Insurance news

• States' pension funding ratio drops in 2014

  18-09-2015 22:47
  
  State pension plans’ aggregate funded status declined 50 basis points in fiscal year 2014 to 72.6%, said the 13th annual public pension funding review by Loop Capital Markets.
  
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• Casino generally in clear on waitress weight requirement

  18-09-2015 22:15
  A New Jersey appeals court has held that, with some exceptions, an Atlantic City casino did not violate state discrimination law when it enforced a weight standard for scantily clad “BorgataBabes.”
  
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• Volkswagen could face $18 billion in air pollution penalties from EPA

  18-09-2015 21:58
  (Reuters) — Volkswagen A.G. could face penalties up to $18 billion after being accused of designing software for diesel cars that deceives regulators measuring toxic emissions, the U.S. Environmental Protection Agency said on Friday.
  
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• Texas surplus lines stamping fee rate going up in 2016

  18-09-2015 21:28
  The Texas Stamping Office is increasing its surplus lines policy fee rate to 0.15% from 0.06%, effective at the beginning of 2016.
  
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• Volkswagen joins Allianz to sell IT security services to firms in Germany

  18-09-2015 20:50
  
  The German car giant may soon help you fend off cybercriminals.
  
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• Court Gives WTC Developer Chance to Recoup More Money for Rebuilding

  18-09-2015 20:21
  
  A federal appeals court has given the developer Larry Silverstein a new chance to recoup more money for rebuilding the World Trade Center site in New York, on top of the $4.1 billion of insurance proceeds he has received. The …
  
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• Man who deposited pal's comp check into own account arrested

  18-09-2015 19:54
  
  With friends like this, who needs enemies?
  
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• Brown & Brown revamps retail division, Lydecker's duties

  18-09-2015 19:52
  
  Brown & Brown Inc. is realigning of its retail division, moving Charles Lydecker from president of the division to one of six divisional presidents, which an analyst said should improve the division's performance.
  
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• IA&B in Pennsylvania Announces Officers for 2015-16 Administrative Year

  18-09-2015 19:39
  
  The fall marks a new administrative year for the Insurance Agents & Brokers Service Group (IA&B) in Mechanicsburg, Pennsylvania, and its partnership of agents’ associations. The following directors have been elevated to leadership positions. Insurance Agents & Brokers Service Group …
  
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• NAPSLO Q&A: Executive Director Brady Kelley

  18-09-2015 19:30
  
  Kelley joins NU for a conversation about the state of the E&S business, the evolution of cyber risk and communicating the message of wholesaler value.
  
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• Florida Judge Orders State to Clarify Uber Insurance Requirements

  18-09-2015 19:10
  
  Florida taxi companies may finally get the answer they are looking for from the Florida Department of Highway Safety and Motor Vehicles (FDHSMV) regarding minimum insurance requirements for transportation network companies (TNCs) operating in the state. In a Sept. 17 …
  
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• Risk Cooperative Launches Benefits Practice in D.C.

  18-09-2015 18:59
  
  Risk Cooperative, a Washington, D.C.-based insurance brokerage and risk management firm, recently announced the launch of its Comprehensive Benefits practice. Risk Cooperative said the new practice aims to help small to mid-sized enterprises (SMEs) gain their footing in an increasingly …
  
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• New York to Receive Up to $20M to Develop Connected Vehicle Technologies

  18-09-2015 18:55
  
  New York City will be the main testing ground for a smart device installed in vehicles to warn motorists of impending dangers and congestion, the U.S. secretary of transportation announced on Sept. 14. Secretary Anthony Foxx said New York will …
  
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• Work-related deaths down 16% in California

  18-09-2015 18:43
  Fatal workplace accidents fell 16% in California last year, with Hispanic workers seeing a notable decrease in on-the-job deaths, according to the California Department of Industrial Relations.
  
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• Pennsylvania Commissioner Issues Consumer Alert on ‘Widow’s Penalty’

  18-09-2015 18:43
  
  Pennsylvania Insurance Commissioner Teresa Miller issued a consumer alert announcing that she will not approve auto insurance rate filings that contain the so-called “widow’s penalty,” under which a widow or widower is charged a higher rate solely based on the …
  
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• OSHA citation, fine upheld in 'Midnight Rider' death

  18-09-2015 18:39
  The U.S. Occupational Safety and Health Review Commission has upheld a citation and proposed $74,800 fine against the company producing the movie “Midnight Rider” for the death of a 27-year-old camera assistant.
  
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• China Reinsurance said to win Bourse approval for $2 billion IPO

  18-09-2015 18:30
  
  China Reinsurance Group Corp., the nation’s biggest reinsurer, received Hong Kong stock exchange approval for an initial public offering.
  
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• Uber vs. Taxi Clash Heats Up at Massachusetts Statehouse

  18-09-2015 18:26
  
  The tension between traditional taxis drivers and those who drive for services like Uber and Lyft was on display Tuesday as Massachusetts lawmakers grappled with proposals to regulate the popular but largely unfettered ride-hailing services. The Financial Services Committee is …
  
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• Florida Issues Citizens’ 2016 Commercial Lines Rate Order

  18-09-2015 18:21
  
  The Florida Office of Insurance Regulation has issued an Order establishing the 2016 commercial lines rates for Citizens Property Insurance Corporation (Citizens). The overall estimated statewide average rate changes are shown in the chart below. The effective date for both new …
  
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• Taiwan’s Cathay Financial Completes Acquisition of Conning

  18-09-2015 18:16
  
  Cathay Financial Holding Co. Ltd., based in Taiwan, said it has completed the previously-announced acquisition of Conning Holdings Corp. through its subsidiary, Cathay Life Insurance Co, Ltd. Conning, based in Hartford, Conn., is an investment manager focused on the insurance …
  
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• El Niño’s Dark Side Could Bring More Trouble to California

  18-09-2015 18:13
  
  A group of drought experts gathered in California this week, and it wasn’t long before the conversation turned to El Niño. They weren’t touting it as the savior that will end the state’s four-year drought. Instead, they were looking at …
  
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• Corporate 'siloing' an obstacle to charging GM employees

  18-09-2015 18:10
  (Reuters) — The chief U.S. prosecutor in Manhattan blamed gaps in federal law and "siloing" within General Motors Co. for the failure so far to charge any individual employees who may be responsible for faulty ignition switches linked to 124 deaths.
  
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• Alliant in California Names Harney Senior Vice President

  18-09-2015 18:03
  
  Alliant Insurance Services has named Christopher David Harney a senior vice president in its real estate group.  He will be based in Alliant’s Newport Beach, Calif. headquarters office. Harney will provide risk management and insurance solutions to a client roster …
  
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• 3 reasons why insurance agents struggle with digital marketing

  18-09-2015 18:02
  
  If digital and content marketing have you stumped, there's only one way...through.
  
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• Marsh’s Torrent Technologies Launches New Excess Flood Policy

  18-09-2015 17:59
  
  Torrent Technologies, Inc., a Marsh company, in coordination with Torrent’s Write-Your-Own (WYO) carriers participating in the National Flood Insurance Program (NFIP), has the availability of a new excess flood insurance option that combines coverage with real-time quoting and binding functionality. …
  
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• Week in pictures

  18-09-2015 17:55
  Wildfires threatening sequoias. Cranes damaging mosques. Bill Cosby positioning himself as victim. That and more in the Business Insurance week in pictures.
  
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• Early Data on Workplace Fatalities in California Show Decline

  18-09-2015 17:55
  
  The Department of Industrial Relations has posted preliminary workplace fatality statistics for California in 2014 that show a decline. The Census of Fatal Occupational Injuries data reflect a total of 334 fatal work injuries statewide in 2014, a decrease of …
  
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• Former California Insurance Agent Who Scammed Church Members Sentenced

  18-09-2015 17:45
  
  Constance Gail Fortune, 61, pleaded guilty this week to one felony count of grand theft by embezzlement and one felony count of theft from an elder or dependent adult in a case in which she was charged with scamming members …
  
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• Texas Court Rules for Former Energy Executive in D&O Dispute

  18-09-2015 17:31
  
  The Texas 14th Court of Appeals this week ruled in favor of former energy executive in a legal fight over whether the company’s director and officer insurer should have paid to defend or indemnify the executive as part of a …
  
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• Ohio employers awarded $2.8 million in worker safety grants

  18-09-2015 17:01
  The Ohio Bureau of Workers’ Compensation awarded $2.8 million in safety intervention grants to employers in the state in July and August, the bureau announced.
  
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• Gap Between Insured & Economic Losses Offers Business Opportunities: AIR

  18-09-2015 16:56
  
  A huge global gap between disaster-related insured and economic losses presents a growth opportunity for P/C carriers, AIR Worldwide determined in a new report. What the catastrophe modeling firm found: the global insured average annual loss comes in at $74 billion. …
  
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• Aetna wants to build out Optum-like unit from Humana deal

  18-09-2015 16:43
  Medicare Advantage is the obvious prize Aetna Inc. has been eyeing in its acquisition of Humana Inc. But Aetna also hopes to create a health services division with Humana's other assets.
  
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• Bank of England considers how to deal with failing insurers better

  18-09-2015 16:30
  (Reuters) — The Bank of England is looking at whether better rules are needed to handle failed insurers so their policyholders don't face disruption.
  
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• Pennsylvania governor proposes new retirement system compromise

  18-09-2015 16:21
  Pennsylvania Gov. Tom Wolf has proposed a new pension system for future state and public school employees as a means to end the state’s current budget impasse, said Jeffrey Sheridan, spokesman for the governor’s office.
  
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• Cyber threats create new customers for defense firms

  18-09-2015 16:17
  (Reuters) — A broadening wave of cyber attacks is drumming up new clients for defense companies as anxiety about the loss of sensitive data spreads from military chiefs to company bosses.
  
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• Price optimization under scrutiny

  18-09-2015 16:00
  
  How should this practice operate in the context of insurance, and what should regulators do about it?
  
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• Intellectual Property News: KitKat, Williams Sonoma, Whole Foods, Skechers, Segway, GoDaddy, Apple

  18-09-2015 15:35
  
  This wrap-up of recent intellectual property cases covers chocolate bar shapes, cookware designs, sneaker similarities, Korean TV copyright device, Quizno’s commercials, personal transporter technology, Oscar award domains, wines from Whole Foods, fair use of music tracks, the Apple-Samsung battle and …
  
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• Allianz Teams with Volkswagen, Bayer and BASF in Anti-Hacking Venture

  18-09-2015 14:54
  
  The German car giant that gave the world the Beetle may soon help you fend off cyber criminals. Volkswagen AG teamed with insurer Allianz SE, medical company Bayer AG and chemicals producer BASF SE to sell information-technology security services to firms in …
  
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• Brown & Brown Revamps Retail Agency Division

  18-09-2015 14:52
  
  Brown & Brown Inc. has realigned its of retail agency division into a more decentralized operating model with an eye toward increasing organic growth. Brown & Brown’s retail agency division will continue to operate as one division but, effective immediately, …
  
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• Top 13 colleges whose grads earn the most: 2015

  18-09-2015 14:00
  
  University of Pennsylvania grads are high earners and the school is also home to the top-rated undergraduate Insurance & Risk Management program.
  
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• People on the move in the insurance industry: September 18, 2015

  18-09-2015 13:38
  
  News from QBE, Heidrick & Struggles, Zurich Insurance and more.
  
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• Rendez-Vous 2015

  18-09-2015 13:00
  
  With Monte Carlo as the backdrop, the world's reinsurers discuss the state of the industry and prospects for the future.
  
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• Reinsurers cautiously optimistic rates nearing the bottom

  18-09-2015 13:00
  Hope springs eternal that the turnaround could begin next year.
  
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• U.S. Geological Survey makes initial estimates of Chile quake losses

  18-09-2015 12:53
  
  The United States Geological Survey has said made initial estimates of the potential economic losses caused by the major 8.3-magnitude earthquake that hit Chile this week, reported BNamericas.
  
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• China Re receives approval for IPO from Hong Kong's stock exchange

  18-09-2015 12:51
  
  China Reinsurance (Group) Corp. has won approval from Hong Kong's stock exchange for an initial public offering, reports Bloomberg, citing unnamed sources.
  
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• Fairfax Financial to invest $79 million in Irish insurer FBD Holdings

  18-09-2015 12:49
  
  Canada-based Fairfax Financial Holdings Ltd. and Irish insurer FBD Holdings P.L.C. have said that Fairfax will invest €70 million ($79 million) in FBD Holdings to boost the Irish insurer's capital, reports Reuters.
  
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• U.S. Weighing Sanctions Against China for Hacking

  18-09-2015 12:47
  
  A little more than a week before China’s leader arrives at the White House, President Barack Obama escalated the fight over cyberspace, saying the U.S. is readying measures to forcefully demonstrate that economic espionage won’t be tolerated. It was the …
  
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• Hamilton Re to enter property insurance market, chief executive says

  18-09-2015 12:47
  
  Kathleen Reardon, chief executive of Bermuda-based Hamilton Re Ltd., the reinsurance unit of Hamilton Insurance Group Ltd., has said that the reinsurer will enter property insurance market, reported The Royal Gazette.
  
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• Offshore energy insurance sees challenges ahead: Official

  18-09-2015 12:45
  
  Simon Williams, chairman of the offshore energy committee for International Union of Marine Insurance, has said tough times are ahead for the offshore energy insurance sector, reports MarineLink.
  
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• China’s Fosun in Advanced Talks to Buy RSA’s Middle East Unit: Sources

  18-09-2015 12:45
  
  Fosun International Ltd., the conglomerate founded by Chinese billionaire Guo Guangchang, is in advanced discussions to acquire RSA Insurance Group Plc’s Middle East business, people familiar with the matter said. The sale could fetch less than $200 million, the people said, asking not …
  
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