Category: National Insurance Regulation News and Updates
May 23, 2013
UPDATE: The NAIC Financial Condition (E) Committee meeting scheduled for today, May 23, 2013, has been postponed and is expected to be rescheduled in early June. Colodny Fass& Webb will provide an update on the new date. The …
May 23, 2013
The North Dakota Insurance Department (“NDID”) has advised that various insurance bills passed during the state’s 63rd Legislative Assembly will become effective on August 1, 2013, unless otherwise noted. A list of those bills follows (Click on the bill …
May 22, 2013
The California Department of Insurance issued the following news release today, May 22, 2013: $70 million rate reduction approved for Automobile Club of Southern CA drivers Over one million Southern California motorists to have rates slashed LOS ANGELES …
May 21, 2013
On May 17, 2013, New Jersey Insurance Commissioner Kenneth Kobylowski advised in Bulletin No. 13-12 that, in consideration of Super Storm Sandy impacts, New Jersey homeowners’ insurers must now include data on certain policies written with hurricane and windstorm deductibles …
May 10, 2013
Demotech, Inc., an Ohio-based company that monitors insurer financial stability, issued a May 8, 2013 Report analyzing risk retention groups (RRGs) using financial data reported year-end 2012. Demotech Senior Financial Analyst Douglas Powell writes in the Report, “this is …
Apr 30, 2013
At its most recent meeting on April 25, 2013, the Financial Stability Oversight Council unanimously approved its 2013 Annual Report (“Report”), which was developed collaboratively by its members, their agencies and their respective staff members. To access hyperlinks to …
Apr 30, 2013
The Excess Line Association of New York (“ELANY”) advised in Bulletin No. 2013-17 issued today, April 30, 2013, that the following companies have been added to the list of New York Eligible Excess and Surplus Insurers. Company Code …
Apr 3, 2013
In a news release issued today, April 3, 2013, the U.S. Federal Reserve Board announced its approval of a final Rule that establishes the requirements for determining when a company is “predominantly engaged in financial activities.” The requirements will …
Mar 27, 2013
In a March 25, 2013 notice inviting comment on proposed policy it called “contrary to prudent business practice,” the Federal Housing Finance Agency (“FHFA”) is proposing a ban of force-placed insurance commissions and reinsurance fees to banks on loans …
Mar 6, 2013
Negotiated rate increase less than half of insurance companies’ request North Carolina Insurance Commissioner Wayne Goodwin signed a settlement agreement with homeowners insurance companies yesterday, March 5, 2013, in which he allowed an overall statewide average rate increase of …