Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
At Senate Hearings into Broker Pay, NAIC Claims States Get Job Done without Headlines
Nov 16 2004 // New York Superintendent of Insurance Greg Serio, speaking on behalf of the nation’s state insurance commissioners, will tell a Senate subcommittee today that state regulators play a critical role in guaranteeing a...
Independent Insurance Agents Defend Themselves at Senate Hearing over Broker Compensation
Nov 16 2004 // The nation’s largest independent insurance agency group will go before a Senate subcommittee in Washington today to attempt to put some distance between large insurance brokers facing allegations of illegal...
Conn. AG Urges Tougher State Action, Offers Own Insurance Reforms in Testimony Before Senate Panel
Nov 16 2004 // Despite charging that too many state insurance regulators have become “industry captives,” Connecticut Attorney General Richard Blumenthal is rejecting calls for federal intervention in the regulation of...
N.Y. AG Suggests Off-Shore Insurers, Rating Organizations, Insurer Investments Next Targets
Nov 16 2004 // New York Attorney General Eliot Spitzer signaled today he believes investigations of the insurance industry have only “scratched the surface” thus far of questionable activities and that additional probes are...
State Regulators Reveal Model Disclosure Act
Nov 16 2004 // An insurance broker would be required to obtain written approval from a customer before receiving any compensation from an insurer for a piece of business under a model compensation disclosure act unveiled by the...
Oregon Legislature Next Arena in Malpractice Battle
Nov 15 2004 // After narrowly losing in the Nov. 2 election, Oregon doctors who pushed for a cap on jury awards in malpractice lawsuits are preparing to take their fight to another arena: the 2005 Legislature. The physicians won’t...
Perry Says Texas Lawmakers Will Deal With Insurers Dodging Rollbacks
Nov 14 2004 // Texas Gov. Rick Perry recently sent a message to State Farm and Farmers insurance companies, who have successfully fought state-ordered rate rollbacks for homeowners policies. “I’m not happy at all when...
Two Southeast States Could Reconsider Anthem/WellPoint Merger
Nov 11 2004 // Georgia and West Virginia are two southeast states that could reconsider their earlier approval of the Anthem Inc./WellPoint merger, after California’s $265 million concessions package in California. Seven other...
N.J. Repairs Contractors’ Registration Act
Nov 11 2004 // New Jersey Gov. James McGreevey has signed into law a measure sought by agents and insurers that removes troublesome provisions from the Contractor’s Registration Act. The amendments fix a provision that required...
State Farm Decision to Stay in New Jersey Auto Market Latest Sign of Improved Insurance Environment
Nov 10 2004 // A flurry of special dividends and a series of rate reduction announcements from auto insurers, coupled with increased competition and new regulations adopted by the New Jersey insurance department, are helping to reshape...
CIAB Makes Recommendations on NAIC Proposed Compensation Regulation
Nov 10 2004 // In a letter to the National Association of Insurance Commissioner President, Diane Koken, who also serves as the commissioner of the Pennsylvania Insurance Department, the Council of Insurance Agents & Brokers...
PCI Seeks November Vote on Class Action Reform
Nov 10 2004 // In a letter to Senate Leaders, Property Casualty Insurers Association of America Senior Vice President, Government Affairs, Carl Parks this week urged the passage of class action reform legislation before Congress adjourns...
Judge Rules Against Mutual Benefits In Favor of SEC
Nov 10 2004 // A federal magistrate judge late today upheld findings by the U.S. Securities and Exchange Commission (SEC) that Mutual Benefits Corporation (MBC), the nation’s largest viatical settlement company, engaged in...
Marsh to Lay Off 3,000 in Cost-Cutting Move
Nov 9 2004 // Marsh & McLennan Companies Inc. (MMC) today revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk...
State Farm, Farmers Win a Round in Texas as Judge Strikes Down Mandated Rollbacks
Nov 9 2004 // A state district judge in Texas overturned mandated rate rollbacks in homeowners insurance for State Farm and Farmers insurance companies, but the Texas Department of Insurance is reportedly not ready to give up the...
Big ‘I’ Takes Proactive Approach to Issues in the Spitzer Investigation
Nov 8 2004 // By now, you probably are aware that insurance broker Marsh & McLennan Companies Inc. and Marsh Inc. (collectively Marsh) were sued in New York on Oct. 14 based on allegations of engaging in certain illegal business...
The October Surprise
Nov 8 2004 // In a not-so-far-away land not too long ago, insurance professionals were decrying the actions of high ranking officers of companies like Enron, WorldCom, Tyco, etc., for their challenged ethics, their “I’m on...
Industry in the Bull’s Eye
Nov 8 2004 // In the days after New York Attorney General Eliot Spitzer filed a civil lawsuit against insurance broker Marsh & McLennan Companies Inc. for alleged commercial account steering and bid rigging, the insurance industry...
Looking at the Med-Mal Crisis from Both Sides
Nov 8 2004 // Insurance Journal National Editor Andrea Ortega-Wells recently moderated a “Take Two” debate discussing the hot topic of medical malpractice, and what, if any, reforms are needed. The debate features Paula...
Unfair Trade Practices Unfair to Insurance Agents
Nov 8 2004 // Here is a tale of two sellers. A realtor sold a home in a quiet neighborhood to a nice family. Shortly after settling in, the new homeowners begin to discover certain defects in the property, which had not been disclosed...
