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| Twenty-Two States Join Metlife Settlement Agreement |
 Kevin M. McCarty
NAIC President and
Florida Insurance
Commissioner
Multi-State Investigation Leads to Changes in How Company Handles Unclaimed Benefits
Twenty-two insurance departments have joined a settlement agreement with Metropolitan Life Insurance Company, reaching the required threshold of participating jurisdictions. The agreement follows a multi-state investigation coordinated through the NAIC.
The $40 million settlement with the states was announced in April, after
the joint examination of MetLife's use of the Social Security Administration's
Death Master List to investigate the payment of life insurance benefits and
reporting of unclaimed property.Full Story |
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NAIC President and Florida Insurance Commissioner Kevin M. McCarty (left), and NAIC President-Elect and Louisiana Insurance Commissioner James J. Donelon (far right), address the audience of the 5th annual NAIC International Insurance Forum. The 170 participants include federal, state and international regulators and many representatives from the U.S. and international insurance industry.
Read NAIC President McCarty's Opening Remarks |
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Oregon Brings SBS Online
Phase One of Regulatory Streamlining System in Place |
 Lou Savage
Acting Oregon
Administrator
The Oregon Insurance Division announced that it has completed the initial phase of implementing State Based Systems (SBS), making it the latest state insurance department to use the NAIC's electronic application for its regulatory needs.
“This online system enables us to more
efficiently handle agent licensing while improving customer service for the more than 100,000 agents who are licensed to do business in our state,”
said Acting Oregon Administrator Lou Savage.
“We are pleased the initial phase of the Oregon implementation is complete,” said NAIC President and Florida Insurance Commissioner Kevin M. McCarty. “SBS offers real value to the NAIC membership as well as the industry and consumers in our states."
Full Story | SBS |
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NAIC Wraps Up Week of Transatlantic Insurance Meetings
U.S. and EU Regulators Advance International Supervisory Cooperation in Washington, D.C. |
This week U.S. insurance regulators joined their European colleagues, federal officials, and industry leaders in several events intended to enhance understanding and cooperation of the regulatory regimes responsible for the two largest insurance markets in the world.
“We’ve worked hard to get to a point where our regulators can continue to build a mutual trust in our respective solvency systems to ensure that transatlantic insurance business continues to prosper,” said Kevin M. McCarty, NAIC President and Florida Insurance Commissioner.
Full Story |
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