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December 18, 2006
Best Practice Tip: Vet Your Lawyers

This week’s best practice tip is to verify that your staff attorneys and outside counsel are members of the bar....

Alabama’s Bell Chosen to Lead NAIC in 2007
Alabama insurance commissioner Walter Bell is the new president of the National Association of Insurance Commissioners for 2007....
ICI’s Compliance Salary Survey Closes Soon
There is still time to participate in the Insurance Compliance Insight Salary Survey – the only one developed specifically for insurance compliance professionals...
Consumers Accuse Insurers of Urban Redlining; Industry Insists Rates Reflect Higher Losses
Redlining became the central point of discussion at the winter meeting of the National Association of Insurance Commissioners, when consumer advocate Connie Chamberlain insisted at a public hearing that, “There are substantial levels of racial discrimination and redlining in the personal lines marketplace....”
Study: Insurance Class Actions Have Slowed; Auto Carriers Are Favorite Plaintiff’s Targets

Automobile insurers writing business in Florida, Illinois and Texas remain prime targets for the class action lawsuits, according to a study being prepared for the National Association of Insurance Commissioners....

Judicial Fairness Improving, Dangers Persist, According to Latest Judicial Hellholes Report
There are some familiar names on this year’s list of “America’s worst jurisdictions in which to face a lawsuit.” Illinois, South Florida, Southeast Texas and the entire state of West Virginia are listed again as the nation’s Judicial Hellholes....
SEC Proposal Will Relax Requirements for SOX Compliance

The Securities and Exchange Commission has proposed changing rules and lowering the costs to comply with certain elements, notably Section 404, of the Sarbanes-Oxley Act....

Oregon Says It Will Consider IMSA Membership, Self-Analysis During Market Conduct Exams
Oregon is the latest state that says it will consider membership in the Insurance Marketplace Standards Association when determining the frequency and scope of market conduct exams....
Appeals Court Dismisses Slavery Lawsuit
A federal appeals court has upheld a trial court’s decision that descendants of slaves have no legal standing to sue insurers for slavery reparations....
TRIA Will Be a Top Priority for New Congress; House Democrats May Seek to Expand Program
Terrorism is shaping up to be a top priority for the new Congress in 2007, and there are indications it will be addressed sooner, rather than later....
Massachusetts Readies New Assigned Risk Plan
A new assigned-risk plan for high-risk drivers being implemented in Massachusetts is set to go into effect in January 2007....
New Guidance Aims to Aid HIPAA Compliance
The federal government has published final rules that provide guidance for complying with the nondiscrimination provisions of the Health Insurance Portability and Accountability Act....
Prudential Pays $19 Million, OKs Disclosures for Making Illegal Commissions in Two States
Prudential Insurance has signed settlements with authorities over allegations it paid undisclosed contingent commissions to brokers....
Brown & Brown, Florida Settle Contingent Commission Dispute

Florida insurance broker Brown & Brown has agreed to reimburse up to 400 cities and counties for collecting undisclosed fees or commissions when it placed various coverages with insurance companies....

2007 Compliance Conference Calendar

These industry meetings and conferences may be of interest to compliance professionals....

Rules, Regs & Bulletins Dec. 18, 2006

A summary of some of the latest state regulatory actions....

Note to Readers
In keeping with our publication schedule, the next issue of Insurance Compliance Insight will be published Jan. 8, 2007. Happy Holidays!

Copyright 2006 Praxsys Publishing, Inc.
December 18, 2006

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