News

U.S. reinsurers took a beating in their surplus during the first half, seeing a drop of $6.9 billion from last year--down 9.5 percent to $65.9 billion in 2009, according to the Reinsurance Association of America.

California's insurance commissioner said he plans to sue the state over its move to sell $1 billion in assets of the State Compensation Insurance Fund, which is intended to balance the state's budget.

Despite American International Group's recent profitable quarter, Moody's Investors Service said its outlook remains negative and it has doubts about the company's ability to fully repay its government loans.

Maria Sheffield plans to throw her hat into the ring to be elected Georgia's next insurance commissioner, looking to succeed her former boss, John Oxendine, who is running for governor next year, the National Underwriter has learned.

Federal legislation is needed to standardize the payment of workers' compensation awards, as well as lower medical costs and remove litigation from the system once and for all, according to Terry Fleming, VP of RIMS.

Would the workers' comp system be better off with national standards for compensability and dispute resolution? Answer NU's Online Poll at www.property-casualty.com.