Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
State Regulators: Insurer Groups Must ‘Stick to Facts’ on AIG
Sep 18 2008 // National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger today issued the following statement regarding American International Group (AIG): In times of crisis, the...
AIG Crisis Restarts Debate Over State vs. Federal Insurance Regulation
Sep 17 2008 // The crisis surrounding giant insurer American International Group has reignited the debate within insurance circles over whether state or federal regulation is preferable. The parent AIG got into trouble with credit...
Florida Cabinet Approves Insurance Regulator’s New Reinsurance Rule
Sep 16 2008 // Financially sound unaccredited reinsurance companies can now conduct business in Florida without having to post 100 percent collateral. The Florida Office of Insurance Regulation announced that the Florida Cabinet, in its...
Update: AIG Cash Crisis Mounts; Greenberg Explores Buyout; Conservatorship Reportedly Eyed
Sep 16 2008 // American International Group Inc. shares sank 48 percent on a report that regulators might take control of the giant insurer, though a U.S. government source said federal agencies do not have legal authority to put AIG...
California Legislative Session Positive on Insurance Issues
Sep 15 2008 // This year’s California legislative session has been a relatively positive one for property/casualty insurers and their customers, according to the Association of California Insurance Companies. Legislators generally...
Assurant Offers ID Theft Protection for Financial Institutions
Sep 15 2008 // Assurant Specialty Property and National ID Recovery (NIDR) have launched a Red Flag ID fraud detection, notification and protection program for financial institutions and credit unions. Red Flag ID Fraud Solutions is a...
Tennessee Court Rules against Alcoa in Asbestos Suit
Sep 12 2008 // Alcoa Inc. can be sued for the asbestos-related death of a former worker’s daughter, the Tennessee Supreme Court ruled. The Pittsburgh-based company had argued that it should not be held responsible for Maryville...
Drug Maker Not Liable in Death Caused by User, Maryland Court Rules
Sep 11 2008 // The Maryland Court of Appeals has ruled that drug manufacturer Eli Lilly was not liable for a fatal accident caused by a user of one of its diabetes drugs who blacked out while driving and crashed into another...
Insurance Trade Group Honors U.S. Sen. Collins of Maine
Sep 11 2008 // The National Association of Mutual Insurance Companies (NAMIC) named Sen. Susan M. Collins, R-Maine, as its Federal Legislator of the Year. “Senator Collins has a great understanding and appreciation of the...
Florida Orders State Farm to Refund $120 Million for Mitigation Discounts
Sep 10 2008 // Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to issue credits or refunds totaling $120 million to current and former policyholders who did not apply for or who did not receive the windstorm loss...
Judge Dismisses Portions of Katrina Lawsuit in Mississippi
Sep 10 2008 // A Mississippi couple who accused their insurance company of using fraudulent Hurricane Katrina damage reports to keep from paying claims now says there’s no evidence the insurer acted negligently or in bad faith. A...
Texas Work Comp Division Encourages Crane Safety in Wake of Accidents
Sep 10 2008 // Recent construction crane accidents causing injuries and accidents in Texas and elsewhere have prompted the Texas Department of Insurance to urge employers and employees to use safety precautions when operating cranes. In...
California in Holding Pattern on Insurance Bills
Sep 9 2008 // With Democratic and Republican legislators unable to agree on a budget since California’s fiscal year began on July 1, 2008, many state services — as well as insurance bills — are at a standstill. Gov....
California Workers’ Comp Division Strengthens Judges’ Ethics Rules
Sep 9 2008 // California’s Division of Workers’ Compensation has adopted revised ethics regulations governing workers’ compensation judges. According to the DWC, the rules and regulations “are designed to enforce...
Iowa Governor Threatens Special Session Unless $85 Million Released
Sep 8 2008 // Iowa Gov. Chet Culver on on September 5 demanded that federal officials release $85 million in disaster assistance within the next 10 days, or he’ll summon the Legislature back into a special session to find money to...
California Senate Committee Passes Pay-As-You-Drive Legislation
Sep 1 2008 // Legislation that would allow insurers to more accurately base auto insurance premiums on how many miles a motorist drives passed the California Senate Appropriations Committee. Proposition 103 requires insurers to set...
Lloyd’s in the 21st Century
Sep 1 2008 // The Modernization of Lloyd’s and the London Market Any institution — and there aren’t many — that survives and thrives for 320 years must find ways to adapt to changing conditions. Lloyd’s of...
Surplus Lines Results Remain Strong, Despite Heightened Competition
Sep 1 2008 // Brokerage M&As Expected to Continue for the Near Term; Time’s Almost Up for Congress to Pass Reform Bill Surplus lines insurers continued to outperform the property/casualty industry in underwriting and...
N.D. Judge Denies New Trial in Bad Faith Case Against American Family
Aug 29 2008 // A judge has upheld the verdict in the case of a North Dakota couple who were awarded more than $2 million in a lawsuit against an insurance company. Timothy and Sylvia Moore of Mountain sued American Family Insurance after...
S&P Report Says Oman Insurance Market Still Strong After 2007 Losses
Aug 27 2008 // In its latest report on the insurance market in the Sultanate of Oman, Standard & Poor’s Ratings Services says that despite the heavy losses from Cyclone Gonu in 2007, the sector has much to commend...
