Regulation/Legislation

Property and casualty insurance trade groups are lauding Senate Democrats' decision to include provisions modernizing and reforming the surplus lines industry in legislation they unveiled for financial services regulatory reform.

Representatives from Citizens Property Insurance faced tough questioning from the Florida Office of Insurance Regulation over proposed rate increases for high-risk wind-only coverage, including a 7.5 percent increase for homeowners.

Consumer groups seeking financial help so representatives can attend meetings of the National Association of Insurance Commissioners can apply now for funding, the NAIC announced.

California Insurance Commissioner Steve Poizner rejected a 22.8 percent workers' compensation insurance rate increase request yesterday, vowing the rate won't change "one dime" until insurers address avoidable costs in the system.

The chairman of the Senate Banking Committee unveiled an omnibus financial bill that would require a study of ways to modernize insurance regulation and creation of an Office of National Insurance.

New York State's top insurance regulator has told insurance executives that upholding the public's right to know requires new rules for disclosure of agent compensation.