State Regulators Fight Federal Charters for Fintechs
A body of U.S. state banking regulators on Thursday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was...
View ArticleRegulators Disagree Over Giving Fintechs Federal Charter to Skirt State Rules
The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc. or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other...
View ArticleCar Sharing Lobbyists Battle Car Renting Lobbyists, Driving State Lawmakers...
The bill that turned Illinois into the focal point of a bitter debate over car-sharing last year started as a proposal about what happens when a rental car is stolen. The legislation, which would allow...
View ArticleNew Mexico Insurance Commissioner Franchini to Retire
New Mexico’s top insurance regulator is stepping down. The Albuquerque Journal reported that state Superintendent John Franchini has withdrawn his application to serve a third four-year term and...
View ArticleFlorida’s Altmaier to Assume NAIC Presidency for 2021
The National Association of Insurance Commissioners (NAIC) will have officers for 2021. The newly-elected officers will assume their duties on Jan. 1, 2021. Members of the association of regulators...
View ArticleClimate, AI, Privacy, Racial Bias Among State Insurance Regulators’ 2021...
The country’s insurance regulators are vowing to prioritize the monitoring of the use of consumer and non-consumer data by companies, the use of artificial intelligence, and the availability and...
View ArticleTop 10 P/C Insurance Market Conduct Issues
The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as...
View ArticleDistrict Joins $100M Settlement With Digital Lender BlockFi
The District of Columbia reports that it is part of a $100 million settlement with digital asset lending platform BlockFi Lending. The Department of Insurance, Securities and Banking (DISB) said the...
View ArticleLong-Time Maine Insurance Regulator Cioppa to Retire April 1
After 33 years at the Maine Bureau of Insurance, including 10 as superintendent and 13 as deputy superintendent, Eric Cioppa will retire on April 1, 2022. Cioppa joined the insurance department in 1988...
View ArticleMaryland Authorizes Remote Rather Than On-Site Reviews of MGAs
Insurance companies can conduct remote rather than on-site reviews of their managing general agents in Maryland beginning in October. Gov. Larry Hogan has signed legislation recommended by the state’s...
View ArticleNew Jersey Court Upholds State Regulator in Dispute With Applied Underwriters
The New Jersey insurance commissioner does not have to rely upon the state’s attorney general to bring a lawsuit against out-of-state insurers and their affiliates that it believes are violating state...
View ArticleMan-Made Crises Threaten P/C Markets, Says Joint Report From Trade Associations
Several insurance industry trade associations used the 30th anniversary of Hurricane Andrew – a storm that upended and transformed insurance and the manner in which communities prepare for natural...
View ArticleVirginia Lawmakers Again Fail to Fill Vacancy on Key Regulatory Agency
Virginia lawmakers elected a handful of local judges Wednesday but failed yet again to fill a vacancy on the powerful State Corporation Commission, which regulates a wide range of business interests....
View ArticlePennsylvania Gov. Shapiro Wants Humphreys to Remain as Insurance Commissioner
Newly sworn-in Pennsylvania Gov. Josh Shapiro is assembling his team and has selected Mike Humphreys to be the state’s insurance commissioner. Humphreys is no stranger to the Pennsylvania Insurance...
View ArticleConnecticut Regulator Opposes Letting Self-Storage Businesses Sell Insurance...
Owners of self-storage businesses in Connecticut want to be able to sell property insurance to their tenants but the state insurance regulator thinks that is a bad idea. According to Joe Doherty,...
View ArticleMassachusetts to Investigate First Republic Executives’ Stock Sales: Reuters
Massachusetts regulators have opened an investigation into sales of company stock by top executives at First Republic Bank in the weeks leading up to the recent banking turmoil. Massachusetts’...
View ArticleStates Consider Ban on Cosmetics With ‘Forever Chemicals’
A growing number of state legislatures are considering bans on cosmetics and other consumer products that contain a group of synthetic, potentially harmful chemicals known as PFAS. In Vermont, the...
View ArticleRegulatory Weaknesses, Politics Driving Marketplace Exits, Industry CEOs Say
A trio of property/casualty carrier executives voluntarily offered their views on a growing insurance availability crisis in a state like California at an industry conference last week, pointing to...
View ArticleState Regulators Need to Improve ‘Fragmented’ Efforts to Assess Insurers’...
The Federal Insurance Office (FIO) has released a new report analyzing climate-related issues and gaps in U.S. insurance supervision and regulation, saying state regulatory efforts are fragmented and...
View ArticleNCOIL Writes IRS, FTC on Rules it Says Infringe State Regulation
The National Council of Insurance Legislators last week urged the Internal Revenue Service and the Federal Trade Commission to reconsider proposed rules that the organization said encroaches on state...
View ArticleNAIC to Ask for Data to Better Understand Property-Market Availability,...
The National Association of Insurance Commissioners said at its Summer National Meeting that it plans to collect data from insurers in order to help insurance regulators better understand property...
View ArticleErie Insurance Takes Its Case Against Maryland Regulator to Appeals Court
Erie Insurance Co. is taking its tiff with the Maryland insurance commissioner over the handling of discriminatory practices findings to federal appeals court. The insurer maintains that the Maryland...
View ArticleSupreme Court to Hear Free Speech Complaint by NRA Against New York Regulator
The U.S. Supreme Court last Friday agreed to hear an appeal by the National Rifle Association of a case in which it accuses a New York insurance regulator of violating its free speech rights when she...
View ArticlePennsylvania Slashes Insurance Licensing Fees, Speeds Up Application Reviews
The Pennsylvania Insurance Department (PID) announced the removal of certain fees associated with insurance licensing forms and faster review times for pending applications. “Accelerating our review...
View ArticleVirginia Lawmakers Advance Nominees to Fill Powerful Regulatory Agency Vacancies
Virginia lawmakers nominated experienced attorneys on Tuesday to fill two long-standing vacancies on the state’s powerful regulatory panel that oversees interests ranging from utilities to insurers....
View ArticleMaine Gov. Mills Nominates Consultant Carey to Be Superintendent of Insurance
Maine Governor Janet Mills has nominated Robert L. Carey of East Boothbay, who has advised state regulators and lawmakers on health insurance issues for decades, to serve as Superintendent of the Maine...
View ArticleStates Scramble to Catch Up on Oversight as AI Pervades Everyday Life
While artificial intelligence made headlines with ChatGPT, behind the scenes, the technology has quietly pervaded everyday life — screening job resumes, rental apartment applications, and even...
View ArticleNAIC Names Bay State Insurance Commissioner as CEO
The National Association of Insurance Commissioners over the weekend announced Massachusetts Insurance Commissioner Gary D. Anderson as the organization’s chief executive officer. Anderson will start...
View ArticleSupreme Court Seems to Favor NRA in Free Speech Case Against Insurance Regulator
Supreme Court justices appeared receptive Monday to National Rifle Association claims that a former New York state official violated its free-speech rights by pressuring banks and insurance companies...
View ArticleCarey Assumes Post as Maine Insurance Regulator
Robert L. Carey was sworn in as Maine superintendent of insurance on February 28 after being confirmed by the state Senate. Carey brings more than two decades of experience advising state regulators...
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