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October 16, 2012
News for property casualty insurers

  Top Story 
  • IAIS touts progress on global insurance regulation
    The International Association of Insurance Supervisors is making strides toward promoting "effective and globally consistent supervision of the insurance industry," said Peter Braumüller, the association's executive committee chairman. Florida Insurance Commissioner Kevin McCarty, president of the National Association of Insurance Commissioners, expressed similar sentiment. "I think we have come a long way in the last 19 years since [the IAIS] was established. The NAIC is a founding member of the [IAIS], and I think our goals today are similar to when we were first established," McCarty said. PropertyCasualty360 (10/12) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Workers' comp costs were up 12% for Tulsa in fiscal 2012
    Workers' compensation claim payments for city employees in Tulsa, Okla., increased more than 12% to surpass $9.9 million for the fiscal year that concluded in June; the city had experienced a two-year decline in such costs. "There's not been one claim that I can think of that would account [for the increase]. Medical costs have just been on the rise," said Pam Marrs, the workers' compensation administrator for the city. Tulsa World (Okla.) (10/16) LinkedInFacebookTwitterEmail this Story
  • A third of N.Y. drunken-driving violators get ignition locks, report says
    About one-third of New York motorists with drunken-driving convictions have gotten ignition interlocks in their vehicles since a law went into effect two years ago, according to a Buffalo News report. Many convicted drivers opted to stop driving, although officials say they have discovered some were driving vehicles owned by friends or relatives. Many offenders also "continue to transfer ownership or represent that they no longer have a vehicle to operate," according to Robert Maccarone, director of the New York Office of Probation and Correctional Alternatives. Times Union (Albany, N.Y.)/The Associated Press (10/14) LinkedInFacebookTwitterEmail this Story
  Catastrophic Risk 
  • Opinion: FEMA shouldn't overwhelm disaster victims with paperwork
    The Federal Emergency Management Agency should change the way it handles catastrophic events because the strategy of "improve, prepare and mitigate" seems to interfere with the agency's "respond and recover" activities, write John Vogel Jr. and John Schultz. "The contrast between the volunteers, homeowners, firemen, and local officials who performed remarkable feats when faced with overwhelming challenges and the paperwork-oriented FEMA workers makes one wonder about the federal government's approach to disaster relief," Vogel and Schultz write in describing flooding in Vermont last year. U.S. News & World Report/Economic Intelligence blog (10/15) LinkedInFacebookTwitterEmail this Story
  • La.-backed insurer says it has settled most claims related to Isaac
    Louisiana Citizens Property Insurance has settled 85% of 17,059 claims related to Hurricane Isaac, the state-backed insurer says, adding that its ultimate loss and adjustment costs could be as much as $100 million. "Since hurricanes Katrina and Gustav, we have significantly enhanced our catastrophe claims adjusting capabilities. As a result, we have been able to respond to claims from Hurricane Isaac faster than at any time in our history," Quin Netzel, chief claims officer for the insurer of last resort, said in a statement. PropertyCasualty360 (10/15) LinkedInFacebookTwitterEmail this Story
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  Policy and Law 
  • NHTSA guidelines encourage safe driving by teen motorists
    Federal officials have issued parental guidelines that aim to promote safe driving by teen motorists. Younger drivers have high rates of crashes and traffic fatalities mainly because of "immaturity, inexperience and a penchant for risk-taking," says David Strickland, head of the National Highway Traffic Safety Administration. "In addition to comprehensive state graduated-driver-licensing systems and strong bans on teen cellphone use and texting while driving, parents who are involved throughout the learning-to-drive process are vital in creating safe and prepared young drivers," Strickland said. Los Angeles Times/Money & Co. blog (tiered subscription model) (10/15) LinkedInFacebookTwitterEmail this Story
  Sponsored Poll 
  • What is the primary obstacle in improving your company's supply-chain processes?
Cost -- we can't spare the cash right now to invest in improvements
Feeling overwhelmed -- we're not sure where to start
Lack of knowledge -- we don't feel like we fully understand what we should be doing
Lack of need -- we're confident that our supply-chain processes are as good as they could be

It is only in sorrow bad weather masters us; in joy we face the storm and defy it."
--Amelia Barr,
British novelist

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