DOCSLIB.ORG

Annual Report of the Superintendent of Insurance to the New York Legislature

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report of the Superintendent of Insurance to the New York Legislature Annual Report of the Superintendent of Insurance to the New York Legislature Calendar Year 2005 Governor George E. Pataki Superintendent of Insurance Howard Mills www.ins.state.ny.us The One Hundred Forty-Seventh Annual Report of the Superintendent of Insurance A Report to the New York State Legislature for the Year Ending December 31, 2005 George E. Pataki Howard Mills Governor Superintendent of Insurance www.ins.state.ny.us Data in this report are subject to small table-to-table variations. Such variations are attributable to the fact that data are retrieved at various times throughout the year. Selected portions of this report are available on the Department’s Web site at www.ins.state.ny.us This report is printed on recycled paper. K: gen/AnnualReport05/ANNRPTCY2005 TABLE OF CONTENTS I. MAJOR DEVELOPMENTS A. Superintendent Mills Marks First Full Year in Office................................…..……. 1 B. Auto Insurance Premium Rates Fall for Second Straight Year..............……….. 1 C. Landmark Settlement Agreements Reached with Insurance Brokers ………….. 2 D. Disaster Preparedness ……………...………………………….………....…………….. 2 E. Property Bureau (Automobile)…………..…..............................…...…..............…... 3 F. Property Bureau (Non-Auto).........………………………….......…........................…. 4 G. Health Bureau.............………..............................….……………......................……... 5 H. Life Bureau.......….........................................………………………………………....... 6 I. Consumer Services Bureau…………………………………..………….……………... 6 J. Frauds Bureau……………...………………………………………….…….…………..... 7 K. Capital Markets Bureau…………………………………………………….………..…... 8 L. Systems Bureau – Internet Developments…………….……………….……...…..…. 8 II. REVIEW OF NEW YORK STATE INSURANCE BUSINESS A. Life Bureau 1. Licensed Life Companies......................................................…............................... 10 2. Domestic Life Companies.....................................................…............................... 10 3. Organizations Under Life Bureau Supervision......………………………....…........... 10 4. Licensed Fraternal Benefit Societies……………………………….………………..... 14 5. Private Retirement Systems..........................................…....................................... 15 6. Public Retirement Systems...................................................................................... 15 7. Segregated Gift Annuity Funds for Charitable Organizations.................................. 16 8. Employee Welfare Funds.........................................…............................................ 16 9. Viatical Settlement Companies............................................................................... 17 10. Examinations of Insurers Conducted ………........................................................... 17 11. Auditing of Financial Statements......................................................................…... 18 12. Real Estate Review.....................................................................................…........ 18 13. Actuarial Submissions and Reviews…………………………………………..………. 18 14. Insurable Interest………………………………………………………………………... 20 15. Market Conduct…..……………………………………………………………………… 20 16. Life Bureau-Albany………………………………………………………………………. 21 B. Property Bureau 1. Entities Supervised by the Financial Regulation Division…..……………................ 28 2. Property and Casualty Business..................................…........................................ 28 3. Financial Guaranty Insurance.......................……..........…..................................… 36 4. Mortgage Guaranty Insurance.......................................…...................................... 38 5. Title Insurance...................................................................…................................... 40 6. Advance Premium Co-operative and Assessment Corporations...........….............. 41 7. Special Risk Insurers (Free Trade Zone)..................................…........................... 42 8. Risk Retention Groups.............................................................................….......…. 42 9. Financial Examinations of Insurers ……………..........................................…......... 43 10. Lloyd’s of London................................................................................................…. 43 11. Finite Risk Reinsurance………………………………………………………………… 44 12. Certified Capital Companies………………………………………………………….... 44 13. Service Contract Providers……………………………………………………………... 45 14. Filings Involving Rate Changes, Policy Forms, etc. …………………………...…… 46 15. New York Property Insurance Underwriting Association ………..…………….…… 49 16. Medical Malpractice Insurance.……………………….……………..………….….…. 50 17. Workers’ Compensation…………………………………………………………..……. 52 18. Insurance Availability Issues……………………………………………………..…….. 53 19. Automobile Insurance ...............……………………………………………………...... 54 20. Homeowners Insurance………….…………………………………………………..…. 56 21. Market Conduct Activities………………………………………………………………. 59 22. Excess Line Insurance……….……………………………………………………..….. 63 23. Consumers Guide to Automobile Insurance……………….……………………..…... 70 24. Circular Letters ….......................………………………………………………..…….. 70 25. Individual Policyholder Complaints, Inquiries & FOIL Requests……..…………...... 72 26. Casualty Actuarial Unit……………………………………………………………...…... 72 a. Private Passenger Automobile Insurance……..........................……………….... 72 b. New York Automobile Insurance Plan.....................................................…........ 75 c. Workers’ Compensation Insurance....................................................…............. 81 d. P/C Insurance Security Fund (PCISF) Net Value and Contributions………..…. 86 C. Health Bureau 1. Entities Under Health Bureau Supervision……….……...........................…............. 87 2. Accident and Health Insurers..……………...........…........…..............................…... 87 3. Article 43 and Article 44 Corporations…..……….…………………………………..... 88 4. Examinations Conducted by the Health Bureau……………………………………... 91 5. SERFF…………………………………………………………………………………….. 91 6. Review of Accident and Health Policy Form Submissions................................…... 92 7. Review of Rate Filings by the A&H Rating Section….…………………………..…... 93 8. Inquiries and Complaints……………………………….……………..…………….….. 93 9. Utilization Review Reports…………........................................................................ 94 10. External Appeal Law & Program..………….……………………………….…………. 94 11. Market Stabilization Mechanisms……………………………………………………… 96 12. Health Care Reform Act of 2000 – Individual Market Reform…........................….. 96 13. Health Care Reform Act of 2000 – The Healthy NY Program………………........... 97 14. Federal Tax Credit Initiative…………………………………………………………….. 100 15. COBRA Subsidy Demonstration Project……………………………………………… 100 16. Continuing Care Retirement Communities ……………...…….…………………..…. 101 17. Long Term Care Insurance ……………….………………………………………….… 101 18. Managed Long Term Care Plans…...…………………...................….……………... 102 19. Medicare Modernization Act (MMA)………….……………..…………………………. 103 20. Health Savings Accounts ...…………………………………………………………….. 104 21. Child Health Plus ……….……………………………………………………………….. 104 22. Early Intervention Program...…………………………………………………………… 104 23. Eating Disorder Legislation ..…………………………………………………………… 104 24. Contraceptive Equity Lawsuit …..……………………………………………………... 104 25. Innovations in Prescription Drug Coverage.………………………………………...... 104 26. Innovative Health Insurance Products………………………………………………… 105 27. Explanation of Benefits Circular Letter……………..…………………………………. 105 28. Discontinuations, Withdrawals and Mergers……………………………..…………… 105 29. Financial Risk Transfer Agreement …………………………………………………… 105 D. Consumer Services Bureau 1. Consumer Complaints……………………………………………………………..….… 107 -2- 2. Prompt Payment Statute……………………………………………………………..…. 108 3. External Review………………………………………………………………………….. 109 4. The Healthcare Roundtable………………………………………………….………..... 109 5. Special Investigations............................................................................................. 110 6. Investigations……………………………………………………………………...……... 111 7. Other Bureau Activities............…………...............................……………………….. 113 E. Insurance Frauds Bureau 1. Operational Overview…………………………………………………………………… 120 2. 2005 Highlights………………………………………………………………………….. 120 3. Team Building……………………………………………………………………………. 121 4. The Staff………………………………………………………………………………….. 121 5. Investigations…………………………………………………………………………….. 122 6. Arrests……………………………………………………………………………………. 122 7. Fines……………………………………………………………………………………… 123 8. Civil Enforcement………………………………………………………………………... 123 9. Fraud Prevention Plans/Public Awareness Programs………………………………. 123 10. Major Cases……………………………………………………………………………… 124 11. Staff Recognition Awards………………………………………………………………. 126 12. Foreign Delegations…………………………………………………………………….. 127 13. Partnering with Prosecutors……………………………………………………………. 127 14. Moving Up………………………………………………………………………………... 128 15. Upstate Seminars……………………………………………………………………….. 128 16. World Trade Center Update……………………………………………………………. 128 17. Directions for 2006………………………………………………………………………. 128 18. Legislation………………………………………………………………………………... 129 F. Liquidation Bureau…………………………………………………………..…………… 131 G. Information Systems & Technology Bureau……………………….………………… 132 1. Web Site………………………………………………………………………………….. 133 2. Intranet…………………………………………………………………………………….
Load more

Recommended publications
  • Autumn 2004 ✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩ Election ‘04 ✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩ Editorials What’S at Stake on Nov
    Westchester Coalition for Legal Abortion-PAC Pro-Choice Voter 2004 VOTING GUIDE VOTE NOV. 2, 2004 ✑ Tear off this yellow Voting Guide. ✑ Save it until Election Day. ✑ Make copies for your friends. ✑ Carry it openly into the voting booth. Our endorsed candidates are listed in BLUE BOXES VOTE ONLY FOR THEM FREEDOM OF CHOICE – VOTE FOR IT! Westchester Coalition for Legal Abortion-PAC © 2004 • 237 Mamaroneck Avenue, White Plains, NY 10605 ProChoice Voter, 300 Martine Ave., White Plains, NY 10601 Please copy and distribute this page to other pro-choice Westchester County Voters. 2004 Voting Guide WCLA Endorsement Policy, 2004 WCLAʼs endorsements are determined case by case. To be considered for endorsement, candidates must return WCLAʼs questionnaire and participate in an interview if requested Westchester Coalition for Legal Abortion-PAC by WCLA. ProChoice Voter Incumbents shall be endorsed over pro-choice challengers if they have consistent vot- ing records and have established a reputation for strong leadership and extra effort in advancing access to abortion and contraception. Non-incumbents will be endorsed if they Candidates endorsed by WCLA are have demonstrated leadership in the community on the issue. To be considered for endorsement, candidates must unequivocally support: highlighted in boxes. Help keep • access to abortion and contraception for all women, unimpeded by laws, restrictions, or regulations; abortion legal and accessible. • strict confidentiality for all reproductive health care; Vote for endorsed candidates. • coverage by public and private insurance of abortion and contraception. Judicial candidates: To be eligible for endorsement, judicial candidates must participate in an interview if requested by WCLA, and neither seek nor accept the Right to Life Party nomination.
    [Show full text]
  • Woodstock Scholarship: an Interdisciplinary Annotated Bibliography
    LMU Librarian Publications & Presentations William H. Hannon Library 2016 Woodstock Scholarship: An Interdisciplinary Annotated Bibliography Jeffrey Gatten Loyola Marymount University, [email protected] Follow this and additional works at: https://digitalcommons.lmu.edu/librarian_pubs Part of the Music Commons Repository Citation Gatten, Jeffrey, "Woodstock Scholarship: An Interdisciplinary Annotated Bibliography" (2016). LMU Librarian Publications & Presentations. 92. https://digitalcommons.lmu.edu/librarian_pubs/92 This Book is brought to you for free and open access by the William H. Hannon Library at Digital Commons @ Loyola Marymount University and Loyola Law School. It has been accepted for inclusion in LMU Librarian Publications & Presentations by an authorized administrator of Digital Commons@Loyola Marymount University and Loyola Law School. For more information, please contact [email protected]. ONLINE SURVEY In collaboration with Unglue.it we have set up a survey (only ten questions!) to learn more about how open access ebooks are discovered and used. We really value your participation, please take part! CLICK HERE Woodstock Scholarship An Interdisciplinary Annotated Bibliography JEFFREY N. GATTEN WOODSTOCK SCHOLARSHIP Woodstock Scholarship An Interdisciplinary Annotated Bibliography Jeffrey N. Gatten https://www.openbookpublishers.com © 2016 Jeffrey N. Gatten This work is licensed under a Creative Commons Attribution 4.0 International license (CC BY 4.0). This license allows you to share, copy, distribute and transmit the text; to adapt the text and to make commercial use of the text providing attribution is made to the author (but not in any way that suggests that he endorses you or your use of the work). Attribution should include the following information: Jeffrey N.
    [Show full text]
  • 2004 Senate Races
    2004 SENATE RACES 34 Senate Races 19 Democrat-held Seats – 15 Republican-held Seats 8 Open Seats (CO, FL, GA, IL, LA, NC, OK, SC) – 5 currently Democrat-held, 3 Republican-held Current Senate Breakdown: 51 Republicans, 48 Democrats, 1 Independent STATE PARTY NOW DEMOCRAT REPUBLICAN AL R Wayne Sowell Richard Shelby AK R Tony Knowles Lisa Murkowski AR D Blanche Lincoln Jim Holt AZ R Stuart Starky John McCain CA D Barbara Boxer Bill Jones CO R Ken Salazar Pete Coors CT D Chris Dodd Jack Orchulli FL D Betty Castor Mel Martinez GA D Denise Majette Johnny Isakson HI D Daniel Inouye Cam Cavasso ID R None Mike Crapo IL R Barack Obama Alan Keyes IN D Evan Bayh Marvin Scott IA R Arthur Small Charles Grassley KS R Robert Conroy Sam Brownback KY R Daniel Mongiardo Jim Bunning LA D Primary Date 11/2/04 MD D Barbara Mikulski E.J Pipkin MO R Nancy Farmer Kit Bond NV D Harry Reid Richard Ziser NH R Doris Haddock Judd Gregg NY D Charles Schumer Howard Mills NC D Erskine Bowles Richard Burr ND D Byron Dorgan Michael Liffrig OH R George Voinovich Eric Fingerhut OK R Brad Carson Tom Coburn OR D Ron Wyden Al King PA R Arlen Specter Joe Hoeffel SC D Inez Tenenbaum Jim DeMint SD D Tom Daschle John Thune UT R Paul Van Dam Bob Bennett VT D Patrick Leahy Jack McMullen WA D Patty Murray George Nethercutt WI D Russ Feingold Tim Michels 2004 SENATE RACES 34 Senate Races 19 Democrat-held Seats – 15 Republican-held Seats 8 Open Seats (CO, FL, GA, IL, LA, NC, OK, SC) – 5 currently Democrat-held, 3 Republican-held Current Senate Breakdown: 51 Republicans, 48 Democrats, 1 Independent DEMOCRATIC HELD SEATS – 19 REPUBLICAN HELD SEATS – 15 7 “OPEN” SEATS – DEPARTING U.S.
    [Show full text]
  • Entergy Corporation's Campaign Contributions and Lobbying Spending on the Local, State and Federal Levels
    Entergy Corporation’s Campaign Contributions and Lobbying Spending on the Local, State and Federal Levels Common Cause/NY 155 Avenue of the Americas, 4th Floor New York, NY 10013 Phone: 212.691.6421 Fax: 212.807.1809 Rachel Leon, Executive Director Megan Quattlebaum, Associate Director and Researcher December 2, 2003 This report is a part of a series entitled Connect the Dots, which aims to show how money in politics influences issues New Yorkers care about. This report was made possible with support from the Robert Sterling Clark Foundation. Entergy Generates Influence: Will Cash and Connections Overpower Serious Debate? Summary of Findings 1. Entergy Corporation owns and operates the Indian Point nuclear power facility located in the Village of Buchanan, New York through its subsidiary, Entergy Nuclear Northeast. The company has spent a grand total of $3,498,315 on campaign contributions and lobbying on the New York local, New York state and federal levels from 1999 to the present. This sum includes: Lobbying: $2,213,132 · $159,000 lobbying New York City government · $674,132 lobbying New York State government · $1,380,000 lobbying the federal government Campaign Contributions: $1,285,183 · $7,250 in campaign contributions in New York City · $5,550 in campaign contributions in New York State localities · $66,400 in campaign contributions in New York State · $1,205,983 in campaign contributions on the federal level These contributions add up to influence for Entergy at all levels of government. From local townships, to New York City, to the state and federal governments, debate has been raging about whether or not the Indian Point facility should be closed.
    [Show full text]
  • Federal Elections 2004
    OFFICIAL ELECTION RESULTS FOR UNITED STATES SENATE 2004 U.S. Senate Campaigns 26% Incumbent Re-elected (25) New Member Elected (9) 74% 2004 U.S. SENATE RESULTS ELECTION TYPE: PRIMARY RUNOFF GENERAL CANDIDATE NAME PARTY # OF VOTES % # OF VOTES % # OF VOTES % ALABAMA June 1st June 29th November 2nd (I) Shelby, Richard R Unopposed 1,242,200 67.55% Sowell, Wayne D Unopposed 595,018 32.35% Scattered W 1,848 0.10% Total State Votes: 1,839,066 ALASKA August 24th November 2nd (I) Murkowski, Lisa R 45,710 58.13% 149,773 48.58% Miller, Mike R 29,313 37.28% Shea, Wev R 2,857 3.63% Dore, Jim R 748 0.95% Party Votes: R 78,628 Knowles, Tony D 40,881 95.06% 140,424 45.55% Wright, Don R. D 1,080 2.51% Obermeyer, Theresa Nangle D 1,045 2.43% Party Votes: D 43,006 Millican, Marc J. N 8,885 2.88% Sanders, Jerry AKI 1,953 79.58% 3,785 1.23% DeNardo, Daniel AKI 501 20.42% Party Votes: AKI 2,454 Sykes, Jim GRN 2,868 100.00% 3,053 0.99% Party Votes: GRN 2,868 Kohlhaas, Scott A. LBT 775 100.00% 1,240 0.40% Party Votes: LBT 775 Gianoutsos, Ted "Big" N 732 0.24% Scattered W 423 0.14% Total State Votes: 127,731 308,315 ARIZONA September 7th November 2nd (I) McCain, John R 331,720 100.00% 1,505,372 76.74% Party Votes: R 331,720 Starky, Stuart D 173,540 100.00% 404,507 20.62% Party Votes: D 173,540 Hancock, Ernest LBT 2,756 100.00% 51,798 2.64% Party Votes: LBT 2,756 Total State Votes: 508,016 1,961,677 ARKANSAS May 18th June 8th November 2nd (I) Lincoln, Blanche L.
    [Show full text]
  • New York State: Ratings & Future Match-Ups
    Marist College Institute for Public Opinion Poughkeepsie, NY 12601 Phone 845.575.5050 Fax 845.575.5111 www.maristpoll.marist.edu New York State: Ratings & Future Match-ups FOR IMMEDIATE RELEASE: Friday, September 17, 2004 Contact: Dr. Lee M. Miringoff Dr. Barbara L. Carvalho Marist College 845.575.5050 This Marist College Institute for Public Opinion poll reports: • New York State voters rate Governor Pataki: 43% of New York State’s registered voters rate the job Governor Pataki is doing in office as excellent or good. 55% rate the job the governor is doing as fair or poor. His approval rating was 41% in a similar poll conducted in April. Question Wording: Would you rate the job Governor George Pataki is doing in office as excellent, good, fair, or poor? Excellent/ Unsure/ Registered Voters Good Excellent Good Fair Poor DK September 2004 43% 6% 37% 38% 17% 2% Region Upstate 42% 5% 37% 38% 18% 2% New York City 36% 4% 32% 41% 19% 4% Suburbs 51% 9% 42% 35% 13% 1% Party Democrats 30% 4% 26% 41% 26% 3% Republicans 60% 9% 51% 29% 9% 2% Non-enrolled 42% 6% 36% 45% 11% 2% Previous Polls April 2004 41% 4% 37% 40% 18% 1% January 2004 46% 7% 39% 35% 14% 5% September 2003 40% 6% 34% 41% 17% 2% May 2003 37% 4% 33% 34% 25% 4% April 2003 49% 7% 42% 31% 18% 2% December 2002 57% 12% 45% 31% 10% 2% October 30, 2002 57% 14% 43% 33% 9% 1% October 1, 2002 61% 14% 47% 30% 8% 1% Excellent/ Unsure/ Registered Voters Good Excellent Good Fair Poor DK September 2002 60% 12% 48% 31% 7% 2% May 2002 72% 14% 58% 23% 5% 0% April 2002 64% 15% 49% 28% 6% 2% December
    [Show full text]