Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
Ala., Ga., La. Commissioners Discuss Untangling the Regulatory Environment
Dec 6 2004 // In times of disaster the insurance industry is supposed to shine, and your industry did,” Alabama Insurance Comm-issioner Walter A. Bell commented during a panel discussion at the Society of Insurance Research annual...
Garamendi Recommends 2.2% Reduction in WC Pure Premium Rates
Dec 6 2004 // California Insurance Comm-issioner John Garamendi called for a 2.2 percent reduction in pure premium rates for workers’ compensation insurance in a Nov. 17 conference call to the media. “My current advice to...
Agency Investigating Ex-SAIF Leader
Dec 6 2004 // The Oregon state ethics commission has launched an investigation into the lobbying activities of Katherine Keene, the former president of the SAIF Corp. At issue is whether Keene, who resigned in 2003, failed to register...
AIA VP Part of Team Working on Iraqi Code
Dec 6 2004 // David Snyder, vice president and assistant general counsel for the American Insurance Association (AIA) was part of a support team that went to Amman, Jordan, in June 2004 to assist the efforts of the group that included...
SMART: An Opportunity to Re-Energize States
Dec 6 2004 // Through the State Modernization And Regulatory Transparency Act (SMART Act), Congressmen Michael Oxley (R-Ohio), and Richard Baker (R-La.), have made a creative initial proposal to re-energize state insurance regulation...
JUDGE RULES AGAINST MUTUAL BENEFITS IN FAVOR OF SEC:
Dec 6 2004 // A federal magistrate judge has upheld U.S. Securities and Exchange Commission (SEC) findings that Mutual Benefits Corporation (MBC), the nation’s largest viatical settlement company, engaged in violations of...
CIAB Endorses NAIC Proposed Disclosure Regulation
Dec 3 2004 // The Council of Insurance Agents & Brokers (CIAB) announced its endorsement of the National Association of Insurance Commissioners’ (NAIC) proposed regulation calling for the full disclosure and transparency of...
Fla. Lawmakers Urged: Stick to Key Issues
Dec 3 2004 // When the Florida Legislature meets in special sessions in December lawmakers should focus on the most pressing matters facing more than 1.2 million commercial and residential property owners and leave less urgent concerns...
PCI to Host Producer Compensation Seminar in Chicago
Dec 3 2004 // The Property Casualty Insurers Association of America will host a seminar aimed at helping member company executives better understand the legal and regulatory issues related to producer compensation raised by the...
N.Y. Insurers Caution Lawmakers Over Reaction to Broker Probes As Albany Prepares for Assembly Hearing
Dec 2 2004 // The New York Insurance Association (NYIA) cautioned state lawmakers in Albany against “a knee-jerk public policy reaction” to allegations of improper business practices by brokers, agents and insurers that...
Court Overturns Ruling on Auto Rate Settings
Dec 2 2004 // The 11th Circuit Court of Appeals has overturned a lower court ruling that would have reportedly given a single jury the power to set rates for auto insurance across the country. In the case of Gilchrist, et al. v. State...
PCI Supports NAIC Broker Disclosure Provisions, but Recommends Changes in Written Testimony
Dec 2 2004 // The Property Casualty Insurers Association of America (PCI) supports provisions of a model regulation that require insurance brokers to disclose that they are acting as a broker and to disclose all sources of compensation...
Execs Predict Shift in Insurance Brokerage Compensation in 2005
Dec 1 2004 // A new poll has found that property casualty executives expect changes in the insurance brokerage and regulatory models to have fundamental and long-lasting effects on the industry, including downward pressure on industry...
S.C. Legislature to Discuss Insurance Fraud
Dec 1 2004 // During the past five years, insurance fraud complaints have grown by 61 percent in South Carolina, while the average U.S. family pays an extra $1,030 in insurance premiums each year to cover the cost of medical, auto, and...
NCOIL Releases Broker Disclosure Model in Effort to Address to Compensation Issues
Dec 1 2004 // In an effort to address broker compensation issues that have arisen as a result of New York Attorney General Elliot Spitzer’s and other state investigations, the National Conference of Insurance Legislators (NCOIL)...
PCI’s Csiszar: Regulatory Reforms Needed Now More than Ever
Nov 30 2004 // The insurance industry, entrenched in controversy and hampered by a disjointed regulatory system, needs serious reforms in order to remain an effective risk-transfer mechanism for the U.S. economy, according to Ernie...
American Agents Alliance Welcomes Nigohosian as New Executive Director
Nov 29 2004 // The American Agents Alliance Board of Governors announced the selection of Ken Nigohosian as the association’s new executive director. Nigohosian was chosen from among a pool of the insurance industry’s best...
Conn. Accused of Laxity in Bail Bonds Oversight
Nov 28 2004 // A whistle-blower complaint has accused the Connecticut Department of Insurance of failing to adequately investigate and sanction bondsmen who illegally provide discounted bail bonds. State auditor Kevin P. Johnston said he...
Fla. Cabinet Issues Emergency Rule: Extends Moratorium to Dec. 31 for Unrepaired Homes
Nov 23 2004 // Gov. Jeb Bush and members of the Florida Cabinet have approved an emergency rule extending the moratorium to Dec. 31 and banning insurance companies from canceling or non-renewing insurance policies for victims whose homes...
N.Y. Superintendent Calls for Auto Rate Reassessment as Fraud-Fighting Successes Drop Insurers’ Losses
Nov 23 2004 // New York Superintendent of Insurance Gregory Serio on Tuesday announced the commencement of an immediate and broad-based review of auto insurance rates for private passenger vehicles in New York State. Insurance companies...
