Last Year Recap
Last Year Recap
October 25, 2012
RLIG - Mission Statement and Vision
In a regulated industry where “compliance matters”, we provide information and insight on the laws and regulations affecting the business of insurance. We promote healthy discussion and dialog on the rapidly evolving federal and state regulatory insurance arena.
The Regulatory & Legislative Interest Group strives:
- To be the first place Society members choose to learn about proposed or recently enacted insurance laws and regulations.
- To be recognized within the Society as one of the premier Interest Groups.
- To provide relevant regulatory information about all countries including those that may impact the United States marketplaces.
- To be a trusted source of information about the various United States insurance markets.
- To provide a forum for discussion on pertinent regulatory or legislative issues.
Recap of Regulatory & Legislative Interest Group's Game On! Reflecting on Regulatory Process
Game On! Reflecting on Regulatory Progress
Thank you to all of you who attended and participated in Game On! in DC. Congratulations to each member of Prescindt 4 in winning the $50 American Express gift card. We hope everybody had enjoyable and educational experience. We look forward to seeing everyone at Game ON in New Orleans in 2013. Who knows what characters might show up and be your hosts next year!
The Regulatory & Legislative Interest Group Committee would like to recognize one of its Committee members and the Compliance Matters newsletter Editor Eric Nordman!
Eric was honored recently by the Insurance Regulatory Examiners Society (IRES) as he received the Al Greer Achievement Award at IRES' annual 2011 Career Development Seminar (CDS). Al Greer was one of the original state insurance examiners who had the vision to establish the Insurance Regulatory Examiners Society in the late 1980s. Eric achieved the Al Greer award due to his knowledge of the industry, his overall demeanor, his willingness to help others and his dedication to continued professional growth and study. He has been a resource within IRES, the CPCU Society, other industry groups and to all regulators and insurance industry. He has helped many people who have attended the IRES CDS and he was able to motivate others to action based upon his attitude and actions. In this manner he became an inspiration to others, gained the respect of many and embodied the spirit of Al Greer in being a role model.
On behalf of the Regulatory & Legislative Interest Group Committee, we congratulate Eric on his achievement and wish him continued success.
NASI Report Find Job Losses Cause Workers' Compensation Coverage and Costs to Fall
WASHINGTON, DC–The number of workers covered by workers’ compensation dropped by 4.4 percent in 2009, the biggest decrease in two decades, according to a report released today by the National Academy of Social Insurance. Employer costs for benefits fell by 7.6 percent to $73.9 billion in 2009 (the most recent year with complete data), reflecting the overall decline in employment.
"As one might expect, when the Great Recession hit, employers paid less in workers’ compensation costs because there were fewer workers to cover," said John F. Burton, Jr., chair of the panel that oversees the report. "Although the drop in employer costs represents the biggest decrease in the last two decades, benefits increased slightly by 0.4 percent to $58.3 billion, reflecting in part benefits provided in 2009 to workers injured in prior years."
The total benefits paid to injured workers in 2009 increased in 23 states and the District of Columbia while declining in the remaining 27 states, compared to the previous year. Payments for medical care declined for the first time in a decade by 1.1 percent to $28.9 billion, although they continue to make up roughly half of total workers’ compensation benefits. Employers paid a total of $73.9 billion nationwide for workers’ compensation with a cost of $1.30 per $100 of payroll, the lowest in the last thirty years.
Click here to access the press release and full report.
RLIG - Celebrating 20 Years!
Celebrating 20 Years! "Regs and Legs" was founded in 1990 at an NAIC Meeting by John Benton then of Transamerica, Richard Rogers then of the Illinois Department and John Reiersen then of Eagle Insurance Group. The section was not formally certified by the CPCU Society until 1991. In the early years interest group committees were known as sections.
A rare opportunity occurred at the Insurance Regulatory Examiners Society (IRES) annual Career Development Seminar held in Minneapolis from July 31-August 2, 2011. Four prominent members of the Regs and Legs Interest Group Committee were in one room at one time. Pictured from left to right are John Reiersen, founding father of Regs & Legs, Eric Nordman, Co-Chair 2001-2007, Vance Gudmundsen, Chair 1994-2001, and Joe Bieniek, Chair since 2008. John and Eric were the Regs and Legs newsletter Editors for nearly the entire history of the interest group. (Click here for a full list of past Committee Chairs)
As the global economy continues to emerge from the market turmoil of recent times, there is significant focus and attention on Capitol Hill regarding federal legislation that will have a profound impact on our industry. As Congress continues to wrestle with far-reaching issues ranging from health care, consumer protection and financial services oversight, it is important to reflect on how “compliance matters” in our profession.
To monitor legislation in these ever-changing times, the below links are provided for your convenience – and curiosity!
Here is a link to a 2012 Legislative Calendar (maintained by the National Conference of State Legislatures)
In addition, additional regulatory and legislative links are available here on the RLIG site.
Business Insurance News
Business Insurance - Web News
Risk managers need leadership skills for a multigenerational workforce
Medical malpractice rates expected to rise as health care providers keep consolidating
Health care reform law's fate unclear no matter who wins presidential election
GALLERY: Battling Obesity
N.Y. mortgage trial could have broad impact on Wall Street
OFF BEAT: Pranksters present award for innovation in interest rate manipulation to Barclays
Mixed commercial insurance rate forecast for 2013: Willis
Hartford unit not liable for bad faith in dispute with Fireman's Fund unit
Commercial property/casualty prices expected to increase: KBW
Lawmakers seek more oversight of compound drugs after meningitis outbreak
Wall Street Journal
WSJ.com: What's News US
Pressure Mounts on Spain to Seek Bailout
Stock Futures Gain After Jobless Claims
Government Discord Derails Merger
J.P. Morgan CFO to Exit Post
World Bank President Sees Poverty Fight as Investment
Glaxo Opens Clinical Trial Data
Burberry Sales Growth Slows
RBS Cashes In From Direct Line IPO
Fed's Tarullo Calls for Cap on Bank Sizes
Join us on LinkedIn!
The RLIG has developed a LinkedIn group to help CPCU Society members stay connected, share industry news and discuss issues relevant to our area of interest. We are inviting Society members to join our LinkedIn group. To participate, you must join LinkedIn and sign in to become a member of our group. Click here to see our page.