ALABAMA Chief Examiner
Richard Ford elected president of Society of Financial
Steve Poizner files papers to form exploratory committee on his
running for the Republican nomination for governor in two
years. He is the only Republican other than Gov. Schwarzenegger
to hold statewide office. >> New laws transform State
Compensation Insurance Fund, expanding the board from five to
11 voting members and allowing it to recruit top executives to
fill management positions, such as CFO, COO and general
counsel. >> Governor signs bill allowing Insurance
Department to issue citations and small, pre-determined fines
for violations of the Insurance Code—more rigorous than a
warning but less time and cost than a legal proceeding. Fines
range from $200 to $500.
FLORIDA Becomes first state
to permit reduced collateral requirements, previously at 100%,
for non-U.S. reinsurers doing business in Florida. Some
restrictions apply, and the Office of Insurance Regulation says
it will analyze companies before collateral reductions are
HAWAII Insurance Division
receives request for 11.6% decrease in workers comp loss costs,
which will affect premiums as of Jan. 1, 2009. The commissioner
has approved loss cost reductions each of the last three years.
LOUISIANA State Senate
Insurance Committee Chairman Don Cravis wants insurers to use
their percentage deductibles for named storms just once for
homes and businesses hit by hurricanes this year. He’s
working with the state House Insurance Committee and the
insurance commissioner to possibly put the limit into law.
Commissioner Donelon says he could support a one-storm limit
but banning these deductibles, which can be as high as 5% of
the property’s value, would drive insurers out of
NEVADA Betty Baker serving
as acting insurance commissioner while a permanent commissioner
is sought to replace retired Alice Molasky-Arman. Baker was
chief insurance counsel and has acted in Molasky-Arman’s
stead during previous absences.
Full Leader's Edge Archive. Previously published articles, listed by subject below.