state regulation News

New Mexico Insurance Commissioner Franchini to Retire

New Mexico’s top insurance regulator is stepping down. The Albuquerque Journal reported that state Superintendent John Franchini has withdrawn his application to serve a third four-year term and instead plans to retire. His term ends Dec. 31. A nine-member state …

Car Sharing Lobbyists Battle Car Renting Lobbyists, Driving State Lawmakers Crazy

The bill that turned Illinois into the focal point of a bitter debate over car-sharing last year started as a proposal about what happens when a rental car is stolen. The legislation, which would allow rental companies to punish customers …

Regulators Disagree Over Giving Fintechs Federal Charter to Skirt State Rules

The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc. or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. …

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 …