INSURANCE BRIEFS

INSURANCE BRIEFS

Swedish Club Planning

Luxembourg OfficeThe Swedish Club, one of the world's largest marine insurance mutuals, plans to open an office in Luxemburg to give help it retain its foothold for insuring vessels registered in countries within the European Community.

Lars Lindfelt, the club's managing director, said last week the Swedish Club wants to establish an EC base ahead of the planned creation of a single EC market in 1992. He fears that the elimination of trade barriers for insurers and other companies registered within the EC might be accompanied by restrictions on market opportunities for non-EC companies.

This would be especially detrimental to the club, which is based in Gothenburg, Sweden, which is not a not a member of the EC. Currently the club derives some 20 percent of its business from EC-based shipowners.

Mr. Lindfelt said the new club could be in operation by the end of this year and would offer shipowners the same classes of insurance as are now provided by the Swedish CLub - protection and indemnity, hull cover and war- risk protection.

Insurance Antitrust Bill

Stalled in Senate, Too

WASHINGTON - The Senate Judiciary Committee is not likely to release legislation to repeal insurance industry antitrust exemptions, Sen. Howell T. Heflin, D-Ala., said Friday.

Sen. Heflin, who serves on the Antitrust Subcommittee considering the bill, told the National Association of Independent Insurers that he does not see sufficient votes on the subcommittee to bring the measure to the full committee.

Even if Sen. Howard Metzenbaum, D-Ohio, pushed the bill through the subcommittee, which he chairs, I basically feel right now we can be successful in bottling up the legislation, Sen. Heflin said.

He warned, however, that if the bill ever passes the Judiciary Committee, it could be popular on the Senate floor and in the House.

Insurer Plans to Form

Holding Company

NEW YORK - New York Marine and General Insurance Co. said it plans to form a public holding company.

Subject to regulatory and shareholder approval, the property/casualty insurer would become a wholly-owned subsidiary of the holding company.

Chairman John N. Blackman said Thursday that he hopes to present the idea to shareholders at a special meeting to be held later this year.

New York Marine specializes in ocean marine, inland marine, aviation and other liability insurance.

Calif. Assembly Urged

To Seek Compromise

SACRAMENTO, Calif. - The state Assembly next month might have a special hearing to seek an insurance reform compromise to forestall the many initiatives being proposed for the November ballot.

A Republican lawmaker Thursday proposed the special hearing and Speaker Willie Brown said leaders of both parties would discuss the request.

The chairman of the insurance committee said negotiations were continuing on a reform measure that would combine insurance rate regulation with changes in personal injury lawsuit law.

2 Charged in Insurance

Fraud Scheme

HARTFORD, Conn. - A customer service representative with access to The Hartford InsuranceGroup computers and an accomplice have been arrested and charged with defrauding the insurer of more than $800,000, U.S. Attorney Stanley A. Twardy said.

Sherllene M. Miller, also known as Sherllene Reid, age unknown, and Malton Edwards, 28, allegedly generated more than 100 fraudulent checks between Sept. 9, 1987 and last Monday for false medical claims, Mr. Twardy said.

Ms. Miller and Mr. Edwards are neighbors in Hartford and apparently related, although their relationship is unclear in an affidavit filed in the case.

Each was charged with one count of mail fraud, one count of using a fictitious name to carry out the mail fraud, and one count of fraudulent use of a Social Security number, Mr. Twardy said.