Insurance Journal - A congressional report found two out of three work-related illnesses and injuries may be going unreported, and called into question federal regulators’ claims that workplace problems are declining.
Scienceray - Most of the world’s most destructive tornado events occur in the United States, but tornadoes do cause violent destructive damage in other countries around the world. The most destructive tornadoes cause massive loss of property, and many precious lives are lost during these storm events each year.
Insurance Journal - Indiana Insurance Commissioner Jim Atterholt issued a bulletin today (June 17) calling on all insurance companies doing business in Indiana to implement a 60-day moratorium on the cancellation of any insurance policy for late payment by policyholders who live in counties impacted by the recent storms and flooding.
Business Insurance - An employer cannot sue to recover its increased workers compensation costs from a third party that injured one of its employees, the Massachusetts Supreme Judicial Court ruled Wednesday.
Insurance Journal - The Wyoming Supreme Court ruled that the state Workers’ Compensation Division erred when it denied a worker benefits because it included his wife’s income in calculating the "household income" attributable to an employee under state statute.
Insurance Journal - The Oregon Insurance Division has amended rules to reduce fees for license examinations and reexaminations for insurance producers, adjusters and insurance consultants, and to change the biennial renewal date for individual adjuster and insurance consultant licenses from the anniversary of the license issuance date to the anniversary of the month of the licensee’s brith date.
Insurance Journal - Catastrophe risk modeling firm Risk Management Solutions (RMS) has launched a new index for assessing insured industry losses from U.S. hurricanes. Named the Paradex U.S. Hurricane, it combines actual wind speeds at multiple locations with proprietary industry exposure data, according to RMS. Its insured loss estimates can be used by the insurance industry and capital markets to structure catastrophe bonds, industry loss warranties, and derivative contracts.
Business Insurance - Employees who complain of racial bias in the workplace and then face retaliation can sue under a post-Civil War-era law barring discrimination, the U.S. Supreme Court ruled Tuesday. In a second similar decision, the high court ruled that a provision of the federal law barring age discrimination prohibits retaliation against a federal government employee who complains of bias.
Insurance Journal - The Federal Bureau of Investigation pursued 529 financial crime cases in its most recent fiscal year, including 209 insurance fraud cases. During it fiscal year 2007, the 209 insurance fraud cases investigated by the FBI resulted in 39 indictments and 47 convictions. The FBI says it realized $27.2 million in restitutions and $427,000 in fines from its insurance investigations.
Business Insurance News - Arizona Gov. Janet Napolitano signed legislation Tuesday that allows employers with captive insurance companies in the state to expand their use. Under the new law, a branch captive can be established to cover any risk a traditional single-parent captive could write.