FEATURED INDUSTRY NEWS Legislation/Regulation P&C WRIN.tv Newswire Social Inflation, “Nuclear Verdicts” & Extreme Weather Top Insurer Issues in 2020 – NAMIC CEO. Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), says the industry can take a victory lap after renewal of the Terrorism and Risk Insurance Act (TRIA) for seven years. Social Inflation and “nuclear verdicts” are on everyone’s mind now, according to Mr. Chamness, and NAMIC is studying the causes and potential solutions to judgments … Read More
FEATURED INDUSTRY NEWS Markets Mutuals have opportunities vs. competitors, despite challenges – NAMIC CEO WRIN.tv spoke with NAMIC President and CEO Chuck Chamness during the Annual Convention of the National Association Mutual Insurance Companies in Vancouver. Mr. Chamness sees the creep of international regulation and technology among the issues facing mutual, and all insurers today. Technologies, he says, can provide ways for Mutuals to stay in touch with the customers…to help policyholders feel part … Read More
Legislation/Regulation Unintended consequences of insurance regulation and U.S. regulatory goals going forward In a speech during the IIS Global Insurance at the United Nations, former Connecticut Insurance commissioner and Senior Advisor at Evercore Tom Leonardi, discussed unintended consequences form some insurance regulation. He says Market Consistent Valuation, for instance, will hurt long-term investment strategies, long-term insurance products. WRIN.tv speaks with Tom Leonardi, a Senior Advisor at Evercore and former Connecticut Insurance commissioner, … Read More
Companies INDUSTRY NEWS Legislation/Regulation Recent Stories A.M. Best cautious of impact from International Capital Standards. In highlights from the First Monday series, A.M. Best’s Senior Economist Meg Mulry looks at development of international capital standards (ICS) by the International Association of Insurance Supervisors (IAIS), and the timeframe for adoption. Ms. Mulry notes that the Financial Stability Board (FSB) and the IAIS have identified nine insurance companies that are deemed systemically important. She says the regulators … Read More
Homeowner/Renter/Auto INDUSTRY NEWS Legislation/Regulation People Recent Stories Monday Morning Headlines: February 23, 2015 WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Cincinnati Insurance Co. criticizes IAIS capital standards California Insurance Dept. warns insurers against price optimization FEMA steps in on allegations vs. insurers over Sandy claims Progressive posts first increase in agency auto … Read More
Legislation/Regulation Cincinnati Insurance Co. criticizes IAIS capital standards. Cincinnati Insurance Company leveled a full-throated criticism of IAIS standards being proposed for internationally active insurance groups. The insurer said there seems to be “wide consensus” that the insurance capital standards could eventually be imposed on all U.S. domestic insurers – whether they are internationally active or not. Read More
Legislation/Regulation IAIS and Team USA (w/Fed, Treasury and NAIC) work toward global capital standards The International Association of Insurance Supervisors (IAIS) has published several documents receiving a lot of attention in the insurance industry. In December, the IAIS published its “Market” report. According to Leigh Ann Pusey, President & CEO of the American Insurance Association (AIA), the report did not contain many surprises. The IAIS put forth a “stable” outlook while acknowledging challenges, such … Read More
Homeowner/Renter/Auto Legislation/Regulation NAMIC focused on making international (IAIS) capital standards tolerable WRIN.tv spoke with Chuck Chamness, President and CEO of the National Association of Mutual Insurers, during the recent Joint Industry Forum in New York. We asked him how Mutuals faired in 2014, and for his comments on international regulatory standards, tort reform, and other issues such as the HUD Disparate Impact Standard. NAMIC is very concerned about international capital standards. … Read More