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.
Regulatory
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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Florida Office Of Insurance Regulation Denies Three Rate Filings As “Too High”
By Troutman Pepper Locke on
The Florida Office of Insurance Regulation (the “OIR”) has denied rate filings of three insurance companies, because, according to the OIR, the requested rate decreases were not substantial enough to be in accordance with the legislative overhaul from the January Special Session.
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Important National Health Care Reform Bills Awaiting Action By Congress
By Troutman Pepper Locke on
On January 17, 2007, lawmakers in the House and Senate introduced identical bills (H.R. 506 and S. 325) aimed at funding innovative State initiatives that expand coverage and access to the uninsured and improve quality and efficiency in the health care system. The bills, the “Health Partnership Act”
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Exon-Florio Reviews Amended by the U.S. Foreign Investment and National Security Act of 2007
By Troutman Pepper Locke on
Effective October 26, 2007, the U.S. Foreign Investment and National Security Act of 2007 (“FINSA”) will amend the Exon-Florio review process to place more scrutiny on foreign acquisition of U.S. companies. FINSA was prompted by national security concerns that arose after the proposed acquisitions of U.S. ports by a Dubai-owned company and of UNOCAL by China.
Marsh Seeks to Amend 2004 Settlement to Allow New Fees
By Troutman Pepper Locke on
It was widely reported this week that insurance broker Marsh & McLennan Cos. is attempting to amend its landmark 2004 settlement with insurance regulators and the New York State Attorney General’s Office that required it to give up so-called contingent commissions.
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Massachusetts Mandatory Health Insurance
By Troutman Pepper Locke on
On April 12, 2006, Massachusetts Governor Mitt Romney signed a health care bill, known as “An Act Providing Access to Affordable, Quality, Accountable Health Care (the “Act”)”, into law.
Senate Committee Approves Bill to Create Natural Disaster Commission
Last week, the Senate Baking, Housing, and Urban Affairs Committee, in a voice-vote, approved a bill (The Commission on Natural Catastrophe Risk Management and Insurance Act of 2007) that would create a national commission to examine natural disaster risks.
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Medical Malpractice Premiums to Increase in New York
By Troutman Pepper Locke on
On July 2, 2007, New York State Insurance Superintendent Eric R. Dinallo announced that the Department approved a 14% increase in medical malpractice insurance rates.
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Florida No Fault Coverage – Insurers May Reimburse Medical Providers at the Providers’ PPO Contract Rates
By Troutman Pepper Locke on
Florida’s personal injury protection (“PIP”) statute, Florida Statute § 627.736, requires Florida insureds to maintain at least $10,000 in “no fault” coverage for automobile accidents and compels insurers to pay 80% of all reasonable, related, and necessary medical expenses. However, subsection (10) of the PIP statute creates an alternative to standard PIP coverage options.