Assembly Insurance Committee passes a measure to provide the insurance department additional investigators to fight insurance fraud. The bill requires the department to post investigative program performance its Web site! www.insurance.ca.gov
Bulletin 05-2007 updates the states list of admitted surplus lines carriers.
DISTRICT OF COLUMBIA
Cabina-America, a risk retention group, has been placed under restrictive order.
An insurance agent in Columbus, Ga., has been charged with insurance fraud for allegedly pocketing more than $200,000 premiums paid for property and taxicab liability coverage instead of forwarding the payments to Cabina-America Insurance, of which the agent is a partial owner. www.disr.washingtondc.gov
Gov. Charles Crist says he will use the states earlier presidential primary date (Jan. 29, 2008) to pressure candidates to support catastrophe fund that would aid residences of his state obtain homeowners insurance. >> The Florida Financial Services Commission adopted standard requirements for insurers to report losses to the state in the event of a declared catastrophe. Previously, the state gathered this information by emergency rule. A standardized reporting format is expected to greatly reduce the submission of incorrect company data, while allowing the information to be processed and disseminated more quickly. A second rule sets a standard affidavit for carrier officers and their chief actuary to sign attesting to the accuracy and completeness of each rate filing. www.floir.com
The insurance department has posted a form designed to help small businesses apply for the Insurance Coverage Affordability and Relief to Small Employers program. The form is available on the insurance department Web site. www.doi.state.ky.us/kentucky
New rules governing small group health insurance benefits went into effect July 1.
Fred Heese serving as acting chief financial examiner for the states Insurance Solvency & Company Regulation Division. He previously oversaw financial examinations of insurance companies as audit manager. www.insurance.mo.gov/
The insurance department will no longer issue home officer personnel licenses.
Bulletin 07-06 explains a series of amendments to producer appointment procedures, which comply with the National Insurance Producer Registry of the National Association of Insurance Commissioners. www.state.nj.us/dobi/bulletins/blt07_06.pdf
Insurance Super Eric R. Dinallo names Michael Moriarty deputy superintendent for property and capital markets. Moriarty will oversee the licensing, examination and regulation of all p-c insurers and related entities, as well as oversight of the capital markets and risk management of carriers. He will also oversee the regulation of New York captive insurers. >> Gov. Eliot Spitzer is forming a panel to propose ways to streamline financial services regulations. The panel includes chief execs from Goldman Sachs Group, Citigroup, AIG, MetLife and some state banks, as well as former federal officials. www.ins.state.ny.us/
Gov. Edward Rendell expresses concern over the Federal Trade Commission and Justice Department opinions on the merger of Independence Blue Cross and Highmark, the states two largest health insurers. These federal agencies did not approve the merger; they said only that they did not find any federal antitrust or competitive concerns and granted the companies' request to terminate the 30-day waiting period, he says. This is an important distinction and it is one that means Pennsylvania's review of the proposed merger will need to be very thorough. Under state law, Pennsylvanias Blues and fraternal benefit societies are exempt from state insurance department standards and competitive review because they are owned by a holding company. Rendell is asking the legislature to give the insurance department more power to review these types of transactions. >> Insurance Commissioner Randy Rohrbaugh announces parent company of ACE INA Holdings, a Pennsylvania insurer, will pay a record $9 million to settle allegations of bid-rigging and market collusion. www.rilin.state.ri.us/Kennedy/
State Rep. Brian Kennedy, vice president of the National Conference of Insurance Legislators, has criticized the NAIC for failing to open meetings to the public. The state rep says insurance commissioners may be violating their oaths of office when they do not honor their state?s sunshine laws when taking part in NAIC?s conventions.
The insurance department has posted its latest workers comp data on its Web site.