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Weekly news through July 8

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Weekly news through July 8

S&P Global MarketIntelligence offers our top picks of insurance news stories and more publishedthroughout the week.

Risk & Regulation

TheNew York Department of Financial Services will adopt principle-based reserving for its regulated lifeinsurers beginning in January 2018. The department convened a working group toassist in establishing necessary reserve safeguards.


MichaelPieciak was appointedcommissioner of Vermont's Department of Financial Regulation. Pieciak succeedsSusan Donegan, whostepped down June 30.

Life and health

TheU.S. Justice Department isskeptical of HumanaInc.'s planned merger with Aetna Inc., MLex reported. Federal officials areconcerned that the deal could hurt competition within the industry, with BloombergNews reporting that they will discuss the possibility of Aetna selling some ofits assets during a July 8 meeting.


JohnVaccaro, senior vice president and head of MassMutual Financial Network,discussed how theDepartment of Labor's fiduciary rule for retirement advice affects 's completed acquisition of MetLife Inc.'s distribution business.


TheConnecticut Insurance Department has placed HealthyCT Inc. under an immediate based on"hazardous financial standing." HealthyCT's financial health wasseriously put at risk by a federal requirement under which the company must pay$13.4 million to the U.S. Department of Health and Human Services and Centersfor Medicare and Medicaid Services as part of the Affordable Care Act's riskadjustment program, according to Insurance Commissioner Katharine Wade.

P&C

TheFort McMurray wildfire is the costliest insured natural disaster on record in Canada,according to the Insurance Bureau of Canada. The fire, which spread acrossthousands of miles of Alberta,caused estimated insured property damage of C$3.58 billion.


Forecastersfrom Colorado State University continue to anticipate storm activity during theAtlantic basin hurricane season, which runs through Nov. 30. The season islikely to feature 11 named storms, five hurricanes and two major hurricanes atCategory 3 strength or higher.


has completed the issuance of $100 million in insurance-linked securitieson behalf of United Property& Casualty Insurance Co., Family Security Insurance Co. Inc. and

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