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California seeking suitability requirements again

USA - March 21 2011 TheCalifornia Department of Insurance ("CDI") published, on March 11, 2011, proposed regulations containing suitability requirements to govern the sale of annuities (see Insurance Commissioner Jones' press release)....

Insurance Commissioner removes four companies from list of companies doing business with Iran

USA, Iran - December 14 2010 As we have previously reported in this blog, the CDI issued a broadly-drafted Data Call on July 9, 2009, to all insurers admitted in California seeking information on their investments in or related to Iran as a measure to enforce U.S. governmental sanctions against Iran, including restrictions with respect to doing business with companies that do business in Iran....

Timothy Moroney.

Commissioner Poizner criticized by Director of Office of Administrative Law over his filing of lawsuit concerning Iran "underground" regulations

USA - November 11 2010 In response to news that, on November 9, 2010, California Insurance Commissioner Steve Poizner filed a lawsuit against the California Office of Administrative Law's (OAL) over the OAL's rejection of the Commissioner's rules relating to insurers' investments in companies that do business with Iran, OAL Director Susan Lapsley issued a press release later that same day indicating:"Our office is authorized by law to scrutinize rules that have been challenged as 'underground regulations' (regulations and rules that state agencies issue or use that have not been properly adopted pursuant to the Administrative Procedures Act."...

Larry Golub.

Commissioner Poizner files suit against Office of Administrative Law

USA, Iran - November 9 2010 On November 9, 2010, California Insurance Commissioner Steve Poizner issued a Press Release announcing that he is filing a lawsuit challenging the California Office of Administrative Law's (OAL) October 11, 2010, determination that the Commissioner's efforts to stop insurers from investing in Iran constituted "underground regulations."...

Larry Golub, Marina Karvelas.

California Department of Insurance corporate application filing deadline fast approaching

USA - August 19 2010 The California Department of Insurance has issued a notice establishing deadlines for all applications seeking approval by 2010 year-end....

Timothy Moroney.