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AM BEST'S MONTHLY INSURANCE MAGAZINE


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In the News
Regulatory Update

Tennessee gets new insurance commissioner and California bill could impact long-term care insurers.
  • October 2019
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State Commissioner: Tennessee Gov. Bill Lee has appointed Hodgen Mainda commissioner for the state Department of Commerce &Insurance. Mainda serves as vice president for community development at the Electric Power Board in Chattanooga.

He succeeds Julie Mix McPeak, who left the post for an opportunity in the private sector.

In his role with the board, Mainda built partnerships across the state and federal level and increased its role in regional economic development, according to a statement from Lee's office. 

Long-Term Care Insurance: Long-term care insurers could face a new fee of up to $1 million a year under legislation signed by California Gov. Gavin Newsom.

The assessment would be based on a carrier's proportional share of the costs incurred by the California Department of Insurance when it conducts financial surveillance of LTC insurance carriers.

It's not designed to be an annual fee on all LTC carriers, but a charge on carriers that appear to be operating in a risky manner, said John Shirikian, president and CEO of the Association of California Life and Health Insurance Companies. “We don't expect any carrier in good financial condition to be assessed,” he said. California doesn't have many domestic insurers providing long-term coverage, so it needed other funds to cover the cost of going through a carrier's books if it appeared to be in trouble, he said.


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