Regulatory

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Edwards Wildman hosted a roundtable at the 2013 NAIC Fall National Meeting in Washington, DC with Richard Schlesinger, Chief of Reinsurance and Surplus Lines, from the New Jersey Department of Banking and Insurance for a discussion about the New Jersey Reinsurance Certification Program. …
Read More NAIC: Edwards Wildman Roundtable with Richard Schlesinger, Chief of Reinsurance and Surplus Lines New Jersey Department of Banking and Insurance

The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped

The long-awaited report from the Federal Insurance Office on how to modernize and improve the system of insurance regulation in the U.S. has been released. The Report and related transmittal to Rep. Hensarling can be accessed by clicking here and here, respectively. …
Read More BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED

Effective January 1, 2014, the California Department of Insurance has added six new regulations to Title 10 of the California Code of Regulations. These can be found at Title 10, Chapter 5, Article 22 Sections 2598 through 2598.6. …
Read More California Adds New Hazardous Financial Condition Regulations

On December 2, 2013, a coalition comprised of The R Street Institute, The American Consumer Institute and the National Taxpayers Union (the “Coalition”) sent a letter to the federal banking regulators at the U.S. Office of the Comptroller of the Currency, FDIC, NCUA, Farm Credit Administration and Federal Reserve Board. …
Read More Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance

On November 6, 2013, the Federal Insurance Office (FIO) released its 2013 Report on the Impact of Part II of the Nonadmitted and Reinsurance Reform Act (NRRA). The purpose of the NRRA, which became effective on July 21, 2011, is to improve the uniformity of state regulation of reinsurance and surplus lines insurance.
Read More FIO Releases Report Regarding Impact of NRRA on Availability of Reinsurers’ Financial Information

By letter dated October 29, 2013, Florida Chief Financial Officer Jeff Atwater inquired with the Florida Office of Insurance (“OIR”) as to why insurance rates have not been reduced for many Florida homeowners given that reinsurers have lowered their rates. Atwater requested a response to the inquiry by December 18, 2013. …
Read More Insurance Regulators Launch Investigation into Lack of Premium Reductions for Florida Homeowners Given Reduced Costs in the Reinsurance Market

On October 25, 2013, the Board of Governors of the Federal Reserve System (the “Board”) applied for membership with the International Association of Insurance Supervisors (“IAIS”), a voluntary membership organization of insurance supervisors and regulators from nearly 140 countries. The mission of the IAIS is to promote globally consistent supervision of the insurance industry. …
Read More The Federal Reserve Board Seeks to Cement its Status as a Global Regulator of Insurance; Applies for Membership with the International Association of Insurance Supervisors

On October 4, 2013, the Massachusetts Division of Insurance issued Bulletin 2013-09 (the “Bulletin”). Pursuant to the Bulletin, it is now permissible for producers and surplus lines brokers to charge fees to policyholders in addition to receiving commissions from insurers if:…
Read More Massachusetts Issues Bulletin Permitting Producers to Charge Fees