Regulation & Compliance
California Voter Initiative Aims to Increase Damages Cap
California's limit of $250,000 on medical malpractice damages for pain and suffering, which became a model for other states almost 40 years ago, could be increased under a voter initiative to be ...
Insurance Payments Begin But Liability Over Missing Malaysian Jet Unclear
As the final hours of Malaysian Air Flight 370 remain wrapped in mystery, the question of who bears full liability for the jet's disappearance is also unresolved. This much is clear: Families of the ...
Public Service Exits California Workers Comp
Public Service Mutual Insurance Co.'s exit from California's workers compensation market isn't a reflection of the health of the state's workers' compensation system, according to the California ...
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) ...