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Massachusetts Bans the Use of Credit Scores, But Won’t Mandate Rate-Setting Factors
Massachusetts insurance commissioner Nonnie Burnes has filed the final regulation governing managed competition in the personal auto insurance market, and it includes a total ban on the use of credit scores for underwriting and rating … at least for now....
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Print Version of All Articles in Oct. 15 ICI
Print out this file for all the text in the current issue....
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Florida Has New No-Fault, PIP Rules – What You Must Do to Comply
Just 11 days after Florida’s no-fault auto insurance system passed into the sunset, Gov. Charlie Crist signed HB 13C to put it all back in place starting Jan. 1, 2008. Here's what you'll have to do to comply with the coming new requirements....
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Allianz will offer restitution to seniors for annuity sales, adopt more stringent suitability processes
In another example of a company trying to get back on track, Allianz Life Insurance Company of North America has settled a lawsuit that the Minnesota attorney general filed earlier this year. The company will have to tighten up its compliance procedures, pay $500,000 for the costs of the investigation and give 7,000 seniors the opportunity to ask for their money back....
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Best Practice Tip: Two Questions You Can Ask Annuity Customers
As part of its settlement with Allianz Life, the Minnesota attorney general will be asking the company’s customers two questions related to the suitability of the products they purchased. The queries might be suitable for your customers, too....
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Delaware Finds Problems, But MEGA Health Says They’ve Been Fixed
Delaware has fined MEGA Life & Health Insurance Company for widespread deficiencies it found during a market conduct exam that spanned 2½ years of company operations. MEGA’s parent company said it has already corrected many of the shortcomings....
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New FINRA Webcast Discusses Seniors, Suitability; Regulator Opens Compliance Gateway, Inches Closer to Consolidated Exams
The Financial Industry Regulatory Authority is offering a Webcast that’s emphasizes the need for producers to consider suitability when selling to boomers and elderly investors. It has also opened a new compliance gateway indicated that a consolidated exam system will be in place by January 2008....
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RAND Study Says Country Would Be ‘Better Off’ with TRIA Extension, NBCR Coverage
A new RAND Corporation study issued last week concludes the country would be better off with the Terrorism Risk Insurance Act than if TRIA were allowed to expire at the end of the year....
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Nebraska Regulator Tim Wagner Dies After Suffering Stroke
Nebraska insurance director Tim Wagner passed away Oct. 9 from complications of a stroke he suffered less than a week earlier. Wagner, 65, had served as the director of the department since 1999....
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Attorney with No Insurance Experience Is New North Dakota Commissioner
A Fargo attorney without any insurance background is the new insurance commissioner in North Dakota....
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Rules, Regs & Bulletins Oct. 15, 2007
A summary of recent regulatory developments and legislation....
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