Standard & Poor’s has placed its ‘A-‘ counterparty credit and financial strength ratings on Attorneys Liability Protection Society Inc., A Risk Retention Group (ALPS) on CreditWatch with negative implications because of the company’s recently filed annual statement announcing a $7.3 …
San Jose-based attorneys Charles Kavalaris of San Jose, and Rene Fernando of Danville, were arraigned on a consolidated multiple-count criminal complaint listing Unlawful Insurance Claim Referrals (commonly referred to as “capping”), Conspiracy, Grand Theft, and Money Laundering. The two surrendered …
With the defeat of the major reform bills before the Legislature, the future of no-fault auto insurance in Colorado has reportedly become much more uncertain. The General Assembly first defeated House Bill 1225, which would have addressed spiraling personal injury …
ACE USA announced that Ravi Nathan has been named Sr. VP – Global Weather, a new division within the company. He will report directly to Ed Zaccaria, president of ACE USA Specialty P&C Group. “Based in Philadelphia, Nathan is responsible …
Personal computer owners who filed loss claims in 2002 were nearly five times more likely to have experienced accidental damage than theft, according to a survey released by Safeware, The Insurance Agency Inc. Accidental damage accounted for 72 percent of …
Acknowledging that his state has yet to enact strong measures to combat insurance fraud, Alabama Insurance Commissioner Walter A. Bell released the following statement in support of such anti-fraud legislation: “Insurance fraud is nothing new; even so, it must be …
The Texas Department of Insurance announced that the Texas FAIR (Fair Access to Insurance Requirements) is now open to all licensed property and casualty insurance agencies in the state. The FAIR plan, the state’s market of last resort for homeowners …
The American Insurance Association (AIA) is praising the Idaho Legislature for approving significant tort reform legislation last week. “The Legislature has made great strides towards reducing the frivolous lawsuits that clog the courts and hinder the business community’s ability to …
Aon Corporation reports that significant rate and underwriting initiatives in the U.S. homeowners’ insurance marketplace continue to fall short of the cost of capital, in a continuing study of return on capital by Aon Re Worldwide. The findings of the …
Lloyd’s Chairman, Lord Peter Levene, called upon underwriters and brokers to move away from the paper-bound system that has barely changed for decades and embrace the technology of the 21st century. He made clear that without change the London insurance …