Regulation/Legislation

The Prudential New Jersey Captive Insurance Co. has been approved as the first captive insurer to be licensed in the state, according to the New Jersey Department of Banking and Insurance.

An article in the New York Post slamming a New York broker for partnering with Lloyd's of London and selling "improper policies" without paying premium taxes is correct in some instances and misses the mark in others, according to industry experts.

Ambac says it hopes it can reach an agreement with Wisconsin’s insurance commissioner that will allow the company to file its bankruptcy reorganization plan.

Procedures to unwind troubled insurance companies can be complicated by unforeseen tax issues, blindsiding stakeholders—regulators, creditors, owners of troubled companies, and even healthy ones included in consolidated returns—at a time when none of these parties is focusing on the Internal Revenue Service.

An amendment to the federal Liability Risk Retention Act that would allow inclusion of commercial-property coverage in risk-retention groups has been introduced in the House of Representatives and awaits further action, according to the office of Rep. Peter Welch, D-Vt.

The National Association of Insurance Commissioners has decided an indirect, behind-the-scenes approach to reducing the strain on health insurance agents through the medical loss ratio provision will be most effective