Look for the new Assembly Bill 2956, which is heading to the governor for signature. According to Insurance Journal, it says, in part that insurance professionals are “brokers” unless one of the following circumstances can be demonstrated: “1) where the insurer has appointed the licensee as its agent and filed a notice of said appointment with CDI; or in cases where the insurer has a written agreement with a licensee that expressly: 2) confers binding authority; 3) authorizes the licensee to appoint other licensees as agents of that insurer; or 4) confers the authority to pay claims on behalf of the insurer.”

A former Minnesota resident is under federal investigation for allegedly leaving house buyers saddled with properties and mortgages they never intended to hold...

According to Kiplinger’s, talk-show host Larry King recently bought two life insurance policies and flipped them for about $1.4m, but isn’t happy about the sale and is suing his broker. There are pitfalls to so-called “stranger owned life insurance” (”STOLI”)...

Ohio. An insurance agent was sentenced to 20 years in prison for conducting an investment scheme which bilked 200 clients in 12 twelve states out of $25m. Charges included the sale of unregistered securities, forgery, and perjury.

A mind-blowing stat: a member of the board of the American Medical Association claims that NY OB-GYN’s pay around $180k for their malpractice insurance, while those in TX pay only $60k...

The NY Times’ Magazine has an article detailing the hand that Moody’s, Fitch, and S&P had in helping to create problems with subprime mortgages and their derivatives. You can read it here.