*William Valdez, Nominee for Under Secretary for Management, Department of Homeland Security. *Mark Gitenstein, Nominee for Representative of the United States of America to the European Union, with rank and status of Ambassador Extraordinary and Plenipotentiary. *Laura S. H. Holgate, Nominee for Representative of the United States of America to the Vienna…
Regulation News
A Detroit man who sold counterfeit insurance documents through Facebook has pleaded guilty, say Michigan Attorney General Dana Nessel and Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox.
Sen. Braun: Biden Could Bypass Congress On PRO Act Details
The Senate Committee on Health, Education, Labor and Pensions held a hearing today on the PRO Act, which is opposed by the financial services industry.
Georgia Insurance Chief Grabs ‘Last Chance’ As Credibility Hit
—Georgia's suspended insurance commissioner told jurors Wednesday that his trial “is my last chance” to persuade them and the wider world that federal investigators ignored the truth in a misguided rush to indict him.
Beck Testifies That Cash From Georgia Insurer Was For Real Work
—Georgia’s suspended insurance commissioner testified at his federal fraud trial Tuesday, saying he oversaw valuable work and that hundreds of thousands of dollars that flowed to an entity he controlled was not part of a scam.
A judge in Los Angeles ruled that Insurance Commissioner Ricardo Lara has the right to force the California FAIR Plan— the so-called “insurer of last resort”— to offer more expansive coverage that resembles typical homeowners' policies. The decision by Judge Mary Stroble in Los Angeles Superior Court comes as another difficult wildfire season grips the state.
Witness: Insurance Commissioner Used Arson Funds To Buy Campaign Signs
The testimony came as federal prosecutors continue to build their case that Jim Beck embezzled from the Georgia Underwriting Association, an insurer Beck managed before he took office as the state’s top insurance regulator in 2019.
The payments are part of the American Rescue Plan, the comprehensive relief package that President Joe Biden signed in March. Middle-class families and families working to join the middle class are all eligible to receive the full credit of $3,600 per child under age 6, and up to $3,000 per child ages 6 through 17. Families will receive up to $250 a month for each…
The $97 million will be distributed to investors affected by the misconduct and settles both the SEC’s case and a parallel action announced today by the Office of the New York Attorney General.
—Sonya and Steve McKaig were close friends with Jim Beck until they got a look at the evidence that federal investigators had gathered against the now-suspended Georgia insurance commissioner. “I believed in Jim Beck,” Steve McKaig testified Wednesday, the second day of Beck's trial in federal court in Atlanta.“ I believed he was an honorable man, an honest man with…
Prosecutors: Georgia Insurance Commissioner Ran $2M Scam
Prosecutors allege that suspended Georgia Insurance Commissioner Jim Beck was running a $2 million scam to bilk money from the property insurer he led before being elected.
Insurance Commissioners Take Aim At Climate Change
The potential divide on climate change was evident during today’s commissioner panel discussion at the Global Insurance Symposium.
Facing Fraud Suit, Financial Salesman Dean Vagnozzi Turns On Lawyer
In happier times, Vagnozzi, a King of Prussia financial salesman well-known through his once-ubiquitous radio ads, raised more than $200 million from investors seeking alternatives to the stock market.
A pair of states are considering legislation to join the Interstate Insurance Product Regulation Commission, commonly referred to as the “insurance compact.”
NAIC Forms Work Group To Better Regulate Index-Linked Annuities
Registered index-linked annuities are the shining star of recent annuity sales reports and now they have earned the attention of state insurance regulators as well.
Aon plc and Willis Towers Watson say they are “fully committed” to their mega-merger, despite the news that the U.S. Department of Justice is suing to block it.
‘Another Fight’ Brewing If DOL Revives Fiduciary Rule, Attorney Says
The Department of Labor allowed the investment advice rule, written by the Trump administration, to take effect. If anyone viewed that as a breakthrough in the long back and forth over the rules, they were mistaken.
Nebraska Man Headed To Prison After Failed Insurance Scam
A Nebraska man is going to jail after an insurance scam involving a motorcycle accident, Iowa regulators say.
New York DFS Appeals State Court Ruling Tossing Out Regulation 187
The New York Department of Financial Services has appealed an April 29 decision by a state court tossing out Regulation 187.
Reg BI Compliance Only Partly Covers DOL Requirements
Firms that comply with the Securities and Exchange Commission’s Regulation Best Interest standard have a head start on the Department of Labor’s investment advice requirement – but still have a way to go.
The Securities and Exchange Commission today charged a New York-based couple with insider trading in the stock of the pharmaceutical company where one of them worked as a clinical trial project manager.
