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FLORIDA SPECIAL DISABILITY TRUST FUND ASSESSMENTS
Kevin G. Fitzgerald, Esq. Premium - it seems like a simple enough concept. Premium is, well, premium. But when you start looking at the possible "definitions" of premium, it is easy to get confused. There is direct premium, gross written premium, net written premium, earned premium, collected premium, reinsurance ceded premium, reinsurance assumed premium; and in workers compensation, there is manual premium, standard premium, modified premium, etc. Given this morass, it is easy to see how the Florida legislature could choose a term, which absent an explicit statutory definition, is at best ambiguous.
IMPLICATIONS UNDER HIPAA FOR SALES OF HEALTH INSURANCE BUSINESS
A person or entity seeking to acquire existing health insurance or HMO business generally may pursue this objective through the acquisition of either (1) the insurance or HMO entity, or (2) the insurance assets from the insurance company or HMO that owns the book of business. An asset purchase is generally accomplished by an assumption or portfolio reinsurance transaction involving some or all of the insurer's existing book of business. Purchases of insurance or HMO books of business were very common in the 1990s. The adoption of the Health Insurance Portability and Availability Act by Congress in 1996 and of similar statutes by state legislatures raise several interesting issues affecting these types of transactions. The Texas Health Insurance Portability and Availability Act (AHIPAA@) is found in Chapter 26 of the Texas Insurance Code, and references made herein are to that statute.
SHARING COMMISIONS WITH UNLICENSED ENTITIES IN TEXAS: THE WISDOM OF SOLOMON V. GREENBLATT
Tony Schrader, Esq. John F. Hamje, Esq. By his veto of Senate Bill 956 ("Bill") on June 20, 1999, Governor George W. Bush delayed agent license reform in Texas for at least another two years. Although the Governor's action was intended to prevent enactment of a provision unrelated to agent licensing and not to block reform, the effect was to derail much-needed measures for the modernization of the agent licensing system. The Bill would have eliminated restrictions on ownership of corporate insurance agencies including the outdated residency requirement for local recording and managing general agent licenses. Insurance Commissioner Jose Montemayor responded swiftly to the Governor's action by promulgating, on July 1, 1999, Commissioner's Bulletin No. B -0037-99 ("Bulletin") waiving licensing requirements which apply to non-resident agents. Albeit welcome, the waiver falls far short of the reform contemplated by the Legislature. It applies only to holders of local recording agent licenses and ignores corporations and partnerships.
DISCOVERY IN ADVERSARY PROCEEDINGS BEFORE ADMINISTRATIVE AGENCIES OF THE COMMONWEALTH OF PENNSYLVANIA
S. Walter Foulkrod, III, Esq. The words "[n]o person shall... be deprived of life, liberty, or property without due process of law" have probably caused as much consternation to lawyers and courts as any other fifteen words in the English language. Our courts have distinguished between substantive due process and procedural due process. The issue whether discovery should be available in administrative hearings and if so, its scope, falls within the notion of procedural due process.
ASSUMPTION REINSURANCE AGREEMENTS
Under assumption reinsurance agreements, the ceding insurer cedes and the assuming insurer assumes all of the policyholder liabilities on in-force insurance policies and the assuming insurer becomes directly liable to the policyholders.
INCORPORATION BY REFERENCE OF A STATUTE FROM A FOREIGN JURISDICTION
Stephen H. Zimmerman, Esq. The State of Michigan has been the port of entry for a majority of the Canadian life insurance industry since the late 1880's. The Canadian life insurers historically have used a "branch" corporate structure, rather than forming a U.S. subsidiary, for admission into Michigan and the U.S. market. In 1994 Michigan became the first state to adopt the NAIC State of Entry Model Law. |
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