Risk Management

The NAIC's 2014 proposed budget includes total revenues of $93.2 million and total expenses of $91.8 million, increases of 3.68 percent and 3.87 percent respectively compared to the 2013 budget.

The National Association of Mutual Insurance Companies is asking the Senate to resist calls to delay or rescind scheduled flood insurance rate increases, arguing that the rates must adequately reflect the risks.

New legislation passed by the New York Assemblyand moving towards the Senatemay change the way storm claims are processed in the state, possibly forcing insurers to cover flood damage from the next storm.

The European Union is close to finalising a deal on how insurance companies will hold enough capital to keep policyholders safe which will severely water down the version sought by industry regulators.

Insurance stories from around the web, including rural groups fighting a proposed $100 million-a-year cut in crop insurance subsidies and fear over NFIP rate hikes in coastal Massachusetts.

Meeting timely claims handling requirements requires consistent adherence to policies and procedures.

Michigan Gov. Rick Snyder has named Ann Flood director of the state Department of Insurance and Financial Services.

Warren Buffett, chairman and chief executive of Berkshire Hathaway, said Wednesday that the threat of not raising the U.S. debt ceiling is a political weapon.