Regulatory

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State Farm and the Florida Farm Bureau insurance companies have asked Florida state regulators to approve rate increases for homeowners’ policies.  State Farm’s company spokesman has reported that, since 2000, for every dollar in premiums collected the company spent $1.20 in claims and other expenses, including salaries and profits. 

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Read More Crist Resists Florida Homeowners Insurers’ Request for Rate Increases

The FSA has published a ‘quick and easy’ six-page guide to FSA regulation for small firms. (See: Quick Guide For Small Firms). The guide highlights key aspects of FSA regulation relevant to small firms and provides links to further information on the FSA website. (Click here to review the highlights). …
Read More UK: The Financial Service Authority (FSA) has Published a ‘Quick and Easy’ Regulatory Guide for Small Firms

Last week, the U.S. Senate passed H.R. 3221, the Housing and Economic Recovery Act of 2008, which provides measures to shore up Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and provides relief to thousands of homeowners facing foreclosure. …
Read More Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law

Hastings Insurance Services Ltd (Hastings) (a subsidiary of Insurance Australia Group) has been fined £735,000 by the FSA for not treating customers fairly. The fine is the largest ever imposed on an insurance broking firm. 

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Read More UK: The Financial Service Authority (FSA) is Taking Action on Treating Customers Fairly (TCF) Failings

New Jersey has become the latest state to allow pay-as-you-drive auto insurance plans, which are also permitted in Alabama, Michigan, Minnesota and Oregon.  A pay-as-you-drive auto insurance plan is one that charges a driver based on the numbers of miles driven and how abruptly drivers brake and accelerate.  Two large insurers, GMAC Insurance and Progressive, currently offer such plans. 

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Read More Pay-as-You-Drive Auto Insurance in New Jersey

The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile’s Code of Commerce.  If enacted, the legislation would replace Chile’s current laws concerning private insurance and reinsurance in their entirety. 

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Read More Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws

On July 23, 2008, the California Insurance Department announced that it had recovered $56.25 million from Continental Casualty Co. (“Continental”) in connection with a surety bond issued by Continental that guaranteed the obligations of Superior National Insurance Company (“Superior”), a workers’ compensation insurer that was liquidated in 2000. …
Read More Continental Casualty Co. Pays California Guarantee Association $56 Million

The Military Personnel Financial Services Protection Act, passed by Congress in 2006, prohibits insurers from entering into or renewing a contractual relationship with an agent or other person who sells life insurance on a military installation unless the insurer has implemented a system to report disciplinary actions taken by (1)  the insurer or (2) any Federal or State government entity against its agents for conduct occurring on a military installation. 

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Read More Kentucky Department Clarifies Regulation of Life Insurance Sales to Military Personnel