News 

MarketScout electronic insurance exchange reported finding no end to the soft market last month with the composite U.S. property and casualty sector down 4 percent....

The Independent Insurance Agents and Brokers of New York (IIABNY) said its negotiations with the New York State Insurance Department have resulted in some revisions to a proposed producer compensation disclosure rule....

LexisNexis Risk Solutions said it has selected FirstBest Systems, Inc., as the core technology partner for its new insurance exchange, being created with the Council of Insurance Agents and Brokers....

Steven Udvar-Hazy, the founder of American International Group’s troubled International Lease Finance Corporation, has resigned as chief executive and member of its board, AIG said....

Insurance industry representatives were optimistic that some type of action will be taken this year to remedy flaws in New York’s no-fault auto insurance system after a State Senate Insurance Committee hearing....

Thanks to the Senate rule requiring 60-votes to get any bill to a vote, making the country almost ungovernable, perhaps it’s time to do away with or modify the fillibuster rules, suggests NU Editor Sam Friedman on his blog at www.NUSamSoapBox.com....

Karen Cutts, managing editor of the Risk Retention Reporter, died last Tuesday at her home in Pasadena, Calif. She was 69....

Insurance broker Aon Corp. reported fourth-quarter net income rose $204 million despite the challenges from the continuing soft market and economic recession....

An Illinois law that set caps on medical malpractice awards for “pain and suffering,” has been ruled unconstitutional by the state’s high court, which found legislators had overreached in attempting to restrict the judicial process....

Insurers confronted their lousy reputation head on at a recent conference, and NU Editor Sam Friedman was there as a panelist, coming away impressed with attendee eagerness to fight back. See Sam’s blog at www.NUSamSoapBox.com....

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, wants another House committee to take jurisdiction over the troubled and controversial National Flood Insurance Program....

Joining insurance industry efforts around the globe, Harleysville Insurance and its employees have donated more than $50,000 toward the ongoing efforts to assist those impacted by the earthquake that struck Haiti on Jan. 12. ...

In a rapidly evolving digital world, comparing the highly regarded Tylenol recall of 1982 to the current recall of Toyota automobiles is like comparing “the Apple 2e computer of 25 years ago to the Apple iPad," an expert said....

Too many issues remain undecided for the federal government to ask workers’ comp providers to start reporting on April 1 under the Medicare Secondary Payer mandatory reporting requirements, insurer trade groups said in a letter. ...

Toyota’s massive recall has been compared to the Tylenol product recall of 1982—the public relations “gold standard,” but is this really the case, wondered Caroline McDonald. Read about it at www.NoRiskZone.com....