Workers' compensation insurers in the state filed rate reductions averaging -14.6 percent for policies incepting on or after July 1, 2005 bringing the cumulative rate reduction to -26.78 percent since reforms were enacted, stated Insurance Commissioner John Garamendi. In addition, the Commissioner called on insurers to pass on savings more quickly, noting that in 2005 the industry only paid 41 cents in claims for each dollar of premium collected.
Attend any national trade show, conference or association event in the collision industry, and one thing is likely to become apparent: While men may still far outnumber the women, both the number and success level of women involved in the industry is growing rapidly.
In an anticlimax second only to the Y2K debacle (remember - the hysteria over the new century), the Illinois Supreme Court overturned on a technicality the lower court decision in Avery vs. State Farm, the class-action lawsuit in which jurors found that aftermarket crash parts were not of like kind and quality to OEM parts and awarded over $1 billion against State Farm in October 1999.
The California Department of Insurance (DOI) will hold two hearings regarding the adoption of proposed amendments to regulations interpreting and making specific provisions of Insurance Code Section 758(c).
After last year's I-CAR 25th annual meeting, which very much focused on the training organization's successful history, this year's event focused more on the future than on the past 12 months, which one board member termed "its most challenging year ever."
The U.S. House of Representatives has passed a bill that would allow business association members to purchase health care plans at lower rates. Association Health Plan (AHP) legislation, H.R. 525, passed by a vote of 263-165.
Two lawyers and one medical doctor pleaded guilty in connection with an interstate staged auto insurance fraud ring involving more than 55 victims/insurance carriers both in Arizona and California. Over $2.5 million was paid out in fake insurance claims in an organized staged collision ring from 1993-2000. Investigators from the California Department of Insurance's (CDI) Los Angeles Urban Auto Fraud Task Force targeted the ring in 2003 dubbing it "Operation Rent & Wreck" and announced the investigations and arrests of 18 people.
Attendees at the Collision Industry Conference (CIC) survived the blistering Arizona heat in Scottsdale, Arizona, to see progress being made on many crucial issues. The Estimating Task Force, formed by AASP, ASA and SCRS at NACE in 2004, had plenty to report about getting results from the database providers.
A number of dealership service departments, independent repair shops and other automotive businesses that have been the victims of thefts in recent months are urging other businesses in the industry to take added steps to protect themselves.
Most people in the United States tend to associate the month of April with taxes. But in reality, there's a lot more you can do right now - prior to the end of 2005 - to reduce your tax burden come next April 15.