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October 1, 2007
 
Print Version of All Articles in Oct. 1 ICI
Print out this file for all the text in the current issue....
 
Military Sales: Georgia Revokes Three Licenses; Companies Can Easily Apply NAIC Red Flags
Recent sanctions and a new report to Congress are shedding new light on the sale of life insurance and annuity products to the military and suggesting some compliance best practices for those products....
 
Two States Sanction Health Companies for Claims Handling Errors, Late Payments
Two states have fined three insurers $250,000 for shortcomings in their claims handling practices. Two of carriers are affiliated with BlueCross BlueShield....
 
Five More States Will Requires Market Conduct Annual Statements; States May Share Oversight of Medicare Advantage Plans
Compliance areas can expect more interest in their market conduct data. Five more states have announced plans to require companies to provide the data....
 
NAIC Says IMSA Certification ‘Useful,’ But Not a Proxy for Regulators
An NAIC ad hoc working group says the consideration of a company’s membership in the Insurance Marketplace Standards Association may be useful to regulators and recognizes the “positive benefits” of best practice organizations, but it doesn’t think they should be a proxy for regulation....
 
Michigan Gives Provisional OK to NAVA’s STP Initiative
Michigan’s Office of Financial and Insurance Services has told NAVA that it likes what it sees in the group’s Straight-Through Processing initiative, but that it needs more work....
 
Compliance Jobs Should be Safe After AIG-21st Century Merger
The merger of an AIG subsidiary and 21st Century Insurance Group will present a number of challenges to the companies, but probably won’t mean the loss of any compliance jobs....
 
LOMA, LIMRA Boards Agree to Jan. 1 Merger; Members Must Approve Move to Form LL Global, Inc.
The boards of directors of LIMRA International and LOMA have approved the proposal to unite the two trade organizations. Member companies must still vote to OK the proposal...
 
Rules, Regs & Bulletins Oct. 1, 2007

A summary of recent regulatory developments and legislation....