insurance regulation News

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 …

Conn. Gov.: When It Comes to Insurance Regulation, States Are Here to Stay

Speaking at the National Association of Insurance Commissioners’ International Insurance Forum, Connecticut Gov. Dannel P. Malloy told a crowd of U.S. and international regulators and insurance representatives that when it comes to insurance regulation, states are “here are stay” and …

Betts To Lead Insurance Council Of Texas

Albert Betts will become executive director of the Insurance Council of Texas on April 1. Betts, who had served as general counsel to ICT since 2009, will replace Rick Gentry. Gentry is retiring after 17 years as the association’s manager. …

Ex-Treasury Official Wolin Urges Federal, State Collaboration to Improve Regulation

To make continued improvements in the U.S. insurance regulatory system, it’s imperative for state and federal officials to work collaboratively and share information and perspectives, said former Deputy Treasury Secretary Neal S. Wolin, who delivered the keynote speech at the …