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Last month, the Life Insurance and Annuities (A) Committee of the National Association of Insurance Commissioners (“NAIC”) formed a sub-group charged with reviewing issues surrounding contingent annuities.  The charge comes in response to industry disagreement over the classification of contingent annuities. …
Read More NAIC Examines Contingent Annuities

Currently before the Florida Supreme Court is a case challenging the constitutionality of Section 626.854(6) of the Florida Statutes, which imposes restrictions on the solicitation of business by public adjusters within the 48 hours immediately following an event that may become the subject of a claim under an insurance policy. A decision is expected within weeks. …
Read More Client Advisory – Florida Supreme Court to Decide Constitutionality of Solicitation Restrictions on Public Adjusters

The New York Department of Financial Services (“DFS”) issued a circular letter on December 19, 2011 (the “Circular Letter”) emphasizing the importance of risk management and indicating that the DFS expects every insurer to adopt a formal enterprise risk management (“ERM”) function.  The ERM function should identify and manage risk exposures to the insurer within a group enterprise or at the company level when the insurer is a stand alone enterprise. …
Read More New York Issues Circular Letter Regarding Enterprise Risk Management

SENATE PASSES TEMPORARY “DOC FIX”; HOUSE ACTION AWAITED

On December 17, the U.S. Senate voted 89-10 to pass the “Temporary Payroll Tax Cut Continuation Act of 2011,” which included a two-month delay in implementing the Medicare Physician Fee Schedule for calendar year 2012. As we reported in our Healthcare Update on November 7, the new Fee Schedule calls for an overall 27.4% reduction in payment rates for physicians, nurse practitioners and physical therapists. …
Read More Healthcare Update: Senate Passes Temporary “Doc Fix”; MedPAC Issues Draft Recommendations for 2013; CMS Issues “Essential Health Benefits” Bulletin; Home Care Worker Wage Protection Proposed

In November 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing to discuss proposed legislation to:

  • Prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from insurers. 

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Read More House Financial Services Subcommittee Holds Hearing: “Insurance Oversight and Legislative Proposals”

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

On 8 December 2011, Julian Adams, Director of Insurance at the Financial Services Authority (FSA), explained in a speech to the Association of British Insurers how UK (re)insurance companies may be permitted to start their Solvency II implementation as initially scheduled on 1 January 2013 rather than on the delayed implementation date of 1 January 2014. …
Read More UK: Insurers Given Chance to Early Adopt Solvency II