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Three States Join Market Conduct Program; Regulators Consider Centralizing Data Requests
Add Louisiana, Indiana, and South Carolina to the 21 states and the District of Columbia that will require both property/casualty insurers and life and annuity providers to file “market conduct annual...
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Rules, Regs & Bulletins Oct. 2, 2006
Insurance Compliance Insight's weekly compendium of new and noteworthy rules, regulations & Bulletins...
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Groups Lobby for Federal Disaster Response
The lack of affordable or available homeowner’s insurance in Florida contributed to the slowdown in the state’s real estate market, affecting overall economic activity in the region...
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Emergency Servicing Carrier Approved in Sunshine State
The Florida Office of Insurance Regulation appointed ICAT Specialty Insurance Company (ICAT) as the first Servicing Carrier for the newly activated Property and Casualty Joint Underwriting Association...
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Connecticut Insurance Commissioner Puts Hurricane Shutters Plan on Hold
Things are quiet once more in Connecticut following a political storm that has raged around an insurer’s action that would require thousands of property owners to install hurricane shutters or face...
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Growing Trend: Companies Are Applying Senior Suitability Standards to All Customers
A survey of life companies has found that many companies are joining the senior suitability approach advocated by state insurance commissioners and implementing rules that apply to investors...
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Florida Credit Score Rule Put on Hold
Insurers have won one step in their legal battle challenging a Florida rule that would govern how they could use credit information...
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Stick to the Script to Make Sure Customers Understand the Product, Producers Have Effective Sales Materials
Follow-up surveys of customers don’t have to be complicated, but they do have to cover all the bases. Thrivent Financial for Lutherans uses this telephone script to review specific features of a variable annuity...
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Compact Meetings to be Open; Program to be Launched in 2007
Meetings of the Interstate Insurance Product Regulation Compact Commission will be open to the public, the new body agreed at its second meeting last month. The decision to require public...
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‘Shape-Up or Ship-Out’: Company Faces ‘Intense Probation’ for Claims Practices
In an unusually harsh rebuke, Safeway Insurance Company of Georgia has been fined $500,000 for improper claims practices, placed on “intense probation” for two years and told...
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Annual Risk Assessments Called Key To Company Compliance Programs
Carol Stern, chief life compliance officer at ING U.S. Financial Services, is a firm believer in making a comprehensive, annual compliance risk assessment part of her company’s overall compliance...
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Survey Says
Life insurers spend an average of more than $8 million annually on compliance in 2005, with larger companies (those with assets greater than$75 billion), devoting nearly $30 million to...
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