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May 28, 2007
 
LATE NEWS: Some Good News, for a Change
Here’s some news you should be seeing splashed across the headlines of the nation’s newspapers or discussed in congressional hearings – insurance companies are being praised for their response following a disaster....
 
LATE NEWS: Senators Introduce Bill Permitting Optional Federal Charters
Insurers are responding as you might think to the introduction of a bill in the Senate that would establish optional federal charters for insurance companies – life insurers and large property/casualty carriers like the idea and others don’t....
 
Best Practice: California Compliance Tips
The California Insurance Department has outlined several areas in which insurance companies can improve their compliance oversight of rating and underwriting and their sales and marketing functions....
 
Latest SAR Statistics Show How Easy It Is for Insurers to be Money Laundering Targets
The latest edition of the Treasury Department’s SAR Activity Review reveals that insurance companies and their producers are frequently mentioned in suspicious activity reports filed by banks, credit unions and financial services companies....
 
Senate Looks Into Medicare Advantage Plans; Federal Regulator Suggests Tighter Compliance
Market conduct issues with Medicare Advantage plans remained front and center last week as a Senate committee held hearings to determine the extent of the sales and marketing problems. In a related development, the federal agency that regulates the plans proposed rules to improve its oversight and insurers’ compliance....
 
Illinois Plans ‘Aggressive Oversight’ of Discount Health Plans; Producers, Rates, Claims Top List of Errors in Market Conduct Actions
Complaints about discount cards and discount health plans has significantly increased in Illinois, and a senior regulator there has told compliance professionals to expect “aggressive oversight” for at least the rest of this year....
 
State, Carrier Settle; Judge Won’t Allow Mercury’s Coupons
UnitedHealthcare got off fairly easily in its settlement of  a long-standing dispute with the Nebraska Insurance Department, but Mercury Insurance is still looking for a way to settle a class action lawsuit in California....
 
New York Report Expresses Concern About Risk of Guaranteed Living Benefits
The New York Insurance Department says it is concerned about the industry’s risk associated with guaranteed living benefits....
 
Weather Forecasters Unanimously Predicting ‘Busier Than Normal’ Hurricane Season
Forget last year’s calm hurricane season and just chalk it up to being lucky. This year,  weather forecasters says we’re in for a “busier than normal” hurricane season....
 
Largest Settlement Ever Has Seven Insurers Paying $2 Billion for Remaining WTC Claims
In what is being called the largest regulatory settlement in history, seven insurance companies have agreed to pay $2 billion to settle all outstanding claims related to the destruction of the World Trade Center on Sept. 11, 2001....
 
Trade Group: Massachusetts Commissioner, Legislature Should Open Auto Markets

The American Insurance Association One trade association is uring Massachusetts insurance commissioner Nonnie Burnes to retire the “one size fits all” rating structure....

 
Allstate, Nationwide Asked for Katrina Data
Two insurance companies have received subpoenas related to their claims handling practices following Hurricane Katrina....
 
Rules, Regs & Bulletins May 28, 2007
A summary of recent regulatory developments and legislation....