After 24 years of service with the Texas Department of Insurance (TDI), General Counsel Sara Wait will be retiring in December 2015. Wait has had a distinguished career at TDI after starting as a law clerk in TDI’s liquidation division and serving two stints at a private law firm.
On…
Read More More Senior Staff Changes at the Texas Department of Insurance
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.
Davis recently retired from the New York State Department of Financial Services (“the Department”)…
Read More ELANY Hires Former New York Regulator as Financial Director
Last week, the Department of Financial Services of the State of New York (“DFS”) issued a letter available here, indicating its intention to promulgate cybersecurity regulations that will apply to financial institutions licensed by DFS, including insurance companies, banks, and mortgage brokers. The proposed regulations will be intended to…
Read More Expect New Cybersecurity Regs from New York DFS
The Illinois Department of Insurance (“ IL DOI”) has proposed an amendment to Illinois’ insurer record retention requirements, which would significantly reduce reporting, book-keeping and retention obligations. The current regulation, 50 Ill. Adm. Code 901.20, requires that, prior to destruction, Illinois domestic insurers submit to the IL DOI an affidavit…
On October 26, 2015, three life insurance companies (the “Kemper Companies”) filed a lawsuit against the Illinois State Treasurer (the “Treasurer”) and private auditing firm, Verus Financial LLC, over the Treasurer’s unclaimed property audits of the Kemper Companies. The lawsuit is the latest litigation between life insurers and state regulators…
Read More Illinois Treasurer Lawsuit Highlights Contingency Fee Risks in Unclaimed Property Audits
The Massachusetts Office of the Attorney General recently settled another in a series of cases in which a health insurer sold health care policies which did not include coverage for certain benefits that Massachusetts law requires be provided by any group insurance policy. In this case the insurer, The Insurance…
The Tennessee Department of Commerce and Insurance recently issued a bulletin providing guidance to the Tennessee captive insurance industry on credit for reinsurance obtained by Tennessee captives from unauthorized reinsurers. Pursuant to Tennessee Insurance Code Section 56-13-112, the Department makes an initial determination whether to allow a Tennessee captive insurance…
Within an environment of increased federal and state regulatory emphasis on health insurance related issues arising due to the passage by the U.S. Congress of the Patient Protection and Affordable Care Act of 2010, the Texas Department of Insurance (“TDI”) has drafted new and potentially transformative rules relating to medical…
Read More New Texas Medical Stop-Loss Rules Drafted by Texas Department of Insurance
New York’s Department of Financial Services is once again changing personnel ; Acting Superintendent Anthony Albanese gave notice that he will be leaving the agency.
Albanese has been Acting Superintendent of Financial Services — which was created in 2011 after the merger of the state’s banking and insurance departments —…
Read More New York’s Acting Superintendent Albanese Announces His Departure
A panel of the National Association of Insurance Commissioners (“NAIC”) recently approved a preliminary framework that may pave the way towards eliminating variable annuities captive reinsurance transactions. The framework, which changes parts of the capital and reserve framework that creates incentives to use such captives, is scheduled to be discussed…
Read More NAIC Panel Approval May Pave Way Towards Elimination of Variable Annuity Captives
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