Regulatory

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The Congressional Budget Office (“CBO”) released a report last week that estimated the cost of extending the Federal Terrorism Risk Insurance Program to be $3.5 billion for the next five years and $8.4 billion for the next decade. 

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Read More CBO Estimates Cost of TRIA Extension to be $8.4 Billion Over the Next Decade

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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Read More Ralph S. Tyler Named as Maryland’s New Insurance Commissioner

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. 

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Read More Massachusetts Insurance Commissioner Proposes Regulation to Deregulate Automobile Insurance

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. 

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Read More New York State Insurance Department Instructs Insurers to Rescind Non-Renewal Notices Sent to Coastal Homeowners

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. 

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Read More New York Enacts Managed Care Law Reforms