Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
Settlement between AIG, WorldCom Approved by Judge
Nov 27 2002 // A federal judge has approved an insurance settlement between bankrupt telecommunications company WorldCom Inc. and National Union Fire Insurance Company, a unit of AIG. According to Dow Jones, the approval was reached days...
Lee Covington Steps Down as Ohio Insurance Commissioner
Nov 26 2002 // Lee Covington has formally announced his intention to resign his position as Director of the Ohio Department of Insurance before December 10 “to pursue career options in the private sector.” “This was a...
S&P’s: Little Ratings Cheer for Insurers in Terror Law
Nov 26 2002 // The newly mandated adoption of terrorism risk by commercial property/casualty insurers in the U.S. casts a shadow on ratings prospects, compounding Standard & Poor’s negative outlook on the industry, according...
NAII Decries W.Va. Court Ruling on Banks Selling Insurance
Nov 25 2002 // The U.S. Court of Appeals for the Fourth Circuit has given deference to the Office of the Comptroller of the Currency (OCC) in a dispute over regulatory authority with the West Virginia Insurance Commissioner’s...
Time to Start Thinking About Outsourcing Payroll
Nov 25 2002 // With 2003 just around the corner, it’s not too early to make a new year’s resolution. This year, why not make a vow to eliminate your payroll pains? Whether you process payroll manually or use a service, the...
Get to Know Your State Legislators
Nov 25 2002 // If there was one message speakers at the 2002 Annual Meeting of the Texas Surplus Lines Association (TSLA) wanted their audience to go away with, it was: Get to know your state legislators. That was the mantra chanted by...
LET THE FILING BEGIN
Nov 25 2002 // Texas legislators wasted little time in filing post-election insurance reform legislation. One week after an election in which campaigns rang with promises from Republicans and Democrats alike to bring down homeowners...
Time to Start Thinking About Outsourcing Payroll
Nov 25 2002 // With 2003 just around the corner it’s not too early to make a new year’s resolution. This year, why not make a vow to eliminate your payroll pains? Whether you process payroll manually or use a service, the...
NAII Praising Senate for Including Risk-Sharing Mechanisms in Terrorism Reinsurance Bill
Nov 22 2002 // The Senate’s recent approval of H.R. 3210, the Terrorism Risk Insurance Act of 2002, puts the bill on the desk of President Bush, who is expected to sign the legislation Dec. 2. The new legislation creates a...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
EU Adopts New Regulations on Bancassurance
Nov 21 2002 // The European Parliament, the legislature of the European Union, has adopted the recommendations of the European Commission, the EU’s executive arm, to tighten up regulations controlling Europe’s huge...
AAI Lauds Senate Approval of Terrorism Legislation
Nov 20 2002 // Alliance of American Insurers President Rodger Lawson, is praising Tuesday’s Senate passage of the Terrorism Risk Protection Act Conference Report, HR 3210, as “another important step on the road to insurance...
AAI Gathering Told Increased Corporate Governance Requirements Will Impact Both Stock and Mutual Insurers
Nov 18 2002 // The strict new requirements of the Sarbanes-Oxley Act of 2002 will impact not only publicly-held insurance companies, but they also set the bar for mutual insurers, according to experts who spoke at the Corporate...
Texas Coalition Promotes Competition, Consumer Protection
Nov 18 2002 // The Texas Coalition for Affordable Insurance Solutions (www.tcais.org ), whose membership includes a number of insurers operating in the state, urged the Texas Legislature to adopt regulatory reforms that promote...
IIABA Commends House Approval of Terrorism Insurance Legislation
Nov 15 2002 // The Independent Insurance Agents & Brokers of America (IIABA) commends House leaders for working cooperatively to pass terrorism insurance legislation yesterday, and urges the Senate to immediately follow suit and...
Lloyd’s Names Franchise Board Members
Nov 14 2002 // Lloyd’s has selected ten of the eleven members who will serve on the newly created Franchise Board (FB) which will take over management of the insurance market’s supervisory and commercial affairs beginning...
Filing of Insurance Bills in Texas Begins
Nov 13 2002 // Texas legislators wasted little time in filing post-election insurance reform legislation. One week after an election in which campaigns rang with promises from Republicans and Democrats alike to bring down homeowners...
TCAIS Initiates Reform Campaign
Nov 12 2002 // The Texas Coalition for Affordable Insurance Solutions, www.tcais.org, an Austin-based alliance of insurance providers, launched an insurance reform campaign to encourage legislators, regulators and other policymakers to...
Federal Terrorism Backstop a Good Public/Private Fit
Nov 11 2002 // Benjamin Franklin wore many hats: statesman, inventor, publisher—even firefighter. In fact, it was his experience fighting fires that made him realize the need to pool financial resources to protect properties and found...
DIMINISHED VALUE CONSIDERED IN TX
Nov 11 2002 // The National Association of Independent Insurers (NAII) is urging the Texas Supreme Court to review and overturn a lower court ruling requiring personal automobile insurers to pay diminished value under the terms of an...
