Regulatory

Subscribe to Regulatory via RSS

On August 17, 2011, Connecticut Insurance Commissioner Thomas B. Leonardi released a statement titled “Solvency II: ‘One Size Does Not Fit All’,” in which he warns that adopting Solvency II (as previously reported here) standards in the U.S. could “weaken consumer protections and stability of insurers.”  The comments came during an online forum hosted by Price Waterhouse Coopers regarding, among other topics, solvency regulation. …
Read More Connecticut Insurance Commissioner Issues Solvency II Warning

Recently, the U.S. Department of Health and Human Services (“HHS”) rejected North Dakota’s request for a waiver of the Patient Protection and Affordable Care Act (PPACA) requirement that individual health insurance plan issuers spend at least 80% of premiums on medical care or quality improvements.  As we previously reported, under the PPACA, the medical loss ratio (MLR) requirement is 80% for individual and small group plans and 85% for large group plans. …
Read More North Dakota’s Request for Medical Loss Ratio Waiver Rejected; Kentucky’s and Iowa’s Waiver Requests Approved

On July 28, 2011, the U.S. House of Representatives Subcommittee on Insurance, Housing and Community Opportunity (subcommittee of the Committee on Financial Services) held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs.”  Committee members heard from state regulators, as well as various industry executives, a consumer advocate and others, regarding topics spanning from systemic risk in the insurance sector to reform in the producer licensing system.
Read More House Committee Holds Hearing: “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs”

Florida Insurance Commissioner Kevin McCarty (“McCarty”) said this week that he intends to phase in the expected significant rate increases for sinkhole coverage.  As previously reported here, sinkhole coverage was a significant component of Florida recent property insurance reform legislation.  Part of this reform was to lift a cap on rates charged by Citizens Property Insurance Company, Florida’s state-sponsored insurer of last resort. …
Read More Florida Insurance Commissioner to Phase in Rate Increases for Sinkhole Coverage

This updates our June 22, 2011 blog posting.

At its July 15, 2011 meeting, the National Conference of Insurance Legislators (“NCOIL”) Life Insurance and Financial Planning Committee resolved to pursue amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Resolves to Address Unclaimed Property Issue

On May 23, 2011, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) proposed joint rules in Federal Register 33-9204 (click here for a copy) that define the terms swap, security-based swap, security-based swap agreement, and mixed swaps.  On July 22, 2011, Susan E. Voss, Iowa Insurance Commissioner and President of the National Association of Insurance Commissioners (the “NAIC”) and Therese M. Vaughn, CEO of the NAIC penned a comment letter to the SEC and CFTC that urged them to make several changes to the proposed rules (the “NAIC Letter”). …
Read More Insurance Product Test in Proposed Rules by the Securities and Exchange Commission and the Commodity Futures Trading Commission May Place Certain Insurance Products under Federal Oversight

The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010. …
Read More New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York