Dear Janelle,
Thank you for viewing this material. We are pleased
to provide this service to you, and to provide up to
date information regarding risk management, insurance
industry news, products and changes.
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Hard Market Will Arrive Next Year:
Advisen
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Underwriting losses and anemic investment returns are
putting pressure on rates, and absent a major
catastrophe, insurance buyers should expect to start
paying more for their commercial insurance beginning in
the fourth quarter of 2009 or first quarter of 2010,
according to a report released Tuesday by Advisen
Ltd.
And while the global recession may delay the
onset of the hard market by keeping insurance demand
down, once that market sets in, it's likely to last
longer than normal, David K. Bradford, New York-based
Advisen's executive vp and chief knowledge officer, said
in a statement.
Read
on...
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High Court May Revisit Punitives
Standard
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WASHINGTON-The Supreme Court may use an Oregon case it
has already reviewed twice to provide more guidance on
when a punitive damage award is so disproportionate to
the underlying compensatory award that it violates the
Constitution's due process provision, Chief Justice John
Roberts indicated Wednesday.
The chief justice's
comments came after the court heard oral arguments in
Philip Morris USA vs. Mayola Williams. The case involves
an Oregon court's award of $79.5 million in punitive
damages to the widow of a longtime smoker. The punitive
award came atop compensatory damages of less than
$822,000, an amount later reduced by state court to less
than $522,000.
Read
on...
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Deep Recession and Price Hikes for Insurance
Expected: Swiss Re
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LONDON-Economists at Swiss Reinsurance Co. are
predicting that current financial market uncertainty is
likely to continue well into 2010, and will lead to
premium rate increases for insurance and reinsurance for
several years to come.
Swiss Re predicted that there was a 70% chance of a
deep global recession that would last until mid-2009,
with continued volatility in credit and equity markets
through to 2010, said Kurt Karl, the reinsurer's chief
economist in the United States.
Read
on... |
Ruling Allows Comp Benefits for 'Undocumented
Alien'
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CHICAGO-Employers can't deny permanent total disability
benefits for illegal immigrants on the basis that their
immigration status would prevent them working in the
United States legally, a state appeals court
ruled.
In Friday's decision, Illinois' 1st
Judicial District Appellate Court also said it agreed
with appeals courts across several other states that
"have almost uniformly held" that the Immigration Reform
and Control Act of 1986 does not preclude awarding
workers comp benefits to illegal
immigrants.
Read
on...
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Sincerely,
Santa Maria &
Company
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FEATURED
ARTICLE
WC CHANGES
EFFECTIVE JAN.
1ST
CALIFORNIA ASSESSMENTS AND SURCHARGES
EFFECTIVE 1/1/2009
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For
Workers Compensation policies effective January 1, 2009
and after, the California Assessments and Surcharges
have been revised as follows:
California Fraud
Investigation/Prosecution
Surcharge
Changed from
.2394% to.3956%.
California User Funding
Assessment
Changed from
1.0703% to1.3583%.
California Uninsured Employers Benefit
Trust Fund Assessment
Changed from
.1730%
to.2241%.
California Subsequent Injuries Benefits Trust Fund
Assessment
Changed from
.0311% to.0827%.
California Guarantee Assoc.
Surcharge
Remains
unchanged
at 2.0%
If
you have any questions, please don't hesitate to contact
our office.
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