VP Biden Says China Agrees to Open Up Auto Insurance Market

U.S. Vice President Joe Biden said on Tuesday that China had agreed to an important financial sector reform by opening up its massive auto insurance market to foreign competition. During a meeting with U.S

California Insurance Commissioner, Insurers Settle on Iran Investments

California Insurance Commissioner Dave Jones and a group of insurers have settled litigation over insurer investments in companies doing business in Iran, it was announced on Friday. The terms of the settlement permit the Jones to “maintain a public list of businesses involved in volatile sectors of the Iranian economy,” according to a statement issued by Jones’ office. The settlement also prevents Jones from declaring the investments of insurers in question to be declared non-admitted

Florida Lawmakers Reject Bad-Faith Reform Bill

Business groups in Florida saw their efforts to reform the state’s bad-faith law end suddenly for the year after a legislative committee voted by a one vote margin to kill a bill that would have placed additional restrictions on lawsuits.

California Legislator: Feds Will Step Up Involvement in Insurance Industry

“Listen to me now, understand me later.” State Sen. Juan Vargas, D-San Diego, gave a well-received Arnold Schwarzenegger impression, chest heaving and heavy on the former California governor’s thick Austrian accent.

Jones Announces Insurance Diversity Task Force for California

Insurance Commissioner Dave Jones on Thursday announced the formation of an Insurance Diversity Task Force to make recommendations about diversity in the insurance industry, including the diversity of corporate governing boards and procurement from diverse businesses. Task force members will identify and promote insurance companies that are doing a good job on diversity issues, examine the diversity of insurance company governing boards, identify actions the Department of Insurance can take to encourage insurance companies to utilize diverse suppliers, and make recommendations for changes to the law, according to the Department of Insurance

Willis President, Global Chairman Millwater to Step Down

Willis Group Holdings announced that Grahame J.

WTO approves Russia’s Membership after Marathon Meeting

Russia was admitted into the World Trade Organization on Friday after 18 years of negotiation, finally binding it into the global economy two decades after the Soviet Union collapsed.

U.S. Healthcare Law Keeps More Young Adults Insured

U.S.

Four New Hampshire Agencies Form Regional Alliance

Four insurance agencies in New Hampshire announced the formation of a new partnership called Northern United Agents Alliance (NUAA). The agencies said the move will help combine their resources to meet the needs of a changing marketplace. The four participating New Hampshire agencies are: Clark-Mortenson Agency in Keene; Davis & Towle Insurance Group in Concord; Eaton & Berube Insurance Agency in Nashua; and The Melcher & Prescott Insurance Agency in Laconia

U.S. Court Affirms $50M Verdict for Rice Farmers

The Arkansas Supreme Court has affirmed a nearly $50 million verdict for farmers who say they lost money because Bayer’s genetically altered rice seeds contaminated the food supply and drove down global crop prices.

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