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October 25, 2012
News for property casualty insurers

  Top Story 
  • NAIC comments on consolidation of rules for insurers with thrifts
    The National Association of Insurance Commissioners has commented to federal regulators on proposed consolidation of rules governing insurers that operate savings and loans. The letter responded to questions on topics such as the treatment of insurance underwriting, and it compared generally accepted accounting principles and statutory accounting principles that states use in assessing insurers' financial well-being. NAIC said the data will help achieve a "better understanding [of] the relative conservative nature of" statutory accounting principles as well as state regulators' risk-based process for capital evaluation. PropertyCasualty360 (10/24) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Moody's: Delay of Solvency II is a bad idea
    A "likely further delay" in the implementation of Solvency II would be "broadly negative" for European insurers because such a delay would put on hold a "stronger, credit-enhancing regulatory regime" for the industry, according to Moody's Investors Service. Delaying the implementation until 2016 would enable European insurance companies to "incur more risk than regulators would allow under the new regime" and benefit those that are less prepared for the rules, the ratings firm said. Bloomberg Businessweek (10/24) LinkedInFacebookTwitterEmail this Story
  • Commentary: Insurance industry helps Ga.'s economy
    The insurance industry is a major force in Georgia's economy, providing tens of thousands of jobs and contributing about $8.3 billion to the gross state product in 2010, writes David Colmans, executive director of the Georgia Insurance Information Service. The industry in Georgia paid $360.6 million in premium taxes last year, and property/casualty insurers' direct written premiums amounted to $13.7 billion, Colmans writes. Insurers also play a "vital role" in helping lower the state's catastrophic risk and recoup losses from disasters, Colmans writes. Chattanooga Times Free Press (Tenn.) (10/24) LinkedInFacebookTwitterEmail this Story
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  Catastrophic Risk 
  • Wildfire in Colo. damages several homes
    A wildfire in Colorado's Custer County has caused damage to more than a dozen homes and prompted the evacuations of about 380 residents in the Wetmore area. The Federal Emergency Management Agency and Gov. John Hickenlooper took steps to fund efforts to contain the fire. Google/The Associated Press (10/24) LinkedInFacebookTwitterEmail this Story
  • Lawmaker: Calif. needs more federal aid to upgrade levees
    U.S. Rep. John Garamendi, D-Calif., is calling for more federal funds to upgrade the levee system in the Sacramento-San Joaquin Delta. He is the author of a measure that aims to provide such funding. "The Delta needs robust flood protection, and it needs it now. The Delta sustains life for thousands of family farmers and fishermen. It supplies vital water for much of the state," Garamendi said. Central Valley Business Times (Stockton, Calif.) (10/24) LinkedInFacebookTwitterEmail this Story
  • Commentary: Proposed reinsurance taxes would hurt consumers
    Congress should drop a tax measure for reinsurance companies because the proposed taxes "would be burdensome for homeowners, businesses and our economy, especially in areas such as the Gulf Coast that are vulnerable to natural disasters," writes Louisiana Insurance Commissioner Jim Donelon. "As we recover from Hurricane Isaac, we need a robust insurance market, open to as many competitors as possible, domestic and international. We certainly don't need a perfect storm of higher taxes and increased insurance costs," Donelon writes. The Advocate (Baton Rouge, La.) (10/24) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy and Law 
  • Bill would allow automated vehicles in Washington, D.C.
    The City Council in Washington, D.C., is considering a measure that would allow the operation of automated vehicles. The proposal could clear the council before the year ends, and driverless cars would be allowed in the city as soon as "procedures and fees for the registration, titling and issuance of permits to operate vehicles" are in place, said Kiara Pesante, a spokeswoman for Councilwoman Mary Cheh, who sponsored the bill. U.S. News & World Report (10/24) LinkedInFacebookTwitterEmail this Story
In any field, find the strangest thing and then explore it."
--John Archibald Wheeler,
American theoretical physicist

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