The Florida home insurance startup company People's Trust, which sells products from a call center, has signed a consent order to pay $155,000 in penalties and to stop writing policies until it meets certain regulatory criteria.
The National Association of Insurance Commissioners gave final approval yesterday to a climate risk disclosure survey that has received mixed support among the insurance industry.
Maurice "Hank" Greenberg, the former chief executive of American International Group, said the executives who recently received bonuses do not deserve them because they lost money for the company.
Swiss Re totaling up the damage from 2008 said yesterday it was one of the worst years for catastrophe losses with more than 240,500 lost lives and $52.5 billion paid in property claims.
Evaluating a corporation's risk exposure during this time of economic upheaval can not only save money but could also mean the difference between surviving and not, according to experts at Marsh.
Treasury Secretary Tim Geithner said late yesterday that his agency is working with the Department of Justice to determine "what avenues" can be used to recoup taxpayer dollars used to pay AIG executive bonuses.
A Hanamalu, Kauai married couple will be trading in warm rays and Hawaiian sunsets for the depressing glare of fluorescent jail-cell lighting after perpetrating insurance fraud.
AIG Chairman and Chief Executive Officer Edward Liddy said today he agreed to pay bonuses to employees at its troubled Financial Products unit only because "I am trying to prevent an uncontrolled collapse of that business."