http://www.news-insurances.com News-Insurances.com is an independent online media providing the latest insurance news for the insurance industry and consumers Mon, 06 Sep 2010 23:35:21 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 http://www.news-insurances.com/europe-regulation-an-agreement-should-soon-be-reached/0167304578 http://www.news-insurances.com/europe-regulation-an-agreement-should-soon-be-reached/0167304578#comments Fri, 03 Sep 2010 17:20:38 +0000 Barbara karouski http://www.news-insurances.com/?p=304578 An agreement will be reached by the European Union that will lead to the creation of a new pan-EU supervisory authority which will oversee controls on banks and insurers. It is hoped that the deal, which must still be approved by European finance ministers and the European Parliament, will help stop a repeat of the [...]]]> http://www.news-insurances.com/europe-regulation-an-agreement-should-soon-be-reached/0167304578/feed 0 http://www.news-insurances.com/fsa-ban-insurance-broker-david-marriott-banned-for-persistent-misuse-of-client-money/0167304494 http://www.news-insurances.com/fsa-ban-insurance-broker-david-marriott-banned-for-persistent-misuse-of-client-money/0167304494#comments Fri, 03 Sep 2010 15:20:56 +0000 Sofia Ashmore http://www.news-insurances.com/?p=304494 The Financial Services Authority (FSA) has banned insurance broker David Marriott for persistent misuse of client money after using clients’ funds to support his businesses and finance bonuses, salary increases and new cars. The FSA said it took action against Mr Marriott, former chief executive of two insurance intermediaries Target Underwriting and Professional Insurance Select [...]]]> http://www.news-insurances.com/fsa-ban-insurance-broker-david-marriott-banned-for-persistent-misuse-of-client-money/0167304494/feed 0 http://www.news-insurances.com/health-issues-botox-maker-allergan-to-pay-600-million-dollars/0167298934 http://www.news-insurances.com/health-issues-botox-maker-allergan-to-pay-600-million-dollars/0167298934#comments Wed, 01 Sep 2010 15:08:03 +0000 Tom Scott http://www.news-insurances.com/?p=298934 Allergan, the maker of the popular anti-wrinkle treatment Botox, said Wednesday it had agreed to pay 600 million dollars to settle a US probe into marketing for so-called off-label uses. The company said in a statement it agreed to plead guilty to a single misdemeanor “misbranding” charge covering the period 2000 through 2005 and pay [...]]]> http://www.news-insurances.com/health-issues-botox-maker-allergan-to-pay-600-million-dollars/0167298934/feed 0 http://www.news-insurances.com/eu-opens-antitrust-probe-into-maritime-insurance/0167285814 http://www.news-insurances.com/eu-opens-antitrust-probe-into-maritime-insurance/0167285814#comments Thu, 26 Aug 2010 16:00:36 +0000 Sofia Ashmore http://www.news-insurances.com/?p=285814 European Union regulators opened an antitrust probe on Thursday into the maritime insurance sector, citing concerns that certain agreements may harm ship owners. The European Commission said it would investigate agreements between the Protection & Indemnity Clubs, mutual non-profit associations that provide insurance to ship owners, within the International Group of P&I Clubs (IG). IG [...]]]> http://www.news-insurances.com/eu-opens-antitrust-probe-into-maritime-insurance/0167285814/feed 0 http://www.news-insurances.com/insurance-fraud-police-arrested-three-in-%e2%80%98cash-for-crash%e2%80%99-raids/0167210980 http://www.news-insurances.com/insurance-fraud-police-arrested-three-in-%e2%80%98cash-for-crash%e2%80%99-raids/0167210980#comments Thu, 22 Jul 2010 12:32:23 +0000 Damian Dozol http://www.news-insurances.com/?p=210980 Three men have been arrested in the Lancashire area as part of an ongoing investigation into ‘cash for crash’ activity. The raids, which were made this morning, were carried out by Durham Constabulary’s Serious and Organised Crime Group. Warrants were executed at a total of four addresses in the Derwentside area, Lancashire. In July 2009 [...]]]> http://www.news-insurances.com/insurance-fraud-police-arrested-three-in-%e2%80%98cash-for-crash%e2%80%99-raids/0167210980/feed 0 http://www.news-insurances.com/justice-aig-to-pay-725-million-dollars-to-settle-us-fraud-lawsuit/0167204666 http://www.news-insurances.com/justice-aig-to-pay-725-million-dollars-to-settle-us-fraud-lawsuit/0167204666#comments Mon, 19 Jul 2010 07:19:52 +0000 Barbara karouski http://www.news-insurances.com/?p=204666 US insurance giant AIG has agreed to pay 725 million dollars to settle allegations of market fraud brought by three Ohio pension funds, the state’s attorney general said Friday. “The settlement resolves allegations of AIG’s wide-ranging fraud from October 1999 to April 2005 involving anti-competitive market division, accounting violations and stock price manipulation,” the office [...]]]> http://www.news-insurances.com/justice-aig-to-pay-725-million-dollars-to-settle-us-fraud-lawsuit/0167204666/feed 0 http://www.news-insurances.com/obamas-victory-wall-street-reform-to-stop-shadowy-deals/0167200248 http://www.news-insurances.com/obamas-victory-wall-street-reform-to-stop-shadowy-deals/0167200248#comments Fri, 16 Jul 2010 08:54:59 +0000 George Stobbart http://www.news-insurances.com/?p=200248 Two years after an economic crisis laid bare the shaky foundations of the US financial system, questions remain as to whether the latest measures to prevent another collapse will work. To some, the 2,300-page reform package passed by Congress Thursday is the most wide-ranging Wall Street reform since the 1930s. Others view it as a [...]]]> http://www.news-insurances.com/obamas-victory-wall-street-reform-to-stop-shadowy-deals/0167200248/feed 0 http://www.news-insurances.com/justice-spanish-court-issues-landmark-asbestos-ruling/0167200170 http://www.news-insurances.com/justice-spanish-court-issues-landmark-asbestos-ruling/0167200170#comments Fri, 16 Jul 2010 08:01:04 +0000 Sofia Ashmore http://www.news-insurances.com/?p=200170 A Spanish court has for the first time ordered a firm to pay millions of euros in compensation to residents whose health was harmed by exposure to asbestos from one of its factories. Spanish construction materials firm Uralita was ordered to pay 3.9 million euros (4.9 million dollars) to 45 people who for decades lived [...]]]> http://www.news-insurances.com/justice-spanish-court-issues-landmark-asbestos-ruling/0167200170/feed 0 http://www.news-insurances.com/justice-liberty-mutual-filed-a-securities-fraud-lawsuit-against-goldman-sachs-over-fannie-mae-investment/0167196192 http://www.news-insurances.com/justice-liberty-mutual-filed-a-securities-fraud-lawsuit-against-goldman-sachs-over-fannie-mae-investment/0167196192#comments Wed, 14 Jul 2010 09:02:43 +0000 Damian Dozol http://www.news-insurances.com/?p=196192 Liberty Mutual Insurance Co. has filed a securities fraud lawsuit against Goldman, Sachs & Co. to recover losses on $62.5 million of investments in Fannie Mae, a portfolio segment that the insurer claims is now “virtually worthless.” The Boston-based insurer claims it was misled by Goldman Sachs regarding preferred stock offerings in Fannie Mae that [...]]]> http://www.news-insurances.com/justice-liberty-mutual-filed-a-securities-fraud-lawsuit-against-goldman-sachs-over-fannie-mae-investment/0167196192/feed 1 http://www.news-insurances.com/court-insurance-rates-can-reflect-credit-scores/0167188200 http://www.news-insurances.com/court-insurance-rates-can-reflect-credit-scores/0167188200#comments Fri, 09 Jul 2010 15:04:22 +0000 Damian Dozol http://www.news-insurances.com/?p=188200 Insurance companies can use a person’s credit report to determine rates, the Michigan Supreme Court said Thursday in declaring that state regulators exceeded their authority when they banned the practice as discriminatory. The decision ends a legal battle between insurance companies and Gov. Jennifer Granholm’s administration that has reached three courts since 2005. The industry [...]]]> http://www.news-insurances.com/court-insurance-rates-can-reflect-credit-scores/0167188200/feed 0 http://www.news-insurances.com/health-provider-partners-may-face-privacy-fines/0167188136 http://www.news-insurances.com/health-provider-partners-may-face-privacy-fines/0167188136#comments Fri, 09 Jul 2010 13:51:36 +0000 George Stobbart http://www.news-insurances.com/?p=188136 U.S. companies that partner with hospitals and other health providers could face steep fines if they disclose private patient information under a new federal rule proposed on Thursday. Billing companies, customer service contractors and other businesses regularly handle private health records, but currently, they are not liable for information breaches. The proposed rule would treat [...]]]> http://www.news-insurances.com/health-provider-partners-may-face-privacy-fines/0167188136/feed 0 http://www.news-insurances.com/europe-imposes-caps-on-banker-bonuses-insurance-companies-could-be-concerned/0167183092 http://www.news-insurances.com/europe-imposes-caps-on-banker-bonuses-insurance-companies-could-be-concerned/0167183092#comments Wed, 07 Jul 2010 13:11:39 +0000 Barbara karouski http://www.news-insurances.com/?p=183092 The European Parliament sounded the death knell for unrestricted bonuses for some bankers and traders in Europe on Wednesday when it approved limits due to come into force in January. The action was a response to public outrage in the face of bonuses widely seen as excessive during the global financial crisis. But the banking [...]]]> http://www.news-insurances.com/europe-imposes-caps-on-banker-bonuses-insurance-companies-could-be-concerned/0167183092/feed 0 http://www.news-insurances.com/abi-disappointed-by-court-of-session-judgment-on-scottish-pleural-plaques/016712927 http://www.news-insurances.com/abi-disappointed-by-court-of-session-judgment-on-scottish-pleural-plaques/016712927#comments Fri, 08 Jan 2010 16:20:28 +0000 George Stobbart http://www.news-insurances.com/?p=12927 Today’s judgment by the Court of Session in Edinburgh that maintains the recently passed Act to compensate people with pleural plaques ignores the medical evidence that the condition does not cause harm or lead to asbestos-related conditions such as mesothelioma, the ABI said today. The ruling follows a judicial review brought by several insurers against [...]]]> http://www.news-insurances.com/abi-disappointed-by-court-of-session-judgment-on-scottish-pleural-plaques/016712927/feed 0 http://www.news-insurances.com/woman-fined-for-wasting-police-time-after-making-false-report-of-burglary/016710916 http://www.news-insurances.com/woman-fined-for-wasting-police-time-after-making-false-report-of-burglary/016710916#comments Wed, 09 Dec 2009 16:58:21 +0000 George Stobbart http://www.news-insurances.com/?p=10916 The 28-year-old woman contacted officers recently to report a burglary at her home at Recreation Grove, claiming that offenders smashed a window to enter the house before stealing jewellery, a Nintendo Wii and other items. It was later discovered that the window had in fact been smashed weeks previously, and on speaking to the woman [...]]]> http://www.news-insurances.com/woman-fined-for-wasting-police-time-after-making-false-report-of-burglary/016710916/feed 0 http://www.news-insurances.com/stanford-sues-lloyds-of-london-for-defense-costs/016710038 http://www.news-insurances.com/stanford-sues-lloyds-of-london-for-defense-costs/016710038#comments Wed, 25 Nov 2009 15:44:26 +0000 George Stobbart http://www.news-insurances.com/?p=10038 Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion Ponzi scheme, is suing Lloyd’s of London for defense costs. Lloyd’s had advanced some legal fees under a directors and officers policy. But the insurer sent a letter on Nov. 16 declining to extend coverage for beyond Aug. 27, according [...]]]> http://www.news-insurances.com/stanford-sues-lloyds-of-london-for-defense-costs/016710038/feed 0 http://www.news-insurances.com/aviva-york-manager-and-police-officer-jailed-for-a-1-4-million-fraud/01679858 http://www.news-insurances.com/aviva-york-manager-and-police-officer-jailed-for-a-1-4-million-fraud/01679858#comments Mon, 23 Nov 2009 12:05:51 +0000 Tom Scott http://www.news-insurances.com/?p=9858 The manager of Aviva York John Taylor, 35, and former police officer Stephen Spellacy, 36, were jailed at Leeds Crown Court for defrauding the insurer of £1.4m, according to the York Evening Post. John Taylor, an operations manager at Aviva in York, was jailed for five years after pleading guilty to conspiring to defraud the [...]]]> http://www.news-insurances.com/aviva-york-manager-and-police-officer-jailed-for-a-1-4-million-fraud/01679858/feed 0 http://www.news-insurances.com/spain-fines-insurance-groups-over-price-fixing/01678650 http://www.news-insurances.com/spain-fines-insurance-groups-over-price-fixing/01678650#comments Fri, 13 Nov 2009 06:53:18 +0000 Barbara karouski http://www.news-insurances.com/?p=8650 Spain’s competition regulator Thursday fined six insurance and reinsurance companies a record 120.7 million euros (179 million dollars) for alleged price-fixing in the construction sector. The National Competition Commission said Spain’s Asefa, which specialises in construction insurance, received the heaviest fine of 27.76 million euros. Swiss Re, one of the world’s biggest reinsurers, was ordered [...]]]> http://www.news-insurances.com/spain-fines-insurance-groups-over-price-fixing/01678650/feed 0 http://www.news-insurances.com/swinton-responded-to-fsa%e2%80%99s-announcement-of-a-fine-of-770000-in-relation-to-sales-of-low-cost-ppi-policies/01676945 http://www.news-insurances.com/swinton-responded-to-fsa%e2%80%99s-announcement-of-a-fine-of-770000-in-relation-to-sales-of-low-cost-ppi-policies/01676945#comments Mon, 02 Nov 2009 14:34:01 +0000 Sofia Ashmore http://www.news-insurances.com/?p=6945 Swinton has responded to the Financial Services Authority’s announcement today of a fine of £770,000 in relation to sales of low cost Payment Protection Insurance policies. Swinton takes the matter very seriously and will be contacting all customers concerned. The company apologises to any customer affected, and has set up a dedicated unit to deal [...]]]> http://www.news-insurances.com/swinton-responded-to-fsa%e2%80%99s-announcement-of-a-fine-of-770000-in-relation-to-sales-of-low-cost-ppi-policies/01676945/feed 0 http://www.news-insurances.com/barclays-set-to-learn-payment-protection-insurance-ppi-decision/01676144 http://www.news-insurances.com/barclays-set-to-learn-payment-protection-insurance-ppi-decision/01676144#comments Fri, 16 Oct 2009 11:36:54 +0000 George Stobbart http://www.news-insurances.com/?p=6144 Barclays is due to find out if it has been successful in its bid to lift a future ban on the sale of controversial payment protection insurance (PPI) alongside credit agreements. The high street bank has challenged a recent decision by the Competition Commission to ban the sale of the insurance alongside credit cards, loans [...]]]> http://www.news-insurances.com/barclays-set-to-learn-payment-protection-insurance-ppi-decision/01676144/feed 0 http://www.news-insurances.com/u-s-life-insurer-coventry-first-to-pay-12-million-in-settling-cuomo-lawsuit/01675496 http://www.news-insurances.com/u-s-life-insurer-coventry-first-to-pay-12-million-in-settling-cuomo-lawsuit/01675496#comments Sun, 04 Oct 2009 21:15:00 +0000 George Stobbart http://www.news-insurances.com/?p=5496 Privately held LLC will pay New York $10.6 million and give customers $1.4 million to settle a 2006 civil suit filed by the state’s attorney general in regarding payments to policy owners. The attorney general’s office determined that the Philadelphia-based company should have paid owners $1.4 million more for the market value of their insurance. [...]]]> http://www.news-insurances.com/u-s-life-insurer-coventry-first-to-pay-12-million-in-settling-cuomo-lawsuit/01675496/feed 0 http://www.news-insurances.com/six-individuals-arrested-for-alleged-insurance-fraud/01674877 http://www.news-insurances.com/six-individuals-arrested-for-alleged-insurance-fraud/01674877#comments Mon, 21 Sep 2009 14:12:05 +0000 Barbara karouski http://www.news-insurances.com/?p=4877 Lancashire Detectives and Uniform Police executed dawn raids on a number of addresses in the Nelson area in Lancashire resulting in six arrests. Three local men have been charged with conspiracy to steal from insurance companies and money laundering whilst the remaining three remain in custody assisting detectives with enquiries. Further arrests are anticipated. This [...]]]> http://www.news-insurances.com/six-individuals-arrested-for-alleged-insurance-fraud/01674877/feed 0 http://www.news-insurances.com/biba-supports-department-for-transport-plans-to-reduce-uninsured-driving/01674655 http://www.news-insurances.com/biba-supports-department-for-transport-plans-to-reduce-uninsured-driving/01674655#comments Wed, 16 Sep 2009 19:42:16 +0000 Sofia Ashmore http://www.news-insurances.com/?p=4655 The British Insurance Brokers’ Association (BIBA) has welcomed today’s announcement from the Department for Transport on its plans to crack down on uninsured vehicles. Commenting on the announcement, Graeme Trudgill, BIBA Technical and Corporate Affairs Executive, said: “It is fantastic news that will lead to safer roads for all. We are all paying for the [...]]]> http://www.news-insurances.com/biba-supports-department-for-transport-plans-to-reduce-uninsured-driving/01674655/feed 0 http://www.news-insurances.com/aig-agrees-to-settle-disputes-with-greenberg-through-arbitration/01673869 http://www.news-insurances.com/aig-agrees-to-settle-disputes-with-greenberg-through-arbitration/01673869#comments Tue, 01 Sep 2009 10:40:27 +0000 Tom Scott http://www.news-insurances.com/?p=3869 A judge on Monday dealt a setback to American International Group Inc. in its legal fight with former CEO Maurice “Hank” Greenberg, ruling that a company he ran did not improperly seize AIG stock from an executive retirement plan. Separately, AIG signaled it is looking to mend ties with its former CEO, agreeing to settle [...]]]> http://www.news-insurances.com/aig-agrees-to-settle-disputes-with-greenberg-through-arbitration/01673869/feed 0 http://www.news-insurances.com/aig-wins-dismissal-of-1-billion-workers-comp-lawsuit/01673590 http://www.news-insurances.com/aig-wins-dismissal-of-1-billion-workers-comp-lawsuit/01673590#comments Sat, 22 Aug 2009 10:57:05 +0000 Barbara karouski http://www.news-insurances.com/?p=3590 American International Group Inc (AIG.N) won dismissal of a federal lawsuit accusing the troubled insurer of fraudulently shortchanging state workers’ compensation pools out of more than $1 billion. However, Thursday’s ruling by Judge Robert Gettleman of the U.S. District Court in Chicago does not absolve AIG of potential claims by insurers that take part in [...]]]> http://www.news-insurances.com/aig-wins-dismissal-of-1-billion-workers-comp-lawsuit/01673590/feed 0 http://www.news-insurances.com/aig-sued-by-policyholders-over-madoff/01673489 http://www.news-insurances.com/aig-sued-by-policyholders-over-madoff/01673489#comments Thu, 20 Aug 2009 07:54:29 +0000 George Stobbart http://www.news-insurances.com/?p=3489 AIG was sued on Wednesday by two California residents who said their homeowner insurance policies entitled them to coverage on losses from Bernard Madoff’s Ponzi scheme. The federal lawsuit was filed in Manhattan by Robert and Harlene Horowitz, who said they lost $8.5 million in the Madoff scandal, and seeks class-action status on behalf of [...]]]> http://www.news-insurances.com/aig-sued-by-policyholders-over-madoff/01673489/feed 0 http://www.news-insurances.com/three-men-did-the-largest-hacking-with-130-million-credit-card-details-stolen/01673419 http://www.news-insurances.com/three-men-did-the-largest-hacking-with-130-million-credit-card-details-stolen/01673419#comments Tue, 18 Aug 2009 08:53:59 +0000 Sofia Ashmore http://www.news-insurances.com/?p=3419 Three men were indicted on Monday for allegedly stealing more than 130 million credit and debit card numbers in what U.S. authorities said they believe is the largest hacking and identity theft case ever prosecuted. Albert Gonzalez, a former government informant already in jail in connection with hacking cases, and two unnamed Russians were indicted [...]]]> http://www.news-insurances.com/three-men-did-the-largest-hacking-with-130-million-credit-card-details-stolen/01673419/feed 0 http://www.news-insurances.com/bbc-weatherman-driving-unisured/01673401 http://www.news-insurances.com/bbc-weatherman-driving-unisured/01673401#comments Tue, 18 Aug 2009 07:42:55 +0000 George Stobbart http://www.news-insurances.com/?p=3401 BBC weatherman Des Coleman walked out of a Nottingham courtroom in tears in the middle of his case for driving without insurance yesterday. Coleman, who presents the weather for BBC East Midlands Today, appeared at the city’s magistrates’ court after he was stopped by police in Upper Parliament Street on November 13 last year. He [...]]]> http://www.news-insurances.com/bbc-weatherman-driving-unisured/01673401/feed 0 http://www.news-insurances.com/fsa-has-imposed-a-public-censure-on-cheshire-life-pensions/01672726 http://www.news-insurances.com/fsa-has-imposed-a-public-censure-on-cheshire-life-pensions/01672726#comments Thu, 30 Jul 2009 13:54:20 +0000 George Stobbart http://www.news-insurances.com/?p=2726 The Financial Services Authority (FSA) has today imposed a public censure on a Derbyshire financial advice firm for failing to ensure its advice on pension income drawdown products was suitable. The problems at Cheshire Life & Pensions Consultants (Cheshire) were picked up last year by an FSA team conducting a visit focused on treating customers [...]]]> http://www.news-insurances.com/fsa-has-imposed-a-public-censure-on-cheshire-life-pensions/01672726/feed 0 http://www.news-insurances.com/hsbc-firms-fined-over-3m-for-information-security-failings/01672370 http://www.news-insurances.com/hsbc-firms-fined-over-3m-for-information-security-failings/01672370#comments Wed, 22 Jul 2009 14:31:22 +0000 Tom Scott http://www.news-insurances.com/?p=2370 The Financial Services Authority (FSA) has fined three HSBC firms over £3 million for not having adequate systems and controls in place to protect their customers’ confidential details from being lost or stolen. These failings contributed to customer data being lost in the post on two occasions. HSBC Life UK Limited (HSBC Life) was fined [...]]]> http://www.news-insurances.com/hsbc-firms-fined-over-3m-for-information-security-failings/01672370/feed 0 http://www.news-insurances.com/chubb-group-insurance-companies-exposed-by-2bn-on-do/01671841 http://www.news-insurances.com/chubb-group-insurance-companies-exposed-by-2bn-on-do/01671841#comments Thu, 09 Jul 2009 10:00:49 +0000 Sofia Ashmore http://www.news-insurances.com/?p=1841 Chubb could be forced to pay out up to $2 billion on directors and officers (D&O) insurance policies due to a surge in litigation in the wake of the financial crisis, an insurance expert cautioned this week. Jay Gelb, analyst at Barclays Capital, warned investors that “given a potential for a wave of D&O litigation, [...]]]> http://www.news-insurances.com/chubb-group-insurance-companies-exposed-by-2bn-on-do/01671841/feed 0