Risk Management

With Solvency II scheduled to come into force Jan. 1, 2013, U.S. companies must prepare for changes in capital position, enterprise risk management, product strategy, resources, risk culture and technology, according to a Deloitte study.

Former Georgia Insurance Commissioner John Oxendine issued himself insurance licenses before leaving office without completing the necessary classes or tests, an Atlanta Journal Constitution investigation revealed.

Funding for implementing the medical loss ratio provision of the health care reform law would be eliminated for the remainder of this fiscal year under the budget passed by the House last Saturday.

Governor Chris Christie signed into law legislation that enables New Jersey to license and regulate captive insurance companies, creating a new industry in the state.

Medical malpractice insurance rates might be too high because some insurers are spending as little as two or three percent of premiums to pay out claims, according to the California Department of Insurance.

Hosni Mubarak’s resignation as president of Egypt and the subsequent military takeover have brought a measure of stability to the nation, but uncertainty about the future and potential flashpoints throughout the region have insurers casting a wary eye on political risk coverage.

The role that insurance agents play in the health marketplace in 2014 and beyond will likely be left up to the states, said Joel Ario, head of the insurance exchange bureau of the federal Department of Health and Human Services (HHS).

Shareholder plaintiffs bringing derivative actions typically sue the directors and officers “in the name and for the benefit of” the company in which they hold shares, alleging harm done to the company through breaches of various duties.