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Medical Loss Ratio requirements force reduction in commissions paid to insurance agents and brokers

Edwards Wildman Palmer LLP
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USA
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March 9 2012

Lawmakers and insurance industry leaders are expressing concern over the Medical Loss Ratio (MLR) requirements under the Patient Protection and Affordable Care Act of 2010 (PPACA

Insurance product test in proposed rules by the Securities and Exchange Commission and the Commodity Futures Trading Commission may place certain insurance products under federal oversight

Edwards Wildman Palmer LLP
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USA
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August 2 2011

On May 23, 2011, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) proposed joint rules in Federal Register 33-9204 that define the terms swap, security-based swap, security-based swap agreement, and mixed swaps

IBM’s Watson, made famous on “Jeopardy!”, to make a move into insurance

Edwards Wildman Palmer LLP
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USA
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March 8 2011

IBM's latest super computer, dubbed Watson, recently triumphed over its human competition on the TV game show "Jeopardy!"

Mandatory September 30, 2009 registration deadline approaches for insurers subject to new Medicare reporting requirements

Edwards Wildman Palmer LLP
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USA
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September 23 2009

The Medicare, Medicaid, and SCHIP Extension Act of 2007 (S. 2499) (the “Act”), signed into law on December 29, 2007, contains a new mandatory reporting requirement for insurers covering medical expenses

Goals to reform US insurance regulatory system sidetracked by busy Congressional agenda

Edwards Wildman Palmer LLP
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USA
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December 1 2009

The worldwide financial meltdown in the fourth quarter of 2008 caused many to call for broad reforms in the regulation of the U.S. financial services industries

New Jersey insurance commissioner favors national standards for insurance regulation, notes benefits from fraud enforcement changes

Edwards Wildman Palmer LLP
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USA
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February 28 2011

Thomas Considine, the Commissioner of the New Jersey Department of Insurance and Banking (the "NJDIBC"), recently stated in an interview with an insurance industry trade publication, that without uniform national standards for insurance regulations, the industry will continue to lobby for federal regulation

February’s record snowfall in Connecticut has brought an avalanche of out-of-state claims adjusters

Edwards Wildman Palmer LLP
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USA
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February 28 2011

As Connecticut homes are experiencing roof leaks, collapses and frozen pipes caused by this winter season's unusually large snowfall, the Connecticut Insurance Department (the "CID") has experienced a sharp uptick in applications for 90-day claims adjuster licenses by out-of-state adjusters

Massachusetts insurance commissioner provides insight into the managed competition of the commonwealth’s automobile insurance market

Edwards Wildman Palmer LLP
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USA
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February 28 2011

Joe Murphy, the Commissioner of Insurance for Massachusetts, was recently interviewed by a local Boston news network affiliate regarding the managed competition for automobile insurance in Massachusetts, which, as discussed in our prior postshere, here and here, was introduced in 2007

Industry trade group continues battle against New York producer compensation disclosure rule

Edwards Wildman Palmer LLP
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USA
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May 24 2011

The Independent Insurance Agents & Brokers of New York ("IIABNY") announced in a press release last week that it will appeal a lower court's decision to uphold Regulation 194, last discussed here, which requires mandatory producer compensation disclosure

Proposed Connecticut law requires public hearings for health and long-term care rate increases of 10 or more

Edwards Wildman Palmer LLP
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USA
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May 11 2011

Following on the heels of double digit health insurance rate approvals last year, the Connecticut Legislature is considering S.B. 11, An Act Concerning the Rate Approval Process for Certain Health Insurance Policies, which would expand the current rate approval process administered by the Connecticut Department of Insurance (the “Department”