March 22, 2012
Rep. Judy Biggert, R-Ill., wants to know why the Federal Insurance Office still hasn’t issued its much-awaited report on insurance regulatory modernization. Biggert, who serves as chairwoman of the House Financial Services Committee’s subcommittee on insurance and housing, posed that question to Treasury Secretary Timothy Geithner at a March 20 hearing on the international financial [...]
March 21, 2012
The National Association of Insurance Commissioners is neither a regulator nor a trade association, but an “association of elected and appointed state regulatory officials charged with regulating the insurance industry under state law,” Florida Insurance Commissioner Kevin McCarty writes in a March 20 letter to Rep. Ed Royce, R-Calif. McCarty, the NAIC’s current president, offered [...]
March 20, 2012
At a conference on insurance near Jacksonville, Fla. this past week, I spoke a bit about Heartland’s 2011 insurance report card— OOTS Managing Editor R.J. Lehmann is taking it over from me this year—and listened to a lot of presentations about the state of the Florida and national insurance markets. Here are three major things [...]
March 15, 2012
The Louisiana Citizens Property Insurance Corp. has become the third state-run residual market wind pool to turn to the private insurance-linked securities market, issuing $100 million of catastrophe bonds through the Cayman Islands-based Pelican Re Ltd. facility, risk management blog Artemis.bm reports. The bonds, which have not yet been rated by the major credit rating [...]
March 14, 2012
Last Friday marked the end of Florida’s 2012 Regular Legislative Session, and what a roller coaster it was, literally to the very end. When the dust cleared, many of us who supported reforms to the state’s broken insurance system saw two out of four bills pass late in the day, when only hours before we [...]
March 13, 2012
As much of our other coverage shows, the Florida Legislature did pass some substantive insurance reforms during its just-completed 2012 session: a personal injury protection bill that mends PIP without ending it (a key priority for Heartland) passed the Legislature. So did useful reforms to the Citizens Property Insurance Corp. that change the way it [...]
March 8, 2012
He was elected back in 2010, but the just-completed National Association of Insurance Commissioners spring meetings in New Orleans may well prove to have been Oklahoma Insurance Commissioner John Doak’s coming out party as a significant voice of dissent within the national regulators group. Doak garnered national headlines at the ordinarily staid and, quite frankly, [...]
March 8, 2012
As one Ohio community recoils in horror and anguish at yet another incomprehensible multiple school murder and attempts to cope with the aftermath, the public discussion will once again turn to questions regarding the criminal justice system and what all are we going to do about this. Most of the crime-related news, like the Chardon [...]
March 8, 2012
Perhaps taking a tip from us, the U.S. Treasury Department has restarted its stalled effort to sell off its 77% stake in bailed-out insurance giant American International Group. Treasury said it would sell about 206.9 million of the 1.455 billion shares of AIG that it still owns, at a price of $29 per share. If [...]
March 6, 2012
A proposal that would allow surplus lines insurers to take-out blocks of policies from the state-run Citizens Property Insurance Corp. appears to be dead, after the Senate voted 21-to-18 to add a poison pill amendment that would require policyholders give consent before their policies could be transferred, Insurance Journal is reporting. Under H.B. 245 — [...]
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