Concluding well over ten years' debate regarding aftermarket crash parts, the National Conference of Insurance Legislators (NCOIL) unanimously adopted a "Resolution Regarding Motor Vehicle Crash Parts" at its annual meeting in San Diego, California last month.
Keystone Automotive Industries, Inc. announced in early December that the company and other respondents intend to contest portions of a preliminary ruling issued December 4, 2006, by an administrative law judge of the United States International Trade Commission in a complaint initiated by Ford Global Technologies, LLC against the company, another distributor and certain manufacturers.
In a move that some insurers believe could prove detrimental to Louisiana consumers and insurers, the Louisiana legislature narrowly passed a bill that would require all vehicles determined to be "total" losses as a result of recent flooding to be crushed.
The Collision Repair Association of California (CRA) has appointed Richard Steffen as deputy director of legislative affairs. With 28 years of experience in state government behind him, Steffen is armed with a multi-level campaign to aid CRA in the fight for fairness among auto body professionals. The first order of business is to strike a working dialogue with the regulator, the insurance commissioner, the BAR, the attorney general and the insurance industry, Steffen said. He added that there are a number of fronts to adjust public policy.
Insurance Commissioner John Garamendi recommended a 15.3% decrease in the state's workers' compensation pure premium rates, his fourth consecutive decrease and an amount that brings his cumulative recommended cuts to 46.2 percent.
CCC Information Services Group Inc., a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries, has signed a definitive agreement to be acquired by an affiliate of Investcorp, the global investment group. Under the terms of the agreement, CCC stockholders will receive $26.50 in cash for each share of CCC common stock, representing a 10.3% premium over the average closing price of CCC's stock for the last 90 trading days. The fully diluted equity value of the transaction is approximately $495 million.
In spite of the fact that California passed SB 551, a statute that was designed to stop steering in the state, several autobody shop owners showed up to testify about their continuing problems with steering at the Senate Banking, Finance and Insurance Committee Oversight hearing on November 23.
The Administrative and Enforcement Monitor of the Bureau of Automotive Repair (BAR) has presented a draft of its first report on the performance of the BAR to the Department of Consumer Affairs and the California legislature.