Massachusetts Proposes Amendments to Its Annuity Suitability Regulation

Massachusetts has proposed amendments to its Consumer Protection in Annuity Transactions Regulation with the intent of improving consumers’ understanding of annuity products for which recommendations have been made. The newly revised Massachusetts regulation conforms it to the 2010 revisions made by the National Association of Insurance Commissioners (NAIC) to the Suitability in Annuity Transactions Model Regulation. The 2010 revision of this model regulation addressed several issues, including producer training and insurer responsibility for ensuring the suitability of annuity purchases, regardless
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NJ DOBI Announces Mandatory Mediation Program for Superstorm Sandy Claims

In response to the statewide property damage caused by the high volume of claims resulting from Superstorm Sandy, the New Jersey Department of Banking and Insurance established a mediation program to alleviate the hardship experienced by New Jersey residents for unresolved first-party claims. In doing so, the department aims to encourage swift and amicable resolution of all claims relating to damage from Sandy. Although the mediation program has been in effect as of March 26, 2013, pursuant to Order No.
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NYS DFS Announces Sandy Mediation Program – New Requirements for Insurers

15th Amendment to Regulation 64, 11 NYCRR 216 The New York State Department of Financial Services has enacted an emergency amendment to Insurance Regulation 64, effective February 25, 2013, targeting claims resulting from Hurricane Sandy. The amendment applies to any claim for loss or damage, other than claims made under flood policies issued under the national flood insurance program, that occurred from October 26, 2012 through November 15, 2012, in the counties of Bronx, Kings, Nassau, New York, Orange, Queens,
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