Judge gives final approval to $450 million AIG workers comp settlement
CHICAGO—American International Group Inc. has received final approval to pay a $450 million class-action settlement to a group of other insurers related to its alleged underreporting of workers compensation premiums. Share this:
Catastrophes drop property/casualty insurers’ net income by 70.5%: Analysis
U.S. property/casualty insurers’ aftertax net income dropped 70.5% to $7.98 billion during the first nine months of this year compared with a year earlier, according to a survey released Monday by the Insurance Services Office Inc. Share this:
Defining of investment-related terms
This glossary from the SPARK Institute and the Investment Company Institute is designed to help defined contribution plan sponsors comply with the new Labor Department participant disclosure regulations that require employers to give plan participants… Share this:
Appeals court upholds time bar ruling in nurse’s bias claim
NEW YORK—A former nurse can’t pursue her discrimination suit against a Rochester, N.Y.-based health care center because her complaint was filed three days late, the 2nd U.S. Circuit Court of Appeals ruled. Share this:
GE unit to pay $70M over muni bond bid-rigging
WASHINGTON (Reuters)—General Electric Co. acknowledged that three former traders at a finance unit engaged in bid-rigging of municipal bonds and agreed to pay authorities $70. Share this:
N.Y. court sets strict standards for summary judgment of bias claims
NEW YORK—A decision by a New York appeals court sets strict standards for granting summary judgment in dismissing employment discrimination cases in New York City. Share this:
Workers comp benefits OK’d for opioid treatment-related death
RALEIGH, N.C.—Workers compensation death benefits should be granted to the widow of a US Airways Inc. worker who died from methadone toxicity, the North Carolina Court of Appeals has ruled. Share this:
OFF BEAT: Aon wraps up an insurance program for Santa
When it comes to protecting his North Pole-based nonprofit manufacturing and global delivery firm, all the Christmas magic in the world wouldn’t be able to mitigate Old Saint Nick’s real-world business risks. Share this:
U.S. retailers pull Enfamil cans after baby died
(Reuters)—Wal-Mart Stores Inc. has pulled cans of Enfamil baby formula from the shelves of 3,000 of its stores this week, and other U.S. retailers followed suit, after the death of a Missouri newborn who drank the formula. Share this:
San Francisco’s new rules on health reimbursement arrangements
San Francisco Mayor Edwin Lee in November signed legislation that imposes new rules on the use of health reimbursement arrangements to satisfy the city’s health care spending law. Share this:
Swiss Re backs management buyout of Irish health insurer
DUBLIN (Reuters)—Ireland’s Quinn Healthcare has been sold to management in a deal that will see its 500,000 policies underwritten by reinsurer Swiss Re Ltd. Share this:
AIG’s Benmosche wants to extend his stay: Report
NEW YORK (Reuters)—American International Group Inc. CEO Robert Benmosche has told the insurer’s directors that he would like to remain in his job longer than previously planned, the Wall Street Journal reported on its website. Share this:
Germany issues warning over potentially defective breast implants
FRANKFURT, Germany (Reuters)—Germany’s medical safety board on Friday advised women with potentially defective breast implants to consult their doctors for checks but stopped short of recommending their removal. Share this:
Catastrophe losses, poor economy hit U.S. property/casualty insurers: Best
High natural catastrophe losses and poor economic conditions continued to eat away at profits and performance for U.S. Share this:
Build-A-Bear Workshop to pay $600,000 fine in defective toy chair case
WASHINGTON—A defective toy beach chair manufactured by Build-A-Bear Workshop Inc. has resulted in a $600,000 civil fine from the U.S. Consumer Product Safety Commission. Share this:
Chartis challenges $58M verdict in environmental coverage dispute
CLARKSBURG, W. Va.—Chartis Inc. said it plans to ask a judge to set aside a $58 million jury verdict in an environmental coverage dispute that began more than 10 years ago involving a West Virginia gas station. Share this:
EEOC sues Georgia firm for reneging on mediated age discrimination settlement
HOUSTON—The U.S. Equal Employment Opportunity Commission is suing a terminal tractor company for failing to abide by an agreement to pay a $7,000 settlement in an age discrimination case. Share this:
Nebraska state troopers claim contribution hikes are unconstitutional
LINCOLN, Neb.—A group of 411 current and former Nebraska state troopers, investigators and management have sued Gov. Share this:
Self-Insurance Institute of America challenges Michigan health care tax
DETROIT—The Self-Insurance Institute of America Inc. has filed a lawsuit challenging a new Michigan law that is to start assessing a 1% tax on paid health care claims after Jan. 1, 2012. Share this:
Property rates rising, but not across the board: Marsh
While insurance rates continue to rise in most loss-affected areas and classes of business, buyers still can achieve decreases in many lines of business, according to a fourth-quarter market briefing released Thursday by Marsh Inc. Share this:
