Big Insurance, meet Connie Moran – a Fulbright Scholar with a master’s degree in finance/economics and international commerce – the Mayor of Ocean Springs, Mississippi with all perils insurance on her mind.Moran wants more than stories about businesses and residents having trouble rebuilding due to insurance costs, she want hard data. According to the Mississippi Press Register, she plans to provide that data to Congressman Gene Taylor. Moran wants more than stories about businesses and residents having trouble rebuilding due to insurance costs, she want hard data. According to the Mississippi Press Register, she plans to provide that data to Congressman Gene Taylor.
Continue reading “Don”
How the insurance industry is protecting their proftis, not policy holders, when natural disasters strike.
Full page add in WSJ (C5) for a program this Sunday, March 2 at 10pm EST.
Sounds interesting. I don’t get CNBC (We are a basic cable kind of family), but maybe it will show up as a clip on the web.
Hey pardners why don’t we go help State Farm beat up on Jim Hood. Not!
Two ex-Marsh executives convicted of bid-rigging
NEW YORK (Reuters) – Two former executives at Marsh Inc, a unit of Marsh & McLennan Cos Inc (NYSE:MMC), were found guilty on a monopoly charge on Friday for participating in an insurance bid-rigging scheme, court officials said.
William Gilman, a former executive in Marsh Inc’s Global Broking unit, and Edward J. McNenney, a former global placement director, were acquitted of all other charges they faced in the ruling handed down by New York State Supreme Court Judge James Yates. Continue reading “Insurance Crooks at Marsh Convicted of Price Fixin’”
Not much time for analysis but here is the news story. sop
HARTFORD, Conn. (AP) — Five former insurance company executives were found guilty Monday of a scheme to manipulate the financial statements of the world’s largest insurance company.
The verdict came following a monthlong trial in federal court.
The defendants, four former executives of General Re Corp. and a former executive of insurance industry leader American International Group Inc., sat stone-faced as the verdict was read.
Continue reading “Breaking: Federal Jury Finds 5 Former Insurance Executives Guilty in Financial Manipulation Scheme”
Earlier this week there was some improtant developments involving Florida’s battle with Allstate. As we have repeatedly noted in our continuing coverage of Allstate there is a pattern of behavior exhibited by this insurance giant of ignoring lawful subpoenas and court orders. Worse according to the Florida Office of Insurance Regulation complaint:
Encompass Floridian Insurance Company’s chief executive officer knowingly made and filed a false certification….. Continue reading “Yo Allstate: Florida Isn’t Amused OIR Moves to Ban Allstate”
There were two big announcements out of Florida this week, one involving Allstate and one involving State Farm. I’ll tackle State Farm first since it is more complex and the most disingenuous.
Some background is in order for State Farm. When Florida created a state market for cheaper reinsurance it also mandated premium reductions for those who took advantage of the program. Two major insurers filed for rate increases after buying the state reinsurance, Allstate and State Farm. When Insurance Commissioner McCarty ordered rate hearings for the increases (rate hearings in Florida involve public sworn testimony including revealing the basis for the rate increases) State Farm backed down and instead reduced their homeowner premiums in accordance with the law.
As is their custom in states where they do not get their way including here in Mississippi Continue reading “Florida Again Dominates the Insurance Battle”
Welp folks this Cowboy don’t know what to make of ole Chaney. One day he campaign promisin‘ to make the insurance commissioner appointed then after he wins he says he wasn’t going to fight for that in the legislature since it was just his personal opinion. A couple weeks back he says rates is goin‘ up and now he says rates is goin‘ down. Maybe one of the others can make sense of this Sun Herald story for me. Continue reading “Insurance News You Can Use”
Newly elected Insurance Commissioner Mike Chaney announced Aegis Security Insurance Company will begin writing new policies in Mississippi.
We welcome the good news, Commissioner Chaney – and look forward to more.
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”
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?”