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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

As the credit crunch of the subprime meltdown continues, a recent question has been whether a government or private bailout of the troubled bond insurers is on the way.  While early reactions were positive, recent events seem to indicate that a bailout by state and federal regulators or private industry is getting more unlikely by the day. …
Read More Bond Insurers – Bailout on the Way?

The Alabama Senate has voted 33-0 to raise the minimum auto liability insurance requirements for resident motorists.  The current law requires motorists to carry $20,000 in coverage for the injury or death of one person, $40,000 for multiple injuries or deaths, and $10,000 in coverage for property damage. …
Read More Alabama Proposes Increases to Auto Insurance Minimums

Massachusetts has become one of the most aggressive states in the country regarding protecting personal data. It has adopted a new data breach law, a new document destruction law and proposed regulations that may represent one of the most far-reaching information security requirements anywhere in the U.S. Taken together, these will have major compliance implications and will likely require more rigorous, written security policies for any company doing business in Massachusetts or holding Massachusetts personal data, wherever located. …
Read More Aggressive New Massachusetts Data Breach Law and Proposed Security Rules Require Company Action

On two separate occasions during the past few months, President Bush has vetoed proposed extensions to the State Children’s Health Insurance Program (“SCHIP”) and it remains to be seen whether the current legislation, due to expire in 2009, will be extended while President Bush remains in office. 

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Read More SCHIP Development – House Fails To Obtain Necessary Majority To Override President Bush’s Veto of Latest Bill