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On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits.  Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits

On November 4, 2011, the National Association of Insurance Commissioners (“NAIC”) elected the following officers for the upcoming year:

President: Florida Insurance Commissioner Kevin M. McCarty
President-Elect: Louisiana Insurance Commissioner James J. Donelon
Vice President: North Dakota Insurance Commissioner Adam Hamm
Secretary-Treasurer: Montana Commissioner of Securities and Insurance Monica J. Lindeen 

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Read More NAIC Elects New Officers For 2012

Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”).   The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. …
Read More Appointments Made to the Federal Advisory Committee on Insurance

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

On October 25, 2011, the House Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs, Part 2.”  Michael T. McRaith, Director of the Federal Insurance Office (“FIO”) testified before the Committee providing a report of the FIO’s progress to date. …
Read More McRaith Testifies Before House Committee Regarding FIO Progress

The National Association of Insurance Commissioners (“NAIC”) has charged its Financial Condition Committee with investigating how insurers are using captives to transfer third party insurance risks in connection with state laws and regulations.  If the investigation reveals reasons for concern, the committee will consider recommendations to amend the relevant existing model NAIC laws or create a new model law. …
Read More NAIC Investigates Use of Captives

At the annual National Association of Professional Surplus Lines Offices, Ltd. (“NAPSLO”) convention, the surplus lines industry recently reported that it has seen an increase of 10-15 percent in submission volume over the last year.  Although the price of most insurance written by surplus lines insurers has not increased (other than for insurance written on catastrophe exposed accounts), the industry reported that terms and conditions of such insurance is improving. …
Read More Surplus Lines Market Reports Increase in Business

Please join the U.S. Reinsurance Under 40s Group for a happy hour this Wednesday, October 26, at St. Andrew’s Restaurant and Bar, located at 140 West 46 Street (between 6th and 7th Ave.).  The event will run from 5:30-8:30, and the Group has reserved a private area in the upstairs section of St. Andrew’s. …
Read More U.S. Reinsurance Under 40s Group to Host an Event This Wednesday

The National Association of Insurance Commissioners (“NAIC”) issued a press release on October 12, 2011 announcing, among other things, amendment to the Annuity Disclosure Model Regulation (#245) (the “Model”), adopted by  a joint executive/plenary session.  The amendments are designed to improve disclosure and reduce consumer confusion regarding annuity purchases. …
Read More NAIC Amends Annuity Disclosure Model Regulation

This updates our March 24, 2010 blog posting.  The National Association of Insurance Commissioners (“NAIC”) issued a press release on October 12, 2011 announcing, among other things, adoption of a bulletin (the “Bulletin”) regarding stranger originated annuity (“STOA”) transactions. STOA transactions involve a producer and/or investor offering a third party a fee for the use of the individual’s identity as the annuitant in an annuity. …
Read More NAIC Adopts Bulletin on Stranger-Originated Annuities