Category: National News

  “Mission creep,” state-federal coordination, reinsurance collateral and Solvency II equivalence, group supervision, and the development of international capital standards were suggested by the Property Casualty Insurers Association of America (“PCI”) to the National Conference of Insurance Legislators International Issues …

  In Bulletin 2014-02 issued today, June 11, 2014, Alabama Insurance Commissioner Jim Ridling advised all authorized property and casualty insurers that revisions enacted this year to Alabama Code Section 27-1-24-1 become effective on July 1, 2014.  As amended, the …

  During recent discussions within the National Association of Insurance Commissioners’ (“NAIC”) about acceptable forms of security for the purposes reinsurance collateral, an issue with certain language in the NAIC’s Credit for Reinsurance Model Law and Regulation that references “Securities …

  The Washington State Office of the Insurance Commissioner (“WOIC”) held a hearing this morning, June 10, 2014, on proposed Rules that would permit a licensed insurance producer to share commissions, service fees or other valuable consideration with an unlicensed …

  Following is an update on recent activities of the Texas Windstorm Insurance Association:   TWIA Board Votes to Authorize Clearinghouse Similar to Florida At its May 21, 2014 meeting, the Texas Windstorm Insurance Association (“TWIA”) Board of Directors (“Board”) …

  In a notice issued today, June 9, 2014, the Texas Division of Workers’ Compensation (“Division”) advised that a public hearing has been scheduled for Monday, June 16, 2014 on the issue of attorneys’ fees in workers’ compensation cases. The …

From the California Department of Insurance . . . Dancing hamster arrested on insurance fraud charges LOS ANGELES, Calif. – Leroy Barnes, 27, of Los Angeles, known as one of the dancing hamsters in Kia commercials, was arrested on insurance fraud charges …

  Comments on recommended changes to the National Association of Insurance Commissioners’ (“NAIC”) Insurance Holding Company Model Act and Regulation, the NAIC’s Financial Analysis Handbook, and a proposed new annual statement supplement designed to obtain insurance group-level information are expected …

  A bill that would relax laws governing captive insurance companies doing business in South Carolina and allow the formation of incorporated cells passed the South Carolina General Assembly on May 28, 2014.  The legislation, Senate Bill 909, will now …

  Inherent conflicts within insurance intermediaries are not being properly managed, a recent “Thematic Review” by the United Kingdom’s (“UK”) Financial Conduct Authority (“FCA”) has found.  The FCA is the UK’s primary financial services industry regulator. Entitled “Commercial intermediaries – …