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As of January 1, 2008, the workers’ compensation rate in the State of Florida will decrease by 18.4%.  On October 22, 2007, Florida Insurance Commissioner McCarty requested the National Council on Compensation Insurance make an amended filing to increase the originally proposed 16.5% reduction, as previously reported about here.  Commissioner McCarty believes the rate reduction will save Florida employers over $700 million.  To view a copy of the press release, click here. 

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Read More Florida Workers’ Compensation Rate Decrease Approved

Thomas R. Sullivan, Insurance Commissioner of Connecticut, recently published notice of intent to adopt a regulation concerning military sales practices to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory practices in the sale of individual life insurance and annuity products. …
Read More Connecticut Proposes to Adopt Military Sales Practices Regulation

On Tuesday, Washington voters approved a measure to allow plaintiffs to receive treble damages from claims alleging bad faith claims handling by an insurer.   This is a marked increase from the current law that limits recoveries resulting from bad faith of an insurer to the actual damages incurred. 

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Read More Washington Voters Approve Measure to Allow Treble Damages in Insurer Bad Faith Actions

In the wake of New York Superintendent Eric Dinallo’s announcement that New York was changing the rules surrounding collateral requirements for foreign reinsurers, it was reported last week that several other U.S. states are contemplating similar changes. 

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Read More Other States Contemplate Following N.Y.’s Lead to Change Foreign Reinsurer Collateral Requirements

Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico. 

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Read More The International Insurance Center of Puerto Rico

For years, the IRS has attacked the tax treatment of insurance of captive insurance and their affiliates to preclude captive insurance companies from deducting payments to captive insurance companies as premiums and instead treat them as capital contributions. …
Read More If at First You Don’t Succeed…: The IRS’ Proposed Regulations Governing the Treatment of Captive Insurance Companies

On August 23, 2007, Louisiana Attorney General, Charles C. Foti, Jr. filed a lawsuit accusing over one hundred insurance companies of improperly denying Katrina related damages.  The action was brought on behalf of homeowners who are eligible to receive funds through the Road Home Program (“Program”). 

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Read More Louisiana AG Sues More Than One Hundred Insurance Companies Over Katrina-Related Damages

On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses.  The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. …
Read More Oregon Attorney General Settles State Antitrust Claims with Insurer

Linda A. Watters resigned from her post as Commissioner of the Michigan Office of Financial and Insurance Services (the “OFIS”) on October 15, 2007, effective October 31.  Watters, who was named Commissioner of OFIS on April 11, 2003, will join the financial risk management practice of KPMG LLP in Chicago. 

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Read More Michigan Commissioner Linda Watters Resigns