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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

New York Attorney General and Comptroller launch joint investigation into unpaid life insurance benefits

Edwards Wildman Palmer LLP
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USA
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November 7 2011

On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits

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

Georgia Insurance Commissioner waived licensing requirements and issues himself several licenses on last day in office; state House reacts by passing legislation to curb such practices

Edwards Wildman Palmer LLP
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USA
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March 7 2011

Earlier this year, John Oxendine, former Georgia Insurance Commissioner, issued himself several licenses to sell insurance and adjust claims on his last day in office on Sunday, which was January 9, 2011

Overhaul for National Flood Insurance Program on the horizon

Edwards Wildman Palmer LLP
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USA
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March 9 2011

Representative Biggert (R-IL) is set to unveil draft legislation to overhaul the U.S. National Flood Insurance Program (the "NFIP"

Rhode Island statute allowing for the commutation of a solvent insurer's run-off business held constitutional

Edwards Wildman Palmer LLP
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USA
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May 2 2011

On April 25, 2011, the Rhode Island Superior Court (Silverstein, J.) ruled in favor of the constitutionality of the Voluntary Restructuring of Solvent Insurers Act (the “Restructuring Act”), a state statute enacted in 2002 that allows Rhode Island domestic commercial insurers and reinsurers (including those that redomesticate to Rhode Island) to enter into a commutation plan for their run-off business

Illinois Department of Insurance director named

Edwards Wildman Palmer LLP
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USA
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November 23 2011

Andrew R. Stolfi has been appointed as acting director of the Illinois Department of Insurance (the “Department”) by Governor Pat Quinn