JURY FINDS AGAINST ESIS
A jury has awarded Marin School Insurance Authority $4.66 million stemming from a breach-of-contract lawsuit against its third-party claims administrator, ESIS, Inc. ESIS had served as the workers' compensation claims administrator for the Marin risk pool's workers' compensation claims.However, an independent audit commissioned by the school districts in 2004 revealed that Marin's claims, handled out of ESIS' Fremont California claims office, were not properly administered.
AIG SEEKS COURT MOTION
American International Group Inc. has asked that a court requirement to turn over internal documents to ex-CEO Maurice "Hank" Greenberg be blocked. An appeals court had ruled earlier that Greenberg should have access to the files. The tussle over the documents is the latest in Greenberg's fight with his former company since being forced out in 2005 following accusations of improper accounting leveled by then New York attorney general Eliot Spitzer and the U.S. Securities and Exchange Commission.
MICH. ALLOWS CAPTIVES
Legislation allowing the formation of captive insurance companies in Michigan has been given final approval by the state's legislature. The legislation, unlike other state captive laws, does not impose premium taxes but instead charges captive parents fees associated with premium volume. Annual fees range from $5,000 for captives with premium volume of less than $5 million to $100,000 for captives with premium volume of at least $75 million.
BRIT. QUAKE DAMAGE LIGHT
An earthquake with a magnitude of 5.2 has shaken parts of Britain, but there are no reports of deaths or serious damage. The Feb. 27th quake, centered about 50 miles east of the city of Sheffield, struck in the early morning hours and many people in the capital London and other areas said they were woken up by tremors.
BEST ADDRESSES TAKAFUL
A.M. Best Co. has released a report explaining the application of its core financial strength rating methodology to takaful insurance companies. The report includes a review of the key principles of takaful insurance (which is compliant with Islamic beliefs), and how these principles are incorporated into a takaful company's business model and into A.M. Best's financial strength rating assessment process.
PANDEMICS RISK TRANSFER
Munich Reinsurance Co. has created a bond program to transfer pandemic risks to the capital markets. The $1.5 billion bond program aims to protect Munich Re against large losses when a major pandemic across the U.S., Canada, England, Wales and Germany involves an exceptional rise in mortality rates.
DMEC HELPS SOLDIERS
The Workplace Warrior Think Tank, formed by the Disability Management Employer Coalition and insurers The Hartford, MetLife and Unum, has published a free guide of recommendations for corporate response to the deployment of U.S. military and the soldiers' reintigration into the workforce.
--Compiled by staff from news and wire reports.
April 1, 2008
Copyright 2008© LRP Publications