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As part of raising the proposed $1 billion Upstate Revitalization Fund in New York Governor Eliot Spitzer’s Executive Budget, Spitzer has requested that surcharges on all automobile policies issued in New York be raised by $15; the current surcharge is $5. 

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Read More New York Governor Spitzer Proposes Additional $15 Fee On All Auto Policies

On February 12, 2008, the Michigan Senate voted 36-0 to amend the state’s Insurance Code to provide for the creation of captive insurance companies.  If passed by the Michigan House of Representatives and signed by the governor, the new legislation, S.B. 1061, would provide for the formation of captive insurance companies (“Captives”), special purpose financial captives (“SPFCs”) and protected cell insurance companies. 

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Read More Michigan Senate Passes Captive Bill

Florida Insurance Commissioner Kevin McCarty (McCarty) announced this week that the Office of Insurance Regulation (OIR) has filed an administrative complaint seeking to suspend the certificates of authority of numerous Allstate Companies to write new insurance policies in Florida. 

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Read More Florida Office of Insurance Regulation Files Formal Complaint to Suspend Allstate Companies’ Licenses

Lloyd’s may purchase a messaging hub service for the market in a bid to improve the efficiency of the London placement process. The hub will minimise the variety of standards and systems currently used and enable clearer communication. Lloyd’s is considering the purchase of an appropriate ready made tool rather than building a bespoke platform. 

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Read More Proposal to Trial Messaging Hub Experiment at Lloyd’s

The House of Representatives’ Subcommittee on Oversight and Investigations held a field hearing in West Palm Beach, Florida regarding the “crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.” …
Read More Oversight and Investigations Subcommittee Holds Florida Field Hearing on Homeowners Insurance in Disaster Prone Areas

Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer.  Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank. …
Read More Brazilian Bank Seeks Authorization for Reinsurance License

Charlie McCreevy, European Commissioner for Internal Market and Services, recently gave a speech at the Insurance Institute of London about the European Commission’s policy priorities for the insurance sector. Solvency II is currently the key project and will remain so until its transposition, which is intended to take place in 2012. 

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Read More EU: Solvency II and the European Commission’s Policy Priorities for the Insurance Sector

Under recently-enacted legislation, New York State has switched to a loss cost system for determining workers’ compensation rates.   The New York Compensation Insurance Rating Board (“NYCIRB”) has been tasked with developing loss cost values, and each insurer will submit its own loss cost multiplier to the New York State Insurance Department (the “Department”) for approval. …
Read More New York Adopts Loss Cost System For Setting Workers’ Compensation Rates