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....
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....
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....
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....
