Industry Developments

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The reports, studies and opinions about the reinsurance market for 2008 have continued to emanate from Monte Carlo over the past two weeks.  Aon and Guy Carpenter released reports timed to the Monte Carlo Reinsurance Rendezvous, which indicate that the reinsurance market stabilized in 2007, with capacity increasing to meet the increased demands in 2006 arising after the large catastrophes of 2005 and prior years. 

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Read More Reinsurance Reports: Stabilized Market; Softening of Prices

New York’s Insurance Superintendent, Eric Dinallo, recently issued a report analyzing the workers’ compensation rating system currently in place in New York State.  The Report, which was required by the 2007 Workers’ Compensation Reform Act, proposes wholesale changes to the workers’ compensation rating system currently in place. 

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Read More New York Insurance Superintendent Recommends Alternative Workers’ Compensation Rating System

On September 6, 2007, Maryland Governor Martin O’Malley named Ralph S. Tyler as the new Maryland Insurance Commissioner.  Tyler is an attorney with over 30 years of legal experience.  He currently serves as Maryland’s Chief Legal Counsel and was City Solicitor from 2004 to 2007.  

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Read More Ralph S. Tyler Named as Maryland’s New Insurance Commissioner

Following up on our post last month, on July 24, 2007, a bipartisan optional federal charter (OFC) bill was proposed in the House by Reps. Melissa Bean (D-IL) and Ed Royce (R-CA), serving as a companion bill to the previously-filed Senate version, both of which are entitled the National Insurance Act of 2007. …
Read More National Insurance Act/Optional Federal Charter Legislation Reintroduced in House

Managing Agency Partners (“MAP”) recently launched one of the broadest forms of terrorism coverage available since 9/11, a physical damage and liability cover that includes nuclear, biological and chemical risks and both first-party and third-party clean up and decontamination costs. 

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Read More LLoyd’s Insurer Launches Nuclear, Biological and Chemical Cover