Gary Anderson has been appointed Massachusetts Commissioner of Insurance

Gary Anderson has been appointed the Massachusetts Commissioner of Insurance.  He has served as the acting Commissioner of the Division of Insurance since February 24, 2017, and previously served in this role from January 2015 to April 2015.  The Division of Insurance is responsible for regulation of the insurance industry and protection of consumers. Gary […]

Jessica Altman appointed as Acting Insurance Commissioner by Pennsylvania Governor Wolf

Pennsylvania Governor Wolf Appoints Altman as Acting Insurance Commissioner Pennsylvania Governor Tom Wolf has announced that Insurance Commissioner Teresa Miller has been appointed as the new Acting Secretary of Health and Human Services, and Jessica Altman has been appointed the Acting Insurance Commissioner. Jessica Altman has been Commissioner Miller’s Chief of Staff since June 2015. […]

Chlora Lindley-Myers, new Director of the Missouri Department of Insurance

Chlora Lindley-Myers, has been appointed the Director of the Missouri Department of Insurance by Governor Greitens.   She most recently served as Deputy Commissioner at the Tennessee Department of Commerce & Insurance (TDCI) Deputy Commissioner.  Early in her career she had a 10 year stint in underwriting and claims administration for Aetna Life, and her career has […]

David Altmaier named Florida Insurance Commissioner

It was announced today (April 29) that David Altmaier, Florida’s current Deputy Commissioner, Property & Casualty, has been unanimously approved by the Florida Cabinet for the position of Insurance Commissioner of the Florida Office of Insurance Regulation. Current Commissioner Kevin McCarty has served as Florida’s chief insurance regulator for over ten years.  He will remain in office […]

Maynard and Vullo New Insurance Commissioners Kentucky & New York

Brian Maynard and Maria Vullo are the newest state insurance commissioners (1/22/2016).  [Blogger’s Note: April 2017 Commissioner Maynard resigned and Nancy Atkins was appointed KY Commissioner.] Kentucky Governor Matt Bevin has named Brian Maynard as the new Commissioner of the Kentucky Department of Insurance, replacing Commissioner Sharon Clark. Mr. Maynard is a certified financial examiner and has been […]

Price Optimization Prohibited in Ohio Insurance

Ohio is now prohibiting price optimization in the calculation of insurance premiums.  Ohio recently became the second state, after Maryland, to explicitly prohibit the use of “price optimization” in the rating of property and casualty insurance policies. Price Optimization Used to Increase Premiums Price optimization considers certain factors–such as the amount or percentage of past premium increases without […]

Cost of Non-Compliance

Stacey English & Susannah Hammond recently published a paper in which they wrote (and it bears repeating as they are so right): The costs and consequences of non-compliance within financial services firms are greater than ever before. The cost for firms of endeavoring to be compliant has been growing in line with the rapid rate […]

Insurance Compliance Officers Take Heed of OFAC Mandates

Under a family of related federal laws intended to support U.S. foreign policy and national security goals it is a violation for an insurer to issue a policy, engage in a transaction (including receipt of premiums and payment of claims), or facilitate a transaction with an OFAC Target. These laws are administered by the Office […]

Insurance mailing rules for Cancellation & nonrenewal notice

In calculating the number of days for mailing notice of cancellation or nonrenewal, an insurer must add “mailing days” to the minimum number of days required as advance notice before the effective date. The number of days that must be added varies by state, and state specific research is needed to determine the requirements.  The general […]

Ohio Bad Faith Law

The following  summary on Ohio Bad Faith Law from attorney John H. Phillips (primarily a plaintiff’s counsel) of the Phillips Law Firm in Cincinnati, Ohio, was an interesting read in connection with a Continuing Legal Education course offered on OHIO INSURANCE BAD FAITH (this summary is not offered as legal advice and has not been reviewed […]