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May 14, 2007
Best Practice: Sales of Medicare Plans
State and federal regulators are suggesting that insurers adopt these best practices to help them monitor the sale of private Medicare Advantage plans...
States Looking Into Producers’ Market Conduct In Sale of Private Medicare Advantage Plans
Insurance departments in several states are ramping up their surveillance of companies that sell Medicare Advantage plans amidst concern that producers are using unethical sales practices....
Most Insurers Involve Compliance When Assessing AML Risks, New Industry Report Shows

A leading consulting firm has released a report saying that life insurance companies still have a lot of work to do to fully comply with anti-money laundering requirements....

UPDATED: What to Expect from the IRS and Its AML Exams
When the Internal Revenue Service begins examining insurance companies for anti-money laundering compliance, will examine insurers of all sizes and has indicated it will take a risk-based approach to assessing compliance. But little else is known about how it will conduct those exams or what it will look for....
Insurance AML Threat Remains Unchanged
The federal government has issued its 2007 National Money Laundering Strategy and hasn’t changed its assessment of the threat to insurance companies....
How Insurers Assess Their AML Risk

Statistics from a recent report about how well life insurers have implemented anti-money laundering programs....

NAIC, NCOIL, Trades Tangle Over Lack of Open Meetings
The National Association of Insurance Commissioners is defending its open meetings policy against detractors who insist it holds closed-door meetings far too often....
Regulators Want Same Suitability Protection, Regardless of Which Type of Annuity Is Sold
Three states and NASD have signed an agreement stating that all investors should have the same suitability protections, regardless of the product they buy – and they want to impose a suitability requirement on insurance companies as well...
Florida Bans State-Only P/C Companies
The Florida legislature has given Gov. Charlie Crist what he wanted and insurers didn’t – a bill that will prohibit insurance companies from setting up Florida-only property/casualty subsidiaries....
Rules, Regs & Bulletins May 14, 2007
A summary of recent regulatory developments and legislation....

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