Regulation & Compliance
UK Spending Cuts Could Mean More Flood Re Claims: Fitch
Uncertainty about UK government spending on flood defenses means the industry-managed Flood Re program for pooling flood risk may face higher-than-expected claims in the future, according to Fitch ...
Florida Supreme Court Finds Medical Damages Caps Unconstitutional
The Florida Supreme Court has ruled that the state's caps on noneconomic damages in medical malpractice wrongful death cases violate the state Constitution's equal protection clause. The 5-2 opinion ...
U.S. Accounting Regulator Says Auditor Marketing Practices Deceptive
A top U.S. audit regulator is sounding the alarm over what she fears may be a false stamp of approval that some accounting firms are using as they market themselves to potential clients. A growing ...
New York Grabs ‘Shaky’ Lead Over London As Top Financial Center
New York replaced London as the world's leading financial center for the first time, after the City was rocked by a series of scandals and questions over the U.K.'s place in the European Union. New ...
A.M. Best Downgrades Public Service, Affiliates Pending Re for Adverse Development
A.M. Best has downgraded the financial strength rating of Public Service Insurance Co. and its affiliates, Paramount Insurance Co. and Western Select Insurance Co., to "B+" (Good) from "B++" (Good) ...
U.S. SEC Charges Brokers in Scheme to Profit From Terminally Ill Through VA Sales
U.S. securities regulators filed civil charges against two brokers and seven others, saying they were involved in a scheme to profit from the death of terminally ill patients through variable annuity ...
Senate OKs Bill to Curb Flood Insurance Hikes
The Senate on Thursday went along with the House of Representatives by passing a bill to reverse flood insurance reforms and curb flood insurance premium increases. The Senate approved H.R. 3370, the ...
7 of 25 Largest Class-Action Settlements Since 1995 Approved Last Year: ISS
Seven of the 25 largest class-action settlements since passage of the Private Securities Litigation Reform Act of 1995 were approved in 2013, according to a report released by the Securities Class ...