News

The Florida Office of Insurance Regulation said it has approved Southern Oak Insurance Company to take out 14,000 policies from the state's last-resort insurer.

Kansas City, Mo.-based insurance broker Lockton said it has received approval from the China Insurance Regulatory Commission to open a new branch office in China, based in Beijing.

The Federal Reserve Board said it earned $3.4 billion in 2010 on its investments in American International Group.

Global interconnection has increased vulnerability to risks around the world, and insurer involvement will be critical in finding answers for the uncertain and volatile future, according to an official with the World Economic Forum.

Insurance agents who support creation of a federal charter for insurance lashed out at the National Conference of Insurance Legislators for being misleading when it told members of Congress that premium taxes would be lost if a federal insurance charter is created.

Tort costs dipped 2.7 percent in 2009, but the level is expected to grow over the next two years as the gross domestic product grows.