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Regulatory News

ALABAMA

State grants authority to its first captive entity, Chantilly Risk Management, of Montgomery. The captive is the creation of Automotive Aftermarket Association Southeast. www.aldoi.gov

ARKANAS

The insurance department posts three new cost comparison guides on its Web site. The guides address medical malpractice, homeowners and auto insurance coverage. insurance.arkansas.gov

CALIFORNIA

The governing committee of California’s Workers Compensation Insurance Rating Bureau approves an 11.3% decrease in advisory pure premium rates, effective July 1, on new and renewal policies with anniversary rating dates on or after July 1. >> Insurance Commissioner Steve Poizner orders audit of the State Compensation Insurance Fund amid concerns over corporate governance and management of the organization. www.insurance.ca.gov

DELAWARE

Captive Insurance Bulletin Number 1-2007 establishes annual filing requirements for captives engaged in securitization transactions. www.delawareinsurance.gov

DISTRICT OF COLUMBIA

Two new captive laws take effect. One updates and expands a 2004 law relating to formation and structure of protected cell captives, providing greater flexibility to captive owners, managers and regulators regarding the status and actions of protected cell companies.  The other provides securitization of risk and allows access to capital markets through special purpose captives, which officials say will make the District’s captive laws more compact and easier to use. >> Mayor Adrian Fenty reappoints Thomas E. Hampton commissioner. http://disr.dc.gov/disr/site/default.asp

FLORIDA

Some Florida residents who asked for help under a state program to make their homes more hurricane resistant are receiving checks. The program offers homeowners as much as $5,000 toward the cost of strengthening their homes against hurricanes.

Insurance Commissioner Kevin McCarty initiates delinquency proceedings against Universal Health Care Insurance Company. UHCIC had agreed to a Consent Order of Liquidation so that delinquency proceedings could be initiated by the Division of Rehabilitation and Liquidation, within the Department of Financial Services, if the company failed to come into compliance with Florida’s financial requirements by March. www.floir.com

HAWAII

The fee schedule for nonresident producers, managing general agents and reinsurance intermediaries is posted on the department’s Web site. www.hawaii.gov

INDIANA

The insurance department has proposed a new rule governing professional employee organizations (PEOs) to implement new statutory requirements. The proposed rule requires each to maintain a minimum net worth of $50,000 or a bond with a market value of at least $50,000. A PEO with a self-insured benefit plan must also have a fidelity bond covering persons with responsibility for the health benefit plan. The health benefit plan must purchase stop loss coverage and maintain separate account holding reserves that are actuarially sufficient. www.ai.org

KENTUCKY

The insurance department posts a guide to determining the average salary of employer groups on its Web site in the “What’s New” section. www.doi.ppr.ky.gov/kentucky

MAINE

Bulletin 345 provides guidance on compliance with the state’s new Risk to Personal Data Act. www.maine.gov/pfr/insurance

MASSACHUSETTS

Insurance regulators are reviewing a request for a workers compensation rate decrease put to them by the Workers Compensation Rating and Inspection Bureau of Massachusetts. The bureau requested a 13.4% decrease. www.mass.gov

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