state regulation News

State Regulators Fight Federal Charters for Fintechs

A body of U.S. state banking regulators on Thursday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and puts consumers and taxpayers at risk. The …

New York Challenges Federal Ruling Allowing Fintechs to Skirt State Regulation

New York state’s top banking regulator on Friday sued the U.S. Office of the Comptroller of the Currency, seeking to void its decision to begin granting national bank charters to financial technology companies. Maria Vullo, the superintendent of the New …

Insurers Welcome Global Regulation Provision in Banking Reform Bill

The financial services regulatory reform measure passed by Congress yesterday, which contains parts of more than 25 different bills, includes a provision on international insurance regulation that is being met with cheers by the insurance industry. This bill, which rolls …

State Regulators Scrutinizing Use of Premium Caps in Insurance Rating

Concerns over price optimization are leading regulators to think carefully about the implications of longstanding practices in insurance rating, including premium “caps” on policy renewals for individuals, households and small businesses, according to one regulator. Charles Angell, deputy commissioner and …

Why Allowing Health Insurance Sales Across State Lines Won’t Help

The effort to replace Obamacare faces increasing challenges, the more it is subjected to the harsh light of scrutiny. A good example is the proposal, apparently central to the Republican replacement plans, to allow people to buy health insurance across …

New York State Finalizes First-in-Nation Cyber Security Regulation

New York state announced a final cyber security regulation on Thursday with mandatory standards for banks and insurers to combat the ever-increasing risk of cyber attacks. The regulation, which takes effect March 1, follows a series of high-profile data breaches …

How Notification Requirements for Conditional Renewals Vary by State

All but four states and the District of Columbia address the insurance carrier’s duty to notify an insured of its renewal plans. This is known in insurance circles as the “conditional renewal” notification requirements. Conditional renewal statutes and administrative rules …

Federal Government Shutdown Effect on P/C Insurance Industry

If Congress fails to agree by midnight tonight on a resolution to continue funding the federal government, the property/casualty insurance industry should not be seriously affected by the resulting shutdown. The insurance industry is not totally immune to the economic …

State Insurance Regulators Invoke Jefferson to Limit Federal Role

State insurance regulators are drawing on the country’s founding principles as they resist international pressure to give the federal government a greater role in overseeing the industry. Ben Nelson, chief executive officer of the National Association of Insurance Commissioners and …

Florida Fines Universal P/C $1.3M for Claims Delays, Notice Failures

Florida’s second largest property insurer is being hit with a fine of nearly $1.3 million. Florida Insurance Commissioner Kevin McCarty announced that his office was assessing a fine against Universal Property & Casualty Insurance Co. Universal has roughly 542,000 policyholders …