News

A regulator said insurance commissioners are looking to state legislators to provide authority to obtain information about a holding company's non-insurance entities.

Regulators' interest in insurers' use of credit-based insurance scores produced lively reaction from insurance association representatives and a consumer advocate during a committee meeting on property and casualty insurance issues.

Auto insurer Progressive reported July net income was down about 1 percent from the prior year to $113.2 million.

It's hard to predict the future without a crystal ball. In terms of what insurance carriers do, when predicting how things will turn out the data is their crystal ball.

An official with the Federal Emergency Management Agency told insurance commissioners that Congress' failure at long-term renewal of the National Flood Insurance Program could jeopardize the participation of carriers in the program.

A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state's planned producer compensation regulation.

A five-year National Flood Insurance Program extension bill passed by the House in July is unlikely to pass the Senate before the program's next scheduled expiration on Sept. 30, representatives for two Washington-based agent groups said.

The ongoing recession has hit workers' compensation carriers hard, causing nearly a quarter of the market's premiums to evaporate and cutting profitability by as much as half in the past two years, experts in the field reported here.