FEATURED INDUSTRY NEWS Legislation/Regulation P&C WRIN.tv Newswire Social Inflation, “Nuclear Verdicts” & Extreme Weather Top Insurer Issues in 2020 – NAMIC CEO. Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), says the industry can take a victory lap after renewal of the Terrorism and Risk Insurance Act (TRIA) for seven years. Social Inflation and “nuclear verdicts” are on everyone’s mind now, according to Mr. Chamness, and NAMIC is studying the causes and potential solutions to judgments … Read More
INDUSTRY NEWS Legislation/Regulation Deteriorating loss trends, regulatory over-reach and the Presidential election top the agenda at PCI. Overall, the insurance markets are very strong, with record capital and record policyholder surplus, but there are several troubling trends in the market. Combined ratios and loss trends are deteriorating, and policyholder surplus is growing at a rate slower than the GDP. Robert Gordon, SVP – PCI Policy Development and Research, sees a “tale of two cities” with commercial lines … Read More
Legislation/Regulation U.S. regulators say international capital standard must be good for U.S. Insurance industry officials, including Fed senior adviser Tom Sullivan and FIO Director Michael McRaith, sported green ties at a regulatory conference in Washington on St. Patrick’s Day, but sounded a patriotic note of red, white and blue in their approach to accepting any global insurance capital standards. They said an international capital standard will be accepted only if it is … Read More
EMERGING TRENDS INDUSTRY NEWS Legislation/Regulation Recent Stories Monday Morning Headlines: March 2, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Fed chair grilled about FSOC approach to SIFI designation FIO Director implies capital standards may not be in place until 2016/2018 NAIC seeking bids to enhance its own cybersecurity Small cut in … Read More
Legislation/Regulation P&C Coalition urges Fed to proceed slowly on insurer capital standards A group of large insurers, including MetLife, Prudential, State Farm and others, is urging the Federal Reserve Board to take its time in laying out capital and reporting standards for insurers under its supervision. The Insurance Coalition wrote to Fed Secretary Robert deV. Frierson, voicing concern that the same style and timeline of procedures being proposed for GE Capital could … Read More