August, 2007
NEW YORK?Zurich Financial Services Group said Monday it will pay $30 million to settle a federal class action lawsuit brought in 2004 related to its spinoff of Converium Holding A.G. Filed in New York on behalf of a group shareholders of Zug, Switzerland-based Converium, that suit alleged that...
ALBUQUERQUE, N.M.?Joseph Ruiz, a former deputy superintendent of insurance in New Mexico, pled not guilty at his arraignment today on federal charges of allegedly soliciting charitable contributions from insurers and insurance service companies in exchange for reducing or eliminating...
TORONTO?The financial strength ratings of six commercial insurance subsidiaries of Northbridge Financial Corp. of Toronto have been upgraded to A from A- by insurer rating agency A.M. Best Co. Inc. Oldwick, N.J.,-based Best said the ratings outlook for all six companies is stable. The upgraded...
TALLAHASSEE, Fla.?Florida Insurance Commissioner Kevin McCarty says a workers compensation rate filing by Boca Raton, Fla.-based NCCI Holdings Inc. calls for a decrease averaging 16.5% for 2008. If approved, the rates would produce $650 million in savings for Florida employers, the...
WASHINGTON?The Federal Emergency Management Agency on Thursday rescinded a largely unknown plan that would have sliced its financial assistance to public entities and certain nonprofit organizations that sustain property damage in natural catastrophes. Under the plan, public entities and nonprofits...
SAN FRANCISCO?Deducting an employer?s workers compensation costs from money distributed to employees under a profit-sharing plan does not violate state law, California?s Supreme Court ruled Thursday in a 4-3 decision. In Eddy Korkiat Prachasaisoradej vs. Ralphs Grocery Co. Inc. , a grocery store...
NEW YORK?Willis Group Holdings Ltd. has reached an agreement with New York authorities to allow the brokerage to begin accepting certain fees from insurers in brokerage transactions. The move, which took place Wednesday and amends its $50 million 2005 settlement reached with then-New York Attorney...
WASHINGTON?Several employer organizations and other groups have asked Treasury Secretary Henry Paulson to intervene and prevent the Internal Revenue Service from rejecting certain cash balance pension plan conversions. The issue involves employers who years ago converted traditional pension plans...
SAN FRANCISCO?Plaintiffs who claim disability discrimination under California?s Fair Employment and Housing Act must prove they are qualified to perform the job?s essential function with or without reasonable accommodation, the California Supreme Court ruled. Employers do not have the burden of...
