Security risk

For European insurers and U.S. insurers operating in the UK that also have to comply, Solvency II remains a question as the compliance deadline is looming, particularly as the final regulations have still not been clarified. This challenges preparation for Jan. 1, 2014, implementation, but insurers continue to make progress toward compliance with the risk and capital reporting regulation, and where possible, they have already put systems and processes in place, according to Deloitte's "Solvency II Survey 2012."

In a down economy, insurance fraud is on the increase, but companies such as Allstate, Erie Insurance and CNA tune their technology to fight fraud and organized crime.

A recent survey found cyber attack to be among the world's top five threats, which means insurers have a big responsibility to help others, as well as themselves.

While the Federal Insurance Office (FIO) attempts to begin its work with the release of the office’s first report pending, Rep. Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, sent a letter to FIO Director Michael McRaith seeking more defined jurisdictions for the FIO and the National Association of Insurance Commissioners (NAIC).

The right strategy can make your organization agile enough to keep up with Solvency II and FASB/IASB requirements and standards.

Regulators in New York and California are looking into the extremely high profits yielded from, and competitive nature of, force-placed insurance.

New version designed to offer captive premium payment tracking for both locally, centrally invoiced insurance programs.

Deloitte survey also finds risks not continuously monitored at most firms despite available automation; most intend to revamp risk management within 12 months.

Reform Insurance Penalty Estimator designed to assist insurers adjusting to the Patient Protection and Affordable Care Act's requirements.

Industry associations applaud the long-term reauthorization of the National Flood Insurance Program as part of a compromise deal that included the surface transportation reauthorization and student loan bill.

RIMS benchmark survey also finds property insurance coverage leads increase.

The ruling this morning gave health insurers a deadline of 2014 for embracing such provisions. On the other hand, competitively speaking, this places much more of a burden on large health insurers to provide a wide range of packages that appeal to demographics that may not have been on the radar.

Reporting functionality, recommendation management and workflow management tools are just three of the elements Novarica says are critical to loss control systems.

The court ruled 5-4. However, the court added that Congress has the authority to implement the individual mandate under the taxing clauses of the Constitution.

GlobalOptions will prepare AIC’s fraud compliance reporting, conduct fraud training programs as well as the investigation and identification of suspected fraudulent insurance activities.

Insurer introduces new cyberliability insurance product and will partner with NetDiligence, a provider of post-incident services.

At Monday’s morning session on the FIO at the Insured Retirement Institute’s Government, Legal and Regulatory Conference in Washington, D.C., John Fielding—a counsel in the Washington office of Steptoe & Johnson LLP, where he is a member of the Government Affairs & Public Policy practice focusing on insurance and financial services legislative and regulatory matters—speculated that a tiff between the Office of the United States Trade Representatives (USTR) and the FIO may be stalling the document’s release.

The United States Senate passed the Senate 2012 Farm Bill in a 64-35 vote. The Senate version of the bill would cost $498 billion, save $23.6 billion over the next 10 years and eliminate $5 billion per year in direct payments. The Federal Crop Insurance Program (FCIP) would become the primary risk management tool for farmers.

Rebranded and updated CyberEdge product attempts to stay on top of risk trends, such as cloud computing resources.

Company also announces acquisition of Policy Technologies International.