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Individual self-insured employers in New York may encounter major changes to how their workers’  compensation plans are secured if recommendations proposed by New York’s Workers’ Compensation Board (the “Board”) become law.  The Board issued a report recommending that self-insuring employers be required to join a guarantee pool instead of the present system where individual self-insuring employers post a security deposit, such as a letter of credit or surety bond, equivalent to their outstanding workers’ compensation claims. …
Read More New York Workers’ Compensation Board Proposes Self-Insurer Guarantee Pooling

As we previously discussed here, the move to change the rules governing collateral requirements for foreign reinsurers has been gaining momentum in a number of U.S. states.  New York started the trend last October, when its Superintendent of Insurance, Eric Dinallo, introduced a draft regulation that seeks to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York. …
Read More Florida to Change Foreign Reinsurer Collateral Requirements

The State of Oregon was recently hit with winter storms that caused major flooding, landslides, and mudslides in several counties.  President Bush has declared five Oregon counties, Lincoln, Tillamook, Clatsop, Columbia and Yamhill, a federal disaster, prompting the Oregon Department of Consumer and Business Services to issue an emergency order (“Order”). 

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Read More Oregon Issues Emergency Order for Personal Lines Insurance

On October 5, 2007, Nonnie S. Burnes, Commissioner of Insurance for the Massachusetts Division of Insurance, filed Regulation 211 CMR 79 (Private Passenger Motor Vehicle Insurance Rates) with the Attorney General’s Office.  The new regulation is intended to encourage competition and innovation in the automobile insurance market, while maintaining consumer protections. …
Read More Massachusetts Automobile Insurance Rates Enter a New Age

This post serves as an update to our postings on June 7, September 12, October 9, and October 19.

During the winter meeting of National Association of Insurance Commissioners (“NAIC”) (November 30 through December 4, 2007), the Reinsurance Task Force (“Task Force”) of the Financial Condition (E) Committee unanimously adopted a framework memorandum outlining a three-part approach to modernizing current U.S. reinsurance regulation. 

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Read More NAIC Adopts Memorandum outlining Framework for Reinsurance Regulatory Modernization

New York Superintendent of Insurance Eric R. Dinallo has asked the State’s Workers’ Compensation Board to create new regulations for workers’ compensation medical treatment using recently issued evidence-based guidelines.  The goal is to establish a system in New York, like in some other states, whereby individuals with the same condition receive the same form of treatment. 

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Read More New York To Create New Workers’ Compensation Medical Treatment Regulations

With Congress scrambling to pass legislation extending the Federal Terrorism Risk Insurance Program before its expiration at the end of the month, New York lawmakers requested yesterday that any final extension act include a “reset” provision.  Such a provision would lower the trigger levels for federal reimbursements under the TRIA program in areas already hit by a terrorist attack. …
Read More New York Lawmakers Request Inclusion of “Reset” Provision in any TRIA Extension

U.S. Representatives Doris Matsui (CA – D.) and Mario Diaz-Balart (FL – R.) have cosponsored and recently introduced a bill to the House of Representatives, entitled The Safe Building Codes Act of 2007.  If enacted, the Bill would allow for approved states to each receive an additional 4% of federal disaster relief funds. …
Read More House Considers Bill Aimed to Strengthen State Building Codes

As reported previously in this space here and here, OFC legislation (entitled the “National Insurance Act”) was resubmitted in the House and Senate earlier this year.  While testimony from the NAIC and various trade organizations was taken by the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on October 3 and October 30, the current consensus is that no OFC legislation will be passed this year. …
Read More Treasury Review of Financial Services Regulation Renews Debate on OFC