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Regulatory News

ALABAMA
New law makes insurance fraud either a Class B or Class C felony, depending on the extent of the crime.
www.aldoi.org

CALIFORNIA
Approves new WC pure premium rate at average of $2.49 per $100 of payroll. That is an 8.26% increase over the rate approved in January. >> Stop-loss bill passes in Senate. S.B. 1431 aims to cap small-group stop-loss premiums and prevent carriers from cherry-picking younger or healthier work groups and excluding those in riskier fields. >> Awards Accenture $360 million contract to build health insurance exchange website and enrollment system. Contract subject to federal approval.
www.insurance.ca.gov

CONNECTICUT
Gov. Dannel Malloy signs two insurance laws. First allows insurance commissioner to establish supervisory colleges of domestic and international regulators to conduct financial examinations of insurers that are part of international holding companies. That should give regulators a better handle on the effect of parent’s actions and finances on the insurer. The second law gives the Insurance Department authority to evaluate the financial strength of foreign reinsurers and the U.S. insurers that buy their reinsurance. It also allows for a sliding scale for foreign reinsurer collateral requirements if the reinsurer meets Insurance Department financial and home-country supervisory requirements.
www.ct.gov/cid/site

DELAWARE
Captive insurance risk management certificate program graduates first class. Program created by Insurance Department and University of Delaware.
www.delawareinsurance.gov

FLORIDA
Barry Gilway takes over as president of Citizens Property. He replaces Tom Grady who served as interim president since March. Gilway has held top executive positions at W. R. Berkley, Zurich, Zenith North America Canada, and Mattei Insurance Services. He also worked with Mystic Capital Advisors, an M&A advisor for independent agencies and MGAs. >> New law allows business owners and officers to file for WC exemption electronically, permits corporate officers of LLCs who own at least 10% stake in company to exempt themselves from workers comp, and declares WC insurers are no longer subject to excess profit law, which required them to refund money to policyholders if profits exceeded estimates by more than 5% over three preceding calendar years.
www.floir.com

IOWA
Gov. Terry Branstad names Nick Gerhart as insurance commissioner to succeed Susan Voss, who is retiring at the end of the year. Gerhart, 37, will begin the job this fall and take on full responsibilities when Voss departs. Gerhart is currently VP of compliance and regulatory affairs at Sammons Financial Group and was an executive at American Equity Investment Life Insurance.
www.iid.state.ia.us

LOUISIANA
Insurance Commissioner Jim Donelon says there are more companies doing business in Louisiana now than on the day before Hurricane Katrina hit in Aug. 2005. Points to recovery of property insurance market. >> Joins Treasury Department’s federal Financial Crimes Enforcement Network and will share info with feds to track trends and patterns of suspicious financial activity and target fraud.
www.ldi.state.la.us

MARYLAND
State-run workers comp insurer, Injured Workers’ Insurance Fund, will become private, nonprofit company on Oct. 1, 2013. Will re-brand as Chesapeake Employers’ Insurance. $50 million of IWIF’s $335 million in surplus funds will be transferred into the state general fund by July 1, 2013. IWIF is the state’s largest writer of workers comp and the insurer of last resort, a role it will retain after privatization. The governor will still appoint its board of directors when it re-brands, but the state won’t have any claim on its surplus, which will be for the exclusive benefit of policyholders.
www.mdinsurance.state.md.us/

MISSISSIPPI
Comes in last in Institute for Business and Home Safety evaluation of 18 hurricane-prone states’ building codes and enforcement. IBHS says it’s largely due to the fact the state has no statewide building code.

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