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March 5, 2007
House Hearing on Katrina Claims Handling Signals Start of Look at Industry Practices
The chairman of a House Financial Services subcommittee promised that last week's hearing into Hurricane Katrina claims handling is just the beginning of what could be a very long and in-depth look into the insurance industry....
Two Louisiana Market Conduct Exams Give Allstate High Marks for Katrina Claims
In two recent market conduct exams, Louisiana insurance regulators said they have no problem with the claims handling at two Allstate companies following Hurricane Katrina....
Federal Judge Hears Arguments for Class Action, Settlement During State Farm Hearing
After presiding over an all-day hearing last week, federal judge L.T. Senter was considering the best way to resolve hundreds of Hurricane Katrina lawsuits....
Florida Insurers Waiting to Determine Impact Of Discount Factor for Property Insurance
Florida has given property/casualty insurers until March 15 to make rate filings that include a new mandatory discount factor required by the state’s sweeping rate relief legislation passed earlier this year....
Sloppy Claims Handling Practices, Insensitivity Lead to Six-Figure Court Judgment
The insurance operation of a truckers’ trade association has found out the hard way that sloppy business practices and allegedly callous comments by a claims manager can be quite costly....
Best Practice Tip: Know How BDs Supervise
Insurance companies can learn from two recent NASD enforcement actions involving inadequate supervision over producers and the actions of a branch manager....
Update: Two Utah BDs Implicated in Scheme To Market Time in VAs
Two broker-dealers have been charged with participating in a deceptive market timing scheme involving the variable annuity products of three insurance companies....
Federal Judge OKs Credit Score Settlement
A federal judge in Texas has given final approval to the settlement of a class-action lawsuit against Allstate Insurance Company for the way it used consumer credit information....
Current Congressional Interest in Insurance Could Impact Industry’s Antitrust Exemption
Congress is taking a hard look at several aspects of the business of insurance, but the biggest concern for the industry is the very real threat of losing its coveted antitrust exemption....
Companies, Agents Disagree on Best Approach To Fixing Massachusetts High-Risk Auto System
The insurance industry is split about whether Massachusetts should implement a proposed assigned risk plan for auto insurance, with carriers and their trade group generally favoring the idea and some agents opposing it....
ACLI Chief Endorses McCain for President
One trade association executive has already cast his ballot for the 2008 presidential election....
Rules, Reg & Bulletins March 5, 2007
A summary of recent regulatory developments and legislation....
Insurance Compliance Insight
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