Strengthening liquidity risk man- • agement, particularly to address potential mis-management issues related to short-term funding;
Enhancement of the regulation • of financial guarantee insurance, which has a very different business model than traditional insurance.
The establishment of mac- • ro-prudential monitoring with appropriate insurance representation.
The strengthening of industry risk • management practices to build on the lessons learned by the industry and the sharing experiences with supervisors on a global scale.
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Dr Nikolaus von Bomhard, chairman of The Geneva Association and chief executive officer of Munich Re said, “In the public debate, the business model of insurance is unfortunately not always sufficiently demarcated from the business models of other financial services providers, such as banks. The way systemic risks are addressed must, however, take account of precisely the specific differences and characteristics of the business models and particular activities carried out by institutions. Just looking at the obvious differences, the conclusion can only be that the insurance industry in its core activities does not pose systemic risks for the economy.”
Commonwealth of Massachusetts
Division of Insurance
March 5, 2010
FOREMOST PROPERTY &
CASUALTY INSURANCE COMPANY
5600 Beech Tree Lane
Caledonia, MI 49316
The above company has made application to the Division of Insurance to amend their Foreign Company License to transact Property and Casualty insurance in the Commonwealth.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, One South Station, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
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rized a 1.0% increase. It would only be the second increase since 1993.
“Even if the WCRIBMA’s filing is approved, workers’ compensation rates in Massachusetts would be 64.3% less than they were in 1991 when the state’s workers’ compensation reform law was passed,” said Meagher.
He added that if medical and pharmaceutical costs continue to rise, they could result in future rate inadequacy and more employers being driven into the residual market. Currently the Massachusetts Assigned Risk Pool, which underwrites employers who cannot obtain voluntary coverage, is the third largest insurer in the state with 11.5% of the market.
According to the WCRB’s filing, the rate increase would offer stability for insurers, reflecting actual loss experi-
Commonwealth of Massachusetts
Division of Insurance
March 5, 2010
FOREMOST SIGNATURE INSURANCE COMPANY
5600 Beech Tree Lane Caledonia, MI 49316
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty insurance in the Commonwealth.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, One South Station, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
ence. The WCRB noted that it uses consistent methodology that allows for “self-correction” over years when rates end up too high or too low.
“In other words, a rate that may turn out, in retrospect, to be ‘too low’ or ‘too high’ in one year will tend to be remedied in the following years as accumulating experience is reflected in the rates,” said the WCRB.
The filing reflected the WCRB’s “ careful scrutiny” and intensified efforts to ensure that the data collected from member companies and used in rate-making is reliable.
“In reviewing our filing, the Commissioner should be mindful of the environment in which our member carriers operate today,” said the WCRB. “While the workers’ compensation market in Massachusetts remains competitive and compares quite favorably to other states in relation to costs and outcomes, the industry and its investors are concerned about a number of factors. Health care reform and federal insurance regulation may change the manner in which workers’ compensation insurers operate in Massachusetts.” Workers’ compensation is now, with the introduction of competitive pricing to personal auto insurance, the only line in which the state sets the rate that insurers may charge consumers.
Commonwealth of Massachusetts
Division of Insurance
March 5, 2010
EAGLE LIFE
INSURANCE COMPANY
6000 Westown Parkway
West Des Moines, IA 50266
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Life, Accident, and Health insurance in the Commonwealth.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, One South Station, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
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