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February 11, 2008
 
Print Version of All Articles in Feb. 11 ICI
Print out this file for all of the text in the current issue....
 
Florida Senate Committee Hearings Challenge Carriers on Property Rates ...
After the Florida property/casualty rate hearings ended last week, one thing was certain: The Select Committee on Property Insurance Accountability got a taste of what it’s like to be an insurance company and discovered that it isn’t always easy to write business in a storm-prone state....
 
... As House Subcommittee Holds Homeowner Insurance Hearing Of Its Own
Congress is taking a look at the insurance situation in Florida this week. Rep. Melvin Watt, D-NC, said he wants to hear how the insurance industry has responded to natural disasters and how the response can be improved...
 
Vermont Praised for Having Least Regulatory Burden; Massachusetts Has the Worst, Public Policy Report Says
Two public policy organizations have issued a report that rates states based on how effective they are in regulating property/casualty insurance. Vermont received the highest rating while Massachusetts received the lowest....
 
Annuity Disclosure Pilot Promotes Uniform Disclosure, Understandable English
The Iowa insurance division is participating with two industry trade groups in an initiative to provide more readable and consistent disclosures for fixed and indexed annuity sales. At the same time, the trades are also planning to talk with federal regulators about doing the same thing for variable annuities....
 
American Equity Settles Charges of Unsuitable Annuity Sales; Two Other Carriers Face Similar Allegations in Minnesota
Minnesota attorney general Lori Swanson isn’t one to let the dust gather. Last week she settled a lawsuit she had filed against American Equity Investment Life Insurance Company, then turned right around and filed another against two other carriers for allegedly selling unsuitable annuities....
 
Treasury Readies Plan to Modernize Financial Services Regulation
The Treasury Department will soon release its plan to develop “a modernized approach to regulation,” one that is risk-based, globally oriented and flexible in scope, a senior official said last week....
 
Feds Begin New Best Practices Initiative for Selling to Seniors
Three federal regulators have started a joint project to help financial services firms implement more effective procedures for selling to senior investors...
 
Rules, Regs & Bulletins Feb. 11, 2008

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