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MetLife accuses U.S. risk panel of secrecy; demands access to records

Published June 29, 2015 - 3:06pm CST

(Reuters) — MetLife Inc. asked a federal judge on Monday to force the U.S. government to hand over 500 pages of confidential records that relate to financial regulators' decision to designate the insurance giant as systemically important.

Captive taxation bill resurrected in the Senate

By: Donna Mahoney

Published June 23, 2015 - 3:29pm CST

A bill reintroduced earlier this month in the U.S. Senate seeks to clarify how captives are taxed.

North Carolina passes legislation to ease captive requirements

By: Jerry Geisel

Published June 22, 2015 - 2:06pm CST

Legislation signed last week by North Carolina Gov. Pat McCrory will allow the state insurance commissioner to determine the amount of capital and surplus needed for special-purpose captives.

Updated insurance law to bring more clarity to U.K. buyers

By: Sarah Veysey

Published June 21, 2015 - 6:00am CST

LIVERPOOL, England — Updated insurance law will give U.K. buyers greater clarity about their coverage but will create more work for buyers and brokers in presenting risks to underwriters.

Do government backstops help or hinder?

By: Gavin Souter

Published June 21, 2015 - 6:00am CST

NEW YORK — Government participation in the insurance market is a sign of market failure and often creates distortions that have wider economic consequences, according to several leading insurance executives.

London-based insurers get jittery over Britain leaving E.U.

Published June 04, 2015 - 10:40am CST

(Reuters) — Insurers are getting nervous about the possibility Britain may leave the European Union, fearing it would curb their ability to sell policies across the continent and jeopardize years of work on a common regulatory framework.

Insurance industry welcomes U.S. regulatory reform efforts

By: Mark A. Hofmann

Published May 24, 2015 - 6:00am CST

Insurer provisions of a wide-ranging proposal to reform the financial services regulatory process are drawing generally favorable reviews from property/casualty insurance industry observers.

Industry lobbyist leaves for insurer leadership post

By: Bob Herman | Modern Healthcare

Published May 21, 2015 - 12:03pm CST

Karen Ignagni, the longtime head of America's Health Insurance Plans, is leaving the industry's lobbying group to become president and CEO of EmblemHealth, an insurer based in New York.

New York insurance overseer to step down

By: Mark A. Hofmann

Published May 20, 2015 - 1:02pm CST

Benjamin M. Lawsky will step down as New York's superintendent of financial services late next month, the New York State Department of Financial Services announced Wednesday.

Amtrak's liability for derailment capped

By: Mark A. Hofmann

Published May 14, 2015 - 12:41pm CST

Federal law caps Amtrak's liability for Tuesday night's fatal train derailment in Philadelphia to $200 million.

Reform bill would ease 'systemically important' rules for insurers

By: Mark A. Hofmann

Published May 12, 2015 - 12:46pm CST

A discussion draft of proposed regulatory reform legislation would require the Financial Stability Oversight Council to be more transparent as it determines whether a non-bank financial institution such as an insurer presents a systemic risk to the nation’s economy.

Congress eyes bank-centric insurer rules

By: Mark A. Hofmann

Published May 10, 2015 - 6:00am CST

Critics of the way the Financial Stability Oversight Council designates nonbank financial entities as systemically important financial institutions are welcoming Congress' apparently greater interest in how the council operates.

Vermont to ease captive insurer rules

By: Jerry Geisel

Published May 05, 2015 - 2:12pm CST

Vermont Gov. Peter Shumlin is expected to sign legislation Thursday making a series of changes to the state's captive statute.

Reinsurance group elects new officers

By: Mark A. Hofmann

Published April 30, 2015 - 2:34pm CST

Henry Klecan, president and CEO of Scor U.S. Corp. has been elected chair of the Reinsurance Association of America’s board of directors for a one-year term.

States revise captive insurance rules to win business

By: Jerry Geisel

Published April 26, 2015 - 6:00am CST

From the newest to the oldest domiciles, at least half a dozen states are amending their captive insurance laws to increase their appeal to current and potential sponsors.

Air ambulance payer rules codified in North Dakota

By: Stephanie Goldberg

Published April 22, 2015 - 1:05pm CST

North Dakota Gov. Jack Dalrymple has signed a bill into law that defines the situations in which workers compensation and other payers should cover air ambulance services.

Group urges greater disaster mitigation efforts

By: Mark A. Hofmann

Published April 21, 2015 - 1:24pm CST

The federal government needs to put a greater emphasis on disaster mitigation than on post-disaster relief, according to a report issued Tuesday by the SmarterSafer.org coalition.

Insurance regulators set goals for cyber security rules

By: Mark A. Hofmann

Published April 20, 2015 - 10:29am CST

Cyber security regulatory guidance for insurers and insurance producers must be flexible, according to principles issued by the National Association of Insurance Commissioners.

Congress seeks solutions on cyber risk that include insurance

By: Mark A. Hofmann

Published March 29, 2015 - 6:00am CST

Following a year of several widespread cyber breach incidents, Congress is poised to encourage the insurance industry to take a lead role in bolstering cyber security.

Fireman's Fund to pay $44 million to settle U.S. charges

Published March 23, 2015 - 3:01pm CST

(Reuters) — Fireman's Fund Insurance Co. agreed to pay $44 million to settle U.S. charges that it knowingly issued policies that did not qualify for the U.S. Department of Agriculture's federal crop insurance program, and also falsified documents.

U.S. insurers face new, complicated regulatory environment

By: Dave Snyder

Published March 22, 2015 - 6:00am CST

Despite a stable marketplace, U.S. insurers and their regulators face an unprecedented threat of scrutiny and intrusion from U.S. and foreign entities. Such efforts could negatively affect the industry they purport to assist, says Dave Snyder, vice president, international policy at the Property Casualty Insurers Association of America.

Bank of England says will apply Solvency II insurance rules 'proportionately'

Published March 20, 2015 - 9:00am CST

(Reuters) — The Bank of England on Friday said it would apply new European Union insurance regulations "proportionately" following industry fears that the central bank might seek to add extra rules for companies based in Britain.

Senate panel takes up cyber insurance issues

By: Mark A. Hofmann

Published March 19, 2015 - 12:19pm CST

A single federal standard for notifying victims of cyber security breaches is preferable to the current patchwork of state laws, an attorney who is also a professor of insurance law told a Senate panel on Thursday

U.S. insurer groups wary of international capital standards

By: Mark A. Hofmann

Published March 15, 2015 - 6:00am CST

Insurers in the U.S. and elsewhere are concerned that an effort to set an international capital standard for globally active insurers could result in duplicative rules, higher costs and less choice for insurance buyers.

2015 Risk Management Summit highlights cyber terrorism, international risk

Published March 15, 2015 - 6:00am CST

In our latest In Focus video, senior risk managers, leaders and innovators convene for the Business Insurance two-day networking and educational conference in New York City.

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