specialty underwriting manager Victor O. Schinnerer & Company hired Matthew Kletzli as senior vice president and Management Liability Practice leader. Kletzli will be based in the firm’s Chevy Chase, Maryland, headquarters and report to Chief Underwriting Officer John Wallace. In …
  The article Schinnerer Taps AIG’s Kletzli to Lead Management Liability Practice in Maryland appeared first on Insurance Journal.
  
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• Tornado Damages Dozens of Homes in Ocala

  23-04-2015 17:13
  
  Authorities say a tornado touched down in an area of north Florida where dozens of homes were damaged by wind and failing trees. The Ocala Star Banner reported that no one was injured but at least a half dozen homes …
  The article Tornado Damages Dozens of Homes in Ocala appeared first on Insurance Journal.
  
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• 5 things you should know about flood insurance - PropertyCasualty360

  23-04-2015 17:09
  PropertyCasualty360
  5 things you should know about flood insurance
  PropertyCasualty360
  Following torrential rain showers that caused flooding in Roscoe, Ill., in August 2010, residents began the long clean-up process. Photo: Patsy Lynch/FEMA. Over the past 50 years, every state has experienced flooding or some sort of flash flood. This ...and more »
  
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• NFL concussion class action settlement approved

  23-04-2015 17:00
  
  A federal judge in Philadelphia on Wednesday granted final approval to a settlement in a class action lawsuit brought by more than 4,500 former players against the National Football League for concussion-related injuries.
  
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• Buckeye’s Haines Becomes AAIS Chairman; Motorists’ Kaufman Elected to Board

  23-04-2015 16:59
  
  R. Douglas Haines, president and CEO of Buckeye Insurance Group, Piqua, Ohio, is the new chairman of the board of the American Association of Insurance Services (AAIS). Also, the group has elected David Kaufman, president and CEO of Motorists Insurance …
  The article Buckeye’s Haines Becomes AAIS Chairman; Motorists’ Kaufman Elected to Board appeared first on Insurance Journal.
  
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• Karon Joins TigerRisk Partners as Vice Chairman

  23-04-2015 16:45
  
  Reinsurance broker TigerRisk Partners has appointed industry veteran Paul Karon as vice chairman. In his new role, Karon will be a “senior leader, dealmaker, mentor and strategic advisor” to the Tiger leadership team, according to Rod Fox, CEO. Karon began …
  The article Karon Joins TigerRisk Partners as Vice Chairman appeared first on Insurance Journal.
  
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• House Passes Cyber Threat Sharing Bill

  23-04-2015 16:26
  
  The U.S. House of Representatives passed a bill on Wednesday that would make it easier for private companies to share information about cybersecurity threats with each other and the government without fear of lawsuits. The vote was 307-116 in favor …
  The article House Passes Cyber Threat Sharing Bill appeared first on Insurance Journal.
  
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• Big ‘I’ Recognizes Top Young Agent, States in Political Fundraising

  23-04-2015 16:07
  
  The Independent Insurance Agents & Brokers of America (the Big “I”) this week presented awards to state affiliates and agents that have been the most effective raising money for the agents’ political action committee, InsurPac. This year’s winners of the …
  The article Big ‘I’ Recognizes Top Young Agent, States in Political Fundraising appeared first on Insurance Journal.
  
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• House passes cyber threat information bill

  23-04-2015 15:56
  
  (Reuters) — The House of Representatives passed a bill on Wednesday that would make it easier for private companies to share information about cyber security threats with each other and the government without fear of lawsuits.
  
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• Court Approves NFL’s Concussion Injury Settlement

  23-04-2015 15:53
  
  The National Football League won final court approval of a $765 million settlement of ex-player head-injury claims, overriding criticism that the money still falls short and the deal terms are unfair. The decision ends almost two years of negotiations over …
  The article Court Approves NFL’s Concussion Injury Settlement appeared first on Insurance Journal.
  
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• ADM could use drones from 2016 to get crop insurance claims data

  23-04-2015 15:40
  
  (Reuters) — Archer Daniels Midland Co. plans to use drones to gather data on crop insurance claims as soon as the summer of 2016, its risk services head told Reuters on Wednesday.
  
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• Whistleblowing compliance officer to get $1.5 million award

  23-04-2015 15:32
  A compliance officer will receive a whistleblower award of between $1.4 million and $1.6 million, the U.S. Securities and Exchange Commission said Wednesday.
  
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• Controls limit workers comp drug price rise to 1.9%: Express Scripts

  23-04-2015 15:25
  
  Utilization controls for workers compensation pharmaceutical claims have limited opioid painkiller and compounded drug usage and helped contain escalating costs for those drug categories, pharmacy benefit manager Express Scripts Inc. said.
  
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• 5 things you should know about flood insurance

  23-04-2015 15:10
  Making the wrong assumptions about flood insurance can be costly.
  
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• ACE’s Greenberg Cautions on Pricing, Growth Pressures

  23-04-2015 14:59
  
  ACE Ltd. Chief Executive Officer Evan Greenberg said there are signs the insurance industry is entering another era of taking on too much risk as competition pressures companies to lower prices to win business. “It’s not back to the late …
  The article ACE’s Greenberg Cautions on Pricing, Growth Pressures appeared first on Insurance Journal.
  
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• ‘Hungry’ Insurers Continued to Cut Commercial Prices in Q1: CIAB

  23-04-2015 14:47
  
  Insurance brokers report that the commercial property/casualty market continued to soften in the first quarter of 2015, with large accounts seeing the biggest price declines. On average, small, medium and large accounts fell 2.3 percent, compared with a decline of …
  The article ‘Hungry’ Insurers Continued to Cut Commercial Prices in Q1: CIAB appeared first on Insurance Journal.
  
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• German Soccer Club Insured for Revenue Losses; Policy Led by Catlin, XL

  23-04-2015 14:44
  
  Borussia Dortmund is using an unusual insurance policy to recover most of the income it is losing for failing to qualify for European soccer’s elite Champions League for the first time in five years, according to two people with knowledge of the …
  The article German Soccer Club Insured for Revenue Losses; Policy Led by Catlin, XL appeared first on Insurance Journal.
  
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• Judge Challenges Legality of U.S. Taking Over AIG During Bailout

  23-04-2015 14:24
  
  The judge weighing a $25 billion investor lawsuit over the 2008 bailout of American International Group Inc. challenged U.S. arguments that assuming control of the insurer didn’t amount to taking shareholder property. Maurice “Hank” Greenberg’s Starr International Co., AIG’s largest …
  The article Judge Challenges Legality of U.S. Taking Over AIG During Bailout appeared first on Insurance Journal.
  
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