News

These are certainly challenging times for the property and casualty insurance industry, given the stagnant economy, a soft commercial lines market and calls in Congress to impose new regulations as part of broader financial services reform.

The NAIC has put on hold its National Insurance Supervisory Committee proposal, which would have seen regulators develop uniform standards with the threat of federal intervention for states that did not comply.

Insurers, balking at having to help pre-fund a bailout authority for systemically risky companies, have secured a key change in financial services reform legislation that will reportedly limit the assessment to one major insurance carrier.

Regulators should work with the insurance industry to eliminate confusing contract language that challenges even skilled lawyers, a consumer representative said.

Two attorneys discuss why an insurer should consider including an assault and battery exclusion in its policy in addition to (not in place of) the intentional acts exclusion.

The new chairman of NetVU, formerly AMS Users Group, encouraged members to form closer relationships with others to grow the grassroots efforts of the association and make it stronger.

Insurance regulators, in a surprise move, have voted to let insurers file their climate risk disclosure survey responses on a voluntary, confidential basis.

The AMS Users Group trade association announced a makeover today, changing its name to NetVU, reflecting the identity change of its software development partner Vertafore.