Breaking: Allstate Fined $250,000, Ordered to Reinstate Policies

Thanks to Mr CLS for the heads up to this Times Picayune story.

BATON ROUGE — Insurance Commissioner Jim Donelon fined Allstate $250,000 Wednesday and ordered the state’s second-largest insurer to reinstate the wind and hail coverage of several hundred customers whose policies were dropped in disregard of a key consumer-protection law.

It is the only fine that Louisiana has levied against a homeowners insurance company since Hurricane Katrina, and the fine is the maximum penalty allowed by state law. Continue reading “Breaking: Allstate Fined $250,000, Ordered to Reinstate Policies”

Hello! Hello! Is this the party to whom I am speaking?

Saturday Night Live became Tuesday morning reality when State Farm attorney, the “honorable” Shelia L. Birnbaum, hit the wrong button and sent the media an email asking if Attorney General Jim Hood could be charged with Contempt of Court.

I bet you did Shelia – the panic button – when Hood’s office replied, “No, you can’t! Continue reading “Hello! Hello! Is this the party to whom I am speaking?”

Robin’ Hood of Support

Blogs are touted as the savior of democracy – a voice for the people, a place where our cherished freedom of speech enjoys the freedom of information.

…and, by the way, did I mention the bridge I’ve got for sale up in Brooklyn?

Blogs are in the information business – news you can use but news that can use you, too. Continue reading “Robin’ Hood of Support”

Xavier University v. Travelers / Chehardy v. Allstate

“The wise man listens to meaning; the fool only gets the noise.”
Poet C. P. Cavafy

“Favor distilled thinking, by which I mean the thinking based on information that is around us that is stripped of meaningless but diverting clutter. For the difference between noise and information has an analog: that between journalism and history.”
Nassim Nicholas Taleb in Fooled by Randomness Continue reading “Xavier University v. Travelers / Chehardy v. Allstate”

State Farm Cancels 50,000 Florida Policies

Here you go pardners, the private insurance industry doesn’t want our coastal wind business and they don’t want a federal solution ’cause it might cut into their profits from offshore reinsurance. So what do they do to keep the pressure on? They cancel you out like State Farm just did in Florida and New York. We got this from our friends in Florida at the Herald Tribune:

HURRICANE INSURANCE

State Farm dumps 50,000 statewide Continue reading “State Farm Cancels 50,000 Florida Policies”

A Price to Be Paid Boys…..

Welp pardners, this Cowboy just saw something that made me laugh hard. Ole David Dugas is havin’ hisself one heck of a hard time gettin’ that promotion to federal judge ’cause he was soft on crime – insurance crime that is. There is a lesson in this for ole Dunn Lampton too. Look here from our friends over Times Picayune way: Continue reading “A Price to Be Paid Boys…..”

Gene Taylor to Speak on Insurance Reform

There has been an advertisement run in the print editions of the Sun Herald on Gene Taylor conducting an Issues + Answers lecture sponsored by the University of Southern Mississippi Gulf Park Campus on Friday, February 29, 2008 at the Advanced Education Center auditorium.

Thanks to one of our readers, I was emailed a link to the University press release and I am happy to pass it along to all so interested. Considering the other recipients listed in the address header I am honored Ida thought enough of this blog to pass me the good word.

I will be in attendance and hope we pack the house on the 29th.

sop

The Insurance Industry’s GREAT ESCAPE

NAIC President Questions Motives of OFC Supporters

KANSAS CITY, Mo. (Feb. 15, 2008) — Sandy Praeger, President of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, in a letter yesterday, reiterated the strengths of state-based regulation and reasserted opposition to federal legislation that would establish an optional federal charter (OFC).

A few relevant parts of the letter: Continue reading “The Insurance Industry’s GREAT ESCAPE”

The Mississippi “R” Factor Part 2

I’ve noticed that when solutions to this insurance mess are offered it is one political party that is doing the offering. Outside of a few Democrats like US Senator Christopher Dodd the Republican party is the overwhelming choice for discriminating big business and insurance political donors.

Such must certainly be the case here in Mississippi as we found this Clarion-Ledger story concerning Phil Bryant’s State Senate Insurance Committee most disturbing. Lt. Governor’s Bryant stated campaign goal of continuing the coastal rebuilding efforts certainly are taking a back seat to his service to monied insurance interests. Continue reading “The Mississippi “R” Factor Part 2″