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President of Commonwealth Automobile Reinsurers to Become Next Massachusetts Insurance Commissioner
Association of Insurance Agents. As president of CAR, Judson oversaw the state's industry operated residual market and statistical agent for automobile insurance. Judson was ...
Source: BestWire   Date: April 9, 2015
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Judge Awards $45.7 Million to Allstate Units in RICO Lawsuit
New York has awarded Allstate Insurance Co. and several of its subsidiaries a $45.7 million default judgment in a lawsuit alleging a complex money-laundering conspiracy to bill for ...
Source: BestWire   Date: April 9, 2015
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Pennsylvania Insurance Department Approves 5.99% Workers' Compensation Rate Decrease
The rate reduction went into effect on April 1. "These rate reductions will go a long way towards ensuring business owners can continue to create and support jobs that pay in ...
Source: BestWire   Date: April 8, 2015
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Medicare Advantage Payments to Increase in 2016
February rate proposal, it said in a statement. "CMS reviewed comments closely, and adjusted some policies in response to stakeholder concerns in the final version," it said. The ...
Source: BestWire   Date: April 7, 2015
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Shankar Krishnan to Serve in Ace Group's Newly Created Management Role for Eurasia, Africa
Eurasia and Africa region. Until recently, Krishnan served as casualty underwriting manager for the Middle East and North Africa region. He will be responsible for the development ...
Source: BestWire   Date: April 6, 2015
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Patriot National Inc. Acquires TriGen Insurance Solutions for $9.74 Million
Boca Raton, the company has offices in Orlando, Florida. and Atlanta. TriGen President Carla Busick and Chief Executive Officer Chris Rhoden will continue to operate the business ...
Source: BestWire   Date: April 2, 2015
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US Supreme Court to Consider Insurer Reimbursement Case
Employee Retirement and Income Security Act. The act allows insurers or other designated fiduciaries to obtain "appropriate equitable relief" to enforce the terms of an ERISA plan. ...
Source: BestWire   Date: April 2, 2015
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U.S. Labor Department Delays ACA's Benefit Summary Requirements for Group Health Plans
Labor Department said. In December, the Labor Department, the U.S. Department of Health and Human Services and the U.S. Treasury Department filed a notice of proposed rulemaking in ...
Source: BestWire   Date: March 31, 2015
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Supreme Court Won't Consider Challenge to ACA 'Death Panel'
Medicare spending if it rises above an inflation-indexed threshold. The Goldwater Institute filed the case under the theory that the U.S. Constitution bars Congress from delegating ...
Source: BestWire   Date: March 31, 2015
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Mass. Attorney General's Office to DOI: Reject Rate Increases for Auto Insurer of Last Resort
Insurance Plan that would apply to certain administrative fees. The Commonwealth Automobile Reinsurers, an industry-operated organization which oversees the state's auto insurer of ...
Source: BestWire   Date: March 31, 2015
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W.R. Berkley Corp. to Combine Reinsurance Units
America name, according to a statement from the company. Berkley Re America is a specialty treaty reinsurance underwriter with an emphasis on providing solutions for insurance ...
Source: BestWire   Date: March 30, 2015
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Court: Selective Insurance of America Not Obligated to Provide Defense in Trademark Dispute
Eighth Circuit ruled the policy purchased by Smart Candle L.L.C. did not cover damages related to the company's name. Excell Consumer Products filed suit against Smart Candle in ...
Source: BestWire   Date: March 30, 2015
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New York Lawmakers Call for Investigation Into Alleged Mishandling of Hurricane Sandy Claims
Americans in need of immediate financial relief." The letter said several insurance companies have been accused of basing their decision to deny hundreds of claims on fabricated ...
Source: BestWire   Date: March 30, 2015
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Congress Takes Up Legislation to Repeal Estate Tax
The budget passed by the Senate at 3 a.m. on the morning of March 27 included an amendment to repeal the tax. Earlier this week, the House Ways and Means Committee passed its own ...
Source: BestWire   Date: March 27, 2015
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AIG Specialty Reaches $3.2 Million Settlement Deal in Bankruptcy Case Stemming From Chemical Spill
January 2014 chemical spill on the Elk River. U.S. Bankruptcy Judge Ronald Pearson approved the settlement between Freedom and AIG Specialty Insurance, which requires AIG Specialty ...
Source: BestWire   Date: March 27, 2015
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House Lawmakers Pass Permanent Medicare 'Doc Fix' Legislation
Congress to revisit the so-called "doc fix" every year. The House passed it overwhelmingly, 392-37. HR 1470 would repeal Medicare's Sustainable Growth Rate formula that poses the ...
Source: BestWire   Date: March 26, 2015
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PIA's Legislative Fly-In to Focus on Reforming ACA's MLR Calculation, Tax Reform
Kurt Schrader, D-Ore. In February (Best's News Service, Feb 19, 2015). "Our members will be talking about that with lawmakers," Gentile said. "When the time comes for reforms to be ...
Source: BestWire   Date: March 26, 2015
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US Senate Lawmakers Debate Adequacy of SIFI Designation 'Off Ramp'
Treasury Secretary Jacob "Jack" Lew told lawmakers March 25. The FSOC has faced criticism for allegedly failing to outline an "off ramp" that systemically important financial ...
Source: BestWire   Date: March 26, 2015
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US House Intelligence Committee Unveils Information-Sharing Bill Aimed at Cyberthreats
Chairman Devin Nunes, R-California. "These assaults are costing our economy billions of dollars and are compromising American citizens' personal and financial information." ...
Source: BestWire   Date: March 25, 2015
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House Lawmakers Introduce Legislation Giving Companies Facing SIFI Status Chance to Cut Risks Prior to Designation
Stability Oversight Council. U.S. Rep. Dennis Ross, R-Florida, who serves as senior deputy majority whip, teamed up with U.S. Rep. John Delaney, D-Maryland, to unveil the ...
Source: BestWire   Date: March 25, 2015
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