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July 23, 2007
 
Best Practice: Surveillance Suggestions
To have a better understanding about the business coming into your company, consider implementing a market surveillance system like the one in place at New York Life....
 
Review, Review ... Then Review Again to Ace the IRS’s Coming AML Examinations
There aren’t many reasons to look forward to a visit by the Internal Revenue Service. The coming anti-money laundering exams are probably going to be no exception. But there ways to survive the experience....
 
Two Attorneys General Start Investigations Into LTC, Health Plans
Attorneys general in Iowa and New York are taking renewed interest in the market conduct of insurance companies....
 
Bay State Will End 30 Years of State-Set Rates, Adopt ‘Managed Competition’ for Personal Auto

“Managed competition” is coming to the Massachusetts auto insurance market. Insurance commissioner Nonnie Burnes said in a July 16 open letter that the state will gradually transition to an auto insurance system that will end 30 years of state-set rates and allow insurers to set premiums based on their costs....

 
Idea to Add Wind Coverage to Flood Program Gets Mixed Reaction from Bush, Industry
Rep. Gene Taylor, D-Miss., has introduced legislation to wind damage to the federal flood insurance program, but the idea is receiving only mixed support outside Congress....
 
Interstate Compact Accepts First Filings; Promises ‘Great Filing Efficiencies’ for Insurers

The Interstate Insurance Product Regulation Commission – that's the group formed to implement the interstate insurance compact – has accepted its first filings and is promising easier filings for insurers....

 
SEC Terrorism List Includes Insurer’s Parent; Criticism Slams Selection Criteria
One financial services company with insurance operations in the United States is on an SEC list of companies whose 2006 annual reports disclose investments in states financed by terrorism....
 
FINRA Is Newest New Name For BD Regulator
The new federal regulator for broker-dealers has chosen a new name out of fears that some might have considered its first selection offensive....
 
PCI Taps Commerce Official As New CEO

The Property Casualty Insurers Association of America has named deputy secretary of commerce David Sampson as its new president and chief executive....

 
Rules, Regs & Bulletins July 23, 2007

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

 


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