The Illinois Department of Insurance (“DOI”) issued Bulletin 2012-12 (“Bulletin”) on December 20, 2012, prohibiting the use of offshore third party administrators (“TPAs”) and utilization review organizations (“UR Organizations”) in connection with insurance contracts and healthcare plans covering Illinois residents.
Read MoreRecently, on August 6, 2012, Massachusetts Governor Deval Patrick signed into law Senate Bill 2400. The Bill, which states that it is “An Act improving the quality of healthcare and reducing costs through increased transparency, efficiency and innovation,” goes into effect on November 4, 2012.
Read MoreIn JP Morgan Chase & Co. v Indian Harbor Ins. Co., 2012 NY Slip Op 4702 (N.Y. App. Div. 1st Dep’t June 12, 2012), the New York Appellate Division, applying Illinois law, held that an insured was unable to access numerous excess layers due to its failure to show that the exhaustion provisions in the excess policies had been satisfied.
Read MoreThe Interstate Insurance Product Regulation Commission (“IIPRC”) issued a press release on January 6, 2012 (the “Release”) announcing that Illinois will accept variable life and annuity product filings using Interstate Insurance Compact (“Compact”) standards. The Compact is a modernization initiative promoting uniform product standards across states.
Read MoreRobert E. Wagner has been appointed as acting director of the Illinois Department of Insurance (the “Department”) by Governor Pat Quinn. Acting Director Wagner most recently served as the Department’s General Counsel.
Read MoreOn December 12, 2011, the Illinois Department of Insurance issued a revised bulletin (the “Bulletin”) regarding the use of retained asset accounts by life insurance companies. Retained asset accounts, for purposes of the Bulletin, are mechanisms by which an insurer or entity acting on behalf of an insurer may settle proceeds payable under a policy by depositing such proceeds into an account, and retaining them in accordance with the terms of supplementary contract not involving annuity benefits.
Read MoreAndrew R. Stolfi has been appointed as acting director of the Illinois Department of Insurance (the “Department”) by Governor Pat Quinn. Acting Director Stolfi most recently served as chief of staff and special counsel for policy and legislative affairs at the Department since 2009.
Read MoreOn June 13, 2011, Illinois Insurance Commissioner Michael T. McRaith became the first Director of the Federal Insurance Office (FIO). The FIO was created by the Dodd-Frank financial reform legislation, which was instituted last year.
Read MoreThis updates our May 3, 2011 blog post. Several state regulators have joined together to form a special task force (“Task Force”) under the auspices of the NAIC to coordinate investigation of the claims procedures of certain life insurance companies. In particular, states are examining the manner in which such companies investigate and determine whether a particular insured is deceased, and locate beneficiaries.
Read MoreIllinois Insurance Commission, Michael T. McRaith, has been selected by the Secretary of the Treasury as the first Director of the Federal Insurance Office (“FIO”), which was created by the Dodd – Frank financial reform legislation instituted last year.
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