In recent years, states in the CSG-South area—as well as the nation as a whole—have been exposed to significant risks due to hurricanes and tornadoes. These immense storms have caused immeasurable damage in terms of the loss of human life and billions of dollars in economic costs.

A new study related to climate change moves the debate from the science of it all to its impact on the economy.  The report— “Insurer Climate Risk Disclosure Survey,” by Ceres, a nonprofit group advocating for sustainability leadership—takes a look at how not including the risks associated with climate change may affect the business of insurance companies. “The insurance sector is a key driver to our overall economy,” said Mindy Lubber, president of Ceres.

 

As residents in parts of the Midwest experienced record flooding this spring, discussions began on Capitol Hill about the future of the National Flood Insurance Program.

This Act limits how life insurers can deny a policy to someone or cancel or charge different rates to policy holders based upon the applicants‘ or policy holders‘ past or future travel to lawful destinations. It makes for exceptions when the insurers‘ decisions are based upon sound actuarial principles or reasonably anticipated experience.

Legislators this year will consider a host of new compacts that could help them tackle a variety of challenging issues, covering everything from prescription drug abuse to insurance. The Council of State Governments’ National Center for Interstate Compacts has been instrumental in helping craft these compacts.

NOW, THEREFORE BE IT RESOLVED, that The Council of State Governments (CSG) supports The Surplus Lines Insurance Multi-State Compliance Compact, also supported by the National Conference of Insurance Legislators (NCOIL), the surplus and excess lines industry, and major national property-casualty and producer organizations—to comply with the NRRA and maximize state non-admitted insurance premium tax collection.

LEXINGTON, Ky.-The National Center for Interstate Compacts helped create language for a new insurance compact endorsed by the National Conference of Insurance Legislators, or NCOIL, at a state summit in Austin Sunday. The National Center is part of The Council of State Governments, the nation's only organization serving all three branches of state government.

The compact is called SLIMPACT-Lite--the Surplus Lines Insurance Multi-State Compliance Compact. The surplus lines industry provides an insurance market for hard-to-...

Suggested State Legislation: According to a Florida legislative bill analysis, Florida Chapter 2008-66 makes major changes to state insurance law.

BE IT THEREFORE RESOLVED, that The Council of State Governments supports and encourages state actions to preserve the preeminence of state-regulated insurance systems and seeks to alert and educate state officials about the continuing efforts to preempt state regulatory authority with a movement toward an optional federal charter.
 

Sugggested State Legislation:This Act directs that in recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance transactions, the insurance producer, or the insurer when no producer is involved, must have reasonable grounds for believing that the recommendation is suitable for the consumer on the basis of the facts disclosed by the consumer as to the consumer’s investments and other insurance products and as to the consumer’s financial situation and needs.

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