With just a little over a month into 2012, the industry has seen the introduction of a number of legislative bills that address familiar insurance topics. Additionally, we are already seeing a number of actions by departments of insurance, all of which are factoring into important regulatory activity early in this new year.
Familiarity Breeds Contempt
The state legislatures are not alone in dealing with industry issues. Reviewing three insurance department directives issued in January 2012 provides important information for insurance company operations. The Tennessee Insurance Division’s (TID) Bulletin, dated Jan. 26, 2012, provides its interpretation on the use of email messages and compliance issues associated with statutorily required notifications to policyholders. The division will require that: