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January 14, 2008
Print Version of All Articles in Jan. 14 ICI
Print out this file for all the text in the current issue....
Best Practice: Consider These Suggestions for Reviewing Your AML Program
A new Webcast produced by the Financial Industry Regulatory Authority is advising broker-dealers how to prepare for anti-money laundering exams – and also has ideas insurance companies can use to check and improve their own AML programs....
FINRA Proposes Delaying Variable Annuity Rule Until August
FINRA, the federal broker-dealer regulator, is seeking approval to delay a part of its new variable annuity rule until this summer....
Florida Lawmakers Prepare to Grill Companies Over High Homeowner Rates
The Florida Senate has scheduled February hearings to ask insurance company executives why they haven’t lowered homeowner rate to levels mandated by the legislature last spring....
Industry Calls Consumer Report ‘Same Old Tired Arguments’
A Consumer Federation of America report released last week charged that insurance companies amassed record profits in 2007, but paid for fewer claims and systematically overcharged their customers. But insurers are greeting the report with universal scorn....
Massachusetts Commissioner Says She Will Review the Use of Credit for Auto Rating, Underwriting
Massachusetts insurance commissioner Nonnie Burnes pledged to fulfill a promise she made last fall and reconsider her ban on the use of credit scores for underwriting and rating auto insurance....
NAIC Insists Its Adoption of Viatical Model Was “Unbiased,” Free of Undue Influence
The NAIC said last week that its process to write and adopt the Viatical Settlements Model Act last year was unbiased and not subject to undue or improper influence....
FinCEN Shows It’s Serious About AML Violations: Money Service Business Faces $25 Million Fine
Here’s one more reminder that the Financial Crimes Enforcement Network takes anti-money laundering seriously ... regardless of the industry.One of the largest money service businesses in the country could end up paying the Justice Department as much as $25 million for AML violations....
Ohio’s Peg Ising Retiring Feb. 1
Peg Ising, a noted insurance regulator, is retiring at the end of the month after 25 years at the Ohio insurance department....
Company Refocuses Its Brand to Simpler Colonial Life
Colonial Life and Accident Insurance Company, which also operated as Colonial Supplemental Insurance, is now operating simply as Colonial Life....
Industry CEOs Predict 2008 Will be “A Marginal Year;” Tell Us How That Will Impact Company Salaries

Compliance professionals planning salary discussions might want to temper their requests this time around. The leaders of top insurance companies said at a conference last week that 2008 could be “a more marginal year,” despite the relatively light catastrophes and presence of other favorable indicators in 2007....

Rules, Regs & Bulletins Jan. 14, 2008

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