Monthly Archives: <span>June 2006</span>

Rand Study: Small Public Firms Felt Effects of Sarbanes-Oxley

Small publicly traded companies were disproportionately affected by the Sarbanes-Oxley Act – a federal law that tightened financial reporting requirements for publicly owned companies – in the first year after the law was enacted in 2002, according to a RAND …

Study: Stability Control Technology Could Reduce Fatal Crashes

Ten thousand fatal automobile crashes a year, nearly one-third of all such accidents, could be prevented if more vehicles were equipped with technology that helps to keep them from rolling over, the insurance industry said Tuesday. A study from the …

CIMA Companies Acquire ENI Insurance Services

The CIMA Companies, Inc. (www.cimaworld.com), the Alexandria, VA-based insurance broker and risk management firm, has acquired ENI Insurance Services of Havre de Grace, MD. ENI’s commercial and personal insurance operations are now part of Corporate Insurance Management, Inc., CIMA’s property/casualty …

Texas Insurer Group Says Alberto May be Omen for Rest of Season

Tropical Storm Alberto should be a warning to all coastal residents in Texas that the 2006 hurricane season may exceed the expectations for an overly active storm season. The Insurance Council of Texas urges everyone living along the coast to …

New Mexico’s Serna Warned Against Dual Roles, Consumer Group Says

The former president of the Con Alma Health Foundation who also served as superintendent of the New Mexico Insurance Division was warned about a possible conflict of interest because of the dual roles, a consumer group said. Staff members from …

Congress To Be Warned of Increasing Natural Catastrophe Risk

Congressional Research Service (CRS) is hosting a seminar ar the U.S. Capitol Building today titled, “Insuring and Mitigating Risks of Large-Scale Disasters: Is Federal Disaster Insurance Needed?” There, AIR Worldwide President and CEO Karen Clark plans to advise Members of …

Trade Group Urges Gov. Granholm to Veto Bill Repealing Mich. Helmet Law

The American Insurance Association (AIA) has called upon Michigan Gov. Jennifer Granholm (D) to veto Senate Bill 297, which would repeal the state’s mandatory motorcycle helmet law. “The facts do not lie, people that ride motorcycles without a helmet are …

Cheerleading Competitions Nixed Over Liability Concerns, Says Mo. State Association

As of July 1, the Missouri State High School Activities Association will no longer sanction cheerleaders to take part in regional or state competitions. The association will maintain jurisdiction over sideline cheerleading at school athletic events. Squads that want to …

Texas AG Wins $8.5M Settlement in Civil Medicaid Fraud Case

Texas Attorney General Greg Abbott announced the recovery of $8.5 million from Baxter Healthcare Corp. as a result of the company’s scheme to falsely report the prices of certain drugs in order to defraud the Texas Medicaid program. The case …

States Report Progress on Market Conduct Exam Reforms

The National Association of Insurance Commissioners says it is encouraged by the survey results indicating state insurance regulators have made progress in instituting market regulation reforms. State departments of insurance and industry trade organizations recently conducted separate surveys as a …