Wolters Kluwer, in partnership with National Underwriter and Tech Decisions, presented a Web Seminar on March 19th. This Web Seminar featured state regulators from Oregon, North Dakota, Maryland, and Washington who discussed key regulatory proposals on credit scoring, genetic discrimination, non-insurance benefits in life policies, total loss auto claims, and increased public participation in health rate filings in their states and their potential impact on the industry. Interactions with the regulators during the Web Seminar started with Teresa Miller, Acting Administrator for the Oregon Insurance Division, who presented information on two Division legislative proposals. The Division’s first proposal would require additional clarity on total loss vehicle claims, while the second one focuses on facilitating public participation in the Division’s review of health rate filings. Reasons supporting both proposals were provided, including references to the level of consumer complaints on total loss settlements.
The discussion then moved to the use of credit information by insurers, a definite “hot” topic this year. Larry Maslowski, Director/Senior Analyst in the Property & Casualty Division of the North Dakota Department of Insurance provided insight on the originally proposed credit scoring ban included in Senate Bill 2330, which had attracted significant media attention from industry trade groups and consumer advocates. While the bill failed to pass the Senate, Larry shared key information on the Department’s position on the bill and possible reasons for its failure to pass.
Beth Sammis, Deputy Commissioner with the Maryland Insurance Administration, then discussed key bills introduced this year that addressed the potential abuse of genetic information and sought to prohibit genetic discrimination in life, disability, and annuity lines of business. While there has been a recent decision to withdraw these bills to provide sufficient time for a study to be conducted by the Insurance Administration and others, Beth provided data on the background of Maryland law concerning insurers’ use of this type of information, as well as some expectations for the upcoming study.
Finally Carol Sureau, Deputy Commissioner of Legal Affairs for the Washington Office of the Insurance Commissioner discussed a bill currently filed with that state’s legislature that, if enacted, would provide additional product development options for life insurers by permitting the inclusion of noninsurance benefits in life insurance policies. Examples of these benefits are Will Preparation Services, Financial Planning, Estate Planning, and Probate & Estate Settlement Services. Carol shared information on the early analysis of this proposal as presented to the OIC by an insurer last year.
We are extremely grateful to all of the web seminar participants who provided valuable insight into these key legislative issues in their states. To assist you in finding out more from these regulators, we have made this web seminar available for your viewing at: www.summitwebseminars.com/wkregulation. In today’s environment, staying informed and prepared for what comes next has never been more important or more difficult. Identifying changes, managing the process and understanding the impact is no easy task. In the coming months Wolters Kluwer Financial Services is offering a series of compliance webinars to help keep you informed. We welcome your suggestions for topical issues and invite you to email these using the Email Kathy icon on this web page.
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