A group of banks seeking to prevent guaranty insurer MBIA from splitting into two companies says the company underestimated its losses by as much as $10 billion to the New York Insurance Department.

Companies’ risks are increasing during the economic recovery, which means they must be vigilant in keeping down workers’ compensation claims and wage and hour lawsuits, according to an industry briefing.

We take a breather from our Japan earthquake and tsunami coverage to look at a flood program bill mark-up, SLIMPACT news, an MBIA-related court filing, crash taxes and auto fraud in New York, and how the improving economy presents issues for risk managers.

A House panel will conduct a second hearing on the National Flood Insurance Program April 1, and mark up draft legislation April 6, according to officials briefed on the plan.

North Carolina lawmakers already have banned young drivers from using cell phones and everyone else from texting or emails while behind the wheel. Now they're considering whether to go further.

AXIS Capital Holdings Limited says it expects to incur between $275 million and $315 million in losses, pre-tax and net of reinstatement premiums, from the February New Zealand earthquake and from first-quarter loss events in Australia.

States continue to interfere with the lawful operation of risk retention groups and federal legislation is needed to stop the practice, the National Risk Retention Association is telling the Government Accountability Office.

The long-term effects of Japan’s disaster on the insurance market remain unclear, but there are indications that some firming is taking place for risks in catastrophe-prone areas, say executives from insurance broker Aon Corp.