Regulation/Legislation

The Independent Insurance Agents & Brokers of New York reports it will file its appeal of a court decision upholding Regulation 194 in the next several weeks.

The property-insurance reform bill recently passed in Florida will help improve insurers’ bottom lines, but large homeowners insurers are unlikely to expand their presence in the state due to continued competition from the insurer of last resort, according to Moody’s.

With new coverages evolving and the SEC setting its sights on increased enforcement activities, specialty insurance coverage for regulatory investigations is a hot topic among buyers and sellers of management liability insurance. Brokers assess the options and price trends.

Unlike last year’s flood of “pre-claim inquiry” offerings that focused on coverage for the investigation-response costs of individual executives and directors, Chartis’ new “Investigation Edge” offering, a standalone policy introduced in March, addresses corporate costs, including the massive expenses associated with producing documents required by the Securities & Exchange Commission.

For public companies navigating the continuing fallout from the global financial meltdown, dealing with regulatory investigations is about as inevitable as death and taxes. D&O insurance products are evolving to cover some of the costs.

Florida Gov. Rick Scott has signed SB 408, a bill designed to address cost drivers in an attempt to reform Florida’s unsteady property insurance market.