Florida Senate
On April 20, 2009, the Florida Senate Finance and Tax Committee (the “Senate Committee”) passed an amended Senate Bill 1894 (the “Senate Bill”) by a vote of 3-2.
United States
Michigan Court Stays Michigan Insurance Regulator’s Attempt to Ban the Use of Insurance Credit Scoring on a Case-by-Case Basis
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this month, the Michigan Office of Financial and Insurance Regulation (“OFIR”) announced that it would reject, on a case-by-case basis, all new homeowner’s insurance rate filing that use insurance credit scoring as a factor in setting premium discounts. The OFIR has taken the position that basing rates on consumer credit scores is unfairly discriminatory and does not result in reasonably anticipated reductions in losses or expenses. …
Read More Michigan Court Stays Michigan Insurance Regulator’s Attempt to Ban the Use of Insurance Credit Scoring on a Case-by-Case Basis
Montana Amends Captive Insurance Laws
By Troutman Pepper Locke on
Posted in Regulatory, United States
In an effort to entice more captive insurers to operate within its borders, Montana enacted a bill, HB 106 (the “Bill”), at the end of March that reduces the burdens for forming a captive insurer in the state. …
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NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
By Troutman Pepper Locke on
On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes. …
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Proposed Legislation Updates Several Aspects of Missouri Insurance Law
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this year, Missouri State Representative Brian Yates, Chairman of the Insurance Policy Committee of the Missouri House of Representatives, introduced H.B. 777 (or the “Bill”), which proposes changes to several aspects of insurance regulation in the State of Missouri. …
Read More Proposed Legislation Updates Several Aspects of Missouri Insurance Law
Government to Cut Payments to Medicare Advantage Insurers
By Troutman Pepper Locke on
Posted in Healthcare, United States
The federal government continues to make changes to the Medicare Advantage program, which allows private insurance companies to provide more than 10 million seniors with healthcare coverage.
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National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation
As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
Read More National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation
VCIA Appoints Diane Leach as Interim President
By Troutman Pepper Locke on
Posted in Regulatory, United States
As an update to our previous post, the Board of Directors of the Vermont Captive Insurance Association (VCIA) announced its appointment of Diane Leach, the Association’s current Director of Education and Program Planning, as its interim president. …
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NCFE Executives Sentenced to Decades in Prison for Role in Company’s Collapse and $2.8 Billion Fraud
By Troutman Pepper Locke on
Posted in D&O Liability, United States
A federal judge has sentenced two former executives of collapsed health care financing company National Century Financial Enterprises (“NCFE”), to decades in prison for their roles in a $2.8 billion fraud scheme.
Mississippi Adopts NAIC Uniform Producer Licensing Standards
By Troutman Pepper Locke on
On March 26, 2009, Mississippi Governor Haley Barbour signed into law House Bill 777 (the “New Producer Law”), whereby the Mississippi Insurance Department will adopt the NAIC uniform standards for the licensing of producers.
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Read More Mississippi Adopts NAIC Uniform Producer Licensing Standards