Security risk

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.

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.

As builders increasingly incorporate sustainability into construction projects, insurers need to be aware of the risk implications.

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