Missouri Governor Signs Legislation Allowing Formation of Captive Insurers
As of August 28, 2007, Missouri will become the latest state to allow the formation of captive insurance companies.
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Topic: Regulatory
Congress Considering Reforms to National Flood Insurance Program
Rep. Gene Taylor (D-MS) has introduced H.R. 920, entitled the “Multiple Peril Insurance Act of 2007,” to the United States House of Representatives in response to the denial of claims from Hurricane Katrina due to wind loss.
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Connecticut Outlaws Post-Claim Underwriting by Health Insurers
The Connecticut General Assembly recently enacted legislation (Public Act 07-113), signed into law by Governor M. Jodi Rell on June 12, to prohibit health insurers or HMOs (termed “health care centers” under Connecticut law) from engaging in the practice of “post-claim underwriting.”
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Proposed EU Insurance Capital Rules
On June 10, 2007, the European Commission in Strasbourg formally introduced the Solvency II Directive. Solvency II proposes to modify current capital requirements for insurance companies.
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SEC New Rules for Rating Agencies
On June 26, 2007, final Securities and Exchange Commission (“SEC”) rules implementing the Credit Rating Agency Reform Act of 2006 (“Rating Agency Act”) and certain provisions of the Rating Agency Act went into effect.
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House Passes Nonadmitted and Reinsurance Reform Act
On June 25 and for the second time in nine months, the House unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance.
Read MoreSEC Proposes Changes to Foreign Company Accounting Rules
On June 20th, the U.S. Securities and Exchange Commission (the “SEC”) approved a proposal that, if ratified, could allow foreign companies doing business in the United States to choose between filing data using international financial reporting standards (“IFRS”) or the U.S. generally accepted accounting procedures (“GAAP”). This change would bring the U.S. closer to other major financial centers that currently welcome IFRS.
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House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program
On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program. The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years.
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NCOIL to Review Potential Long Term Care Abuses
The National Conference of Insurance Legislators’ (NCOIL) Long Term Care and Health Retirement Issues Committee announced that it will discuss and review potential abuses in the long term care (LTC) insurance market at the upcoming NCOIL meeting in Seattle.
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Eliot Spitzer Establishes Commission to Modernize Insurance Regulation in New York
On May 29th, Eliot Spitzer, Governor of New York, signed an executive order creating the New York Commission to Modernize the Regulation of Financial Services. The Commission’s objective is to streamline state regulation of an industry that has become increasingly complex over the past decade.
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