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It covers such topics as: the need for a license to transact insurance; countersignature law requirements; Internet advertising requirements; restrictions on giving online advice; statutes and regulations dealing with payment of referral fees; collection of premiums; state- specific privacy laws; and, fair claims practices requirments.
"The end of the Florida countersignature law, which was fiercely protected for decades by a group of Florida agents, represents both a symbolic and real leap forward in this effort to promote competition and root out inefficiencies in the insurance regulatory system."
Rounds also opposed the Council of Insurance Agents and Brokers' legal efforts to break countersignature laws, testifying in federal court against the CIAB legal initiative last year.
The ruling is a victory for The Council of Insurance Agents & Brokers, which has gone to federal court in six states and jurisdictions where countersignature laws remain on the books, arguing those statutes are unconstitutional.
He noted Nevada, South Dakota and West Virginia had similar countersignature laws.
They include the refusal of certain states to recognize risk retention group coverage as evidence of financial responsibility with regard to certain liability coverages; the policy of some states to impose a surplus lines tax on risk retention groups rather than taxing them as admitted insurers (the current requirement results generally in a higher tax rate); the practice of some non-chartering states to charge high filing fees; and the need to clarify countersignature laws.
Likewise, she points to other barriers to entry for nonresident producers, key among them countersignature laws that several states, most notably Florida, continue to carry on their books.