The House of Representatives’ Subcommittee on Oversight and Investigations held a field hearing in West Palm Beach, Florida regarding the “crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.”
Read MoreParana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer. Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank.
Read MoreThe credit crisis ushered in by the collapse of the market for subprime-mortgage-backed securities continues to spread through the debt markets.
Read MoreThe proposed rates of 15 auto insurers have been reviewed and approved by the Massachusetts Division of Insurance since the implementation at the beginning of this year of a “managed competition” system for setting auto insurance rates.
Read MoreUnder recently-enacted legislation, New York State has switched to a loss cost system for determining workers’ compensation rates. The New York Compensation Insurance Rating Board (“NYCIRB”) has been tasked with developing loss cost values, and each insurer will submit its own loss cost multiplier to the New York State Insurance Department (the “Department”) for approval.
Read MoreAs the credit crunch of the subprime meltdown continues, a recent question has been whether a government or private bailout of the troubled bond insurers is on the way. While early reactions were positive, recent events seem to indicate that a bailout by state and federal regulators or private industry is getting more unlikely by the day.
Read MoreThe Alabama Senate has voted 33-0 to raise the minimum auto liability insurance requirements for resident motorists. The current law requires motorists to carry $20,000 in coverage for the injury or death of one person, $40,000 for multiple injuries or deaths, and $10,000 in coverage for property damage.
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