Insurance news

• Idaho Workers’ Comp Rates to Increase Slightly For 2016

  07-10-2015 22:57
  
  The Idaho Department of Insurance has received a proposal for an overall rate increase of 0.2 percent to workers’ compensation insurance for 2016 by the National Council on Compensation Insurance. NCCI collects information about the workers’ compensation system in Idaho …
  
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• Private equity firm settles with SEC on fee crackdown

  07-10-2015 22:52
  (Reuters) — Blackstone Group, the world's largest private equity firm, will pay about $39 million to settle civil charges over disclosure failures in connection with certain types of fees it charged its portfolio companies, U.S.
  
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• VW says it has withdrawn software from 2016 vehicles

  07-10-2015 22:49
  (Reuters) — Volkswagen A.G. has withdrawn a software feature from its model year 2016 vehicles that should have been disclosed to regulators as an auxiliary emissions control device, the company's U.S. chief said on Wednesday.
  
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• Wal-Mart sues insurers over Tracy Morgan crash settlement payments

  07-10-2015 22:26
  Wal-Mart Stores Inc.
  
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• Best Off Beats from September

  07-10-2015 22:14
  This month: Cheaters feel cheated by Ashley Madison fembots, selfies are determined to be more deadly than shark attacks, a French woman's Wi-Fi allergy is deemed eligible for disability benefits, and more.
  
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• Potato packers fined $450,000 for sexual harassment, retaliation

  07-10-2015 22:12
  Two companies that operated a joint potato packing plant in Monte Vista, Colorado, will pay $450,000 to settle a lawsuit that accused them of harassment and retaliation, said the Equal Employment Opportunity Commission Wednesday.
  
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• Helmsman president adds Liberty Mutual national casualty duties

  07-10-2015 21:59
  Liberty Mutual Insurance Co. has appointed Chicago-based Debbie Michel executive vice president and general manager of its National Insurance Casualty unit.
  
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• Defunct law firm's execs found not guilty of some counts

  07-10-2015 21:39
  (Reuters) — A New York jury on Wednesday found three former executives of defunct law firm Dewey & LeBoeuf not guilty of some charges but remained deadlocked on others, including the most serious charge of grand larceny.
  
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• Texas Sees Uptick in Fatal Occupational Injuries

  07-10-2015 21:37
  
  Preliminary data show that there was a 3 percent increase in fatal occupational injuries in Texas in 2014 over the previous year, state workers’ compensation insurance regulators report. The Texas Department of Insurance-Division of Workers’ Compensation said there were 524 …
  
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• A.M. Best Assigns to ‘A-’ Rating to Spinnaker Insurance Co.

  07-10-2015 21:21
  
  A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Spinnaker Insurance Company (Spinnaker), Chicago, Ill. The outlook assigned to both ratings is stable. Spinnaker is a newly formed property/casualty insurance …
  
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• Axis to pull out of retail in Australia, cut 100 jobs

  07-10-2015 21:12
  Pembroke, Bermuda-based Axis Capital Holdings Ltd.
  
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• Gas utility seeks OK to fund life insurance, disability via captive

  07-10-2015 21:04
  A St. Louis-based utility company has asked the U.S. Labor Department for permission to use its South Carolina captive insurer to fund life insurance and long-term disability risks.
  
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• Axis to cut 100 jobs after losing PartnerRe bidding war to Exor

  07-10-2015 21:04
  
  Axis Capital Holdings Ltd. will cut about 100 jobs and scale back operations in Australia after the reinsurer lost a bidding war for PartnerRe Ltd.
  
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• Retired couple needs 11% more for medical expenses

  07-10-2015 20:55
  A 65-year-old couple who retires this year without employer-provided health insurance will need about $245,000 to pay future medical-related expenses, Fidelity Investments said Wednesday.
  
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• Swiss Re establishes North America marine team

  07-10-2015 20:54
  
  Swiss Re Corporate Solutions Ltd. said Wednesday that it has opened a New York-based office to expand its North America marine team.
  
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• Specialty insurance firm offers policies to cover cyber liability and breach response

  07-10-2015 20:38
  
  Berkshire Hathaway Specialty Insurance said that it has launched two policies which provide cyber liability and breach response coverage with risk management resources in the U.S., Berkshire Hathaway said in a statement.
  
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• Consumer Agency Seeks to Limit Financial Firms’ Arbitration Clauses

  07-10-2015 20:30
  
  Banks and credit card companies may not force customers to sign away their legal rights to take part in class action lawsuits, under an early-stage U.S. government proposal that is likely to draw ire from Wall Street. The Consumer Financial …
  
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• Norfolk & Dedham Hires Enslin as Sales & Marketing Division Manager in Mass.

  07-10-2015 20:15
  
  The Norfolk & Dedham Group, a regional property/casualty insurer based in Dedham, Massachusetts, hired Katie Enslin as division manager, Sales and Marketing. Reporting to Senior Vice President Joel Murray, Enslin is responsible for overseeing a team of marketing representatives and …
  
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• 50% of small businesses have been the target of a cyber attack

  07-10-2015 20:12
  
  Dark Web offers cyber criminals return policies and customer service.
  
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• T-Mobile, Experian sued over hack on 15 million customers

  07-10-2015 19:45
  
  T-Mobile US Inc. and the U.S. unit of credit-tracking firm Experian Plc are facing a growing list of lawsuits after hackers gained access to personal data on 15 million T-Mobile customers held on Experian servers.
  
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• FAA fines drone company $1.9 million for unauthorized aerial photography flights

  07-10-2015 19:13
  The Federal Aviation Administration handed out its largest-ever penalty to a drone operator for “endangering the safety of our airspace,” the Administration said in a statement Tuesday.
  
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• Esurance Launches Mileage-Based Insurance Policy in Oregon

  07-10-2015 18:59
  
  Esurance, the direct-to-consumer insurance company, has launched a new mileage-based insurance offering called Esurance Pay Per Mile, available first to Oregon drivers. “Esurance is responding to consumer demand for alternative insurance options for those who drive less, opting to walk, …
  
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• West Virginia Files Suit Against Volkswagen Over Clean Diesel Claims

  07-10-2015 18:55
  
  West Virginia may be the first U.S. state to sue Volkswagen AG for deceiving car buyers after the Environmental Protection Agency said last month that the company had installed software to hide that its diesel engines exceeded pollution standards. Attorney …
  
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• Jury Acquits 3 Dewey Law Firm Executives on Some Charges, Deadlocks on Others

  07-10-2015 18:54
  
  A New York jury acquitted three former executives of defunct law firm Dewey & LeBoeuf of some charges but remained deadlocked on others, including the most serious charge of grand larceny. Former Chairman Steven Davis, former Executive Director Stephen DiCarmine …
  
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• Federal Officials Sue Texas Firm for Disability Discrimination

  07-10-2015 18:54
  
  Federal officials are suing Austin’s FEC, LLC and Austin Entertainment Center LP d/b/a Austin’s Park N Pizza, a Pflugerville, Texas-based amusement park, for violating federal law by firing an employee because of his intellectual disabilities after denying him a reasonable …
  
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• Workplace Injuries Lead to $1.4M in Fines for Ohio Chicken Processor

  07-10-2015 18:50
  
  A supplier of fast food and supermarket chicken is facing more than $1.4 million in fines this year for worker safety and health violations at Ohio facilities, including several that led a teenage worker to suffer the amputation of his …
  
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• Jurors Deliberating in Dewey & LeBoeuf Trial to Render Partial Verdict

  07-10-2015 18:50
  Jurors deliberating whether to convict three former executives at defunct law firm Dewey & Leboeuf were ordered on Wednesday to render a partial verdict, a day after informing a judge that they could not reach a unanimous verdict on all …
  
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• California closed formulary for workers comp prescriptions approved

  07-10-2015 18:49
  
  A new bill to establish a closed formulary for medications prescribed in the California workers comp system seeks to combat the overutilization of opioids and other drugs.
  
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• Oklahoma to Spend $100M to Improve 300 Railroad Crossings

  07-10-2015 18:46
  
  The Oklahoma Department of Transportation is planning to spend $100 million improving 300 railroad crossings over the next three years throughout the state, The Oklahoma Transportation Commission is expected to consider awarding up to 10 of those railroad crossing projects …
  
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• Texas Weapons Manufacturer Fined $197K for Workplace Hazards

  07-10-2015 18:38
  
  Federal safety officials have fined a Texas-based weapons manufacturer $197,000 for putting workers at risk. Maverick Arms Inc. in Eagle Pass, Texas, was cited on Sept. 30, 2015, by the U.S. Department of Labor’s Occupational Safety and Health Administration for one willful …
  
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• After 97 Fire Deaths this Year, Ohio Launches Safety Campaign

  07-10-2015 18:34
  
  Ohio has launched a campaign to promote fire safety as cooler temperatures prompt more use of heat sources that can lead to blazes. The state says fires have killed 97 people in Ohio so far in 2015. That’s 12 more …
  
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• Carmel, Indiana OKs LGBT Anti-Discrimination Ordinance

  07-10-2015 18:32
  
  The Carmel City Council in Indiana has passed an ordinance banning discrimination based on a person’s sexual orientation, narrowly defeating efforts by social conservatives to defeat the measure in the affluent Indianapolis suburb. The council voted 4-to-3 on Oct. 5 …
  
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• Iowa Insurer Wellmark to Participate Health Exchange in 2017

  07-10-2015 18:30
  
  Iowa’s dominant health insurer has agreed to start selling policies for 2017 that will qualify for subsidies under the Affordable Care Act, the company announced. Wellmark Blue Cross & Blue Shield has not previously participated in the Affordable Care Act’s …
  
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• Vertafore to Launch Integrated Mobile App for Agents

  07-10-2015 17:44
  
  Insurance agency technology vendor Vertafore said it will launch an integrated mobile application next month that will give agents access to policy, claims and billing information from their smartphone or other mobile devices. The Vertafore Mobile App will allow agents …
  
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• California Governor Signs Workers’ Comp Formulary Bill

  07-10-2015 17:33
  
  California Gov. Jerry Brown has signed a bill to move California forward in curbing abuse of opioid medications in the workers’ compensation system. Assembly Bill 1124, authored by Assemblyman Henry T. Perea, D-Fresno, requires the Division of Workers Compensation to establish a …
  
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• New Mexico Residents Call Agents to Deal With Hail Damage

  07-10-2015 17:25
  
  The unusually large hail that recently pounded Las Cruces, N.M. has residents scrambling to call insurance agents over damaged roofs and dented vehicles. Saturday’s storm dropped golf ball-sized hail left Sonoma Ranch Golf Course unplayable, reported Las Cruces Sun-News reported, …
  
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• Marijuana Pesticide Flap Draws Product Liability Suit in Colorado

  07-10-2015 17:21
  
  Two marijuana users in Colorado filed a lawsuit Monday against a pot business they said used an unhealthy pesticide to grow their weed – a case that lawyers say is the first product liability claim in the nation involving the …
  
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• A.M. Best Turns Outlook to Negative for Greenpath in California

  07-10-2015 17:15
  
  A.M. Best has revised the outlook to negative from stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Greenpath Insurance Co. in Rancho Cordova, Calif. Greenpath provides non-standard auto insurance throughout …
  
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• Ralph Nader's tort law museum opens without a bang

  07-10-2015 16:44
  
  Tort reform has vexed insurers and corporate lawyers for decades, and now there’s a place to explore the subject under one roof.
  
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• Council of Insurance Agents & Brokers elects 2016 officers

  07-10-2015 16:36
  Bill Henry, chairman and CEO of Dallas-based MHBT Inc., a Marsh & McLennan Agency L.L.C. company, has been elected as the 2016 chairman of the Council of Insurance Agents & Brokers, the council announced Wednesday.
  
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• Validus Estimates Losses of $64 Million from China Port Explosion & Chile Quake

  07-10-2015 15:41
  
  Validus Holdings Ltd. estimates it lost just under $64 million from the Port of Tianjin explosion and recent earthquake in Chile, a number that matches its Q2 net income. Breaking down this figure, the Bermuda-based insurance and reinsurance holding company estimated …
  
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• MHBT’s Henry Elected Chairman of The Council

  07-10-2015 15:41
  
  The Council of Insurance Agents and Brokers reported that Bill Henry of Texas has been elected as the group’s 2016 chairman.  Henry is chief executive officer and chairman of Dallas-based MHBT, a Marsh & McLennan Agency company. Henry succeeds Steve …
  
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• Timing is everything: 8 tips for improving customer communications

  07-10-2015 15:20
  
  Education and communication are just two key ingredients for successful sales.
  
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• What keeps Americans up at night? Travelers Consumer Risk Index

  07-10-2015 15:15
  
  Travelers' “Consumer Risk Index” identified 10 specific issues that people fear. The potential for bank or financial accounts being hacked is the biggest cyber-related concern, with 62% reporting that they are alarmed by this.
  
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• AXIS to Close Australian Retail Operations, Cut 100 Jobs

  07-10-2015 15:04
  
  AXIS Capital Holdings Limited announced it will wind down its retail insurance operations in Australia and continue to operate in the market via its international wholesale insurance and global reinsurance platforms. As a result of this move, the company anticipates …
  
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• Around the P&C insurance industry: October 7, 2015

  07-10-2015 15:00
  
  News from York Risk, Willis Global, Mechanic Group and more.
  
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• Congress Pressured to Extend Deadline for Railroad Safety Technology

  07-10-2015 14:22
  
  The head of Amtrak warned Congress that some passenger rail service outside the Northeast corridor will be suspended if lawmakers don’t extend a Dec. 31 deadline for railroads to install safety technology. “There will be significant impacts to our service …
  
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• Insurers should be selling relationships, not policies

  07-10-2015 14:15
  
  Insurers looking to up their game on customer service should follow the lead of tech-focused companies when it comes to establishing closer, more interactive ties with their policyholders.
  
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• FAA Hopes to Send Message with $1.9 Million Penalty Against Drone Photographer

  07-10-2015 14:15
  
  The U.S. Federal Aviation Administration is proposing the largest fine to date against a drone operator as the agency cracks down on the booming use of unmanned aircraft in congested skies over populated areas. The agency said Tuesday it was …
  
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• The big spill: Environmental market update

  07-10-2015 14:00
  
  Five years after the Deepwater Horizon disaster, blackened beaches resulting from the worst oil spill in U.S. history have since been cleaned up—but the potential remains for businesses to wreak havoc on the environment.
  
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