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November 27, 2006
 
Extending Role of Compliance Now Can Lower Cost of Noncompliance Later

An industry consultant is advising companies to extend their view of compliance beyond fulfilling the requirements of laws and regulations and integrate the function into other areas of company operations....

 
Four Steps to Controlling Risks

A number of insurers are conducting operational risk assessments to predict future risks and determine the steps they have to take to eliminate or control those risks...

 
Carriers Embracing Compliance Best Practices Can Better Address Legal Issues, Expert Says

A current emphasis on compliance is paying off for insurance companies that see a benefit in developing best practices in the area. They are less likely to be sued, generally have less risk to deal with, have fewer litigation costs if a lawsuit is filed and generally are in a better position to mount an effective defense....

 
Treasury Seeks ‘Principles-Based’ Regulation

Regulation across financial services industries should focus more on “principles-based” regulation than “rules-based” oversight, Treasury Secretary Harry Paulson said in a speech  last week....

 
Leading Democrat Hints at Possible Federal Charter

A Democrat who will be taking over a key panel on the House Financial Services Committee strongly hinted last week that an optional federal charter for insurers might be possible....

 
Physicians Insurance Resolves Compliance Issues; Company Spent $1.2 million to Fix Problems

Washington state’s largest medical malpractice insurer, Physicians Insurance, will get to keep $400,000 of a $450,000 fine leveled against the company two years ago because the carrier has improved its compliance operations....

 
New York Moves Against Coventry First; NAIC Steps Up Oversight of Life Settlements

The fast-growing life settlements industry is coming under increased scrutiny. Last month, New York attorney general filed suit against one of the largest players in the $6 billion industry, and the NAIC plans to increase regulatory oversight of the products and the brokers who sell them....

 
GAO’s Recommendations for Next Congress Include Looking at Disaster Response, ID Theft

Catastrophe response, identity theft and corporate financial controls and standards should be among the top priorities for the next Congress, the Government Accountability Office has suggested in a letter to lawmakers....

 
Insurers, Others Push D.C. Health Department to Regulate City’s Assisted Living Facilities

Most everyone with an interest in the assisted living industry in the nation’s capital – long-term care insurance companies, providers, residents – seems to want enhanced regulation of the city’s 49 assisted living facilities. Everyone, that is, except the Washington, D.C. Health Department....

 
Penn Treaty Can Sell Again in Florida

Penn Treaty Network Insurance Company (PTNA) can once again sell long-term care insurance in Florida, thanks to a consent agreement signed by the company and state regulators....

 
NY Survey Seeks Details from Carriers About Preparations for Pandemic Flu Outbreak

The New York Insurance Department wants to know how well prepared insurance companies are to deal with the threat of a pandemic flu outbreak...

 
Rules, Regs & Bulletins Nov. 27, 2006
Insurance Compliance Insight's weekly compendium of new and noteworthy rules, regulations & Bulletins...