Insurance

  • March 9, 2012

    HSBC Targeted In Force-Placed Insurance Class Action

    HSBC Mortgage Corp. on Wednesday became the latest big-name lender hit with a putative class action claiming the company imposed expensive force-placed insurance on homeowners.

  • March 9, 2012

    Greenwich Sues To Avoid Coverage In Gas Explosion Suit

    Greenwich Insurance Co. on Thursday filed a lawsuit against an environmental cleanup company and several natural gas companies to avoid paying defense costs in an underlying lawsuit filed by two men alleging they were injured in a natural gas drilling operation explosion.

  • March 9, 2012

    BofA Atty Says MBIA 'Harassing' CEO In Deposition Push

    MBIA Inc. is harassing Bank of America Corp. CEO Brian Moynihan by pushing to depose him in the monoline insurer's multibillion-dollar case over mortgage-backed securities it insured, the bank's attorney told a New York state judge during a hearing Friday.

  • March 9, 2012

    Insurer Says Ally Financial Cloaked $693M MBS Risk

    Financial Guaranty Insurance Co. lodged a suit against Ally Financial Inc. and two subsidiaries last week, accusing the companies of fraudulently inducing the insurer into backing $693 million worth of residential mortgage-backed securities by misrepresenting the credit quality of the loans.

  • March 8, 2012

    Iran Dealings Could Earn Insurers Sanctions Under New Bill

    Reps. Brad Sherman, D-Calif., and Ileana Ros-Lehtinen, R-Fla., introduced a bill Thursday that would expand nuclear program-related sanctions against Iran's banking sector to the service responsible for global wire transfers as well as insurers who cover those doing business with Iran.

  • March 8, 2012

    NY Court Upholds Insurance Broker Compensation Rule

    A New York appeals court on Thursday upheld a state regulation requiring insurance brokers to disclose any contingent compensation agreements, saying the state's insurance department was within its power to issue the rule in an attempt to boost transparency.

  • March 8, 2012

    Blue Cross Cites Split Circuits In Antitrust Immunity Appeal

    Blue Cross Blue Shield of Michigan on Monday challenged the Sixth Circuit’s refusal to hear its appeal of a ruling denying its state action immunity defense in an antitrust suit, saying the circuit courts were split on the question of whether such denials are immediately appealable.

  • March 8, 2012

    Chase Escapes Claims In Flood Insurance Kickback Suit

    A Florida federal judge on Wednesday partially junked a class action alleging JPMorgan Chase Bank NA took improper kickbacks from American Security Insurance Co. in forcing mortgage customers to buy high-premium flood insurance policies, but granted leave to amend some claims.

  • March 8, 2012

    Health Groups Fight Delay Of Clear Insurance Explanations

    Health and consumer advocates on Wednesday urged federal officials to keep the implementation of a rule requiring private health insurers to provide customers with uniform, plain-English explanations of their policies on schedule, opposing business groups who are pushing for a delay.

  • March 8, 2012

    Nonbanks Gearing Up For Possible SIFI Rule Challenge

    Groups representing financial services, real estate, insurance and other industries said Thursday that regulators' deliberations on a proposed rule for determining systemically important financial institutions have not been sufficiently open, possibly setting up a legal challenge when the Dodd-Frank mandated rule is finished.

  • March 8, 2012

    Abraaj Capital Sinks $125M Into African Insurer

    Middle Eastern private equity firm Abraaj Capital will invest $125 million in Morocco-based insurer Saham Finances to back its expansion through West Africa, where few people have insurance, the firm said late Wednesday.

  • March 7, 2012

    Former AIG Exec, Ex-Husband Cop To Horse Farm Fraud

    A former American International Group Inc. and Deutsche Bank AG executive and her ex-husband pled guilty Tuesday to conspiracy charges in New York federal court in connection with a scheme to funnel nearly $500,000 from AIG and Deutsche Bank to their horse farm.

  • March 7, 2012

    MetLife, Others Can't Duck Claims Over $228M Ponzi Ties

    A California judge on Wednesday refused to toss negligence claims in several suits alleging Metropolitan Life Insurance Co., New England Securities Corp. and others solicited investors to purchase securities tied to Diversified Lending Group Inc.'s purported $228 million Ponzi scheme, ruling the plaintiffs' claims weren't time-barred.

  • March 7, 2012

    Holocaust Survivor Insurance Bill Passes House Committee

    A bill that would allow Holocaust survivors and their heirs and beneficiaries to seek compensation from foreign insurance policies in U.S. courts on Wednesday was passed by the House Committee on Foreign Affairs.

  • March 7, 2012

    NY Regulator Blasts Out-Of-Network Health Care Costs

    The New York Department of Financial Services criticized doctors and HMO insurance providers in a report issued Wednesday for saddling state residents with excessive out-of-network health care costs and making it difficult for consumers to comparison shop. 

  • March 7, 2012

    Mo. Supreme Court Limits Duties Of Insurance Brokers

    The Missouri Supreme Court said Tuesday that insurance brokers don't generally have to deliver the best-priced insurance available or disclose insurer-paid commissions but revived Emerson Electric Co.'s suit alleging broker Marsh USA Inc. owed Emerson a greater duty under their particular relationship.

  • March 7, 2012

    Sens. Push Sebelius To Protect Medical Research Funds

    A group of U.S. senators on Wednesday cautiously supported the U.S. Department of Health and Human Services' proposed 2013 budget, but emphasized that more money should be spent on biomedical research instead of pouring all available resources into health care entitlement programs.

  • March 7, 2012

    SIPC Sticks By Refusal To Repay Stanford Victims

    The head of the Securities Investor Protection Corp. on Wednesday defended the insurer's bold and controversial refusal to compensate victims of Robert Allen Stanford's alleged $7 billion Ponzi scheme, saying the law does not permit the repayment of "a bad investment."

  • March 7, 2012

    HSBC Sheds Several Insurance Businesses For $914M

    HSBC Holdings PLC is selling its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA Group and QBE Insurance Group Ltd. for $914 million as part of a cost-cutting strategy unveiled last year, the European banking giant announced Wednesday.

  • March 7, 2012

    Ambac Urges NY Court To Override Ch. 11 Plan Concerns

    Ambac Financial Group Inc. on Tuesday urged a New York bankruptcy court to approve its amended Chapter 11 reorganization plan over the objection of shareholders that the bankrupt bond insurer is being undervalued, potentially robbing them of recoveries.