Insurance

  • March 21, 2012

    GOP Zeroes In On Agency Implementing Health Care Law

    Republican lawmakers took a nuts-and-bolts approach to attacking the president's health care reform law Wednesday in a hearing where they grilled the director of the agency charged with implementing many of the law's provisions.

  • March 21, 2012

    Insurers Stuck In Asbestos Duty-To-Defend Suit

    A Pennsylvania federal judge said Wednesday that insurers for General Refractories Co. could not exit the company's suit seeking coverage for underlying asbestos litigation, saying a meaningful dispute existed over the language of exclusions in the insurance policies.

  • March 21, 2012

    FDIC OK'd $8B In Failed Bank Official Suits Since 2009

    The FDIC on Wednesday said that it has filed lawsuits against 369 directors and officers of failed banks totaling nearly $8 billion, vastly outpacing lawsuit totals from before the recession.

  • March 21, 2012

    Hartford Plans Business Overhaul Amid Paulson Pressure

    Hartford Financial Services Group Inc. on Wednesday announced plans to quit its individual annuity business and potentially sell its individual life, retirement and broker-dealer businesses amid calls from its largest shareholder, hedge fund founder John Paulson, for a structural shake-up.

  • March 21, 2012

    Nationwide Units, Napa Strike $15M Burn Coverage Deal

    Two Nationwide Mutual Insurance Co. units and the bankruptcy trustee for a home goods wholesaler facing numerous injury claims over its decorative fire pots have inked a $15.1 million coverage settlement, according to a Tuesday court filing in Georgia.

  • March 20, 2012

    Calif. Water District Gets Tentative OK In Coverage Suit

    A California federal judge on Monday tentatively denied a Pennsylvania excess insurer’s motion to toss a Golden State water district’s complaint seeking up to $19 million in coverage for nine lawsuits alleging the district designed a water supply system inadequate for fighting a 2008 wildfire.

  • March 20, 2012

    Bill Nixing Health Law's Medicare Board Advances

    The Rules Committee of the U.S. House on Tuesday advanced a bill that would eliminate the Independent Payment Advisory Board, a key facet of President Barack Obama's health care reform law, although a section establishing medical malpractice caps could eventually doom the bill.

  • March 20, 2012

    Ex-Marsh Exec Urges Judge To OK Spitzer Libel Suit

    A former Marsh & McLennan Cos. insurance executive urged a federal judge Tuesday to greenlight a libel suit he filed after his alleged price-fixing was targeted by onetime New York Gov. Eliot Spitzer in Slate magazine, saying Spitzer wrote his column to take public focus off his personal problems.

  • March 20, 2012

    FDIC Alters Bank Fee Calculations After Industry Outcry

    The Federal Deposit Insurance Corp. on Tuesday proposed changes to how the nation's largest banks weigh the risks on their balance sheets used to calculate their quarterly assessment fees, just over a year after making changes that the banking industry called unworkable.

  • March 20, 2012

    TriWest Loses $20B Military Health Deal After Fraud Fine

    The U.S. Department of Defense awarded an estimated $20.4 billion contract to UnitedHealthcare on Monday, ending TriWest Healthcare Alliance's 16-year run as the military's primary medical insurance provider in the western United States just months after TriWest agreed to pay $10 million over fraudulent billing.

  • March 20, 2012

    Banks Don't Want Jury In $5B MBIA Restructuring Suit

    Bank of America Corp., Societe Generale SA and other banks suing New York's insurance regulator over the $5 billion restructuring of bond insurer MBIA Inc. won't try their case before a jury, their attorney said Monday.

  • March 20, 2012

    GOP's Budget Pushes For Medicare Voucher System

    House Republicans on Monday unveiled their proposed 2013 federal budget that includes another attempt to lower Medicare costs by giving seniors subsidies to buy private health insurance, a step both the Obama administration and congressional Democrats have consistently opposed.

  • March 20, 2012

    Travelers Settles Defective Slide Suit With Insurers

    A Washington federal judge on Monday dismissed Travelers Property Casualty Co.'s lawsuit against a number of insurers after the final companies settled the claims that they owed defense costs in underlying litigation over defective slide parts.

  • March 19, 2012

    5th Circ. Revives Stanford Suits Against Proskauer, Others

    The Fifth Circuit on Monday revived four putative class actions against Proskauer Rose LLP, insurance broker Willis Ltd. and others over the Stanford Ponzi scheme, saying the suits are only "tangentially related" to Securities Litigation Uniform Standards Act-covered securities trades.

  • March 19, 2012

    Costa Rican Co. Denies Charges Of $670M Insurance Fraud

    Provident Capital Indemnity Ltd., a Costa Rica-based company that sold reinsurance bonds backing life insurance investments, denied criminal fraud charges in Virginia federal court on Monday related to a $670 million scheme.

  • March 19, 2012

    Anheuser-Busch Ducks Insurer's Asbestos Coverage Claim

    A Missouri federal judge on Monday denied Century Indemnity Co.'s demand for a judgment that it has no obligation to provide coverage for Anheuser-Busch InBev NV in over 100 asbestos personal injury suits, saying there was no evidence the brewing giant had actually demanded coverage or filed claims related to the suits.

  • March 19, 2012

    Judge Doubts 'Double Recovery' Idea For WTC Developers

    A New York federal judge said during a hearing Monday that he didn't think World Trade Center developers would be paid twice if they won a share of a $1.2 billion insurance settlement over property damage from 9/11.

  • March 19, 2012

    Activists Push NY Senate On Health Insurance Exchange

    A coalition of activist groups on Monday called for the New York Legislature to enact a federally mandated health care insurance exchange, putting pressure on Republicans in the state Senate who let a similar effort die last year.

  • March 19, 2012

    Blue Cross ERISA Class Rebuffed By High Court

    The U.S. Supreme Court on Monday refused to hear an appeal of a Sixth Circuit decision that nixed class certification for self-insurers suing Blue Cross Blue Shield of Michigan for charging fees that they said didn't apply to their funds.

  • March 19, 2012

    US Fire Can't Escape Coverage Claims For Asbestos Suits

    A federal judge on Friday denied U.S. Fire Insurance Co.’s motion for summary judgment in a lawsuit by policyholder LSG Technologies Inc. seeking coverage for asbestos-related health damages claims in several underlying suits in Texas.