The U.S. Supreme Court reportedly sent a clear message Tuesday regarding excessive punitive damage awards when it overturned a Utah jury’s decision by reversing a $145 million punitive damage award against State Farm saying that the compensatory damages were “excessive …
Despite signs of improvement in the technical performance of the Swiss non-life insurance market in 2002, Standard & Poor’s said that it is maintaining its negative outlook on the market, indicating that ratings are more likely to trend downward than …
Congressman Chris Cannon (R-Utah) has introduced the Asbestos Compensation Fairness Act of 2003 to reportedly reform the asbestos litigation process to fairly compensate victims with asbestos-related illnesses and help control exploding litigation costs associated with such claims. “The National Association …
Hundreds of Massachusetts doctors attended a rally on the steps of the State Capital in Boston on Tuesday to protest the premium increases they are being asked to pay in order to obtain medical malpractice insurance. According to a report …
Standard & Poor’s has lowered its counterparty credit and financial strength ratings on the primary operating subsidiaries of Toronto, Ont.-based CGU Group Canada Ltd. (CGU Canada; unrated) to ‘A+’ from ‘AA-‘. The outlook is stable. The primary operating subsidiaries of …
A number of asbestos litigation reform bills were filed in both the Louisiana House and Senate for the session that began March 31, according to the Alliance of American Insurers (AAI), which has been active in developing and promoting some …
Republican Minnesota Gov. Tim Pawlenty has made his state the third in the nation to enact a law that will go a long way toward stabilizing the commercial insurance market, according to a statement released by property/casualty trade group Alliance …
In a rare move, employers and labor leaders will both go before the Senate Labor and Industrial Relations Committee in support of SB 228-authored by Senator Richard Alarcón (D) Van Nuys. SB 228 will be heard on April 9, 2003. …
Milo Sam Popovich, 61, of Sutter Creek, Calif., surrendered to authorities at the Amador County Jail on five felony counts of insurance fraud. Bail was set at $50,000. If convicted, Popovich could face up to five years in prison and/or …
The Florida Senate’s Banking & Insurance Committee gave its approval to no-fault legislation containing many reforms advocated by the American Insurance Association (AIA). According to the AIA, the Motor Vehicle Insurance Affordability Act (SB 1202) addresses many of the problems …