state regulation News

Virginia Lawmakers Again Fail to Fill Vacancy on Key Regulatory Agency

Virginia lawmakers elected a handful of local judges Wednesday but failed yet again to fill a vacancy on the powerful State Corporation Commission, which regulates a wide range of business interests. The lack of action during the politically divided General …

Man-Made Crises Threaten P/C Markets, Says Joint Report From Trade Associations

Several insurance industry trade associations used the 30th anniversary of Hurricane Andrew – a storm that upended and transformed insurance and the manner in which communities prepare for natural disasters – to broadcast their conclusion that man-made threats are today …

New Jersey Court Upholds State Regulator in Dispute With Applied Underwriters

The New Jersey insurance commissioner does not have to rely upon the state’s attorney general to bring a lawsuit against out-of-state insurers and their affiliates that it believes are violating state laws. Rather, the insurance department can bring an administrative …

Maryland Authorizes Remote Rather Than On-Site Reviews of MGAs

Insurance companies can conduct remote rather than on-site reviews of their managing general agents in Maryland beginning in October. Gov. Larry Hogan has signed legislation recommended by the state’s insurance regulator and passed by lawmakers. The law repeals the requirement …

Long-Time Maine Insurance Regulator Cioppa to Retire April 1

After 33 years at the Maine Bureau of Insurance, including 10 as superintendent and 13 as deputy superintendent, Eric Cioppa will retire on April 1, 2022. Cioppa joined the insurance department in 1988 as a statistician then served as supervisor …

District Joins $100M Settlement With Digital Lender BlockFi

The District of Columbia reports that it is part of a $100 million settlement with digital asset lending platform BlockFi Lending. The Department of Insurance, Securities and Banking (DISB) said the settlement is related to the company’s sales of unregistered …

Top 10 P/C Insurance Market Conduct Issues

The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues. That’s according to a review by Wolters Kluwer …

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 …

Florida’s Altmaier to Assume NAIC Presidency for 2021

The National Association of Insurance Commissioners (NAIC) will have officers for 2021. The newly-elected officers will assume their duties on Jan. 1, 2021. Members of the association of regulators elected these leaders for the new year: President: Florida Insurance Commissioner …

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 …