Regulation/Legislation

West Virginia Gov. Earl Ray Tomblin has appointed Michael D. Riley acting insurance commissioner of the state Offices of the Insurance Commission.

Florida Gov. Rick Scott has signed into law a commercial rate deregulation bill that expands the types of commercial insurance exempt from the rate filing and approval process.

Multinational corporations are still enjoying the benefits of a competitive marketplace, but underwriters are taking a closer look at certain risks impacted by recent catastrophes For example, the earthquake/tsunami in Japan and floods in Australia are having an impact on certain programs, primarily catastrophe property and business interruption.

Mississippi joins Florida and Hawaii in signing the Nonadmitted Insurance Multistate Agreement to implement the Nonadmitted and Reinsurance Reform Act of 2010—a surplus-lines-related component of the Dodd-Frank financial-services reform bill.

The Texas House of Representatives has passed legislation to reform the manner in which policyholders file claims and lawsuits against the Texas Windstorm Insurance Association.

Republican members of the House Financial Services Committee grilled federal regulators on how they will represent insurance interests on the international stage and regulate the industry through authority granted in the Dodd-Frank financial-services reform law.