In November 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing to discuss proposed legislation to:
On December 8, 2011 the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity approved legislation eliminating the Federal Insurance Office’s (“FIO”) and the Office of Financial Research’s (“OFR”) authority to subpoena information from insurance companies. H.R. 3559 (the Insurance Data Protection Act), was introduced by Representative Steve Stivers (R-OH) and was approved by a party-line vote of 7-5, with each Republican on the Subcommittee voting in favor. …
Read More Subcommittee Approves Removal of FIO Subpoena Power Over Insurers
On December 9, 2011, the Federal Office of Insurance (“FIO”) held its first meeting at the U.S. Department of Treasury, entitled “Insurance Regulation in the United States: Modernization and Improvement.” The conference was attended by insurance regulators and industry representatives. …
Read More FIO Conference — Reaffirming Support of State Regulation
Connecticut has amended its captive law pursuant to Public Act No. 11-1 (the “Act”). The Act creates three new subgroups of Connecticut-domiciled captives: sponsored, branch, and special purpose financial captives. …
Read More Connecticut Amends Regulation of Domestic Captives
Last month, the Delaware Department of Insurance (the “Department”) issued Domestic/Foreign Insurers Bulletin No. 46 to provide guidance regarding the implementation of the Civil Union and Equality Act of 2011 (the “Act”), which becomes effective January 1, 2012. The Act provides that two persons of the same sex who establish a civil union shall be subject to the same requirements and entitled to the same rights, protections and benefits as married couples under Delaware law. …
Read More Delaware Department of Insurance Issues Bulletin Relating to the Implementation of the Civil Union and Equality Act of 2011
CMS ISSUES MEDICAL LOSS RATIO REGULATIONS
Background. Among the most hotly debated provisions of the Patient Protection and Affordable Care Act (PPACA) have been the medical loss ratio (MLR) requirements, which were intended to lower healthcare costs by requiring health insurance companies to spend less on marketing and overhead expenses and more on care. …
Read More Healthcare Update: CMS Issues Medical Loss Ratio Regulations; HHS Rejects Two State MLR Waiver Requests
Massachusetts Governor Duval Patrick signed H. 3795, which bans the use of credit-based insurance scores in the underwriting and rating of private passenger automobile insurance, into law on November 22, 2011 as Chapter 195 of the Acts of 2011. H. 3795 amends the Massachusetts General Laws and codifies a similar credit score prohibition in current Division of Insurance Regulations. …
Read More Massachusetts Passes Statutory Ban on the Use of Credit-Based Insurance Scores for Private Passenger Automobile Insurance
Thomas B. Leonardi, Commissioner of the Connecticut Insurance Department, was elected as the secretary of the National Association of Insurance Commissioner’s (“NAIC”) Northeast Zone during the NAIC’s Fall 2011 meeting. As part of this position, Commissioner Leonardi will also serve on the NAIC’s Executive Committee. …
Read More Connecticut Insurance Commissioner Elected Secretary of the NAIC’s Northeast Zone and Will Serve on the NAIC’s Executive Committee
An inquirer recently asked the New York Department of Financial Services Office of General Counsel (the “OGC”) whether (1) lunch bought for an insurance producer by an insurer qualifies as compensation to be disclosed under Regulation 194 (effective January 1, 2011); and (2) if it qualifies, how should an insurer maintain a record of the cost of that lunch when multiple producers are present at the lunch, but only one is the binding producer? See N.Y. Dept. of Fin. Serv. Opinion No. 11-08-01 (August 5, 2011). …
Read More Keep Those Power Lunch Receipts; the New York Department of Financial Services May Consider Such Entertainment Expenses as Producer Compensation to be Disclosed
Connecticut Insurance Commissioner Thomas Leonardi told the Connecticut legislature’s Insurance and Real Estate Committee on Tuesday, November 15th, that the Connecticut Insurance Department (the “CID”) is currently considering options to revise requirements governing hurricane deductibles. Commissioner Leonardi reported that following Hurricane Irene, Connecticut residents filed 58,002 claims, and as of October 31st, 64 days after the hurricane, $161 million have been paid to policyholders. …
Read More Connecticut Insurance Department Considers Change in Hurricane Deductible
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