Department of Insurance reducing licensing fees 6% on
July 1. Same reduction was made last year, as well. >>
The 4th District Court of Appeal agrees with a lower court,
ruling that only a named insured, not an additional insured,
can satisfy a self-insured retention requirement and trigger
coverage on a general liability policy. Forecast Homes had sued
Steadfast Insurance arguing that the subs’ payment of
defense costs should satisfy the retention requirements for the
additional insured in a construction defect claim case.
State House committee moves bill forward that restricts
video surveillance of workers comp claimants by insurers and
self-insured employers unless they have a reasonable suspicion
of fraud. The bill would also impose a $1,000-a-day fine on
violators. A similar bill is in the senate. >>
State-sponsored workers comp insurer Pinnacol Assurance says it
is prepared to give the state $200 million to remove it from
state control so it can become a policyholder-owned
Attracts first foreign reinsurer under new collateral
requirements, which were reduced in 2008. Hannover Re already
reinsures Florida property insurance and other lines but now
will receive a reduction in its capital terms.
State Supreme Court strikes down law capping jury
awards for medical malpractice. Claim severity in the state is
among the highest in the U.S. The court’s decision also
guts the portion of the law that gave the Department of
Insurance stronger oversight, as well as requirements that
insurers provide substantial details about how they set rates.
>> Workers Compensation Commissioner Paul Rink has
retired. No word on his replacement yet.
American Medical Association gives Commissioner Sandy
Praeger its top government-service award for an elected
statewide official, the Dr. Nathan Davis Award for Outstanding
Gov. Steve Beshear asks the state’s largest
workers comp insurer, Kentucky Employers’ Mutual
Insurance, to return some of its $147 million surplus as a
premium reduction or dividend to the small businesses it
insures. It has reduced its rates for the past four years, last
year dropping them an average of 6%. It provides coverage for
20,000 policyholders in the state.
Insurance Department OKs 5.3% average cut in commercial
p-c liability rates. Retailers should see about a 10.6%
decrease, service industry rates are expected to drop 8.8%, and
industrial and processing businesses ought to get a 7.3%
savings, according to ISO filing.
Joseph Murphy promoted to insurance commissioner. He
had been acting commissioner since September 2009. >> AG
Martha Coakley opposes industry request to raise workers comp
premiums about 4%. She intends to intervene in the insurance
commissioner’s approval process to get the request
New federal flood map nearly doubles acreage of Miles
City’s 100-year flood plain. About 3,200 residential and
commercial properties could have their insurance affected.
Legislators reject governor’s plan to nab
uninsured and unregistered motorists via highway cameras.