Full Business Insurance

Insurance group disputes liability accounting proposal

December 2, 2009 – 9:05 pm

The New York-based Group of North American Insurance Enterprises objected to several points made in a paper written by Sam Gutterman, a director and consulting actuary at PricewaterhouseCoopers L.L.P. and past chairman of the Committee on Insurance Accounting of the International Actuarial Assn.

In his paper, “The Role of Risk Margins in a Fulfillment Accounting Objective,” Mr. Gutterman suggested that it’s appropriate to include an adjustment for uncertainty in accounting for insurance liability, and that it’s necessary to provide a risk margin in order to account for all aspects of uncertainty in measuring the liability.

Mr. Gutterm

Read full post…

Posted in Insurance General | No Comments »

Secretary Kathleen Sebelius Says Reform is Good For Business

December 2, 2009 – 3:47 pm

Yesterday, Health and Human Services Secretary Kathleen Sebelius issued a statement on the “Benefits of Health Reform for Businesses.” A copy of the Statement is available online with links to supporting documentation.

Secretary Sebelius states that a November 30 letter to Senator Evan Bayh from the Congressional Budget Office on the impact of the Patient Protection and Affordability Acts supports claims from legislators that “[s]mall businesses are likely to see premiums drop by 1 to 4 percent under the proposal.”

Premium savings will come from larger risk pools and lower costs owing to administrative savings and increased competition.

Read full post…

Posted in Insurance General | No Comments »

Supreme Court rejects appeal in Ford Explorer rollover case

November 30, 2009 – 12:43 pm

The case, Ford Motor Co. vs. Benetta Buell-Wilson et al., twice went before the nation’s highest court. On Monday, the Supreme Court rejected the automaker’s latest appeal, which had argued that California’s product liability laws were too vague and that the court needed to clarify the due process that manufacturers face in such cases.

The Supreme Court, which rejected Ford’s appeal without comment, ended five years of appeals.

Ms. Buell-Wilson and her husband sued Dearborn, Mich.-based Ford as a result of a 2002 crash that left her a paraplegic. Ms. Buell-Wilson swerved to avoid a piece of metal that dropped off a vehicle in front of her, and the 1997 Explorer she was driving rolled over, according to court documents.

Read full post…

Posted in Insurance General | No Comments »

SMALL BUSINESS INSURANCE & RISK MANAGEMENT GUIDE

November 29, 2009 – 3:00 am

The following is a list of helpfull publications from the Small Business Administration.  I am attaching a copy of the SMALL BUSINESS INSURANCE & RISK MANAGEMENT GUIDE.  You might download any of the other publications at the SBA website, sba.gov

 

1. PROBLEMS IN MANAGING A FAMILY-OWNED BUSINESS MP-3:   Specific problems exist when attempting to make a family-owned business successful. This publication offers suggestions on how to overcome these difficulties.

2. BUSINESS PLAN FOR SMALL MANUFACTURERS MP-4:   Designed to help an owner/manager of a small manufacturing firm, this publication covers all the basic information necessary to develop an effective business plan.

3. BUSINE

Read full post…

Posted in Insurance General | No Comments »

Insurance Institute Picks Safest Cars for 2010

November 28, 2009 – 3:56 pm

Every year the Insurance Institute for Highway Safety (IIHS) picks the top safe cars in various categories and identifies overall winners in each category of vehicle.

The winners for 2010 have been posted to the IIHS website. The top manufacturers for 2010 are:

• Ford (including Volvo) – Six awards.
• Subaru – Five awards.
• Volkswagen – Five awards.

The full list of awards can be reviewed at the IIHS website. IIHS awards can be an indicator of which model cars will result in lower premiums for commercial and personal auto insurance. Often the choice of a “safer” vehicle fleet can produce substantial premium cost savings.

Posted in Insurance General | No Comments »

AIG, Greenberg agree to settle all legal disputes

November 26, 2009 – 10:06 am

New York-based AIG said Wednesday that the agreement resolves all current disputes between the company and Mr. Greenberg—who was the insurer’s longtime chairman and chief executive officer—and Mr. Smith, who served as chief financial officer. The agreement also encompasses claims from and against C.V. Starr & Co. Inc. and Starr International Inc., two former AIG affiliates now controlled by Mr. Greenberg.

Under terms of the settlement, the parties agreed to release each other from all claims, including any made by Messrs. Greenberg and Smith for indemnification of future legal fees and expenses or settlement costs, AIG said. Amo

Read full post…

Posted in Insurance General | No Comments »