On Monday, September 10th, New Jersey Governor Jon Corzine signed into law a bill (S-1666/A-3038) banning the use of step-down provisions. Step-down provisions are used in businesses’ motor vehicle liability insurance policies and apply to employee claims.
Regulatory
NAIC Seeks Comment on Proposal to Modify Reinsurer Rules
By Troutman Pepper Locke on
As outlined in our June 7, 2007 blog entry, the National Association of Insurance Commissioners (NAIC) is considering modernizing reinsurance regulation, including collateral requirements of nonadmitted reinsurers.
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Ralph S. Tyler Named as Maryland’s New Insurance Commissioner
By Troutman Pepper Locke on
On September 6, 2007, Maryland Governor Martin O’Malley named Ralph S. Tyler as the new Maryland Insurance Commissioner. Tyler is an attorney with over 30 years of legal experience. He currently serves as Maryland’s Chief Legal Counsel and was City Solicitor from 2004 to 2007.
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Massachusetts Insurance Commissioner Proposes Regulation to Deregulate Automobile Insurance
By Troutman Pepper Locke on
Over the last ten years, states have been moving, albeit slowly, to deregulate automobile insurance. Supporters of deregulation often cite the high premiums, distorted rates and lack of choices that drivers experience under a regulated system. They argue that in states that rely on markets to set rates, neither prices nor profits are excessive.
U.S. Treasury Critical of Homeowners’ Defense Act of 2007
By Troutman Pepper Locke on
Yesterday, September 6, 2007, Philip Swagel, Treasury Assistant Secretary for Economic Policy, submitted testimony to the House Committee on Financial Services strongly opposing the Homeowners’ Defense Act of 2007 or H.R. 3355.
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Proposed Rate Reduction Could Save Florida Employers Millions
By Troutman Pepper Locke on
The National Council on Compensation Insurance has proposed that Florida reduce its statewide workers compensation by 16.5% for 2008 due in part to a decline in the number of claims and the lower ultimate values of claims paid.
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New York State Insurance Department Instructs Insurers to Rescind Non-Renewal Notices Sent to Coastal Homeowners
By Troutman Pepper Locke on
In a press release issued August 28, 2007, New York Insurance Superintendent Eric R. Dinallo announced that insurers may not refuse to renew homeowners insurance policies based on whether a policyholder has other business with them, such as an automobile or life insurance policy.
New York Enacts Managed Care Law Reforms
By Troutman Pepper Locke on
On August 1, 2007, New York’s Governor Spitzer signed into law S.3986-A, a bill intended to decrease friction between managed care plans and their participating providers on certain sensitive issues. Most significantly, if a health plan requires that certain health care services be preauthorized in order to be covered, then once a service has been preauthorized and performed, the plan may not thereafter deny coverage for the service.
Willis Amends New York Settlement Agreement
By Troutman Pepper Locke on
On the heels of Marsh’s recent amendment to its broker fees settlement agreement with New York (which we reported about here), Willis has also reached an agreement with New York to amend its 2005 broker fees settlement agreement.
U.S. House to Review Homeowners’ Defense Act of 2007
At the top of the United States House of Representatives agenda when it reconvenes in September is a review of the “Homeowners’ Defense Act of 2007” (H.R. 3355 or the “Act”), a bill introduced on August 3, 2007 by Reps. Robert Klein and Tim Mahoney of Florida.
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