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Agent commission reduction to 0% is overturned in Pennsylvania
The Pennsylvania Insurance Department has ruled that an insurance company’s reduction of an agent’s commission to 0% equals a termination. The ruling was “a vital win” for independent agents in the...
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Pennsylvania charges New York, New Jersey auto owners with rate evasion
Pennsylvania authorities charged 24 people – including 17 New York residents and six New Jersey residents – with attempting to falsely claim Pennsylvania residency to obtain auto insurance rates up to...
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Could climate change and ‘global warming’ increase losses, premiums?
Munich Re says that while losses for 2009 did not exceed expectations, climate changes will result in major natural catastrophes in coming years that will have a negative effect on the...
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W. Va. court: Lapse for nonpayment means no coverage for later crash
A West Virginia appeals court has affirmed what most people know: It’s best to pay for insurance before a crash occurs. The West Virginia Supreme Court of Appeals denied Terry Daniel Jr.’s claim for...
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Willis hopes contingent commissions will define its competitors
The folks at Willis Group, parent company of Willis HRH, are hoping to promote the brokerage’s decision not to accept contingent commissions, using a new media campaign and website to argue that its...
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Chartis renames N.J.-based unit Growth Enterprises
A Berkeley, N.J.-based core division of Chartis has been renamed to Growth Enterprises, as it sheds its Small Business division name. “We believe the name Growth Enterprises effectively captures the...
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Life and PC agents off hook, advisors covered in financial overhaul
As reported on IFAwebnews.com, the financial services regulatory bill agreed upon by a House and Senate committee will keep the current state-based system of insurance regulation intact, at least as...
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Integrated Insurance Solutions plans to Tango into Spanish market
Integrated Insurance Solution acquired Tango Insurance so it can break into the growing Spanish insurance market. Tango, based in Manassas, Va., and serving Virginia, Maryland and Washington, D.C.,...
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Is property-casualty market really poised to harden in 2012?
The Lockton Monthly Update, which tries to forecast the property-casualty market’s pricing, has suggested twice in the last month that commercial insurance rates, at least in some sectors, are starting...
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Marsh adds Va. employee benefits firm to its mid-Atlantic region
Marsh & McLennan Agency’s mid-Atlantic region will have expanded employee-benefits services with its acquisition of KSPH LLC of Glen Allen, Va. Financial terms of the KSPH deal were not disclosed....
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Congressman seeks to make P-C companies more competitive globally
According to an article on IFAwebnews.com, a U.S. congressman wants to close a reinsurance tax loophole that he says gives an unfair advantage to offshore companies. Trade groups have differing...
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Travelers Cos. reports four-fold hike in profits
Travelers Cos., one of the largest property-casualty insurers in the U.S. reported that third-quarter profits rose more than four-fold. Travelers Cos., based in St. Paul, Minn., said its third-quarter...
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Pennsylvania-based insurance education group preparing to buy CEU.com
The American Institute for CPCU said it has reached a tentative agreement to buy CEU. com, an online insurance course provider. The deal between the Malvern, Pa.-based education organization is for all...
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Property-casualty insurers’ salary budgets to rise 3.4% next year
Average salaries within the property-casualty insurance industry are expected to remain steady next year. The average property-casualty insurer’s salary budget will increase 3.4% next year, the same...
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Surplus lines continue to battle market forces
The surplus lines sector of the property-casualty insurance market showed a 67% decrease in profit last year when compared to 2007. The persistent soft market, the recession, and underwriting and...
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