Personal Lines

Producers are feeling the heat in this tough economy, expecting buyers to cut back on coverage, push harder for the best price and go bare in some areas, according to a new Producer Satisfaction Survey.

"What we have here is a failure to communicate."

At the group's June meeting, the National Association of Insurance Commissioners discussed a proposal to set up a new commission aimed at facilitating regulatory uniformity, National Underwriter learned recently.

Why is it that so many people seem to hate--or at the very least, distrust--the insurance industry?

California Insurance Commissioner Steve Poizner said yesterday that he has approved a cut in State Farm auto insurance rates averaging 8 percent per policyholder.

The chairman of a key subcommittee of the House Financial Services Committee today said he intends to move quickly to impose direct federal oversight of insurance, starting with a system to regulate systemic risk.

The Treasury Department said last night it had approved Allstate Corporation and five other insurers to get taxpayer rescue money under its multibillion-dollar Capital Purchase Program.

Fitch Ratings announced it has dropped American International Group property-casualty subsidiaries' insurer financial strength a ratings notch based on the stress of its continuing financial problems.