Regulators are finally enforcing a controversial two-year-old directive that imposes stricter capital rules on the insurance industry, after the Department of Finance nixed proposals for revisions.
The department order, issued by then commissioner Evangeline C. Escobillo, requires domestic insurance firms to start beefing up their net worth to P100 million from the existing P50 million minimum. [...]
Three Pitt County men and one woman have been arrested and charged with insurance fraud, following a four-year investigation by the state Department of Insurance, Commissioner Jim Long announced Monday.
Long said investigators identified Artis as the ringleader. The investigators allege he conspired with Carmen, Keys, Smith and others to stage auto accidents and submit phony [...]
Delaware’s Insurance Commissioner-elect says she’s chosen former New Castle County Executive Tom Gordon to serve on her transition team.
Karen Weldin Stewart says she picked Gordon to evaluate the fraud unit in the insurance office. She says Gordon has executive experience and worked in law enforcement and was the only person she could find with both [...]
An electronic guide that allows consumers to compare homeowners and auto insurance rates has been posted on the state Department of Insurance’s Web site, the first time in two years the data has been revised.
Insurance Commissioner Jim Donelon said the site includes basic information from a wide range of companies, based on 2008 rates, and [...]
Next year, for the second year in the past three, state and local governments won’t have to pay premiums to a state selfinsured program that provides bond coverage for the theft of money, securities or property by their employees.
The program was created to provide coverage in lieu of blanket bonds that were required for various [...]
NATIONAL HARBOR, Md.—Relaxed collateral standards for highly rated non-U.S. reinsurers took a significant step forward Monday when the Reinsurance Task Force of the National Assn. of Insurance Commissioners voted to allow lower collateral requirements. All but one of task force member voted…
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… and able to pay every valid claim is my number one job, and the AIG insurance companies are strong and solvent” “If you have a life … tells you to replace it because of the troubles at AIG’s parent company, call the Insurance Department immediately at 1-800-339-1759,” Dinallo said. “Replacing or [...]
This week in a stunning shake up of the financial markets, AIG, the largest property and casualty insurer in the world, was saved from bankruptcy when the federal government stepped in at the last hour with an $85 million bridge loan of United States … selling off large chunks of this global conglomerate in [...]
… owes the parent company. In exchange Florida will not pursue the issues that were set for hearing on September 15, 2008. Insurance Commissioner McCarty stated “It’s unfortunate that Allstate’s disregard for Florida’s laws required the office to take such … however, I’m glad that we’ve reached this agreement. We’re looking forward to [...]
SAN FRANCISCO—The 9th U.S. Circuit Court of Appeals in San Francisco on Monday affirmed an order vacating $700 million in punitive damages awarded to the California Insurance Commissioner in connection with the 1991 sale of now-defunct Executive Life Insurance Co. Monday’s ruling also vacated $
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