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Moody's cuts MBIA Insurance to "Baa1" (Reuters via Yahoo! Philippines News) NEW YORK, Nov 7 (Reuters) - Moody's Investors Service on Friday cut its ratings on MBIA Inc's insurance arm and also sent ratings on the holding company's debt into junk territory, citing diminished business prospects and a weaker financial profile. Seward could lose state Senate Insurance Committee post (The Observer-Dispatch) State Sen. James Seward, R-Milford, could lose his post as chairman of the Senate insurance Committee as a result of the probable Democratic takeover of the state Senate. Farmers Insurance plans to up rates in Texas (News 8 Austin) Farmers Insurance has filed for an average rate increase of 9.9 percent for Texas homeowners insurance policies. Farmers Insurance plans big increase in Texas homeowners rates (Dallas Morning News) AUSTIN ? Farmers Insurance plans to impose double-digit rate hikes for hundreds of thousands of its customers in North Texas and across the state, blaming the increase on rising costs for labor and building materials. Insurance documents will be released, judge rules (The Daily World) OLYMPIA ? A Thurston County Superior Judge has ordered the state Office of the Insurance Commissioner to release documents relating to consumer complaints over last December?s storm that had been in limbo for the past month. Los Gatos chiropractor sentenced to two years for insurance fraud (San Jose Mercury News) A Los Gatos chiropractor '?Robert Arnold Demarco, 42, '? was convicted of defrauding insurance companies of more than $250,000 by overbilling them for services he didn't perform. The Morgan Hill man was sentenced Monday by Santa Clara Superior Court Judge Kenneth P. Barnum. Demarco had pleaded guilty to one count each of felony grand theft and presenting a false insurance claim. Lampson: flood insurance mandate dead in Congress (Fort Bend Sun) A congressional proposal to mandate flood insurance for homes behind levees has been defeated, U.S. Rep. Nick Lampson, said Wednesday night. Berkshire Hathaway Profit Falls 77% on Investments, Insurance (Bloomberg) Nov. 8 (Bloomberg) -- Billionaire Warren Buffett 's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in more than a decade, as hurricanes hurt returns at insurance operations and investments lost value. Beware of predatory insurance sellers (The Sacramento Bee) Seniors should watch out for predatory insurance sellers over the coming weeks, state Insurance Commissioner Steve Poizner said Friday. The six-week open enrollment for several Medicare programs starts Nov. 15. Unscrupulous agents and brokers may try to pressure or defraud the elderly, Poizner said in a statement that offered tips to avoid being ripped off: ? Contact the Insurance Department's ... Is your insurance safe? (International Herald Tribune) Major U.S. life insurers like MetLife, Prudential Financial and the Hartford are reeling from third-quarter losses. Here are answers to some basic questions about the safety of life insurance policies. |
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