Web Seminars: Timely and Informative

Over the past several weeks, as I have been preparing for our upcoming web seminars focusing on key legislative and regulatory developments, it was interesting to analyze the many changes in insurer requirements taking place in 2009. In taking stock of all these changes, I thought of a few items to share with you. Viatical and life settlement initiatives continue to be one of the focused consumer protection areas in the life insurance industry, with many states enacting tighter controls during this legislative session. Aligned with that same consumer protection goal are the states’ efforts in adopting provisions based on the NAIC’s Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities which sets forth standards to protect consumers from misleading and fraudulent marketing practices. Regulators are more closely examining policy rescission and post-claim underwriting practices by health insurers, with results similar to Maryland’s House Bill 235 which restricts the rescission of health insurance contracts. Property & casualty insurers face cancellation system processing changes to account for new and revised statutory permitted mid-term cancellation reasons for personal, homeowner, commercial, or motor vehicle liability insurance in Maryland. These are really just the tip of the iceberg, in what is turning out to be a very busy year for regulators and legislators.