Regulation/Legislation

Florida Insurance Commissioner Kevin McCarty would like to begin surveying the state's insurance companies to get a grasp of one of the largest non-catastrophe cost drivers in Florida: sinkhole claims.

Privatizing workers' compensation insurance in Ohio would give more choices to consumers and open up a new market for insurers, the Insurance Information Institute's (I.I.I.) president told state officials.

A public hearing by the New York Department of Insurance on whether to add coverages to the state's excess and surplus lines "export" list was deemed successful by an agent trade association.

Recommendations to the states for the collection of surplus lines taxes from insurance regulators should be in place by the National Association of Insurance Commissioners' (NAIC) November meeting, said the chairman of the NAIC Surplus Lines Task Force.

Two consumer advocates told insurance commissioners they would prefer to see regulation of insurance remain with the states, as opposed to a federal takeover.

Insurance policies lack the standardization consumers, producers and regulators expect for homeowners and other liability coverages and only true transparency will solve this dilemma for buyers, a consumer advocate said.