Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
Federal Judge Postpones Andersen Breakup Request
Apr 9 2002 // According to a Reuters report, a federal judge has postponed plaintiffs’ request for an injunction to thwart accounting firm Arthur Andersen from selling off its assets. The delay allows the firm to negotiate a...
NY Court Lifts Stay on Applying Reg 68 Rules
Apr 8 2002 // The decision by New York’s Appellate court to lift a stay of execution on the application of Regulation 68, imposed last February, clears the way for the immediate implementation of the new rules. NY Insurance...
Wash. Gov. Signs Credit-Based Scoring Bill and Construction Defect Legislation
Apr 8 2002 // Gov. Gary Locke has signed House Bill 2544 restricting insurers’ use of credit-based insurance scores. Earlier in the week, he signed Senate Bill 6409, providing an opportunity for corrective action to be taken...
Regulatory Modernization Bill Introduced in Mich.
Apr 3 2002 // Michigan has an opportunity to continue streamlining its rate and form filing process by adopting legislation recently introduced by Senator Bill Bullard (R-Highland), according to the National Association of Independent...
A.M. Best, S&P’s Change Ratings on Legion Insurance, Villanova Insurance
Apr 3 2002 // A.M. Best Co. has downgraded the financial strength rating to E (Under Regulatory Supervision) from B (Fair) for Legion Insurance Company and Villanova Insurance Company, Pa. The downgrade is tied in to the March 29...
Minn. Legislature Overrides Veto on Glass Reform
Apr 2 2002 // The Minnesota legislature has voted overwhelmingly to override Governor Jesse Ventura’s veto of legislation that bans glass dealers from offering rebates and give-away incentives. The bill (HB 2570) repeals the...
AAI Says Colo. Licensing Proposal Will Benefit State’s Market
Apr 2 2002 // An insurance company licensing proposal being considered by the Colorado Department of Insurance will make the process more uniform with other states, making it easier for insurers to enter the Colorado market, according...
NY Agent/Broker Associations Join to Fight Auto Fraud
Mar 27 2002 // Four leading New York agent and broker trade groups have joined forces to combat “rampant fraud” in the state’s no-fault automobile claims procedures. The Professional Insurance Agents of New York, Inc....
AAI Praises DOT Safety Requirements for Visiting Mexican Trucks
Mar 25 2002 // Calling it a step forward in making American highways safer, the Alliance of American Insurers (AAI) praised the U.S. Department of Transportation’s newly established safety requirements for Mexican trucks and buses....
Insurance Fraud: A Perpetual Bane for Industry, Consumers
Mar 25 2002 // Since the insurance industry’s inception, fraud has proved a perpetual problem, an inherent risk that will likely never be totally eliminated. Carriers have long warned that fraud ultimately causes them to raise...
Insurance Fraud: A Perpetual Bane for Industry, Consumers
Mar 25 2002 // Since the insurance industry’s inception, fraud has proved a perpetual problem, an inherent risk that will likely never be totally eliminated. Carriers have long warned that fraud ultimately causes them to raise...
The Real Truth About Credit Scoring
Mar 25 2002 // The insurance industry would like the public to believe they have found the holy grail of underwriting: credit scores. Since they now have this vehicle to make sure that only good drivers get good rates and bad ones pay...
NYSID Unveils Proposed Laws for Sponsored Captives
Mar 22 2002 // Gregory V. Serio, New York’s Superintendent of Insurance and Empire State Development Chairman Charles A. Gargano issued a joint announcement concerning legislative proposals which would allow “a wider range of...
Mendoza Campaign Calls for Meaningful Reform
Mar 22 2002 // Gary Mendoza, GOP Nominee for California Insurance Commissioner, re-issued his call for state legislation prohibiting Insurance Commissioners and candidates for the Office of Commissioner from accepting campaign...
Rutgers Study Finds NJ Auto Insurance Laws Fundamentally Flawed
Mar 20 2002 // A study by John D. Worrall, professor and chair of economics at Rutgers University – Camden, concludes that “New Jersey’s auto insurance laws are fundamentally flawed, guaranteeing an inefficient and...
PIA Condemns OCC Bank Law Preemption Opinion in Mass.
Mar 20 2002 // The National Association of Professional Insurance Agents (PIA) has condemned an opinion by the Office of the Comptroller of the Currency (OCC) that some provisions of a Massachusetts insurance law would be preempted under...
Minn. Senate Passes Legislation Restricting Use of Credit-Based Scores
Mar 20 2002 // Legislation that would prohibit insurers from canceling or non-renewing policyholders based solely on their credit-based insurance score passed the Minnesota Senate last week. “While Senate File 2363 is an...
Commercial Lines Modernization Model Adopted by NAIC
Mar 20 2002 // Insurers were pleased as the National Association of Insurance Commissioners (NAIC) adopted its Commercial Lines Rate and Form Model Act at its Executive Committee meeting during the Spring Meeting in Reno this week. The...
Wis. Assembly Passes Budget Without Credit Prohibition
Mar 20 2002 // The Wisconsin State Assembly passed the Budget Reform Act early March 15, minus a proposed prohibition on insurers’ use of credit-based insurance scores. The passage of the budget bill, combined with the demise of a...
NAII Says Insurers Faced Stiff Opposition in
Mar 20 2002 // Insurers faced some stiff opposition in the recently concluded Washington legislative session according to the National Association of Independent Insurers (NAII). Insurers succeeded in improving the initial version of...
