Insurance commissioner

California Should Build A Public Model to Predict Wildfire Risk, Protect Homeowners from Insurance Price-Gouging, Consumer Watchdog Tells Insurance Commissioner

Retrieved on: 
Thursday, July 13, 2023
Commissioner, Allstate, Wildfire, California Department, Electricity, Black box, Climate change, Multimedia, Proposition 103, Consumer Watchdog, Golden, Conflict, Golden State, Crash, Risk, Engineering, Promoting Resilience and Efficiency in Preparing for Attacks and Responding to Emergencies Act of 2017, California Department of Insurance, Insurance commissioner, State Farm, Pernicious, Farmer, Property insurance, Cryptocurrency, Insurance, Reliability, Interest, Death, Bias

LOS ANGELES, July 13, 2023 /PRNewswire/ -- At a Department of Insurance hearing today, the non-profit organization Consumer Watchdog will propose that California build a public model to predict the risk of wildfires and prevent insurance price-gouging and bias. Insurance companies are barred from using private black-box computer models to set rates under the Proposition 103 consumer protection law because they prevent public scrutiny and cannot be verified, said the group.

Key Points: 
  • "Insurance companies want to use secret computer models so they can raise rates," said Carmen Balber, Consumer Watchdog's Executive Director.
  • "What California needs is a public model, open to public scrutiny as required by the voters, and subject to public control, to guide the state towards reducing the risks of wildfire caused by climate change."
  • Consumer Watchdog will make its proposal at a remote hearing convened by Insurance Commissioner Ricardo Lara in the midst of growing economic pressure by insurance companies that is destabilizing the marketplace.
  • Last Friday, the insurance industry dropped all pretense that the pullouts are about climate change, said Consumer Watchdog.

Aegon’s group supervision to transfer from Dutch Central Bank to Bermuda Monetary Authority

Retrieved on: 
Friday, June 30, 2023
Insurance, European Insurance and Occupational Pensions Authority, EIOPA, Capital market, Bermuda Monetary Authority, BMA, Aegon N.V., Central bank, Commonwealth of Australia (US securities entity), EGM, DNB, Solvency, Cyprus Securities and Exchange Commission, NAIC, Share repurchase, Dirección General de Seguros y Fondos de Pensiones, EUR, F-4, Euronext Amsterdam, Form, Holding, Insurance commissioner, Pension, NYSE, Security (finance), Cryptocurrency, Management, Bank, EU, Aegon

Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)

Key Points: 
  • Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)
    The Hague, June 30, 2023 - Aegon today announces that it intends to move its legal seat to Bermuda.
  • Subsequently, Aegon’s group supervision will transfer from the DNB to the BMA.
  • “I welcome the transfer of group supervision from the DNB to the BMA,” said Lard Friese, Aegon’s CEO.
  • The BMA will assume the role of group supervisor following the transfer of Aegon’s legal domicile.

Athene Announces Key Appointments

Retrieved on: 
Tuesday, June 20, 2023
Insurance, Senior, General counsel, Policy, Risk management, International Association, International Association of Insurance Supervisors, Strategic planning, Government, National Association of Insurance Commissioners, Apollo, NAIC, Retirement, Aegon, Executive Committee, National Association, Commonwealth, Insurance commissioner, Management, Renewable energy

HAMILTON, Bermuda, June 20, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”) today announced that Michael Consedine, former Chief Executive Officer of the National Association of Insurance Commissioners (NAIC), will join Athene as Executive Vice President, Head of U.S. Government and Regulatory Relations, effective June 19, 2023.

Key Points: 
  • HAMILTON, Bermuda, June 20, 2023 (GLOBE NEWSWIRE) -- Athene Holding Ltd. (“Athene”) today announced that Michael Consedine, former Chief Executive Officer of the National Association of Insurance Commissioners (NAIC), will join Athene as Executive Vice President, Head of U.S. Government and Regulatory Relations, effective June 19, 2023.
  • Mr. Consedine will report to John Golden, who has been named Executive Vice President, Global Head of Insurance Regulation for Apollo and Athene.
  • In addition, Joe Cohen has been named Executive Vice President and General Counsel for Athene, a role previously held by Mr. Golden.
  • Mr. Cohen joined Athene in 2019 and previously served as Senior Vice President, Group Deputy General Counsel.

Consumer Watchdog Reports Allstate's $16M Homeowners Rate Hike Approved Despite Company Quietly Ending Sales of New Home Insurance in California

Retrieved on: 
Tuesday, June 13, 2023
Commissioner, General counsel, Allstate, California Department of Insurance, California Department, Multimedia, Proposition 103, Consumer Watchdog, Hearing, Book, Insurance commissioner, State Farm, Insurance, Car dealership, Ridesharing

LOS ANGELES, June 13, 2023 /PRNewswire/ -- Insurance Commissioner Ricardo Lara yesterday approved a 4%, $16 million, rate hike on Allstate home insurance policyholders, despite the fact that the company misled regulators at the Department of Insurance about ceasing new homeowners insurance sales in California.

Key Points: 
  • LOS ANGELES, June 13, 2023 /PRNewswire/ -- Insurance Commissioner Ricardo Lara yesterday approved a 4%, $16 million, rate hike on Allstate home insurance policyholders, despite the fact that the company misled regulators at the Department of Insurance about ceasing new homeowners insurance sales in California.
  • Allstate, the sixth largest home insurance company in California, had sought the rate increase premised on written assurances that it was continuing to sell homeowners policies to new customers.
  • "Insurance companies cannot grant themselves back-door rate increases by unilaterally ending sales," said Harvey Rosenfield, the author of Proposition 103.
  • Allstate has acknowledged the rate impact of changes in its sales practices in other states, but refuses to do so in California.

Insurance Commissioner Lara Must Use Prop 103 Authority to Reverse State Farm's Pullback, Says Consumer Watchdog

Retrieved on: 
Tuesday, May 30, 2023
Commissioner, Insurance, Pressure, California Insurance Code, State Farm, Multimedia, Proposition 103, Consumer Watchdog, Book, Insurance commissioner

Commissioner Lara has the power to order State Farm to obey the law and reverse its decision," said Harvey Rosenfield, the author of Proposition 103 and the founder of Consumer Watchdog.

Key Points: 
  • Commissioner Lara has the power to order State Farm to obey the law and reverse its decision," said Harvey Rosenfield, the author of Proposition 103 and the founder of Consumer Watchdog.
  • The result will be more artificial insurance shortages and more insurance company pressure on Insurance Commissioner Lara to rapidly approve massive rates increases without adequate scrutiny."
  • State Farm's Unilateral Action Violates Prop 103; Insurance Commissioner Lara Has the Power to Reverse It
    Proposition 103 requires insurance companies to open their books and justify rate changes in a process open to public scrutiny; the Commissioner must approve any rate increase before it takes effect.
  • By creating a statewide shortage in homeowners insurance, State Farm will place more pressure on Insurance Commissioner Ricardo Lara to rapidly approve these rate increases without subjecting them to the thorough scrutiny required by Proposition 103.

Author of Insurance Reform Prop 103 Says Its Protections Critical to Stopping Insurance Industry's Unjustified Rate Increases and Nonrenewals for Residential Coverage

Retrieved on: 
Wednesday, May 10, 2023
Commissioner, Insurance, CFA, Wildfire, Policy, Fire, Multimedia, Proposition 103, Consumer Watchdog, National Association of Insurance Commissioners, Thomas Edison, Condo, Recruit, Climate change, Documentation, California Insurance Commissioner, Capitol, Consumer Federation of America, National Association, PG&E, Book, Insurance commissioner, Legislation, Ridesharing, Renewable energy, Property management

SACRAMENTO, Calif., May 10, 2023 /PRNewswire/ -- Thirty-five years after California voters passed Proposition 103 to protect themselves against skyrocketing insurance rates, insurance companies' refusals to insure, and other abuses that destabilized California's economy, its author will testify before the Senate Insurance Committee today on how Proposition 103 addresses the similar crisis in home, condo and renters insurance today – and what more can be done.

Key Points: 
  • Rosenfield will reject the insurance industry's campaign to blame Proposition 103, and climate change, for companies' misconduct in the marketplace.
  • Require insurance companies to sell insurance to all residential property owners in California who meet state fire-mitigation guidelines.
  • Initiate a public investigation of whether the insurance industry is evading Proposition 103 when it sells insurance to condo associations.
  • Recruit and deploy more agency staff to ensure that rate applications and insurance companies' practices are closely reviewed as required by Proposition 103.

NAIC Names Its 2023 Committee Leadership

Retrieved on: 
Wednesday, January 18, 2023
Colorado Division of Insurance, Consumer protection, Labour, Commerce, Pennsylvania Insurance Department, Name, Washington State Office of the Insurance Commissioner, Missouri Department of Social Services, Colorado Department of Regulatory Agencies, Division, National Association of Insurance Commissioners, Chair, Regulatory Agencies, NAIC, National Association, Regulation, Insurance commissioner, Minnesota Department of Commerce, Conduct of Employment Agencies and Employment Businesses Regulations 2003, South Dakota Department of Game, Fish, and Parks, South Carolina Department of Natural Resources, Management, Private investigator, Financial services, Insurance

KANSAS CITY, Mo., Jan. 18, 2023 /PRNewswire/ -- The National Association of Insurance Commissioners (NAIC) has named its 2023 committee chairs and vice chairs.

Key Points: 
  • KANSAS CITY, Mo., Jan. 18, 2023 /PRNewswire/ -- The National Association of Insurance Commissioners (NAIC) has named its 2023 committee chairs and vice chairs.
  • The NAIC also assigned members to its standing committees and named its 2023 task force chairs and vice chairs based on requirements established by the NAIC Bylaws .
  • "I look forward to seeing the work that the eight standing committees will produce and the lasting impact their work has on state-based regulation and the industry overall."
  • The 2023 NAIC committee leadership assignments are as follows.

KBRA Assigns Ratings to Senior Notes and Mandatory Redeemable Preferred Shares Issued by Tortoise Pipeline & Energy Fund, Inc. (TTP)

Retrieved on: 
Friday, December 16, 2022
Finance, Oil, Gas, Energy, Professional Services, Utilities, Ontario Securities Commission, Investment Company Act of 1940, Fund, Note, NAV, NYSE, KBRA, CRA, MRPS, Policy, Credit, Disclosure, Insurance commissioner, TTP, Prospectus, Jetivia SA v Bilta (UK) Limited (in liquidation), Union, European Securities and Markets Authority, Debt-to-GDP ratio, National Association, COVID-19, National Association of Insurance Commissioners, Atlas, Security (finance), Telescopic sight

KBRA assigns ratings of ‘AAA’ for the Senior Notes (the “Notes”) and ‘A+’ for the Mandatory Redeemable Preferred Shares (“MRPS”) issued by Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) (“TTP” or the “Fund”).

Key Points: 
  • KBRA assigns ratings of ‘AAA’ for the Senior Notes (the “Notes”) and ‘A+’ for the Mandatory Redeemable Preferred Shares (“MRPS”) issued by Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) (“TTP” or the “Fund”).
  • Additionally, KBRA assigns a ‘Stable’ Outlook to the Notes and MRPS.
  • The Fund had its Initial Public Offering in October 2011 and its shares are listed on the New York Stock Exchange under the symbol TTP.
  • Since inception through November 2022, the Fund has average senior and total asset coverage of 533% and 408%.

KBRA Assigns AA+ Rating to TBTA’s Payroll Mobility Tax (PMT) Senior Lien Refunding Green Bonds, Series 2023A (Climate Bond Certified)

Retrieved on: 
Friday, December 16, 2022
Banking, Professional Services, Finance, Ontario Securities Commission, Triborough Bridge, Tunnel, TBTA, KBRA, Climate bond, CRA, Credit, Metropolitan Transportation Authority, Insurance commissioner, Issuer, Prospectus, Jetivia SA v Bilta (UK) Limited (in liquidation), European Securities and Markets Authority, Union, PMT, National Association, ESG, National Association of Insurance Commissioners, Security (finance), Telescopic sight

KBRA assigns a long-term rating of AA+ with a Stable Outlook to the Triborough Bridge and Tunnel Authority (TBTA) Payroll Mobility Tax (PMT) Senior Line Refunding Green Bonds, Series 2023A (Climate Bond Certified).

Key Points: 
  • KBRA assigns a long-term rating of AA+ with a Stable Outlook to the Triborough Bridge and Tunnel Authority (TBTA) Payroll Mobility Tax (PMT) Senior Line Refunding Green Bonds, Series 2023A (Climate Bond Certified).
  • Concurrently, KBRA affirms the long-term AA+ rating with a Stable Outlook for the outstanding TBTA Payroll Mobility Tax Senior Lien Bonds and the short-term K1+ rating to the PMT Bond Anticipation Notes issued by TBTA and the Metropolitan Transportation Authority.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority.

KBRA Assigns Preliminary Ratings to EFMT 2022-4

Retrieved on: 
Friday, December 16, 2022
Consulting, Banking, Professional Services, Finance, Ontario Securities Commission, KBRA, CRA, Credit, UK, Insurance commissioner, National Association of Insurance Commissioners, Prospectus, Jetivia SA v Bilta (UK) Limited (in liquidation), European Securities and Markets Authority, National Association, ESG, Security (finance)

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.

Key Points: 
  • Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.