regulation News

Bermuda Monetary Authority Appoints Lespere as Chief Operations Officer

The Bermuda Monetary Authority has appointed Shanna Lespere as its chief operations officer (COO). In her new position, effective immediately, Lespere will oversee the authority’s operational functions – communications, document management, enterprise risk management, facilities, finance and currency, human resources, …

A.M. Best: China’s Solvency Rules Will Alter Reinsurance Buying Decisions

China’s new solvency regime will encourage direct insurers to revise their reinsurance programs, or panel of insurers, in order to better manage their solvency requirement arising from reinsurance credit risk, according to a new briefing published by A.M. Best. Titled “China’s …

North Dakota Regulator Urges State Monitoring of Oil Trains

North Dakota should employ its own railroad safety inspectors to help the federal government monitor crude oil shipments coming from the state’s booming oil patch, a state regulator said. Public Service Commissioner Julie Fedorchak said the idea is aimed at …

Louisiana Governor Signs Bill Regulating Insurance ‘Navigators’

Louisiana’s “navigator” organizations that get grants to help consumers enroll in insurance under the federal health care law will have to be licensed by the state. Gov. Bobby Jindal’s office announced June 13 that the governor signed Republican Rep. Kevin …

‘Mega Trends’; Optimism at the EIF 2014 Conference; DIMA CEO Interview

Ireland has been through some difficult economic times, but this year’s European Insurance Forum, held at the Four Seasons Hotel on May 15 and 16, highlighted the progress that’s been made, and the bright prospects for the future, as well …

Arizona Department of Insurance Licenses NAIC’s State Based Systems

The National Association of Insurance Commissioners announced that the Arizona Department of Insurance has licensed State Based Systems, an NAIC-owned and operated regulatory tool. “We are confident in the ability of SBS to help us significantly streamline our processes and …

Texas Insurance Regulators Invite Input on Surplus Lines Rules

Texas regulators are seeking comments on new rules related to surplus lines insurance. The Texas Department of Insurance is considering rules to implement Senate Bill (SB) 697 and 951, and House Bill (HB) 1405 (83rd Texas Legislature, Regular Session); SB …

South Dakota Bill Calls for Amusement Ride Regulation

The president of the Thunder Road attractions is behind a bill to further regulate amusement rides in South Dakota. Organization president and Republican Sen. Al Novstrup of Aberdeen co-sponsored the measure. The South Dakota Commerce Committee voted 6-1 to pass …

Prior Approval of Auto Rates Does Not Benefit Consumers: Study

The prior-approval rate regulation of auto insurance is considered an unnecessary and ineffective approach, according to a new industry study. Risk and insurance experts responding to the survey conducted by the Insurance Research Council held the view that prior-approval rate …

Oklahoma Panel Clears Prescription Drug Regulation Bill

Calling it a matter of public safety, a state lawmaker convinced an Oklahoma House committee to extend state oversight to companies that act as a middleman between pharmacies and people filling prescriptions through their employer’s health insurance. Pharmacy benefit managers, …