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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

On 23 May 2008, the European Commission issued a consultation paper (CP) on amendments to the decisions establishing the three Lamfalussy Level Three committees (See: Consultation Paper). HM Treasury and the FSA have now jointly responded to the CP. The response was also agreed with the Bank of England and the Pensions Regulator (Response). (See: Joint FSA and HMT response and Joint letter to Commissioner). …
Read More UK: Response to European Commission consultation on the responsibilities of the European insurance supervisors’ committee (CEIOPS)

Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”).  The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule. …
Read More Agents and Brokers Urge Expansion of New York Excess Lines Export List

Governor Charlie Crist, Florida Insurance Commissioner Kevin McCarty, and Florida House Speaker Designate Ray Sansom were in London on July 15th to discuss state insurance issues.  Representing Governor Crist’s Team Florida Trade and Business Development Mission, the delegation met with Lord Levene, Lloyd’s of London chairman. Crist and his team were expected to discuss the role of global reinsurance and the threat of global warming. 

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Read More Governor Charlie Crist and Florida Insurance Commissioner Kevin McCarty meet with Lloyd’s of London

Following on the heels of the National Conference of Insurance Legislators (“NCOIL”) Secretary George Keiser’s testimony in support of the use of credit-based insurance scoring to the United States House of Representatives Subcommittee on Oversight & Investigations, NCOIL adopted a Resolution Supporting State Regulation of the Use of Credit Information in Personal Insurance (the “Resolution”) on July 13, 2008. 

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Read More NCOIL Adopts a Resolution in Support of State-Based Regulation of the Use of Credit Scores in Personal Insurance Rating

The House Subcommittee on Capital markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the House Committee on Financial Services (the “Full Committee”) approved three insurance regulatory bills on July 9, 2008.  This post provides updates on the three bills that have most recently advanced Congress’ examination of proposals to institute federal oversight of the insurance industry. 

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Read More UPDATE: House Committees Approve Three Federal Insurance Regulation Bills

Recently, the House Financial Services Oversight and Investigation Subcommittee held a hearing where speakers from various insurance industry and consumer protection groups gave testimony regarding “The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance.” 

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Read More Use of Credit Scores in Personal Line Insurance Rating