Regulatory

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A proposal to centralize the filing and storage of annual market conduct reports has been approved by the National Association of Insurance Commissioners’ (the “NAIC”) Market Regulation and Consumer Affairs (D) Committee, and is headed to the Executive Committee for consideration. …
Read More NAIC Considers Proposal to Centralize Insurance Market Conduct Reporting

On June 2, 2008, the National Association of Insurance Commissioners (the “NAIC”) issued a release announcing adoption of a model bulletin (the “Bulletin”) and Consumer Alert (the “Alert”) to help protect seniors from certain abusive sales practices. 

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Read More NAIC Adopts a Model Bulletin and Consumer Alert Regarding the use of Senior Designations

On June 10, 2008, the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) will hold a hearing on H.R. 5840, the Insurance Information Act of 2008, regarding the creation of a federal Office of Insurance Information (the “OII”). …
Read More House Subcommittee to Consider Legislation for Formation of Federal Office of Insurance Information

Florida Insurance Commissioner Kevin McCarty announced last week that the Office of Insurance Regulation (OIR) has approved plans for six insurance companies to remove 100,000 policies from Citizens Property Insurance Corporation, Florida’s state created insurer of last resort.  Some of the companies have already begun the take out process, which is scheduled for completion in June. …
Read More Florida’s Insurance Commissioner Approves Transfer of 100,000 Citizens Policies to Private Market

Florida’s Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Insurance Commissioner Kevin McCarty announced on May 23, 2008 that the state reached a settlement with insurance brokerage firm Aon Corp.  According to the Florida agencies, Aon had received, and failed to disclose,  compensation for placing insurance coverage for Florida policyholders. 

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Read More Three Florida Agencies Announce Insurance Settlement with Aon Corp

In July 2007 the Law Commission and Scottish Law Commission (the Commissions) published a joint consultation regarding misrepresentation, non-disclosure and breach of warranty by the insured. A summary of the 105 responses received in relation to consumer insurance has now been published and can be found by clicking here. 

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Read More UK: Law Commission Publishes Summary of Responses to Consultation in Relation to Reform of Consumer Insurance

On 27 May, the FSA published a consultation paper on proposed changes to its Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) (the Consultation Paper), which includes proposals that are relevant to its discussion paper on transparency as a regulatory tool: see our blog here. The Consultation Paper fulfils the FSA’s public commitment to review the DEPP and EG annually. …
Read More UK: Regulatory Enforcement – FSA Issues a Consultation Paper Regarding Proposals to Amend the Decision Procedure and Penalties Manual and the Enforcement Guide

After some delay, the FSA has published a DP which explores the creation of a framework for determining what further information the regulator might publish about firms and industry sectors in order to aid transparency. (See: Discussion paper) This DP reflects the FSA’s strategic priorities for 2008 and 2009 (See: UK: New Business Plan for FSA) 

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Read More UK: The Financial Services Authority (FSA) Launches Discussion Paper (DP) on Increasing Transparency

On 28 May the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published two Papers of final advice to the European Commission for the Solvency II project, entitled “Advice to the European Commission on aspects of the Framework Directive Proposal related to Insurance Groups” and “Advice to the European Commission on the Principle of Proportionality in the Solvency II Framework Directive Proposal”. 

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Read More EU: CEIOPS Publishes Final Advice to the European Commission for the Framework Directive Proposal Related to Proportionality and Insurance Groups Supervision

The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time. 

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Read More Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance