New Bill Would Create Federal Insurance Office
A bill recently introduced in the House of Representatives, the National Insurance Consumer Protection Act (NICPA), would establish a national system of regulation and supervision for nationally registered insurers to monitor the systemic risk to the economy from the insurance market. Under the bill, states would maintain responsibility for regulating state-licensed insurers, agencies and producers.
New Bill Would Create Federal Insurance Office
A bill recently introduced in the House of Representatives, the National Insurance Consumer Protection Act (NICPA), would establish a national system of regulation and supervision for nationally registered insurers to monitor the systemic risk to the economy from the insurance market. Under the bill, states would maintain responsibility for regulating state-licensed insurers, agencies and producers.
House Subcommittee Considers Creation of Federal Insurance Office
The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises held a hearing June 10 to discuss the creation of a federal Office of Insurance Information (OII). House Resolution 5840, the Insurance Information Act of 2008, was introduced April 17 by Rep. Paul E. Kanjorski, D-Pa., subcommittee chairman, along with four other members of the
Grand Jury Indicts Georgia Insurance Commissioner
Jim Beck, who was elected to statewide office in November, was indicted on 38 alleged counts of wire fraud, mail fraud and money laundering.
Did State Farm Buy a Judge? Racketeering Lawsuit Heading to Trial After Federal Court Refuses to Dismiss Case
A federal judge has denied State Farm’s motion to toss a class-action lawsuit claiming that the insurance carrier secretly bankrolled the 2004 election campaign of Illinois Supreme Court Justice Lloyd Karmeier in hopes that he would overturn the $1.05 billion Avery vs. State Farm judgment.
US House Subcommittee Reviews Insurance Regulatory Standards
The purpose of the hearing was to address the domestic and global impact of international insurance standards.
State Farm Auto Insurance Lawsuit to be Heard in Louisiana
The suit, filed in Louisiana’s 19th Judicial District Court, alleges State Farm violated Louisiana’s Unfair Trade Practices Act and Monopolies Law.
Bipartisan Policy Center Launches Insurance Task Force
Task force will assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and identify ways to improve and modernize insurance oversight.
Farmers Insurance Drops Most Favored Customer Clause from New DRP Agreements
Dan Risley, president and executive director of ASA, writes thank you letter to insurer as elimination of MFN clauses has long been a policy priority for ASA.
U.S. Government Looking at Car Insurance Affordability
Analyst, however, does not believe federal office will be that active on the issue because states already are “aggressive when it comes to the affordability of auto insurance.”