The regulatory reform debate once again devolved into partisan gridlock on Thursday as Republicans and Democrats clashed in public over how much power to give to a new consumer protection bureau and in private over how much time should be allotted to debate the legislation.
Though it was clear from the start that a Republican alternative on the consumer bureau was going to fail (it eventually was defeated 61 to 38), GOP lawmakers dragged out the debate rather than allowing the measure to be voted on and moving on to some of the roughly 140 other amendments still to be considered.
Senate Banking Committee Chairman Chris Dodd, D-Conn., was clearly frustrated with the delay, complaining that if the Senate is allowed to consider only two or three amendments a day, reform would never pass.
“We’ve got 140 amendments with members who want to be heard,” he said.
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American International Group Inc. turned a quarterly profit after a year-ago loss as the bailed-out insurer got a boost from its investments and general insurance operations appeared to stabilize.
Chartis, the general insurance business, saw net premiums decline, but AIG said it was still a significant improvement over the prior four quarters.
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W. R. Berkley Corp. has appointed Collin J. Suttie as president of Berkley Medical Excess Underwriters LLC (BerkleyMed) in St. Louis, Mo. Suttie succeeds BerkleyMed founder J. Michael Foley, who will continue to be involved with W. R. Berkley Corp.
Suttie has more than 23 years of experience in the hospital professional liability industry. He is currently the chief operating officer of BerkleyMed and has been a member of the company’s senior management since its inception.
In addition, W. Matthew Fessler has been appointed senior vice president of BerkleyMed. Fessler has more than 29 years of experience in the hospital professional liability industry.
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Progressive Insurance has become a financial sponsor of the Real Time/Download Campaign, an initiative to drive greater efficiency through the Independent Agency System.
Launched in 2007, the Real Time/Download Campaign is dedicated to improving the competitiveness of the independent agency channel. The campaign—supported by independent agents, trade associations, carriers and technology providers—isn’t advocating a specific technology, but a workflow approach that frees up more time for agencies to sell, process and service business.
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The Idaho Department of Insurance announced that Gina McBride has been selected as the new bureau chief of consumer services replacing Jim Genetti, who is retiring in June.
McBride has been employed by the department for 10 years. In 2007, McBride earned the Certified Public Manager certificate. She has also earned the Chartered Property Casualty Underwriter and Certified Insurance Examiner designations.
McBride is the current supervisor of Consumer Affairs. Prior to joining the department, she owned an insurance agency and served as the executive director of an agents’ association.
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Nighttime driving is becoming more hazardous for American teenagers and the likely cause is talking and texting on cell phones while operating a vehicle, according to a study released May 6.
The report by the Texas Transportation Institute said the proportion of fatal crashes at night involving drivers 16 to 19 years old nationwide increased 10 percent from 1999-2008. The percentage of nighttime fatal crashes involving drivers 20 years and older rose nearly 8 percent from 1999-2008.
While the increase in nighttime crashes in the older age group can be attributed primarily to alcohol use, the study authors pointed to driver distraction caused by talking and texting on cell phones as a likely cause of the increase in fatalities among younger drivers.
“We know driving at night is dangerous.
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A renewal rights agreement and its growing specialty lines business helped The Hanover see a 62 percent, first quarter jump in profits to $41.8 million, up from $25.8 million in the year-ago period.
“It was a difficult weather quarter for the insurance industry as a whole, and accordingly, we had an elevated level of catastrophe losses,” said CEO Frederick Eppinger. “However, our core loss performance improved over prior periods and we were able to deliver a combined ratio below 100.
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The oil slick befouling shores in the Gulf of Mexico is also set to sully the insurance industry’s bottom line.
The Insurance Information Institute (I.I.I.) is estimating insured losses related to the April 22 explosion of the Deepwater Horizon oil rig at $1.4 billion. Although the explosion killed 11 workers, I.I.I. s
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