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