National Association of Insurance Commissioners News

California Insurance Company Oversight Law Signed

California Gov. Jerry Brown has signed Assembly Bill 553, which establishes new oversight aimed at reducing the number of insurance company insolvencies. AB 553 was authored by Assemblyman Tom Daly, D-Anaheim, and was sponsored by Insurance Commissioner Dave Jones and …

Insurers Stepping Toward Greater Green Investment Footprint

This is the second of a two-part column on green bonds. The first installment focused on bond sales. Australian carrier QBE Insurance Group Ltd. has invested $190 million Australian Dollars ($148.42 million) in four green bonds in the last year-and-a-half, …

Florida Bans Price Optimization; Insurers Question Definition

A memorandum released last week by Florida Insurance Commissioner Kevin McCarty warning insurers in the state not to use price optimization in rating has gotten cheers from a consumer advocate group and jeers from an insurance industry trade association that …

Video Ads Next Big Thing in Ridesharing?

James Bellefeuille is an Uber driver for a living, though he admits that what he earns is not much to live on. Yet in the new sharing economy, there’s hope for people like Bellefeuille who can bring some innovation and …

NAIC Adopts Ridesharing White Paper for State Policymakers

The National Association of Insurance Commissioners on Tuesday adopted a white paper on insurance coverage for ridesharing that offers several suggestions for how state regulators should deal with insurance issues. Ridesharing services offered by transportation network companies like Uber, Sidecar …

NAIC Report: New Jersey Tops Nation in Auto Insurance Rates

An annual industry report shows New Jersey has the costliest auto insurance rates in the nation. The National Association of Insurance Commissioners says New Jersey motorists paid an average of $1,220 in 2012. That’s about 49 percent more than the …

Climate Change Modeling on Cusp of Paradigm Shift

In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

Climate Change Regulations for Insurers Not Out of Realm of Possibility

Some sort of climate change regulation for the insurance industry could be just around the corner. Then again, it might not be. It’s a tossup in the eyes of Don Reed, a managing director in PricewaterhouseCoopers’ U.S. sustainable business solutions …

Conn. Urges Feds Not to Preempt States on Reducing Foreign Re Collateral

Connecticut Gov. Dannel P. Malloy, a vocal proponent of state-based insurance regulation in the U.S., sent a letter to U.S. Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman, urging them not to preempt states’ regulations in reducing collateral …

Heading a National Ridesharing Outline a Political Gain for Jones?

A committee of regulators led by California Insurance Commissioner Dave Jones is working on standards on ridesharing that departments of insurance in states across the U.S. can look to as an example. Whether the National Association of Insurance Commissioners Sharing …