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July 16, 2007
Life, Death, Taxes ... And Compliance Involvement in AML
To the old saw about the only certain things in life are birth, death and taxes, add compliance persons shouldering the load for anti-money laundering red flag monitoring at life insurance companies. That fact of life has been confirmed in the preliminary results of an American Council of Life Insurers survey....
Best Practice: Small Size Is Big Advantage

Baltimore Life is using a unique advantage – its small size – to better  monitor the market conduct of its sales force....

Two States Fine AIG, Farmers $5.75 Million for Claims Handling Violations, Other Errors
Oregon and Kansas have fined companies belonging to two insurance groups $5.75 million for improper claims handing....
Compliance, Legal Experts See Benefits In Forging Closer Working Relationships
An insurance company can benefit if its compliance and legal areas form a partnership that takes advantage of the strengths and weaknesses of each entity. In fact, a panel of life insurance exectuives said an industgry meeting that increasing complexity in state and federal regulation might actually require such an arrangement....
Justice Department May Investigate Allegations Insurers Billed Wind Claims to Flood Program

Flood insurance is back in the news. The Justice Department says it is interested in allegations that insurers billed the federal fllod insurance program for wind claims. In another development, a trade group is urging Congress to not include windstorm coverage to the flood program....

Wisconsin Market Conduct Examiners Find Evidence Insurers Aren’t Properly Supervising Agent Marketing Activities
Findings from exams conducted by the Wisconsin Bureau of Market Regulation suggest that insurers should tighten supervision of agent marketing....
Treasury Includes Insurance in Regulatory Review; Has ‘No Predetermined Outcome’ In Mind
A high-ranking official has confirmed that insurance will be included in the Treasury Department’s examination of financial services regulation....
IMSA Will Develop LTC Claims Standards; Standards for Other Claims Could Come Later

    For the first time, the Insurance Marketplace Standards Association will develop standards for claims handling. Its board of directors voted June 28 to develop the standards for long-term care products....

SIU Salary Survey Responses Indicate Pay May Not Be Commensurate With Duties
Preliminary results of ICI’s 2007 SIU Salary Survey show that four in 10 say they aren’t satisfied swith their compensation. If that rings true with you – or even if it doesn’t – tell us in the salary survey designed specifically for anti-fraud professionals....
Rules, Regs & Bulletins July 16, 2007

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


Insurance Compliance Insight
Greenwich, NY
(518) 512-0175