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Ken Levine and Sheri Holtz Levine on Eight for ’08: Insurance Measures in Review

At the risk of stating the obvious, 2008 has been an historic and memorable year. From the historic presidential election, creating for many a new opportunity for hope, to the floods in the Midwest or the collapse of Wall Street, resulting for many in lost opportunity and fear, 2008 will be a year that...

Insurers and IMOs Step Up: A Lawsuit is Filed Seeking Review of the U.S. Securities and Exchange Commission Rule 151A

The U.S. Securities and Exchange Commission ("SEC") published its final Rule 151A in the Federal Register on January 16, 2009. That same day four insurance companies and two independent marketing organizations jointly filed a Petition for Review in the United States Court of Appeals for the...

Guest column by Iowa Insurance Commissiner Susan E. Voss: Build on state-based financial regulation

Last week, President Obama was in London attending the G-20 Summit, where, in the shadow of the global financial crisis, major economic issues were discussed and debated - with banking and regulatory reform issues among them. If the United States has genuine intentions of demonstrating to the world...

The Politics of Insurance: Dinallo Resigns, Crist Hints of Veto and Texas TWIA Bill in Limbo

What happened to the time when a significant insurance coverage decision arrived and everybody in my line of work analyzed that topic for several years? Now, the insurance industry is writing so many new and differently worded forms, it is hard to rely upon case decisions as being of widespread significance...

FREE DOWNLOAD: GAO Report on Insurance Regulation Uniformity and Reciprocity

The Government Accountability Office recently issued a report regarding its review of the steps made by the National Association of Insurance Commissioners and state regulators to make rules regarding producer licensing, product approval, and market conduct regulation more uniform and reciprocal. While...

The Equity Indexed Annuity Debate Moves to Congress

Refusing to leave the question of regulatory jurisdiction over equity indexed annuities to the United States Court of Appeals for the D.C. Circuit, the National Association of Insurance Commissioners ("NAIC") and the National Association of Financial Advisors ("NAFA") are supporting...

President Obama Orders Federal Agencies to Review Preemption of State Laws

On May 20, 2009, President Barack Obama issued a memorandum addressing the limitations of federal preemption of state laws. The memorandum ordered federal departments and agencies to review regulations preempting state laws to determine whether such preemption is based on an explicit Congressional mandate...

FREE DOWNLOAD: Ken Levine and Sheri Holtz Levine on Eight for ’08: Insurance Measures in Review

At the risk of stating the obvious, 2008 has been an historic and memorable year. From the historic presidential election, creating for many a new opportunity for hope, to the floods in the Midwest or the collapse of Wall Street, resulting for many in lost opportunity and fear, 2008 will be a year that...

Outline of President Obama’s Comprehensive Plan for Insurance Regulatory Reform

Ending weeks of speculation regarding the shape of proposed regulatory reform for the financial services industry, President Obama outlined a five part framework for a "New Foundation" for regulation of the capital markets on June 17, 2009. The outline released yesterday is the first step in...

Non-Admitted and Reinsurance Reform Act Reintroduced into the Senate

On June 25, 2009, the Non-Admitted and Reinsurance Reform Act of 2009 (S. 1363) was reintroduced into the Senate by Senators Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.). S. 1363 is a companion bill to H.R. 2571 , discussed here , which was introduced into the House on May 21, 2009. As with earlier...

Tobias J. Cushing of Saxe Doernberger & Vita, P.C. on “Regulatory Estoppel 15 Years After Morton: A Fifty State Survey & Discussion of Arguments Regarding Regulatory Estoppel”

An article appearing in the March/April issue of Coverage , “ Regulatory Estoppel 15 Years After Morton: A Fifty State Survey & Discussion of Arguments Regarding Regulatory Estoppel ” is by Tobias J. Cushing of Saxe Doernberger & Vita, P.C. He points out that courts are increasingly...

The Saga Continues: More Uncertainty for Fixed Indexed Annuity Issuers

The United States Court of Appeals for the District of Columbia Circuit recently ruled in the American Equity Investment Life Ins. Co. v. SEC case and remanded the controversial Rule 151A to the Securities and Exchange Commission for reconsideration. In so doing, the three-judge panel issued a reprieve...

Who Should Regulate the Insurance Industry?

The question of who should regulate the insurance industry has been debated in the United States since the time of the Civil War. Insurance continues to be regulated by the states despite several challenges to their authority over the years. The states’ authority over insurance was supported in...

US – Regulatory and Legislative Developments – US Federal Developments – September, 2009

THE OBAMA ADMINISTRATION'S COMPREHENSIVE FINANCIAL REGULATORY REFORM PLAN On 17 June 2009, the Obama Administration unveiled its comprehensive regulatory reform plan for the financial services industry ( http://www.financialstability.gov/roadtostability/regulatoryreform.html ). The plan proposes...

US – Regulatory and Legislative Developments – NAIC and State-Level Developments – September, 2009

NAIC'S SOLVENCY MODERNIZATION INITIATIVE (EX) TASK FORCE The Solvency Modernization Initiative (EX) Task Force of the National Association of Insurance Commissioners ("NAIC") is continuing its efforts to coordinate NAIC's solvency modernization efforts. At the NAIC Summer 2009 National...

Creative Uses of Captive Insurance Companies: Sun Trust Banks, Inc. Established Captive Insurer Twin Rivers II to Sell Insurer Madison Insurance Company

In 1996, Sun Trust Banks formed Atlanta-based Madison Insurance Company to write policies to Sun Trust for general liability, commercial auto, commercial multi-peril, financial institution bonds, and workers’ compensation in several southeast states. Madison expanded northward into the mid-Atlantic...

New Appleman on Insurance Law Library Edition

Coming In October ! The first volume of the New Appleman on Insurance Law Library Edition will be published in October. The eventually 14-volume set will comprise an analysis of insurance law for the 21 st Century. It will be written by scores of authors writing in their fields of expertise because...

Formulating Successful Strategic Investments in the Insurance Industry

The private equity firm looking to make a strategic investment in the insurance industry looks to an experienced insurance industry executive to provide an interim management role. The executive looking at retail insurance brokers, excess and surplus lines brokers, wholesalers and managing general agents...

Insurance Solvency Regulation – New Appleman on Insurance Law Library Edition, Chapter 14

By Gary Hernandez and Paige Waters The following chapter discusses the philosophy and methodology behind the regulation of insurer solvency. It begins in Section 14.01[1] with a brief review of the field of solvency regulation. Such regulation seeks to mitigate the risk of loss to businesses and individuals...

Regulation of Policy Forms – New Appleman on Insurance Law Library Edition, Chapter 10

By Carrie Cope This chapter begins with a discussion of the history and purpose of policy form regulation and notes that dramatic differences among the states in size, geography, industry, politics and financial resources have impacted their reasons for regulation as well as their philosophies in...

Market Conduct Regulation – New Appleman on Insurance Law Library Edition, Chapter 13

By A. Kenneth Levine A functional insurance market has become commensurate with the health, safety, and welfare of modern society. Insurance products fulfill the need for financial security of most Americans and the commerce upon which the American economy depends. Conversely, many economic factors...

Licensing of Insurers – New Appleman on Insurance Law Library Edition, Chapter 9

By Julie McPeak This chapter begins with a description of the issues prevalent in the initial formation of an insurance company, from the perspective of the organizers and the state insurance regulators. Often, matters of concern to regulators opining on the adequacy of the application for insurance...

Framework for the Regulation of the Insurance Industry – New Appleman on Insurance Law Library Edition, Chapter 8

By Gary M. Cohen This is a time of unprecedented turmoil in the financial markets. The failure of Lehman Brothers and the federal bailout of AIG and other major financial institutions has led policymakers to consider wide-ranging changes to a regulatory system that dates back to the Great Depression...

Regulation of Rates and Risk Classification – New Appleman on Insurance Law Library Edition, Chapter 11

By Nathanial Shapo. Due to its central role in United States society (see Section 11.01), it is settled public policy that insurance is a heavily regulated industry. However, what constitutes efficient and effective regulation of this commercial enterprise constitutes a subject of vigorous debate....

Regulation of Insurance Intermediaries – New Appleman on Insurance Law Library Edition, Chapter 15

By Randall Doctor and Robert J. Cerny This chapter explores the law relating to the government regulation of insurance intermediaries. Insurance intermediaries are individuals or entities that in various capacities represent and act on behalf of parties to insurance transactions. In the United States...