Wednesday, January 16, 2013

Daily Headlines: Wednesday, January 16, 2013

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Insurance Journal Daily Headlines
January 16, 2013
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Today's Headlines

National

Judge Rules News Outlets' Use of Photo on Twitter Violated Copyright

A U.S. judge has found that two news organizations improperly used images that a photojournalist had posted to Twitter in one of the first ...

Accounting Method May Expose Firms to Shareholder Suits: Study

Disgruntled shareholders are more likely to sue firms that use principles-based accounting standards instead of rules-based standards, ...

Starr Investments Wins $77M Damages in China Media Firm Case

A Hong Kong arbitration panel has ruled that China MediaExpress Holdings Inc. was a "fraudulent enterprise" and awarded $77 million to ...

U.S. Plans to Negotiate Services Trade Pacts with EU, Japan, 18 Others

The United States said on Tuesday it plans to negotiate an agreement with the European Union, Japan and 18 other economies to remove trade ...

Goldman Looks to Sell Major Stake in Reinsurance Group

In preparation for rules requiring the bank to hold more capital, Goldman Sachs Group is looking to sell a majority stake in its $1.4 ...

CFC Launches Liability Cover for Online Retailers

Specialist lines underwriting agency CFC has launched a new fully combined modular policy designed exclusively for online retailers. The ...

Liberty International Underwriters Expands Energy Operations

Liberty International Underwriters (LIU), part of the Global Specialty unit of Liberty Mutual Insurance, has brought on Robert Rokicki, ...

House Sends $50.5 Billion Sandy Disaster Aid Bill to Senate

The House of Representatives on Tuesday approved $50.5 billion in long-delayed federal disaster aid to victims of Superstorm Sandy, but not ...

From MyNewMarkets.com Liberty Mutual to Phase Out 8 Regional Insurance Brands

Liberty Mutual Insurance announced it is planning to retire its regional brands in 2013 to focus on the more recognizable Liberty Mutual...
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East

Met P&C Settles With Mass., Will Refund Alleged Overcharges

Metropolitan Property & Casualty Insurance Company (Met P&C) -- a unit of MetLife -- has settled allegations in Massachusetts that it ...

State Farm, Sandusky End Insurance Coverage Dispute

State Farm Fire and Casualty Co. resolved its dispute against former Penn State assistant football coach Jerry Sandusky over the insurer's ...

N.J. Gov. Criticizes Some Oceanfront Property Owners Who Reject Sand Dunes

The New Jersey shore town of Bradley Beach came through Superstorm Sandy in better shape than many of its neighbors that sustained serious ...
Why Should I Hire You as My Insurance Agent? - new class from Academy of Insurance
Midwest

USI Insurance Services Acquires 2 St. Louis, Missouri, Brokerages

Insurance Services (USI) has acquired Saint Louis, Mo.-based brokerages Welsch Flatness and Lutz Inc. (WFL) and Construction Insurance ...

Texas Parents Lobby for Tougher DUI Laws in North Dakota

The parents of two Texas boys killed when a pickup truck ran over their tent in a North Dakota campground last summer have returned to ...

Worldwide Facilities Adds Simkins as VP in Chicago

Andy Simkins has joined Worldwide Facilities' Chicago office as vice president, effective Jan. 14. Reporting to David Fiske, senior vice ...

Minnesota Man Sentenced for $275K False Insurance Claim

A St. Paul, Minn., man has been sentenced for filing a false insurance claim for artwork he had reported as stolen. Thirty-nine-year-old ...
Southeast

Closing of Kentucky Trust to Leave 174 School Districts In Need of Insurance

The financially troubled Kentucky School Boards Insurance Trust will disband, forcing school districts to search for new providers of ...

Jeb Bush: Tennessee Workers' Compensation Reform a Minor Issue

When former Florida Gov. Jeb Bush briefly veered off topic at an education forum in Nashville this week, he inadvertently took aim at ...

2 Florida Moms Sentenced for Staged Accident Insurance Fraud

Two South Florida mothers have been sentenced to prison for their roles in staging car accidents to commit fraud on insurers. Federal ...
South Central

TDI: Pre-Dispute Binding Arbitration Clauses Unfair to Policyholders

Pre-dispute mandatory binding arbitration provisions in insurance policies may be on their way out in Texas if state insurance regulators ...

Texas Trade Group: Survey Shows Insurance Industry Doing It Right

While tornadoes and hailstorms were pounding their way through the Dallas/Fort Worth area last year, consumers had confidence that their ...

Texas Brine, Louisiana Agree on Plan to Assess Sinkhole

The Louisiana Office of Conservation has modified orders requiring Texas Brine Co. LLC to assess the status of sediments under an 8.5-acre ...

Heavy-Duty Restricted Guns Legally Sold in Texas

In a heavily guarded store just southwest of Houston, twin .50-caliber "Ma Deuce" machine guns rise up side by side from a mount that could ...
West

Montana Captives on the Rise

The Montana Captive Insurance Association Inc. reported 34 new captive insurance company licenses were issued in the state during the past ...

Drug-Related DUI Arrests Increase in Arizona

An Arizona highway safety official says the percentage of DUI arrests related to prescription and illegal drugs is up even as overall DUI ...

Suit Claims Blue Cross Of California Discriminates In HIV Cases

Blue Cross of California is being sued over a new program that bars AIDS patients from using local pharmacies to get their medications. The ...

OSHA Finds 58 Violations At Hoover Dam Near Vegas

The federal agency operating Hoover Dam must correct 58 health and safety violations that investigators found in recent inspections at the ...

Utah Traffic Fatalities Mark Steady Decline

Safer roads and more traffic enforcement have helped reduce traffic fatalities in Utah to their lowest level in more than 50 years. The ...

Keck Joins Woodruff-Sawyer in Northern California

San Francisco, Calif.-based Woodruff-Sawyer & Co. named Kristina Keck to the firm's employee benefits practice as an account executive for ...
International

Japanese Airlines Ground Boeing 787 Dreamliners after Emergency Landing

Japan's two leading airlines grounded their fleets of Boeing 787s on Wednesday after one of the Dreamliner passenger jets made an emergency ...

PCI Urges 'Further Dialogue' before IAIS Applies 'Too Big to Fail' Rules to Insurers

On January 14 the Property Casualty Insurers Association of America (PCI) participated in a discussion with the International Association ...

IMB Reports Piracy Falls in 2012, But Seas off East and West Africa Still Dangerous

The latest report on global piracy from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) notes that it has ...

Swiss Re Study Examines Agricultural Insurance Role in Global Food Production

A new sigma study - Partnering for food security in emerging markets - from Swiss Re concludes that "global agricultural production must ...

Aon Benfield ILS Report Notes $1.89 Billion Issued in Q4; $6.25 Billion in 2012

In its latest report on the insurance-linked securities (ILS) market, which reviews the key trends witnessed during the fourth quarter of ...

CCRIF Selects Anthony as First Full-Time CEO

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced the appointment of Isaac Anthony from Saint Lucia as the Facility's ...

Starr Companies Appoint Hayman President of International Insurance Operations

Starr Companies announced the appointment of Jeffrey Hayman to the position of President of International Insurance Operations. He will be ...

Ratings Roundup: NEWGT Re, Ability Re, RoyalStar (RSA)

A.M. Best Asia-Pacific Limited has assigned a financial strength rating of 'A'- (Excellent) and issuer credit rating of "a-" to ...

Allied World Bermuda Launches Excess Casualty Coverage Package

Allied World Bermuda has launched Constellation, a suite of five excess casualty coverage enhancements combined into one package that ...
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Insurance Journal Blogs

Burand's Agency E&O Blog: Tip #19

Knowledge. E&O risk management knowledge can be generally divided into two categories. The first category is coverage knowledge. The second ...

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Insurance Journal TV

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Van Eeten Takes the Reins at Texas Surplus Lines Association

Kathy Van Eeten, senior vice president, regional marketing for CRC | Crump, was installed...
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Effects of Worldwide Economic Instability on American Companies

Despite a slightly improved economy here in the U.S., the global economy is not out of the...

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New Discussions in the Forums

Credit Card Processing
Posted: Wed Jan 16 -- I would suggest you do plenty of research and get at least 3 quotes. I have a business and when I began processing I made sure everything... sylvestertucker
Florida Mobile Home Insurance - Coastal Surplus Lines
Posted: Tue Jan 15 -- Are you dealing with wholesale brokers? Neal Ecker
What is most fullfilling as an agent?
Posted: Tue Jan 15 -- The most fulfilling thing for me is not only satisfying the client's needs but also winning the client's business. DBL Surety
The New Small Insurance Agency
Posted: Tue Jan 15 -- I thought this article was great for those that have recently decided to open an insurance agency. Let me know what you... DBL Surety
Comp in Ca for a Farm code 0171
Posted: Tue Jan 15 -- If PEO is an option let me know & I'll inquire. There is enough payroll but not sure about the code. Chad Filley
What is your biggest pain as an agent?
Posted: Tue Jan 15 -- "GREAT topic! 1. Carrier/GA underwriters that don't respond to emails/phone calls. 2. Customers that can pay... jasmeenkhan988
Agency In NC or SC
Posted: Mon Jan 14 -- I operate an agency that acts in NC, SC, VA, GA, and TN. If I had the choice, I would say operate in SC. You have more coverages available... NCPCLHagent

Reader Comments

AIG Says It Has Obligation to Consider Bailout Lawsuit; Critics Pounce
Posted: Wed Jan 9 -- It seems the problem is Hank Greenberg. He is making a stink about the bailout which probably was caused with the culture and things done... rukidding
President Obama Signs Bill Repealing Car Dealer Insurance Requirement
Posted: Fri Jan 11 -- but what about the jobs of the govt employees who prepare this booklet; they research 11 months of the year to ensure it is chock full of... Chad Balaamaba
AIG Decides Not to Join Bailout Lawsuit Against Government
Posted: Wed Jan 9 -- ....or to be committed. PropGal
New York Senator Pitches Mold Relief in Sandy Aid Bill
Posted: Fri Jan 11 -- why in the hell is this the federal government's ( taxpayer ) responsibility to pay ? Anyone who builds a house by the ocean should... gregsmith
Utah Man Accused of Killing Officer Sues Insurer
Posted: Tue Jan 15 -- "The shootout is considered an intentional act, Farmers spokesman Mark Toohey said, and claims resulting from such acts are not covered by... Always Amazed

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