2023
NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry
NAIC RELEASES 2022 ANNUAL REPORT
National Association of Insurance Commissioners (NAIC) presented its 2022 Annual Report. “Conquering the New Normal Together,” to share how the NAIC successfully overcame pandemic-era challenges to further its state-based agenda. According to the report, in 2022 the NAIC enhanced connectivity among its staff and Members, leaned forward on emerging issues, accelerated investments in technology, and rallied its internal team. The NAIC achieved all of this while helping Members protect consumers and remain solvent. The report details accomplishments in these areas. Excerpts follow.
Taking on Tort Reform… and Doing Something
The topic of Tort Reform never goes away, largely because so few states ever do anything to rein in the Trial Bar’s excesses and advantages…until Florida’s governor signed a bill that is a model for the other states. To curb legal system abuse and frivolous lawsuits by Gov. Ron DeSantis inked H.B. 837, which was […]
NAIC Names Acting Chief Executive Officer
The National Association of Insurance Commissioners (NAIC) Executive Committee named Andrew J. Beal as Acting Chief Executive Officer (CEO). The appointment was made during the 2023 Spring National Meeting in Louisville, Kentucky. Beal currently serves as the Chief Operating Officer and Chief Legal Officer of the NAIC. He joined the NAIC in 1999. Director Chlora Lindley-Myers, […]
IMUA Announces Updated Guide To State Rate, Rule & Forms Filing
New York, NY, March 21, 2023 – The Inland Marine Underwriters Association announced its Legislative & Regulatory Affairs Committee had updated its paper on the IMUA guide to state rate, rule, and forms filing. The updated version provides a digest of the rate, rule, and forms filing requirements for inland marine insurance in all fifty states, the […]
Finger Lakes Partners Insurance Services Joins World Insurance Associates
World Insurance Associates LLC (World), a Top 50 Insurance Brokerage, announced that it acquired the business of Finger Lakes Partners Insurance Services Inc. (“Finger Lakes Partners”) of Geneva, NY.. Terms of the transaction were not disclosed. Finger Lakes was formed in 2007 when two established agencies with histories dating back to 1900 combined – Chacchia […]
Risk Strategies Acquires Insurance Center of North Jersey
Commercial and professional liability expertise bolsters Metro New York region Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, has announced its acquisition of The Insurance Center of North Jersey (ICNJ). Terms of the deal were not disclosed. A leading provider of business, professional and personal insurance coverages for clients […]
Peer-to-Peer Loans and Insurance
Social Transactions Technology and the sharing economy have led to seismic changes in how people live – altering the face of social collaboration. Peer-to-peer (P2P) lending, or social lending, occurs when lenders and borrowers deal directly with one another through online services. P2P insurance involves a group of people with a common interest pooling their […]
New York has one of the lowest Home Ownership rates in the US
U.S. states with the highest / lowest home ownership rate: • Maine has the highest home ownership rate of the U.S. at 33% • West Virginia and Vermont are second and third • California , New York among the lowest home ownership rate Maine is the state with the highest home ownership in the […]
No Contract Compelling Arbitration Between Insurer and Insured No Arbitration
Non-Signatory to Agreement Can’t Compel Arbitration In Alex Weingarten v. Certain Underwriters At Lloyd’s, London Subscribing To Policy Number IML-0114N0-190029, B321148, California Court of Appeals, Second District, Fourth Division (March 23, 2023) Certain Underwriters at Lloyd’s, London (Lloyd’s Underwriters) appealed from the trial court’s order denying their motion to compel arbitration of plaintiff Alex Weingarten’s […]
