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Insurance industry representatives were optimistic that some type of action will be taken this year to remedy flaws in New York's no-fault auto insurance system after a State Senate Insurance Committee hearing.
Big personal auto insurers will be examining past auto accident claims involving Toyota vehicles for possible subrogation action, an insurance arbitration executive predicted, as Allstate said it has a case review underway.
Thanks to the Senate rule requiring 60-votes to get any bill to a vote, making the country almost ungovernable, perhaps it's time to do away with or modify the fillibuster rules, suggests NU Editor Sam Friedman on his blog at www.NUSamSoapBox.com.
Federal lawmakers may cut a provision of proposed legislation that seeks to end the antitrust exemption for medical malpractice insurers afforded by the McCarran-Ferguson Act exemption, according to insurance industry sources.
The Independent Insurance Agents and Brokers of New York (IIABNY) said its negotiations with the New York State Insurance Department have resulted in some revisions to a proposed producer compensation disclosure rule.
MarketScout electronic insurance exchange reported finding no end to the soft market last month with the composite U.S. property and casualty sector down 4 percent.
LexisNexis Risk Solutions said it has selected FirstBest Systems, Inc., as the core technology partner for its new insurance exchange, being created with the Council of Insurance Agents and Brokers.
An Illinois law that set caps on medical malpractice awards for "pain and suffering" has been ruled unconstitutional by the state's high court, which found legislators had overreached in attempting to restrict the judicial process.
A New York independent agent's association said last week that it plans to make good on a prior threat to file a lawsuit to block Empire State regulators from implementing new producer disclosure compensation rules.
In light of the recall of virtually millions of vehicles, Toyota executives find themselves in a nightmare, and the ramifications are not yet clear. Historically, recalls of this magnitude will continue to be far-reaching.
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