Life insurers, which have come under financial strain in recent months amid as their capital levels have declined and credit markets have frozen, may soon be eligible to receive government bailout money. A financial industry source close to the TARP process told FOX Business that the Treasury Department would give money from the Troubled Asset […]
The Tennessee Financial Responsibility Law was enacted in 1977 and covers the minimum auto insurance required in Tennessee. Basically it requires minimum liability limits of $25,000 per person, $50,000 for 2 or more persons and $15,000 for property damage. This is found in Section 55-12-102 . In my opinion those limits are horribly outdated and […]
(HealthDay News) – Mexico’s Seguro Popular, which aims to help 50 million uninsured Mexicans get access to health insurance, preventive medical care, treatment, drugs and health facilities is not yet showing concrete results other than reaching its target population, according to an article published online April 8 in The Lancet.
Colorado lawmakers have killed a measure that would prohibit insurance companies from giving bonuses and incentives to adjusters and other employees for denying claims. The legislation, Senate Bill 103, sponsored in the House by Rep. Jack Pommer, D-Boulder, was postponed indefinitely by the House Health and Human Services Committee by a vote of 7-4 Monday.
(Bloomberg) – U.S. state insurance regulators may reduce their dependence on firms including Standard & Poor’s and Moody’s Investors Service, saying they are looking into ratings “shortcomings.” The National Association of Insurance Commissioners has assigned a group to explore “the reasons for recent rating shortcomings” and “the problems inherent in reliance on ratings,” the group […]
(Business Wire) – A.M. Best Co. has placed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Associated Electric & Gas Insurance Services Limited (AEGIS) (Hamilton, Bermuda) under review with negative implications. These rating actions are due in part to the unexpected 30.0% decline in surplus as of December 31, […]
21st Century Insurance, a subsidiary of American International Group Inc., is closing four offices and laying off about 7% of its work force to “control expenses,” said AIG. AIG spokesman Peter Tulupman said the decisions also were made because of decline in premium but it has nothing to do with the company’s financial strength. Shortly […]
(PRNewswire) – Auto Club Insurance Association, a Dearborn, Michigan-based insurer (ACIA), is pleased to announce it has acquired MEEMIC Insurance Company (MEEMIC) and its insurance agency affiliate, MEEMIC Insurance Services Corporation. The acquisition is expected to provide both companies with further access to complementary, highly attractive market segments, a platform for growth in other states, […]
A.M. Best Co. has released an online video interview explaining how and why start-up insurance and reinsurance companies receive a rating. Does A.M. Best assign ratings to start-up companies; the simple answer is yes.
U.S. Rep. Charlie Wilson was among legislators who opposed President Obama’s now-abandoned plan to require military veterans’ private insurance companies to pay for treatment of combat-related injuries. On March 18, Obama dropped the idea contained in his proposed budget after it was met with universal opposition from veteran service organizations and members of Congress, who […]