Archive for the ‘Regulation’ Category

OFC Gaining Momentum?

February 15, 2009

Hmmmm…Looking more like I might be buying Chad a drink at ACORD-LOMA. Investment News reports that NAIC now supports consideration of an optional federal charter, leaving only NAMIC and IIBIA still firmly opposed. NAIC is also moving its headquarters to DC for the first time.

I wonder if NAIC has seen the writing on the wall, and been swayed somewhat by the Royce-Bean Bill’s requirements that the new national regulator maintain physical offices in every state (nationalizing the DOIs)

I still don’t think this is a done deal, but I have to admit, the odds are not running in favor of my original prediction that Democratic governors and house members would block this initiative.

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Ingenix Settlement bodes ill for loss minimization strategies

February 6, 2009

The recent Ingenix settlement with the New York AG should serve as a warning to insurers that strategies based on managing loss costs after a claim has been made will increasingly be under scrutiny by regulators and AGs. No one ever lost votes by making insurers pay more in claims payouts. Insurers need to increase their focus on risk selection, pricing, operating efficiency, and most importantly, loss control in order to ensure profitability.