Compliance

The Treasury Secretary says large insurers should come under federal regulation, as he details Obama administration’s plan to re-write oversight of financial services industry.

Therese Vaughn says as U.S. legislators consider how to regulate insurance, they well may follow Europe’s lead.

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

Vendor teams with Symantec to deliver comprehensive solution and a customizable service that supports data-related regulatory compliance requirements.

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

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

Rick Heil will be responsible for the strategy and development of the association’s straight-through processing standards initiative message standards.

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.

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

Association representing property/casualty insurers says creating a systemic risk regulator is a good idea.

The goal is for every regulated financial institution to provide loss-event and tail data to regulatory authorities via an XBRL-based risk taxonomy.

Privately funded StoneRiver comprises insurance, flood services, pharmacy, marketing and regulatory compliance divisions.

The state of health care is changing. Insurers need to change with it and develop ways to connect with health care providers.

Systemic oversight and transparency are the top goals in the President’s seven-point plan to change the way financial services are regulated.

Federal Reserve Chairman says idea of an optional federal charter for insurance is worth considering.