Insurance News

Posts Tagged ‘regulators

State insurance regulators, under pressure to improve disclosure of death-benefit payment options, issued a consumer alert about the industry practice of retaining funds rather than paying them in a lump sum.

“You may be able to earn a higher rate of interest on the life insurance proceeds if you select a different payout option,” the National Association of Insurance Commissioners said in the alert. “While the documents you receive Read the rest of this entry »

SAN FRANCISCO — Key insurance regulators said yesterday that they will not require the industry to offer auto policies that reduce emissions by rewarding motorists who drive less.

They also shied away from a new plan to make those policies, often called pay-as-you-drive, standardized across the nation, similar to other environmental movements like Energy Star appliance standards and the green building code called LEED, or Leadership in Read the rest of this entry »

Gaining new authorization under President Barack Obama?s administration in 2009, financial services regulators will likely transform this sense of empowerment into a broad array of new rules and agencies, as well as stepped-up enforcement actions in 2010, according to regulatory compliance experts at Wolters Kluwer Financial Services, a provider of compliance, content and technology solutions, and services geared toward risk management.

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A conservative think tank report challenging regulators? picture of the Florida home insurance market is out of focus, according to the Florida Office of Insurance Regulation.

OIR was responding to the Washington-based Competitive Enterprise Institute, which challenged the import of numbers reported by the OIR.

The CEI had stated that the agency?s report mischaracterizes the amount of capacity in the marketplace, but the OIR Read the rest of this entry »

Authorities issued a “Scam Alert” yesterday warning that imposters were posing as insurance department employees targeting agents and brokers in Nevada and California seeking confidential personal data.

Nevada Insurance Commissioner Scott Kipper said in the announcement that his division received reports that individuals have been calling licensed insurance agencies and representing themselves as employees of the Nevada Division of Read the rest of this entry »

Dozens of state insurance regulators have descended on Congress, to urge that any federal insurance regulatory reforms should keep in place and build on the existing state-based regulation model.

The nation’s state-based regulatory system, the regulators said in a statement, “has remained a constant in an otherwise erratic economic climate.”

Joining the National Association of Insurance Commissioners pilgrimage to Capitol Hill Read the rest of this entry »

True to her word, Gov. Jennifer Granholm is cracking down on Michigan insurance companies that didn’t go along with her call for a year-long rate freeze. Proposed rate hikes sought by noncomplying insurers — most of the firms writing auto insurance policies here — have been fly-specked as never before.

This pressure from the Office of Financial and Insurance Regulation is ill-conceived and certain to further alienate one of the few Michigan Read the rest of this entry »