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Anti-discrimination Language Proposed

Orlando, Fla. – The National Association of Insurance Commissioners (NAIC) is advancing a rule that will protect insurance consumers from discriminatory underwriting practices in the sale of life insurance.At a recent conference, NAIC’s life insurance and annuities committee unanimously adopted revisions to the Unfair Trade Practices Model Act that would limit an insurer’s ability to refuse life insurance to a… Read More »Anti-discrimination Language Proposed

California Names New Associate Insurance Commissioner and Press Secretary

California Insurance Commissioner Steve Poizner announced that Darrel Ng will serve as associate insurance commissioner for communications and press relations, and press secretary. Ng previously served as deputy secretary for public communications for the California Business, Transportation and Housing Agency. He also served as chief deputy press secretary for the Office of Governor Arnold Schwarzenegger from 2003 to 2007. During… Read More »California Names New Associate Insurance Commissioner and Press Secretary

Report: Lobbyists Spend $17 Million a Day on Congress; Insurance Ranks Second

Corporations, industries, labor unions, governments and other interests spent a record $2.79 billion in 2007 to lobby in Washington, the nonpartisan Center for Responsive Politics has calculated. This represents an increase of 7.7 percent, or $200 million, over spending in 2006. For every day Congress was in session, industries and interests spent an average of $17 million to lobby lawmakers… Read More »Report: Lobbyists Spend $17 Million a Day on Congress; Insurance Ranks Second

Insurer, reinsurer formations decline in Bermuda

By Mark A. Hofmann HAMILTON, Bermuda—Seventy-one new insurance and reinsurance companies formed in the Bermuda market last year, the Bermuda Monetary Authority reported Monday. That was a drop of 11 from the 82 formed in 2006, a decline that “reflected the generally softer market conditions globally,” the BMA said in its statement announcing the market’s growth. The BMA also announced… Read More »Insurer, reinsurer formations decline in Bermuda

2008 State Rankings: Sinners and Saints Among Tort Systems

Florida ranks the worst in terms of tort costs and litigation risks, while North Dakota ranks the best. In a separate ranking, Colorado has the best tort laws on its books, while Rhode Island has the worst. The free-market think tank Pacific Research Institute has released its report comparing the legal climates of all 50 states, the U.S. Tort Liability… Read More »2008 State Rankings: Sinners and Saints Among Tort Systems

Study: California Workers’ Comp Claims Cost Decreasing

California’s Workers’ Compensation Insurance Rating Bureau has released a study that notes that following workers’ comp reform, statewide average ratios of loss adjustment expense (LAE) to loss per claim have increased. However, depending on how various legal issues are resolved and whether reforms are rolled back, that LAE costs could increase. WCIRB conducted an analysis of LAE trends and projection… Read More »Study: California Workers’ Comp Claims Cost Decreasing

A Fresh Look at the State Fund

California State Compensation Insurance Fund has been facing many changes recently, but it has no intent to be the dominant player in the state workers’ compensation insurance market, according to Janet Frank, SCIF’s CEO. Looking back at the Fund’s 94-year history, SCIF has an “average sweet spot of 18 to 24 percent market share,” she said. Frank, who was appointed… Read More »A Fresh Look at the State Fund