South Carolina Gov. Nikki Haley today named Ray Farmer as director of the state's insurance department. Farmer is a long-time executive with the American Insurance Association.

While one industry representative blasted states decisions to bar insurers from invoking hurricane deductibles after superstorm Sandy as an act of political expediency that will result in higher rates, another says he believes the state officials acted within the letter of the law.

While one industry representative blasted states decisions to bar insurers from invoking hurricane deductibles after superstorm Sandy as an act of political expediency that will result in higher rates, another says he believes the state officials acted within the letter of the law.

Property & casualty and health insurers overpay injured people an estimated $15 billion a year because each sector of the industry lacks information about claimants that only the other side has, according to Stephen Ambrose, CEO of ICEX, an insurance information-services company.