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Investment activities of insurers are "fundamentally different from the types of activities that are targeted by the so-called 'Volcker Rule' on proprietary trading," officials of the Property Casualty Insurers Association of America said.
Ambac Financial Group Inc., which filed for bankruptcy protection on Monday, said its third quarter earnings plunged while rival MBIA Inc. said it recorded a $213 million loss during the same period.
Chubb & Son said it has appealed an order from Washington State Insurance Commissioner Mike Kreidler, who is looking to stop six Chubb subsidiaries from writing new
The new normal is that rising technologies that affect insurance are hitting the consumer market space at a rate that is vastly ahead of the policy procedures of most insurers. As a result, the lines of culpability are becoming increasing gray.
Chubb & Son said it has appealed an order from Washington State Insurance Commissioner Mike Kreidler, who is looking to stop six Chubb subsidiaries from writing new commercial insurance in the state for nine months.
Three more foreign reinsurers--all based in Bermuda--have reached agreements with the Florida Office of Insurance Regulation to participate in the state's insurance market under modified regulatory terms.
A Mississippi man who wanted the state's insurance department to give him all records it had on homeowners insurance claims filed after Hurricane Katrina was again denied.
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