Workers' comp model law on doctor-dispensed drugs gets nod from NCOIL | M&A activity declined among insurers last year, study finds | Lane-departure warnings may not improve road safety, IIHS says
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March 21, 2013
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Workers' comp model law on doctor-dispensed drugs gets nod from NCOIL
A National Conference of Insurance Legislators panel has given conditional approval to a workers' compensation model law that seeks to use original wholesale prices as the basis for reimbursement rates for doctor-dispensed prepackaged drugs. The model law, patterned after Tennessee's approach, is expected to be amended as NCOIL seeks to include best practices from several states. "Let's base what we do on what really works," PCI's Rita Nowak said. PropertyCasualty360 (3/20)
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Industry News
M&A activity declined among insurers last year, study finds
Merger-and-acquisition activity in the insurance industry declined in 2012, a Conning study says. M&A deals dropped 19%, while aggregate deal volume declined 21%, Conning's Jerry Theodorou says. "In 2012, high levels of industry capital and limited opportunity for organic growth suggested that it should have been a very active year," Theodorou said. Insurance Networking News (3/20)
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Study: Fewer Americans say altering insurance claims is OK
Nearly one-fourth of Americans said they think that padding an insurance claim to compensate for deductibles is acceptable, a sentiment that is on the decline, according to an Insurance Research Council study. "However, the fact remains that nearly 1 in 4 Americans are tolerant of claim-padding behavior that has direct implications for claim costs and the cost of insurance for consumers. Moreover, 1 in 10 believe that insurance fraud doesn't hurt anyone, indicating the need for continued public education," said Elizabeth Sprinkel of the Insurance Research Council. Insurance Networking News (3/20)
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Lane-departure warnings may not improve road safety, IIHS says
Evidence is lacking that lane-departure-warning systems in vehicles are effective in helping prevent crashes, the Insurance Institute of Highway Safety says. "The data from some of the manufacturers goes the wrong way -- we see more crashes," said David Zuby, chief research officer with the group. MLive.com (Michigan) (free registration) (3/20)
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Survey: Few small firms had business-interruption insurance as Sandy hit
Many small businesses in states affected by Hurricane Sandy faced business interruptions, but most lacked insurance to cover such losses, according to a survey by The Hartford. Nearly three-fourths of those businesses experienced closures because of the storm, and they took seven days on average to reopen, according to the survey. PropertyCasualty360 (3/20)
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N.D. city prepares for river flooding this spring
Officials in Fargo, N.D., are working to prepare the city for possible flooding along the Red River this spring. Flooding this year is likely to be "in the realm of some of the big floods we've seen in the last few years," said Greg Gust of the National Weather Service. The Forum (Fargo, N.D.-Moorhead, Minn.) (free registration) (3/20)
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Earthquake-recovery plan could isolate Ore. town, officials say
Officials in Medford, Ore., are considering preparations for a major earthquake as they say the state's plan could isolate the region for some time. Such an earthquake could heavily affect the south part of the state and isolate coastal areas, said Gary Leaming, spokesman for the state Transportation Department. "It will be so catastrophic. We'll be hard-pressed to get goods and services into that area for a while. It will be a regionwide crisis," Leaming said. The Oregonian (Portland)/The Associated Press (3/19)
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Policy and Law
Fla. PIP law is hit by partial injunction
Florida officials intend to appeal an injunction against certain provisions of the state's new personal-injury-protection insurance law. "The appeal will stay the order" until an appeals court can rule on the matter, said Amy Bogner, spokeswoman for the Office of Insurance Regulation. "We're very disappointed," said Charles Grimsley of the Florida Property and Casualty Association. "What the law was meant to do is slow down the $1 billion PIP fraud industry." The Palm Beach Post (Fla.) (3/20)
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Experts: Flood insurance costs are likely to increase
Homeowners in floodplains may see their flood insurance costs increase this year with the implementation of the Biggert-Waters Flood Insurance Reform Act, experts and observers say. The law, designed to help the National Flood Insurance Program recoup losses, will scrap the program's subsidies, increasing premiums for second homes and investment properties in areas at risk of flooding, according to this article. Star-News (Wilmington, N.C.) (3/20)
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SmartQuote
A community is like a ship; everyone ought to be prepared to take the helm."
-- Henrik Ibsen,
Norwegian playwright
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