Digital Platforms

Using disputed AIG bonuses as the rationale, two House Democrats introduced another bill this week seeking repeal of the McCarran-Ferguson Act insurance industry antitrust exemption.

The National Association of Insurance Commissioners (NAIC) released an update of its 2008 assessment of state producer-licensing laws, practices and processes.The 2008 report — which provided a comprehensive national assessment of state producer-licensing regulation — identified areas where the states’ reciprocity and uniformity initiatives need improvement, along with areas where such efforts have been successful.“The updates demonstrate that the NAIC’s producer-licensing reform strategy is working, showing significant progress in the past year,” said Alaska Insurance Director Linda Hall, who is chair of the NAIC Producer Licensing Task Force. “The 2008 assessment report outlined where we stood last year in terms of compliance with the Gramm-Leach-Bliley Act’s reciprocity requirements and uniform resident-licensing standards. It also provided an independent legal review and on-site peer assessment of our licensing laws, regulations, practices and processes.”Outreach efforts were conducted in teams consisting of volunteer regulators and industry members of the NAIC/Industry Producer Licensing Coalition. These teams held meetings with state commissioners, directors, superintendents, senior regulatory staff and licensing directors who were actively engaged in the 2008 assessment process. The teams then provided updates on each state’s compliance with NAIC reciprocity and uniform resident-licensing standards.The outreach effort afforded industry members with the opportunity to engage in the assessment and discussions of key reforms. It was also an opportunity for the regulators to hear directly from the national and local trade associations regarding issues that matter most to insurance producers.“This process continues to arm us with a wealth of valuable and comprehensive information,” said Tennessee Insurance Commissioner Leslie Newman, who is chair of the NAIC/Industry Producer Licensing Coalition. “I am most pleased with the 98 instances of states achieving compliance with NAIC uniform resident licensing standards since February 2008 — reaching 84% compliance overall — which means the process is working as designed.”

The congressional backlash against American International Group Inc. continued to affect the banking industry Thursday, as the House passed a bill only hours after it had been introduced to constrain executive compensation at firms receiving government assistance.

Workforce reduction is part of data center deal with IBM.

Citing financial crisis, NAVA reports a slide in variable annuities compared to previous year.

A new study reveals that insurers paid out $52.5 billion in global property claims.

In testimony before Senate, Illinois insurance director says state regulators are capable of addressing systemic risk.

NAIC reports 84% overall compliance with resident licensing standards since February 2008.

Spurred by the President's pledge of reform, the House Judiciary Committee wasted no time in passing a bill to give the government resolution power over systemically important financial firms.

The deal may create a powerhouse of open-source Linux and Java software, just in time for Cisco to enter the server market.

Federal Chief Technology Officer Vivek Kundra returned to his job today, White House officials report.

In a prepared statement to Congress, AIG’s CEO Edward Liddy attributed the "cold realities of competition" to the insurer’s decision to pay $165 million in bonuses.

When implementing IT initiatives, carriers can see benefits by tapping outside help.

Senators Shelby and Dodd raised concerns over insufficient state oversight at a Senate Banking Committee hearing on Tuesday.

Celent Senior Analyst Donald Light offers a no-holds-barred commentary regarding the AIG bonus payments controversy.

The “state of the regulators’ report uses seafaring metaphors in describing the group’s progress in 2008, and updates the public on its membership and financials.

The administration plans to attach new conditions to an upcoming bailout infusion that would recover the bonuses already paid, though not from the executives who received them.

The FASB's proposals are designed to reduce the scale of other-than-temporary impairment charges, and help institutions comply with mark-to-market accounting rules for illiquid assets.

The global professional services firm reports a slight decline of 3% during the fourth quarter of 2008 compared to the same quarter a year ago.

Downgrades, withdraws and affirmations—A.M. Best announces ratings adjustments for Atlantic Insurance Co., Aviva plc, Evergreen Reinsurance Co. Ltd., Fireman’s Fund Insurance Co., United Automobile Insurance Group and UNUM Ltd.

After reporting the largest corporate loss in history, the global insurer is taking heat for paying executive bonuses contracted for before receiving TARP money.

Service intended to help insurers take proactive approach to risk to minimize loss on properties in foreclosure.

Service intended to help insurers take proactive approach to risk to minimize loss on properties in foreclosure.

The Obama Administration’s plan to reform oversight of financial services will emerge before March 26, says Treasury Secretary.

Senate hears testimony from insurance industry about implications for weather-related losses.

Citing Fitch downgrade as not applying to insurance and reinsurance businesses, Buffett praises GEICO.

Fort Dearborn Life Insurance Co. will leverage Global IQX solutions for group insurance rating and prospecting automation.

Two new studies from the insurer show how a comprehensive technology infrastructure can improve efficiency and patient satisfaction.

Property/casualty agents disclose in a survey what they want from carriers in services and technology; what factors matter the most when placing business; and how investments by carriers in agent technologies make a bottom line difference in agencies.

The future of the general liability insurance market will play itself out between the cumulative effects of small to moderate losses and the rising prospect of mega-risks, according to Conning Research & Consulting.

The monthly snapshot of the underwriting activity for the North American life insurance industry indicates U.S. application activity was up +1.0% in February year-over-year.

Thomas Wilson says a federal insurance charter to cover the insurance industry could lower administrative costs and improve access to new and innovative products.

Companies point to regulatory process, court’s decision, as reasons behind decision to halt merger.

Differing visions of a regulatory structure for insurance will likely be reconciled in coming months.

After a powerhouse 2007, LIMRA points to economic factors affecting sag in 2008 individual long-term care insurance, other individual product line results.

Hitting $4.1 billion in the fourth quarter, MetLife Inc. is among several insurers contributing to a 60% year-over-year increase in fixed annuities sales.

As part of the deal, Lloyds has agreed to increase its lending by an additional £14 billion over the next 12 months, and made a similar commitment for 2010

ACORD says an individual with the ACORD Certified Expert designation has received a consistent training, passed the exams required for the designation, and is up to date on the latest ACORD standards and versions.

Fitch trims Aflac’s rating citing concerns about the insurer’s investment portfolio.

Capital District Physicians' Health Plan and Excellus BlueCross Blue Shield are the latest New York insurers to be named in the suit against Ingenix Inc.

Rep. Barney Frank says separate federal charter for life insurers under consideration.

The bill would include coverage for wind damage in coastal regions, but critics say the legislation includes unintended negative consequences.

The life insurer will use products designed to enable portfolio replication to calculate enterprisewide economic capital across its asset and liability portfolios.

A cyberliability insurance underwriter is one of 20 alternative fields where computer professionals’ technical knowledge will be advantageous, according to IT career book.

Net income dropped 67.7% for the P&C industry in 2008, while net unrealized capital losses totaled $51.7 billion for the life industry, according to a new study from Highline Data.

The scandal-ridden software provider has received the green light to sell a 51% stake of itself.

The struggling insurer reportedly is engaged in talks with Sun Life Financial to sell its life insurance and annuity operations.

Senators openly doubted whether AIG ever poised a systemic risk to the economy at a House Financial Services Committee meeting yesterday.

Majority of CIOs anticipate keeping current staffing levels.

Bill sponsor says legislation may include mandatory charter for “systemically significant” companies.

Workers in the insurers’ IT division have claimed a multi-million dollar lottery prize.

The new system will expose existing legacy assets as Web services, delivering patient liability information immediately to physicians and providers.