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November 19, 2007
 
Print Version of All Articles in Nov. 19 ICI
Print out this file for all the text in the current issue....
 
Senate Approves Seven-Year TRIA Extension; Conference with House Awaits
The U.S. Senate has unanimously passed legislation to extend the Terrorism Risk Insurance Act, but it now faces a hot debate with members of the House, who will want to preserve elements of their own reauthorization bill....
 
Connecticut AG Is Going After Insurers, Brokers on Undisclosed Compensation, Price Fixing
The Principal Financial Group has agreed to pay $5 million and change its business practices to resolve allegations in Connecticut that it failed to disclose compensation it paid to brokers to gain access to pension plan business. The state's attorney general has also sued reinsurance broker Guy Carpenter & Company for illegally fixing prices and inflating insurance costs....
 
Court in ‘Judicial Hellhole’ Lifts Caps on Medical Malpractice Damages

A circuit court judge in Cook County, Ill., has declared as unconstitutional caps on non-economic damages for medical malpractice lawsuits. The caps were part of a landmark medical malpractice reform law that Illinois passed in 2005 to address runaway jury verdicts and an exodus of doctors....

 
First American Title Pays $5 million to Settle Charges it Made Illegal Payments for Referrals
First American Title Insurance Company is writing a $5 million check to settle allegations that it made illegal payments for title insurance referrals in Florida....
 
Life Insurer Agrees to Multi-State Settlement for Race-Based Sales
A life insurer is working with five states to provide additional benefits for life insurance policies sold to minorities during the first half of the 20th century....
 
Two More Health Insurers Follow Cigna in Agreeing to Tell Consumers More About How They Rank Doctors
Aetna and Empire Blue Cross-Blue Shield have become the latest health insurers to come to terms with New York attorney general Andrew Cuomo over their plans to rank doctors by cost and quality of service....
 
Deputy Chief in Louisiana Is New Top Regulator in Oregon
Scott Kipper has been selected as the new Oregon insurance administrator. Kipper, 50, is currently the deputy health insurance commissioner for the Louisiana insurance department, where he directs regulation and enforcement of health insurance laws....
 
Trade Group Releases Disclosure Document for Life Settlements
The Institutional Life Markets Association has developed a recommended broker compensation disclosure statement for use in life settlement transactions....
 
Treasury Adds Belarusian Companies to Watch List
The Treasury Department added Belarusian State Concern for Oil and Chemistry, a.k.a. Belneftekhim, to its list of Specially Designated Nationals and Blocked Persons last week....
 
SEC Tries Again on Public Access to Company Disclosures
The SEC is going back to the drawing board on its idea to give the public access to information about companies with business activities in or with countries designated as state sponsors of terrorism....
 
SEC’s Division of Market Regulation Tries On An Old Coat and Finds It Still Fits Well
The SEC has changed the name of the Division of Market Regulation to the Division of Trading and Markets to better reflect its full range of responsibilities....
 
FinCEN Seeks Nominations for Advisory Board
The Financial Crimes Enforcement Network is inviting nominations of financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group....
 
Job Announcement: First Consulting & Administration
A Kansas City firm is seeking a property/casualty consultant....
 
Notice to Readers Nov. 19, 2007
In keeping with the Insurance Compliance Insight publishing schedule, the next edition will be posted to www.ins-compliance.com on Dec. 3, 2007. Have a safe and enjoyable holiday with your family, friends and colleagues.
 
Rules, Regs & Bulletins Nov. 19, 2007

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