On October 5, 2007, Nonnie S. Burnes, Commissioner of Insurance for the Massachusetts Division of Insurance, filed Regulation 211 CMR 79 (Private Passenger Motor Vehicle Insurance Rates) with the Attorney General’s Office. The new regulation is intended to encourage competition and innovation in the automobile insurance market, while maintaining consumer protections.
Read MoreDuring the winter meeting of National Association of Insurance Commissioners (“NAIC”) (November 30 through December 4, 2007), the Reinsurance Task Force (“Task Force”) of the Financial Condition (E) Committee unanimously adopted a framework memorandum outlining a three-part approach to modernizing current U.S. reinsurance regulation.
With Congress scrambling to pass legislation extending the Federal Terrorism Risk Insurance Program before its expiration at the end of the month, New York lawmakers requested yesterday that any final extension act include a “reset” provision. Such a provision would lower the trigger levels for federal reimbursements under the TRIA program in areas already hit by a terrorist attack.
Read MoreU.S. Representatives Doris Matsui (CA – D.) and Mario Diaz-Balart (FL – R.) have cosponsored and recently introduced a bill to the House of Representatives, entitled The Safe Building Codes Act of 2007. If enacted, the Bill would allow for approved states to each receive an additional 4% of federal disaster relief funds.
Read MoreAs reported previously in this space here and here, OFC legislation (entitled the “National Insurance Act”) was resubmitted in the House and Senate earlier this year. While testimony from the NAIC and various trade organizations was taken by the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on October 3 and October 30, the current consensus is that no OFC legislation will be passed this year.
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