Commissioner Linda Hall announces retirement for this spring
after the legislative session ends. She has been commissioner
for nine years.
More than half of members on task force reviewing privatization
of state-backed workers compensation company say they are
opposed or neutral to taking the program private.
Gov. Dannel Malloy’s budget has money to staff the
division in the Insurance Department that was set up to
regulate companies that specialize in captive insurance. Malloy
wants the legislature to create a $7,500 tax credit for a
captive insurer’s first year in business and modify other
requirements. >> Commissioner Thomas Leonardi has signed
cooperation agreement with Germany, the department’s
third international regulatory cooperation agreement. The other
two are with Switzerland and the Netherlands. He has also
applied to be a signatory of the International Association of
Insurance Supervisors memorandum of understanding on
cooperation. If approved, Connecticut would be the first U.S.
state to sign on with the 21 international jurisdictions
already party to the agreement. >> Leonardi appointed an
NAIC representative on the board of directors of the National
Insurance Producer Registry.
New digital flood insurance rate maps are coming for Maui and
Lanai on Sept. 19, 2012. Properties currently within the low or
moderate risk zones may be grandfathered into a lower premium
if flood insurance is bought before the property’s
reclassification into a higher risk area.
House kills bill allowing Department of Insurance to review
health insurer rate increases and grade them as too high or too
low. Opponents said it would have allowed too much proprietary
information to be released to competitors. Because the law
cited federal code, changes in federal law would immediately
have changed state insurance law, which some legislators
objected to as unconstitutional. The rejection of the bill,
however, means that the feds will take over some of the health
insurance rate review process.
Officials are encouraging everyone to get a weather-alert
radio, which issues a notification when severe weather is
Denham Springs approves changes to flood ordinances, allowing
it to keep access to federal flood insurance. The changes
require all construction or substantial improvements within the
city to be built with materials that resist flood damage and to
have adequate anchoring so they don’t float in
floodwaters. >> Ex-legislator Noble Ellington joins
Department of Insurance as chief deputy to the commissioner.
The 69-year-old cotton merchant didn’t seek reelection in
November after having served in either the House or the Senate
since 1988. He was on the House Insurance Committee for the
last four years of his term.
Workers Compensation Rating and Inspection Bureau of
Massachusetts asked for average rate increase of 19.3%,
effective September 2012. The commonwealth has rejected
single-digit increase requests over the past three years. Need
for hike driven by growing medical and wage replacement costs
and longer leave taken by comp claimants. >> Commissioner
Joseph Murphy elected to NAIC’s executive committee and
named chair of Northeast chapter. He will be on the government
relations council for 2012 and help develop the NAIC’s
legislative and regulatory agendas.
Fireworks retailers have filed suit in U.S. District Court in
Detroit, asking that a state law, effective Jan. 1, requiring
them to obtain $10 million in liability insurance if they want
to sell fireworks that shoot into the air, including Roman
candles, be overturned as unconstitutional. They say it puts
smaller companies that can’t afford that amount of
coverage at a disadvantage.