A proposal accepted unanimously by the NAIC’s Emerging Accounting Issues Working Group during its meeting recently in Atlanta reportedly modifies existing statutory accounting to preclude accumulation in insurers’ financial statements of assessments amounts that would cause large numbers of insurers …
In spite of a conditional gubernatorial veto requesting removal of certain labor issues, a New Jersey bill dealing with arbitration methods still includes a section that would reportedly allow arbitrators to award punitive damages. “Although we urged the governor to …
The Los Angeles County Auto Insurance Fraud Task Force arrested more than a dozen suspects and served search warrants at 18 locations throughout the Glendale area, including law offices, medical clinics and private residences in connection with an insurance fraud …
Natural catastrophes and man-made disasters cost non-life insurers $13.5 billion in 2002 and property losses were below the long-term average, according to Swiss Re sigma statistics which started in 1970. Flood losses, however, cost insurers a record $4.1 billion. Floods …
San Antonio-based Argonaut Group, Inc. announced financial results for the three months and year ended Dec. 31, 2002. Items of note for the fourth quarter and full year include: *The Company’s Excess & Surplus (E&S) segment reported an 88 percent …
Germany’s Gerling Group has reportedly filed a request with the BAFin, the country’s financial services regulatory authorities, to transfer 200 million Euros ($221 million) to its reinsurance unit in order to increase its equity capital. The report from Dow Jones …
Borrowing a phrase from Britain’s Queen Elizabeth the Insurance Bureau of Canada labeled the year 2002 an “Anni horribiles” as it reported that the financial results for the country’s P/C insurers “plunged to a new low.” The IBC is the …
The Dow Jones Newswire reported that several complaints have been filed in Texas district courts against Chubb Corp. that allege Chubb Indemnity and unaffiliated insurers conspired to conceal risks associated with asbestos exposure. Chubb Corp.’s Form 10-K, which was filed …
Reacting to the U.S. Supreme Court’s decision in Norfolk & Western Railway Co. v. Ayers et al, Alliance of American Insurers senior vice president Dave Farmer issued the following statement: “Our judicial system, including the Supreme Court, should not function …
Mountain View, Calif.-based ActivePhoto will be showcasing their new solution, Express 2.0, at two upcoming insurance tradeshows: Claims Conference March 31st – April 1st in Orlando, FL (booth #419) and the RIMS® conference April 6 – 10 in Chicago, IL …