A report expected from the Federal Insurance Office later this month, addressing how to modernize and improve insurance regulation, could significantly affect the insurance industry, according to an industry regulatory expert.

A trade group representing insurance agents and financial service professionals submitted its comments on the Federal Insurance Office’s Dodd-Frank study on modernizing and improving insurance regulation.

Michael McRaith, insurance director at the Illinois Department of Insurance, was named the first leader of the Federal Insurance Office (FIO).

Three insurance agents appealed the revocation of their insurance licenses by Illinois insurance regulators several weeks before state regulators announced the actions taken against them.

Illinois officials will get $1.4 million in federal assistance to bolster its outreach programs targeting Medicare beneficiaries.

While not included in sweeping federal health reform, the head of the Senate’s health committee said “we can and should do more” to protect consumers from unjustified premium increases.

An Illinois agent and his agency have lost their licenses to do business in the state and must pay a $100,000 fine for distributing fraudulent letters on stationary appearing to be that of the state’s department of insurance.

West Virginia Insurance Commissioner Jane Cline was elected as the next president of the National Association of Insurance Commissioners.

Jane Cline

Cline, elected along with three others to the group’s executive …  Read →