News

Now that President Barack Obama has signed financial services reform into law, an intense lobbying effort will be set in motion to shape the regulations that will implement the bill to the liking of insurers, brokers and other interested parties.

Agents and underwriters sparred with Agriculture Department (USDA) representatives over agent commission caps put forth as part of the mandated cuts to the federal crop insurance program at a House subcommittee hearing.

Subrogation and claim specialists in New York, Texas, and six other states will soon join nine others who have access to a tool that helps streamline the subrogation process -- at no charge.

BB&T Corp. said its insurance operations produced record quarterly revenues despite the impact of the soft market.

There appears to be no letup in the commercial property and casualty soft market, as average premium prices deteriorated after showing some signs of stability over the past year, according to a producer association.

After several years of doing without contingent commissions, insurance broker Aon said it plans to begin accepting the bonus payments from carriers once again, drawing fire from risk managers and one of its chief competitors.

Recent concerns over public entities' credit quality is not expected to materially impact U.S. property and casualty insurers' capital position, despite the insurers' heavy investments in municipal bonds, Fitch said.

The Obama administration said it opposes legislation that would add wind coverage to the National Flood Insurance Program.