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Exxon Valdez ruling sets punitives limit
WASHINGTON—The U.S. Supreme Court's ruling that punitive damages against Exxon Shipping Co. cannot exceed compensatory damages stemming from the grounding of the Exxon Valdez nearly 20 years ago provides clarity to marine insurers and may shape potential lower court rulings, legal experts say.That's true even though the 5-3 decision applied only to punitive damages levied under maritime law. Whenever the S...
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 Fraudster collared over bogus comp claims
A former Baptist minister apparently forgot about the "thou shalt not" in the biblical admonitions about beari...
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The U.S. Supreme Court's Exxon Shipping vs. Baker decision curbing punitive damages in maritime law marks yet another step in the high court's move away from permitting unrestricted punitive damage awards, such as when it let stand a punitive damage award that was 526 times the underlying compensatory damages award in its 1993 decision in TXO Produ...
WASHINGTON—The House of Representatives last week overwhelmingly approved a revised bill that would expand the scope of the Americans with Disabilities Act, allaying the business community's concerns about a previous version of the bill.Major employer groups had opposed the earlier bill, the ADA Restoration Act, fearing it would make ADA protection...
WASHINGTON—New Internal Revenue Service guidance that answers dozens of questions employers have raised about health savings accounts will further boost the burgeoning HSA market, experts say.The much-anticipated guidance resolves everyday issues that include whether employees receiving services from onsite corporate medical clinics are eligible to...
NEW YORK—Two decades after its collapse, it may be time to rebuild the New York Insurance Exchange, state officials and observers say.Lessons learned from the failure of its first incarnation, twenty years of technological innovation and fresh interest from the capital markets may combine to make a revived exchange a success, they say.New York Insu...
ALBANY, N.Y.—Legislation overhauling New York state workers compensation group trust regulations gives self-insured employers breathing room while they push for a permanent financing solution for the trusts, employers said.
The legislation passed last week temporarily eases assessments that the New York State Workers' Compensation Board levies aga...
International
EDINBURGH, Scotland—The Assn. of Insurance & Risk Managers has shelved plans to publish a ranking of...
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