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August 13, 2007
Best Practice: AML Exam Tips, Part III
Effective risk assessments, system tests and training can all help insurers survive the anti-money laundering exams currently being conducted by the Internal Revenue Service, a noted authority advised at a recent compliance meeting....
Feds Assess $65 Million in Civil Money Penalties For Ineffective Anti-Money Laundering Program
“Due diligence – Don’t take money without it.” That’s an anti-money laundering message insurance companies shouldn’t have to learn the hard way – as Miami-based American Express Bank International just did when it agreed to pay a $65 million fine for having an ineffective AML program....
Unsealed Documents in Katrina Court Case Allege Carriers Filed False Flood Claims
A federal court judge has made public the details of a lawsuit that accuses insurance companies of billing the federal flood insurance program for wind-related damage from Hurricane Katrina....
Katrina Claims: III Data Show Most Are Settled; Insurers Won’t Have to Pay for Levee Flooding

Property/casualty insurers got some good news about Hurricane Katrina claims. First, the Insurance Information Institute reported virtually all claims have now been settled, two years after the devastating storm struck the Gulf Coast. Then, a federal appeals court ruled they don't have to pay for due to the collapse of levees around New Orleans....

New Jersey Lawsuit Says Aetna Mispaid Out-of-Network Claims

It seems as though things are going from bad to worse for Aetna Health and its claims payments for out-of-network health care providers. The carrier is facing a new lawsuit, less than a week after New Jersey insurance department fined Aetna $9.5 million....

Florida Governor Accuses P/C Insurers of ‘Sticking It to Consumers,’ ‘Gouging People’

Things are getting ugly in Florida, where Gov. Charlie Crist said at at state cabinet meeting that insurance companies are “greedy” in their requests for rate increases and that, “They make it unaffordable to have insurance in the state of Florida.”
Dale Out In Mississippi; States Change Staffs
Change is coming to insurance departments in several states. The longest-serving insurance commissioner in the country, Mississippi commissioner George Dale, lost his bid for re-election. Elsewhere, California and New York announced top-level changes in their insurance departments....
NCOIL’s Newest Life Settlements Model Act Has Agent Fiduciary Status, Waiting Period
The National Conference of Insurance Legislators has released a new draft of its Life Settlements Model Act, but there is still plenty of work to do before it becomes final....
Are You Interested In New SIU Challenges? Check Out Enumclaw, ICI’s Salary Survey
Tell us about your top challenges at ICI's salary survey for SIU professionals....
Rules, Regs & Bulletins August 13, 2007

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


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