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Regulatory News

ALABAMA Chief Examiner Richard Ford elected president of Society of Financial Examiners.

CALIFORNIA Commissioner 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 allowed.

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 Louisiana.

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.

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