Regulation/Legislation

• Md. Last-Resort Workers’ Comp Insurer to Become Independent Corporation

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 24, 2012

  Maryland state officials will no longer be able to dip into the state’s workers’ compensation fund beginning next year after legislation was signed into law changing the status of the fund to a non-profit corporation.

• Insurance Regulator Amends Ambac Note-Purchase Approval

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 24, 2012

  Wisconsin’s commissioner of insurance amended his decision from last week and will now allow Ambac to purchase just two of three bank notes.

• Senate Passes 60-Day NFIP Extension; Paves Way for Vote on 5-Year bill

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2012

  The Senate passed a 60-day National Flood Insurance Program extension as part of an agreement between Senate Majority Leader Harry Reid, D-Nev., and Sen. David Vitter, R-La. to move a five-year program extension bill to the Senate floor.

• Japan May Offer Insurance for Iranian Oil Imports

  By Reuters  |  May 23, 2012

  Japan's government may provide cover for tankers bringing in Iranian oil once a European Union ban on insurance takes effect in July, Japanese officials said on Wednesday.

• Clock Ticking on NFIP as Senate Introduces 5-Year Extension

  By Arthur D. Postal, PropertyCasualty360.com  |  May 22, 2012

  Sen. David Vitter, R.-La., today introduced a five-year National Flood Insurance Program extension in the form of an amendment to bipartisan drug legislation.

• Consumer Advocates Say Force-Placed Insurance Needs Regulation

  By Mark E. Ruquet, PropertyCasualty360  |  May 22, 2012

  The lack of competition and exorbitant rate charges point to a need for strong regulation of force-placed insurance programs, say consumer advocates in New York.

• Senate Looks to Attach Long-Term NFIP Extension to FDA Bill

  By Arthur D. Postal, PropertyCasualty360.com  |  May 21, 2012

  An effort is underway to attach a long-term National Flood Insurance Program reauthorization and reform legislation to bipartisan drug legislation in the Senate.

• Easy Sailing for Bermuda Reinsurers During Q1, But Tides May Change

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 21, 2012

  The sun shone on Bermuda’s reinsurers during the first quarter of 2012, but regulatory changes and cat losses still lurk in the water.

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  FIO Must Have Strong Role Abroad to Ensure Competitiveness for U.S. Insurers

  By Elizabeth Festa, PropertyCasualty360.com  |  May 18, 2012

  Lawmakers and industry and government officials pushed for supervisory harmony and a robust role abroad by the U.S. Federal Insurance Office to increase international competitiveness for the U.S. insurance industry.

• Lawsky Dissatisfied with Answers on Force-Placed Insurance Rates

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 18, 2012

  New York’s chief regulator indicated he is not satisfied with insurers’ answers about why force-placed-insurance rates are so high when losses continue to be low.