regulation News

Arizona Attorney General Reaches $14.5M Settlement with JUUL

Arizona Attorney General Mark Brnovich announced a settlement with e-cigarette maker Juul Labs Inc. requiring the company to pay $14.5 million and make changes to its corporate practices to ensure JUUL products are not marketed or sold to youth in …

Pennsylvania Lawmakers Now Hold Fate of Regulations Waived Amid Pandemic

With voters shifting major new responsibilities to them, Pennsylvania’s state lawmakers are now tasked with deciding whether hundreds of state government regulations waived during the COVID-19 pandemic should be reinstated. This massive review is fueled by Tuesday’s referendum in which …

New York Proposes Guidance for Insurers on Financial Risks of Climate Change

The New York State Department of Financial Services (DFS) has issued proposed guidance for regulated insurers on managing the financial risks of climate change. The proposed guidance comes after a circular letter was issued by DFS on September 22, 2020. …

California Governor Planning $4 B for Economic Recovery

After spending most of 2020 telling small businesses to close and limit their customers, California Gov. Gavin Newsom on Tuesday proposed $4 billion worth of state spending he says will help them survive in 2021. Newsom was the first U.S. …

UK Markets Watchdog Cracks Down on Conduct of Financial Advisers

Britain’s markets watchdog told financial advisers on Tuesday they face a two-year crackdown to stop unsuitable advice, investment scams and excessive fees. The Financial Conduct Authority (FCA) said in a “Dear CEO” letter to heads of financial advice firms it …

California Department of Insurance Says it Recovered $81.3M for Consumers

Insurance Commissioner Dave Jones announced on Thursday that the California Department of Insurance recovered more than $81.3 million for consumers during 2017 through consumer complaint investigations and market conduct examinations of insurance companies. Last year the department’s consumer hotline reportedly …

Vermont Hospital to Bring Captive Insurance Firm to State

The University of Vermont Health Network is going to bring a wholly owned insurance company home to Vermont. The UVM Network’s captive insurance company, which provides malpractice insurance for its medical providers, is currently located in Bermuda. The network’s board …

Zenefits to Pay $3.4M for Fair Labor Act Violations in California and Arizona

Zenefits is in trouble with another government regulator. San Francisco, Calif.-based Zenefits FTW Insurance Services violated the Fair Labor Standards Act by misclassifying 743 account executives and sales development representatives in San Francisco, and in Tempe and Scottsdale, Ariz., as …

China’s Probe of Regulatory Chief Won’t Slow Insurers’ Overseas M&A: Opinion

Xiang Junbo, the man on whose watch China’s insurance industry flourished, is now himself under investigation. As Bloomberg News reported over the weekend, China’s anti-graft agency is probing the nation’s top insurance official as the government steps up a bid …

Swiss Re & SAP Partner to Develop Financial Steering & Reporting Solution

Swiss Re has formed a strategic partnership with SAP SE, the enterprise application software company, to develop a solution to address the increasingly complex demands of global regulators, in the areas of financial steering and reporting. Insurance companies currently must …