Tag Archives: California Regulation of Insurance
California Assembly Passes Bill Requiring Health Insurance Filing and Disclosures
On May 3, 2012, the California Assembly passed a bill that would require health insurers that are regulated by the Department of Insurance to submit information to the department when the insurer plans to terminate its contract with a provider group or…
Iran-Related Investment Bill Clears Committee
On May 2, 2012, the California Assembly Insurance Committee approved a bill that would direct the insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a non-admitted asset.
Assembly …
California Senate Committee Approves Two Bills Based on NAIC Models
The California Senate Insurance Committee has given unanimous approval to two bills that are based on NAIC model laws relating to reinsurance and insurance holding companies. The Department of Insurance testified in support of both bills at the committ…
California Department of Insurance Imposing Strict Standards on Applicants for Life Settlement Provider Licenses
Recently, the California Department of Insurance has issued “Intent to Deny” letters to at least four applicants for life settlement provider licenses based upon a “lack of financial stability.” Ironically, at the same time…
Workshop held by California Department to Discuss Contemplated Changes to Life Settlement Regulations
Can Servicers Expect to be Brought into the Regulatory Fold?
On March 9, 2012, the California Department of Insurance (“Department”) held a Pre-Notice Public Discussion on contemplated revisions it intends to make to California’s life…
Legislation to Non-Admit Iran-Related Investments
By Michael L. Rosenfield and Suh Choi
The California Legislature has introduced Assembly Bill 2160. It would prohibit California domestic insurers from treating indirect Iran-related investments (as defined in the bill) as admitted assets. The bi…
Dodd-Frank Does Not Preempt All California’s § 1011(c) Reinsurance Approval Requirements Applicable to Foreign Insurers
By Michael Rosenfield and Chris Burusco
Prior to the Dodd-Frank Act, California Insurance Code § 1011(c) required all California-admitted insurers to obtain prior approval from the California Department of Insurance for any reinsurance transa…
Emergency Regulation to Enforce Medical Loss Ratio in Patient Protection and Affordable Care Act of 2009 Made Permanent
By John M. LeBlanc and Jason C. Love
On Thursday February 9, 2012, California Insurance Commissioner Dave Jones announced that he had obtained approval from the California Office of Administrative Law to make permanent the emergency regulation issued i…
Life Insurer "Death Master" Investigation Leads to Multi-State Regulatory Settlement
by Michael Rosenfield & Dennis Quinn
Insurance regulators across the nation from time-to-time focus their efforts on pursuing the joint investigation of a legal issue (e.g., brokers’ fees or title insurance matters) that is perceived by the r…
California Department of Insurance Settles Suit Over Iran Investments
On January 27, the California Department of Insurance (“DOI”) issued a news release that it had reached a settlement in its lawsuit that sought to require insurers to disclose investments in companies doing business with Iran.
This bl…
