Regulatory

Subscribe to Regulatory via RSS
Last month, the Florida Senate introduced S.B. 2860, a comprehensive property insurance bill aimed at protecting property owners from arbitrary and unsupported property rate increases.  Florida’s House of Representatives subsequently approved an amended version of the bill, which the Florida Senate adopted earlier this month.  The Governor approved the bill on May 28, and it will take effect on July 1, 2008. 

…
Read More Florida Enacts New Property Insurance Legislation

The First Circuit Federal Court of Appeals recently affirmed dismissal of a suit against the Puerto Rico Insurance Commissioner on the basis of a Puerto Rico Insurance Code Article that bars suit against the Commissioner once a liquidator has been appointed. 

…
Read More First Circuit Federal Court of Appeals: Spanish Language Version of Puerto Rican Insurance Code Mandates Dismissal of Suit Against Puerto Rico Insurance Commissioner

Last month, Colorado Governor Bill Ritter signed a bill that will permit the Department of Regulatory Agencies and the Division of Insurance (the “Division”) to compel payment to consumers who have been wronged by the unlawful business practices of insurance companies and their agents.   House Bill 08-1228 (the “Bill”) holds insurers financially accountable for the unfair business acts of an insurance agent authorized to sell a product or plan of the insurer, if the insurer knew or should have known about the unfair business practice. …
Read More Colorado Governor Signs Insurance Consumer Protection Bill

Before closing its legislative session on May 2nd, the Florida House and Senate unanimously approved Senate Bill 648 (“SB 648” or the “Bill”) addressing insurable interest requirements with respect to life insurance policies.  The Bill is different from the NAIC and NCOIL Viatical Settlement Models, but addresses many of the same issues surrounding stranger owned life insurance arrangements (“STOLI”). 

…
Read More Florida Insurable Interest Bill Passes the House and Senate

Before closing its legislative session on May 2nd, both of Florida’s legislative chambers unanimously approved Senate Bill 2082 (“SB 2082” or the “Bill”) addressing suitability in annuity sales.  The Bill is based on the NAIC Suitability in Annuity Transactions Model Regulation, as amended in 2006, which requires that life insurance companies ensure that their annuity products are marketed and sold to suitable parties. 

…
Read More Florida Approves Annuity Suitability Bill

On May 8, the Alabama Legislature passed a bill that will open the residential homeowners’ insurance market along the Alabama coast to captive insurance companies by allowing them to write direct business in certain areas.  The move is intended to increase capacity in that market by allowing coastal cities or other groups to form their own insurance companies. 

…
Read More Alabama Passes Captive Bill

The FSA has delayed, for a second time, a planned DP on regulatory transparency. The DP, originally due out in April, was planned for publication this week but will not be available until “mid-year”. This was revealed in a speech entitled ‘Principles-Based Regulation – Lessons from the Sub-Prime Crisis’ by Hector Sants, at a FSA Securities and Investments Institute Annual Conference on 15 May 2008. 

…
Read More UK: Financial Services Authority (FSA) has Postponed Discussion Paper (DP) on Regulatory Transparency