Agency Management

Companies are cutting back on sending individuals overseas for business, which is affecting the international market.

A first-quarter jump of 38 percent in securities cases is worrisome to insurers of directors and officers named as defendants in such cases, but the pace of filings could slow, a research firm said.

Last Thursday, Reps. Dennis Moore, D-Kan., and Scott Garrett, R-NJ, introduced legislation in the U.S. House of Representatives modernizing and reforming regulation of the surplus lines (nonadmitted) market.

In addition to policies specifically designed to pay for loss of business income during a pandemic flu event, other specialty insurance coverages may be tapped to pay flu-related claims, according to a report published late last year.

Regulators around the globe are toughening up insurance requirements for companies doing business outside their domiciled countries, and the companies worldwide are demonstrating a greater willingness to focus on regulatory compliance.

As the "year of the contagion" sparks a higher level of inquiries about specialty insurance products designed to cover the business side effects of flu pandemics, well-informed agents can seize an opportunity, according to a specialty broker.

Marsh & McLennan Companies Inc. said it is partnering with an executive search firm to recruit a more racially and sexually diverse work force.

At the urging of the two main insurance agents' groups, legislation was introduced in the House yesterday to create a system to provide insurance agents with a nationally valid license.