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Regulatory News and Information
Insurance Regs Could Significantly Impact State’s Economy, NAMIC Tells California Officials
California insurance consumers and the state’s economy could be severely harmed if proposed changes are made to the state’s insurance rate approval structure. (Posted: 12/17/2008)
NAMIC’s state advocacy partners, the Personal Insurance Federation of California and the Pacific Association of Domestic Insurance Companies, each filed written comments with the California Department of Insurance on its proposed amendments to the Prior Approval of Rates Regulations. (Posted: 12/16/2008)
NAMIC Continues Working with CMS on Reporting Proposal
NAMIC has been working with the Centers for Medicare and Medicaid Services to streamline the mandatory reporting requirements for insurers. The Medicare Secondary Payor reporting requirements will become effective mid-2009. (Posted: 12/16/2008)
The Department of Regulatory Agencies held a rulemaking hearing Dec. 9 on its proposed amendments to an administrative rule pertaining to Penalties and Timelines Concerning Division Inquiries and Document Requests. (Posted: 12/16/2008)
Connecticut: Insurance Committee to Host Hearing on Industry’s Financial Strength
The Joint Committee on Insurance and Real Estate will hold an informational hearing on Dec. 19 on the subject of the financial strength of the insurance industry. (Posted: 12/16/2008)
Work Continues on Market Conduct Accreditation Program
During the Monday meeting of the Market Regulation & Consumer Affairs (D) Committee, committee members held a working session during which they reviewed comments received on the second draft of the accreditation program and made changes to the draft based on some of those comments. (Posted: 12/10/2008)
Property & Casualty Committee Considers New Working Group on Contract Certainty
During the Monday meeting of the Property & Casualty Insurance (C) Committee, a representative from the New York insurance department made a presentation relating to a new issue that the (C) committee may consider further. (Posted: 12/10/2008)
No Action Taken on NAIC White Paper on Credit-based Insurance Scoring
Commissioner John Morrison, chair of the Market Regulation and Consumer Affairs (D) Committee, indicated at the committee meeting that he and NAIC staff are in the process of revising this white paper in light of comments received from interested parties, including NAMIC. (Posted: 12/10/2008)
New Draft of Personal Lines Paper Due in January
While no action was taken in Grapevine on the NAIC Personal Lines Regulatory Framework paper that has been in process for several years, David Parsons, working group chair and Alabama assistant commissioner, gave a progress report on Monday to the Speed to Market (EX) Task Force. (Posted: 12/10/2008)
Valuation Guidance in SSAP 98 Will be Embedded in IP No. 124
SSAP No. 98’s guidance on treatment of cash flows to value or re-value certain securities will become the basis for somewhat more comprehensive accounting guidance to be used in insurers’ regulatory reporting. (Posted: 12/10/2008)
Credit-for-Reinsurance Overhaul Passes; Major Hurdle Now Will be Congress (12/10/2008)
New York: Mere Non-occupancy Insufficient Grounds for Mid-term Cancellation, DOI Says (12/2/2008)
NAIC White Paper on Credit-based Insurance Scoring is Discreditable (12/2/2008)
Vote on Catastrophe Insurance White Paper is Late Addition to NAIC Meeting Agenda (12/2/2008)
Market Conduct Accreditation Program Continues in Development (12/2/2008)
No Activity Expected on Market Conduct Annual Statement (12/2/2008)
Personal Lines Regulatory Framework Project Slows to a Crawl (12/2/2008)
Climate Change Task Force Will Revisit Disclosure Proposal (12/2/2008)
Massachusetts: Attorney General Calls for Review of Auto Insurer’s Rates (12/2/2008)
Accounting for OPEB Liability has Suspense for Some Insurers (12/2/2008)
New NAIC Committees Originate in Concerns for Insurance Industry’s Solvency, Viability (12/2/2008)
Credit for Reinsurance Plan Poised for Approval but Needs Congressional Empowerment to Work (12/2/2008)
NAIC Committees Again Demur on Restraining GAAP-like Disclosures in Financial Statements (11/19/2008)
Ohio: DOI Holds Hearing on Proposed Changes to MAR (11/18/2008)
Colorado: Amendments to Administrative Rule Proposed (11/18/2008)
Insurance Commissioners: North Dakota Race Still in Doubt (11/5/2008)
NAMIC Presses CMS on Burdensome New Requirements (11/4/2008)
NAMIC Comments Filed on Revised Market Regulation Accreditation Proposal (11/4/2008)
NAMIC Tells NAIC Leadership that 2009 Budget of $73 Million Should be Constrained (11/4/2008)
NAMIC Comments on NAIC Review of Credit Scoring Studies (11/4/2008)
North Carolina: NAMIC Members Testify Before ‘Beach Plan’ Study Committee (11/4/2008)
Florida: ‘New’ Credit Rule Proposal Released (11/4/2008)
Insurance Commissioners: New Faces in 2009? (10/28/2008)
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