Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
American Agents Alliance Characterizes CDI’s Proposed Regulations “Unacceptable”
Dec 10 2004 // The American Agents Alliance is continuing to call for the defeat of California Insurance Commissioner John Garamendi’s proposed regulations relating to broker disclosures, terming the proposal...
Ky. Office of Insurance Receives Accreditation Award
Dec 9 2004 // The Kentucky Office of Insurance (KOI) in Frankfort was one of four state insurance departments receiving accreditation awards under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation...
PCI Calls for More Specific Regulatory Modernization Agenda at NAIC Meeting
Dec 8 2004 // District of Columbia Insurance Commissioner Larry Mirel responded to a request from the Property Casualty Insurers Association of America (PCI) for regulators to develop a more specific action plan for regulatory...
Ill. Judge Rules Comp Fee Hike Improper
Dec 7 2004 // An Illinois Cook County circuit judge has ruled that a state increase in fees paid by employers into the state’s workers compensation fund was improper because it was used to help plug a gaping hole in the general...
New Agents Council for Technology Report Outlines Recommendations for Privacy Policies
Dec 7 2004 // As Americans become increasingly concerned about the privacy of their health and personal information, independent insurance agents and brokers must make safeguarding private client information a specific focus within...
NAIC Elects 2005 Officers
Dec 6 2004 // The National Association of Insurance Commissioners (NAIC) elected four officers for 2005 during the NAIC Winter meeting in New Orleans, including a newly created position of president-elect to effectively serve a two-year...
SPITZER TAKES COMPENSATION PROBE TO WASHINGTON
Dec 6 2004 // Senate Panel Wants In, Agents Want Out of Brokerage Scandal At recent Senate hearings in Washington called to follow-up on allegations of bid rigging and hidden compensation by Marsh and other large insurance brokers,...
States Unveil Model Disclosure Act
Dec 6 2004 // An insurance broker would be required to obtain written approval from its insured before receiving any compensation from an insurer for the same transaction under a compensation disclosure act unveiled by the...
Texas Judge Denies State Farm Injunction Request
Dec 6 2004 // A state district judge recently ruled in favor of the Texas Department of Insurance (TDI) and its efforts to recoup more than $100 million for customers of State Farm Lloyds, an amount the agency contends the company...
European Insurance Summit 2004 Offers Some Words to Live By
Dec 6 2004 // Rating agencies are a reality, and we have to live with them,” Martin Kauer, CFO, Converium AG. “Market share is the enemy of risk management,” Brian O’Hara, president and CEO, XL Capital....
Task Force Report In But Time Running Out for Maryland Med Mal Session
Dec 6 2004 // Gov. Robert Ehrlich, who submitted medical malpractice reform legislation more than a month ago, has received a final report from a task force he created to recommend solutions to the insurance crisis. The report contains...
MINN. AG OUTLINES LEGISLATION ON BROKER OPERATIONS:
Dec 6 2004 // Minnesota Attorney General Mike Hatch has proposed a series of sweeping rules regulating how brokers would operate in the Land of 10,000 Lakes. Hatch, a Democrat, has found compatriots in the Minnesota legislature to...
S.D. Court Rules on When Umbrella Kicks in as Excess Coverage
Dec 6 2004 // Deciding an issue never settled before in South Dakota, the state Supreme Court said that secondary, umbrella insurance does not kick in until another insurer’s primary coverage has paid its full limit. The unanimous...
Fla. Cabinet Extends Moratorium to Dec. 31, But Only for Unrepaired Homes
Dec 6 2004 // Florida Gov. Jeb Bush and members of the Florida Cabinet approved an emergency rule extending the moratorium to Dec. 31 and banning insurance companies from canceling or non-renewing insurance policies for victims whose...
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...
