Christopher Knight of HMS Discusses Insurance Regulatory Issues at PAMIC’s Market Regulation Seminar
FOR IMMEDIATE RELEASE
Pennsylvania Insurance Commissioner Mike Consedine today made public his determination that the coverage limits required by law for medical professional liability will remain unchanged for 2012. In an announcement much-anticipated by insurers and health care providers, Commissioner Consedine indicated that “it cannot be definitively found that additional basic insurance capacity is presently available and as such…limits of coverage for the primary market and Mcare shall remain unchanged.”
Michael McRaith officially began his new job earlier this month as the first Director of the Federal Insurance Office (FIO or Office) after serving for the past six years as Director of the Department of Insurance in President Obama’s home state of Illinois. The FIO was established by the Dodd-Frank financial reform legislation of 2010 as an office within the U.S. Department of the Treasury, and represents a part of the Congressional response to concerns about the financial stability of certain large domestic insurers and their subsequent taxpayer bailouts in 2008 and 2009. Director McRaith will report to Treasury Secretary Timothy Geithner.
At this time the FIO has only an advisory role and monitoring authority over the business of insurance, while regulatory authority remains vested at the state level. However, the establishment of the Office has caused a great deal of speculation, both within the industry and among state regulators, regarding whether it represents a significant first step towards shifting insurance regulation to the federal level in the future.
Chris spent nearly nine years as Counsel for the Pennsylvania Insurance Department as a member of the Governor’s Office of General Counsel, and will now use that experience and knowledge in his representation of insurance companies, producer licensees and other insurance-entity clients in regulatory, licensing and government compliance matters and related litigation.