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Daily NewsFlash : July 03, 2013

Daily NewsFlash
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Wednesday, July 03, 2013

Safety is Key as We Celebrate Independence Day

4th of JulyAs we enter a long weekend, celebrating our nation's independence, we at would like to remind all of our members that safety comes first at backyard barbecues, trips to the beach, community festivities and family get-togethers. Have a happy Fourth of July, and we will see you back on Mond...

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Health Law Penalties Delayed for Large Employers

TObamacare penalties delayedhe Obama administration said Tuesday it would delay enforcing a provision of the new health-care law that requires large employers to provide coverage for workers or pay a penalty in 2014, the biggest revision so far to the federal health-care overhaul.

The law, passed in 2010...

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McGowan Purchases Assets of Professional Risk Placements, LLC

McGown purchase of PRPThe McGowan Companies is pleased to announced it has purchased the assets of Professional Risk Placements, LLC ("PRP"). Effective immediately, PRP will begin operating under the newly-formed "McGowan Risk Specialists" ("MRS") brand.

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U.S. Court Selects Former FBI Director to Investigate BP Oil Spill Claims-Payments Process

BP claims payment processA U.S. judge appointed former Federal Bureau of Investigation head Louis Freeh to investigate alleged improprieties in process of compensating the victims of the 2010 BP Plc oil spill.

The appoint...

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AIG, GE Capital Won't Appeal 'Systemically Important' Label

AIGAmerican International Group Inc. (AIG) and General Electric Co.'s (GE) GE Capital unit won't appeal their designations as "non-bank systemically important financial institutions," setting them up for additional oversight from U.S. regulators.

The Financial Stability Oversight Council, led by the Treasury Department, vo...

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RIMS Outlines Natural Catastrophe Insurance Market Shortcomings in Letter to FIO

RIMS cat modelModels being used to gauge risk on specific properties and policies bogged down in complex language are some of the shortcomings of the current natural catastrophe insurance market, according to a letter penned by the Risk and Insurance Management Society, Inc. to the Federal Insurance Office.

The l...

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Munich Re Transfers US Hurricane and Australian Cyclone Risks to the Capital Market

Munich ReMunich Re has again utilized the capital markets to acquire coverage for natural catastrophe risks - this time for US hurricane and Australian cyclone risks with a total volume of US$75m via the reinsurance vehicle Queen Street VIII Re Limited, created to facilitate the seventh issuance of a catastr...

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Fed Grants Temporary Exemption from Basel III Capital Standard to Insurers

Federal Reserve BoardInsurance companies will receive a temporary exemption from a final Basel III-based capital rule, giving the Federal Reserve Board more time to "evaluate the appropriate regulatory capital framework for these entities," the board said.

The temporary exemption will apply to savings an...

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