Regulation/Legislation

A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state's planned producer compensation regulation.

Regulators adopted a medical loss ratio form that leans more toward a narrow medical loss ratio (MLR) definition opposed by the industry, but the discussion revealed sharply divided opinions on the federal reforms.

Among the states most affected by Hurricane Katrina five years ago, only Louisiana has taken decisive steps to adopt a statewide building code, according to the Institute for Business and Home Safety (IBHS).

Regulators' interest in insurers' use of credit-based insurance scores produced lively reaction from insurance association representatives and a consumer advocate during a committee meeting on property and casualty insurance issues.

Conglomerates involved in both the banking and insurance sectors could see stricter regulations in European Union member states, possibly by next year, if a European Commission proposal takes effect, the Commission said.

An official with the Federal Emergency Management Agency (FEMA) told insurance commissioners that Congress' failure at long-term renewal of the National Flood Insurance Program (NFIP) could jeopardize the participation of carriers in the program.