Earlier this week, the Connecticut House passed HB 5072, limiting the abilities of insurance companies or their representatives to “steer” insureds to specific automotive glass repair facilities. The new legislation follows a trend in Connecticut to dissuade insurers from directing insureds to use specific facilities. Connecticut’s existing laws prevent appraisers from requiring that specific locations or companies be used for automotive repairs.
Read More Connecticut Considering Auto Glass Repair Disclosure Bill
NAIC Subgroup’s White Paper on Captives and SPVs
On March 14, 2013, the NAIC’s Captive and Special Purpose Vehicle Use (E) Subgroup (the “Subgroup”) released a revised version of its White Paper with respect to Special Purposes Vehicles (“SPVs”) and Captives (the “New Draft”). The New Draft is now open for a public comment period until April 28, 2013.
Read More NAIC Subgroup’s White Paper on Captives and SPVs
NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases
During the NAIC 2012 Fall National Meeting, a proposal to amend the NAIC’s Stop Loss Insurance Model Act to increase the minimum individual attachment point – the equivalent of a “deductible” – for stop loss insurance from $20,000 to $60,000, as well as changes to aggregate attachment points, was defeated by a 10-8 vote.
Read More NAIC Defers Action on Stop Loss Insurance Attachment Points; Some States Begin Increases
California Continues to Publicize Insurers Involved in Iranian Investments
In recent years, California has sought to establish disincentives for insurance companies to invest in certain sectors of the Iranian industry. However, in early 2012, following challenges to its authority to require divestment, the California Insurance Department (the “Department”) entered into a settlement and agreed not to bar insurers from investments in companies doing business with Iran.
Read More California Continues to Publicize Insurers Involved in Iranian Investments
NAIC Fall National Meeting Foreshadows More Flexibility for Life Insurers
The National Association of Insurance Commissioners (“NAIC”) held its Fall National Meeting (the “Meeting”) from November 29th through December 2, 2012. Among the topics discussed was the need to address the perceived “XXX and “AXXX” reserve redundancies applicable to life insurers.
Read More NAIC Fall National Meeting Foreshadows More Flexibility for Life Insurers
“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles
In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies.
Read More “Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles