| Workers’ Comp Board Uses Stop-Work Authority to Order 3 Businesses ...
ALBANY, NY (07/17/07; 1800)(readMedia)-- Using new authority granted under Gov. Eliot Spitzer's sweeping workers' compensation reform initiative, New York State Workers' Compensation Board Chair Donna Ferrara today ordered three businesses to close immediately for failing to comply with workers' compensation laws. The largest, a trucking company with 20 employees at its Oswego facility, has a history of noncompliance. The other two businesses are located in the Bronx and Albany. This is the first set of closures ordered under the new reform legislation. "The Stop-Work Orders I issued today reflect the zero-tolerance stance by the governor and the Workers' Compensation Board," Ferrara said. "These businesses failed to secure workers' compensation insurance to cover their employees, and then failed to reimburse New York when ordered to do so.
AIG, Liberty Mutual Given Go-Ahead for Wholly-Owned Subsidiaries ...
American International Group, Inc. and Liberty Mutual Group have each been been granted approval by the China Insurance Regulatory Commission (CIRC) to establish a wholly owned subsidiary in China. AIG said that its subsidiary, AIU Insurance Co. (AIU), has been granted the approval. The new subsidiary, or Wholly Owned Foreign Enterprise (WOFE), will be named AIG General Insurance Co. China, Ltd. (AIG General). In accordance with CIRC and other government requirements, AIG General will be headquartered in Shanghai, and the existing AIU branches in Shanghai, Guangdong and Shenzhen will be consolidated into AIG General. Liberty Mutual Group said its China subsidiary will be called Liberty Insurance Co., Ltd., and will be headquartered in the city of Chongqing, where the company has had an office since 2003.
Prudential Financial Q2 Profit Almost Doubles, Operating EPS Tops ...
(RTTNews) - After the bell Wednesday, Prudential Financial Inc. (PRU | charts | news | PowerRating) announced second quarter financial results, reporting that profit for its Financial Services Businesses almost doubled year-over-year as each of its divisions registered strong earnings growth. The company also stated that the second quarter results were bolstered by favorable equity markets and a continued strong commercial real estate market. After-tax adjusted operating earnings per share, which excludes investment gains, rose 34% from last year and topped the Wall Street expectations. Revenues for the second quarter grew 11.7% from last year and beat the analysts' estimate. In addition, Prudential announced that it is increasing its full year earnings per share forecast. The company noted that this expectation assumes stable equity markets over the remainder of the year.
Dinallo Names Four to New Leadership Positions
NEW YORK, NY (08/01/07; 1344)(readMedia)-- Superintendent of Insurance Eric Dinallo today named four individuals to new leadership positions within the New York State Insurance Department. "I am pleased to announce these changes and promotions," Supt. Dinallo said. "In the first six months of this administration, we have successfully begun to tackle problems previously seen as intractable, including breaking the impasse at Ground Zero, reforming the workers' compensation system and revamping the New York Liquidation Bureau. Those named today have played an important role in this success. Congratulations to them and I look forward to working with them as they assume their new portfolios." Dr. Hampton Finer has been named Deputy Superintendent for Rates and Competition. He will direct rate review activities and manage Department policies for maintaining competitive, innovative and stable insurance markets.
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