Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
S&P: Company Ratings Could Suffer in Federal-State Squeeze on Terrorism Risk
Nov 13 2001 // Commercial insurers face a potentially untenable situation if the federal government fails to pass legislation that would help cushion terrorism costs to the industry by the end of November, and if state insurance...
Hardening Market Heralds Rush to Alternatives
Nov 12 2001 // During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if...
NAII PUSHES FOR MODERNIZATION
Nov 12 2001 // The National Association of Independent Insurers (NAII) is urging the National Conference of State Legislatures (NCSL) to support a model bill for the regulatory modernization of personal lines that provides a competitive...
NAIC ADOPTS RE MODEL ACT
Nov 12 2001 // The National Association of Insurance Commissioners recently adopted the Special Purpose Reinsurance Vehicle (SPRV) Model Act. The act will provide a template for states to create legislation that will enable onshore...
Attorneys Warn of Impact on Policyholders
Nov 9 2001 // Attorneys who represent insurance policyholders warned House Financial Services Committee Chairman Michael Oxley on Nov. 7 that, “in the rush by the insurance industry to maximize financial gain through legislative...
California Supreme Court Rules Companies Can Be Sued
Nov 7 2001 // The California Supreme Court ruled on Nov. 5 that insurance companies may be sued in their failure to cover damage that their adjusters mistakenly overlooked, even if the legal deadlines for such lawsuits have...
Nevada Division of Insurance Looks to Amend Consumer Privacy Regulation
Nov 7 2001 // The Nevada Division of Insurance is considering ways to tweak its consumer privacy regulation so that it no longer runs contrary to state law. Nevada’s proposed privacy regulation-which spells out insurers’...
NAIC SPRV Model Provides Added Tool to Manage Risk for Natural Catastrophes
Nov 5 2001 // The National Association of Insurance Commissioners’ (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore...
Gender Rating Explored in Kentucky
Nov 5 2001 // If gender is eliminated from the factors Kentucky insurers use to determine auto rates, youthful female drivers state-wide would pay 6.8 percent more for their auto insurance premiums, according to a recent study. The...
NAIC Adoption of Special Purpose Reinsurance Vehicle Model Act Aids States
Nov 2 2001 // (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore securitization of insurance risk for natural catastrophes. The...
Hoffman Concludes Term, Ahart Inaugurated as IIAA’S 97th President
Nov 1 2001 // The strength of the insurance industry in the aftermath of the Sept. 11 attacks was highlighted by William B. Hofmann III, in his farewell speech as president of the Independent Insurance Agents of America...
NAII Calls on NCSL to Support Personal Lines Modernization
Nov 1 2001 // The National Association of Independent Insurers (NAII) is urging the National Conference of State Legislatures (NCSL) to support a model bill for the regulatory modernization of personal lines that provides a competitive...
IIAA Recognizes Presidential Citation Recipients, Young Agents, State Associations and Individual In
Oct 30 2001 // Independent Insurance Agents of America (IIAA) President William F. Hofmann III, bestowed special IIAA Presidential Citations awards to several deserving individuals for their outstanding contributions on behalf of the...
Ohio Insurance Dept. Appeals Court Ruling on Failed Companies
Oct 29 2001 // Ohio Department of Insurance (ODI) filed an appeal with the Ohio Supreme Court requesting a hearing on the department’s appeal of the Tenth District Ohio Court of Appeals’ ruling on the distribution of assets...
NAIC Outlines Principles for Federal Role in Terrorist Insurance Coverage
Oct 29 2001 // In Congressional testimony, National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius outlined the NAIC’s suggested role for the federal government in...
Time-Tested Lloyd’s Turns to Address U.S. Disaster Losses
Oct 29 2001 // Lloyd’s of London, the world’s oldest and most visible insurer, has set about dealing with the aftermath of the terrorist attacks of Sept. 11. Two weeks after the event, it released its projected net loss...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
NAII Annual Meeting to Convene in New Orleans
Oct 29 2001 // Carrying on with business after the tragic terrorist attacks on Sept. 11, the National Association of Independent Insurers (NAII) will hold its 56th annual meeting in New Orleans Nov. 4-7 as scheduled. Speakers at the...
NAII Lauds NY Court Ruling on Settlement Reimbursements
Oct 24 2001 // The New York State Court of Appeals recently ruled that insurance companies must treat settlements that “are not linked by a common origin” separately, and cannot combine them in order to tap into reinsurance...
Penn. Court Rules Long-term Pollution Case Against Insurers Should Proceed
Oct 23 2001 // The Pennsylvania Supreme Court has reversed a lower court decision which had barred an action against Liberty Mutual and other insurers brought by Sunbeam Corp. and a number of other plaintiffs, seeking to recover claims...
