insurance regulation News

Climate, AI, Privacy, Racial Bias Among State Insurance Regulators’ 2021 Priorities

The country’s insurance regulators are vowing to prioritize the monitoring of the use of consumer and non-consumer data by companies, the use of artificial intelligence, and the availability and affordability of insurance products for racial minorities. They say they will …

Top Insurance Regulatory Developments of 2020: Part 2

This is the second installment of a two-part look at the top 10 insurance regulatory developments of 2020 by attorneys at Locke Lord. The first part on Jan. 22 covered COVID-19, Insurtechs, Data Privacy, Race Equality and Pharmacy Benefit Managers. …

Top Insurance Regulatory Developments of 2020: Part 1

This is the first installment of a two-part look at the top 10 insurance regulatory developments of 2020 by attorneys at Locke Lord. The first part covers COVID-19, Insurtechs, Data Privacy, Race Equality and Pharmacy Benefit Managers. The second installment …

How East Insurance Regulators Are Responding to the Coronavirus Pandemic

As insurers continue to monitor the spread and impact of COVID-19, insurance regulators across the East region of the U.S. are issuing guidance on how the industry can respond. “There is almost no aspect of the insurance business that would …

Washington Insurance Commissioner Issued $80K in Fines in February

Washington Insurance Commissioner Mike Kreidler disciplined and issued fines in February totaling $79,400 against insurance companies, agents, brokers and others who violated state insurance regulations. Insurance companies Asuris Northwest Health, Seattle; fined $20,000 The company retroactively denied coverage for a …

UK Regulator Calls for New Regime Providing Open Access to Global Markets

Banks, insurers and traders that comply with reinforced global financial sector rules should be allowed to operate unhindered across the world to spur economic growth and trade, a top British regulator said on Thursday. Andrew Bailey, chief executive of the …

East Regulation Report Card: Vermont Ranks Best for 3rd Straight Year

The R Street Institute, a nonprofit public policy research organization headquartered in Washington, D.C., has found that Vermont has the best insurance regulatory environment in the U.S. for the third straight year in its annual Insurance Regulation Report Card. The …

Scant U.S. Insurance Presence at Paris Summit, Says Ceres

You’d think just about everyone who’s anyone attended the massive climate change summit in Paris ending this week. The 2015 United Nations Climate Change Conference, COP 21, drew an estimated 50,000 attendees to discuss ways to reduce Mankind’s carbon footprint, …

Pennsylvania Returns $66.8M in Restitution Payments to Consumers in Q1

Pennsylvania’s Acting Insurance Commissioner Teresa Miller announced Thursday that nearly 5,000 Pennsylvania consumers received $66.8 million in restitution payments or credits through the restoration of stolen funds, the payment of denied or underpaid claims, and the refunding of overcharged premiums …

N.Y. Calls for More Oversight for Investment Firms’ Acquisitions of Insurers

The New York Department of Financial Services (DFS) has proposed new regulations to oversee private equity and investment firms’ acquisitions of insurance companies, especially acquisitions of annuity companies, in the state. DFS said the proposal to enshrine enhanced policyholder protection …