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
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
Several healthcare consumer advocacy groups are signatories to a letter (the “Letter”) that was sent to members of Congress in response to a letter that was sent to Congress by the National Association of Insurance Commissioners (the “NAIC”), as discussed in our previous post here. The NAIC letter urged Congress to exempt fees and commissions paid to health insurance producers from the medical loss ratio (“MLR”) calculation under the Patient Protection and Affordable Care Act (“PPACA”) in order to preserve consumer access to agents and brokers. …
Read More Consumer Advocate Groups Issue Letter to Members of Congress Imploring Them Not to Amend the Medical Loss Ratio in the Patient Protection and Affordable Care Act
The High Court has ruled in test proceedings, that two “before-the-event” legal expenses insurers erred when they declined to cover the legal fees of a firm of solicitors that was not on the insurers’ panel.1 …
Read More UK: Insurers Must Pay ‘Reasonable’ Costs of Solicitors Chosen by their Insureds
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
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