Security risk

The Operational Riskdata eXchange Association is one of the loudest voices calling for the creation of a global standard for reporting loss events to regulators.

Elimination of contentious group support clause paves way for enactment of regulations.

PCI prefers regulators avoid a one-size-fits-all approach and instead take one that recognizes that few P&C carriers pose a system risk.

Treasury secretary gives tacit support of federal charter in congressional testimony, reigniting a contentious debate.

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.

As offerings widen, carriers are continuing to find places throughout the enterprise to employ data-driven technologies.

Results of a RIMS survey highlight the immature nature of the ERM technology market.

Shaun Kelly will take over for current president Bob Deutsch, effective March 31, 2009.

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.”

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.

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

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.

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.

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

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.