Regulation/Legislation

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.

Allstate insurance companies in Louisiana have been approved to raise homeowners insurance rates an average of 7.3 percent statewide, according to the Louisiana Department of Insurance.

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.

The common perception is that a captive insurer or risk retention group entering rehabilitation has hit the skids and is on its way out, but the opposite is sometimes true, according to a captive management company.

A case involving the alleged inappropriate donations of two insurance companies and political actions committees to Insurance Commissioner John Oxendine could be referred to the state prosecutor for investigation.