DEL. LAWMAKERS CANCEL
BANK-INSURANCE SESSIONDelaware legislators last week canceled a special legislative session to consider a bill that would give banks broad new powers to underwrite and sell insurance on a national basis.
The session was scheduled for today, but Senate majority leaders decided they would fall a few votes short of passing the bill and cancelled the session. The legislation passed the Delaware House this spring.
Insurers, and particularly insurance agents, have been fighting the bill as an unfair encroachment on their industry that also would hurt consumers. Banks have argued they need the right to enter the insurance field in order to remain competitive in the financial services field.
FIRMS WINS APPROVAL
AS A CAPTIVE MANAGER
DUBLIN, Ireland - Alexander Insurance Managers Ltd., a unit of Alexander & Alexander Services Inc., New York, has been approved as a captive manager by the Industrial Development Authority of Ireland for Dublin's International
Financial Services Centre.
The new company, Alexander Insurance Managers (Dublin) Ltd., will be located temporarily in A&A's Alexander Stenhouse office in Dublin.
PA. NOW CHALLENGES
HARRISBURG, Pa. - The Pennsylvania National Organization for Women has accused state Insurance Commissioner Constance Foster of misinterpreting court record facts in a lawsuit between Pennsylvania NOW and State Farm Insurance.
In a February letter to the advocate group, Ms. Foster had said that NOW ''continues to advocate a rating system that uses driving mileage as the sole criterion for auto insurance."
But in reality, "Pennsylvania NOW believes that women should be treated differently. It's a basic philosophical disagreement," said NOW spokeswoman
A spokeswoman for Ms. Foster said the case has already been litigated in the state's courts and that the commissioner's position - that men's and women's rates should be equal - has been upheld unanimously.
NJ BALLOTS MUST AWAIT
RULING ON AUTO ISSUE
TRENTON, N.J. - The state Supreme Court ordered that no November ballots be printed with the proposed auto insurance referendum until the court makes a final decision on the matter.
The court has agreed to hear an insurance industry appeal of lower court rulings upholding the placement of the non-binding rollback measure on the ballot.
A consumer activist group called Citizens Auto Revolt has succeeded in an effort to get freeholders in all 21 New Jersey counties to place the measure before the voters on Nov. 7.
LIBERTY GETS TRIPLE 'A'
IN CLAIMS-PAYING AREA
Liberty National Life Insurance Co.'s claims-paying ability has been given a triple-'A' rating by Standard & Poors.
Liberty National, a home service life and health insurance firm, ''consistently generates superior profits from its market strength in a niche which is among the most stable and least competitive in the industry," according to a press announcement by S&P.
Liberty National is a wholly owned unit of Torchmark Corp., and accounts for about 30 percent of its parent company's revenue.