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“The principal role is to make sure that the market works; that you have insurance products that are reasonably priced that provide the service that they’re purported to do with the policy; and that the company has the wherewithal to stand behind anything they’re selling, that they have cash reserves and are adequately financed.”
— Washington Insurance Commissioner Mike Kreidler, commenting on what he views his role is as insurance commissioner.
More scrutiny
“We need to be very careful in this process. This is a key, key position and we have to have an open process.”
— New Mexico Public Regulation Commissioner David King, noting that he would have liked more time for public scrutiny and interviews of potential candidates to fill the role of Insurance Superintendent. The PRC has not named the candidates, but is seeking a replacement for former Superintendent Eric Serna, who retired in May after being questioned about conflict-of-interest issues. (Associated Press)
Unintended yet still unfair
“Seemingly neutral workplace practices that have a disproportionately negative impact on workers over the age of 40 may be considered discriminatory, although they were not intended to be so.”
— Salvatore Pollaro, senior vice president with Zurich’s management solutions group, commenting on how regulatory compliance with employment practices laws have become complicated by court rulings, such as Azel P. Smith et al. v. City of Jackson, Miss., in March 2005, that broaden the scope of discrimination laws.
Coverage wanted
“Directors and officers have finally woken up to the fact that come hell or high water, [D&O Side A Coverage] is a policy designed specifically for them before they have to reach into their own bank accounts.”
— William Hopkins, executive vice president of Starr Excess Liability Insurance Co. Ltd., commenting on the increased demand among executives for Side A coverage to protect their personal assets. Hopkins was a panelist at the PLUS D&O West Symposium.
Questionable law
“Garamendi was effectively holding a gun to a licensee’s head behind closed doors, forcing it to agree to a lengthy manifesto written by his lawyers, and then attempted to use a relatively obscure and limited provision in the Government Code to give these opinions the force of law.”
— Steve Young, general counsel for IBAWest, on what the association believes is an inappropriate attempt to turn a settlement agreement into precedential law that can be used in other cases.