Elizabeth Festa, PropertyCasualty360.com

• Treasury Refuses to Give Timetable on Systemically Important Non-Bank Designations

  By Elizabeth Festa, PropertyCasualty360.com  |  May 21, 2013

  The Financial Stability Oversight Council expects to vote on proposed designations of an initial set of nonbank financial companies in the near term, according to Treasury Secretary Jacob Lew in prepared testimony today before the Senate Banking Committee.

• PCI: FIO Disaster-Loss Estimates Pose Challenges

  By Elizabeth Festa, PropertyCasualty360.com, Chad Hemenway, PropertyCasualty360.com  |  April 12, 2013

  President Obama's budget proposal contains language implying the FIO should have the “ability to immediately estimate exposures related to catastrophic events,” and provide it to the federal government.

• 

  Congressman Presses McRaith, FIO on Key IAIS Initiatives

  By Elizabeth Festa, PropertyCasualty360.com  |  March 27, 2013

  Congress is taking one of its first steps toward oversight of Federal Insurance Office activities by questioning the FIO's stance on key international insurance regulatory proposals.

• Senate Introduces MLR Bill Excluding Agent Compensation from Formula

  By Elizabeth Festa, PropertyCasualty360.com  |  March 22, 2013

  The Medical Loss Ratio bill is back in the Senate after a long hiatus, or death, as some might say, in committee last year.

• Agent/Broker Groups Testify in Favor of Latest NARAB Bill

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth Festa, PropertyCasualty360.com  |  March 19, 2013

  Agent and broker groups voiced strong support at a Senate hearing today for legislation that would create a streamlined non-resident producer licensing system.

• NAIC CEO Ben Nelson's Three Other Jobs

  By Elizabeth Festa, PropertyCasualty360.com  |  March 8, 2013

  Former Nebraska senator and current NAIC CEO Ben Nelson, along with two colleagues, announced the launch of Heartland Strategy Group LLC last week. This brings the portfolio of jobs Nelson is juggling to four.

• FSOC Finalizing SIFI Designations; Former FDIC Chair Says Delays Show 'Lack of Spine'

  By Elizabeth Festa, PropertyCasualty360.com  |  March 4, 2013

  The Financial Stability Oversight Council is in the final stages of evaluating an initial set of nonbank financial companies for potential designation as SIFIs, or systemically important financial institutions, according to remarks made today by Mary Miller, U.S. Treasury Under Secretary for Domestic Finance.

• House May Revive MLR Bill, Rep. Blackburn Says

  By Elizabeth Festa, PropertyCasualty360.com  |  February 28, 2013

  Rep. Marsha Blackburn, R-Tenn., vice chair of the House Energy and Commerce Committee today told the National Association of Health Underwriters to keep its eye on her committee and the Ways and Means Committee for action this year on health-reform policy-change initiatives, including a revival of the medical-loss ratio bill....

• Lew Confirmation Could Clear Way for Delayed Federal Insurance Initiatives

  By Elizabeth Festa, PropertyCasualty360.com, Arthur D. Postal, PropertyCasualty360.com  |  February 28, 2013

  The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several insurance-related issues, including the release of a long-delayed report on insurance-regulation modernization.

• Insurance Reps Embrace Fed Gov. Tarullo's Comments on G-SII Designations

  By Elizabeth Festa, PropertyCasualty360.com  |  February 26, 2013

  Insurance interests embraced comments by Federal Reserve Gov. Daniel K. Tarullo urging careful consideration when designating insurers as non-bank systemically important financial institutions (SIFIs), even if it was unclear at whom the remarks were aimed.

• House Financial Services Committee Tells FIO to Pick Up the Pace on Insurance Reports

  By Elizabeth Festa, PropertyCasualty360.com  |  February 15, 2013

  The House Financial Services Committee is urging the Federal Insurance Office to submit several “long overdue reports without further delay.”

• Obama's Treasury Secretary Pick Uncertain on Need for TRIA as Schumer Makes Case

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth Festa, PropertyCasualty360.com  |  February 14, 2013

  U.S. Senator Charles Schumer, D-N.Y., made clear to the Treasury Department that renewal of the Terrorism Risk Insurance Act will be one of his top priorities for this Congress. Treasury Secretary designate Jacob Lew says he is not familiar with Obama administration stance on the issue.

• 

  Nelson Sticks to NAIC Script on Preservation of State System

  By Elizabeth Festa, PropertyCasualty360.com  |  January 23, 2013

  Ben Nelson echoed the sentiments of the National Association of Insurance Commissioners' leadership in his first public press conference as new CEO of the organization by casting the desired relationship with the federal government as one of a “partnership,” not one allowing incursion, pre-emption or even dual regulation.

• Industry Outlines Opposition to Global Risk Label

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

  Insurance groups and CEOs are bristling against the global designation of insurers as Global Systemically Important Insurers by the Financial Stability Board, an action expected in or near the first quarter of 2013.

• 

  Sen. Collins Takes Industry-Supported Stance in Clarifying Intent of Her Dodd-Frank Amendment

  By Elizabeth Festa, PropertyCasualty360.com  |  November 28, 2012

  It was not Congress’ intent that federal regulators “supplant state-based regulation with a bank-centric capital regime,” Sen. Susan Collins, R-Maine, says in a Nov. 26 letter to Federal Reserve Chairman Ben Bernanke and other U.S. banking regulators.

• NAIC CEO Vaughan to Leave Post Earlier Than Expected

  By Elizabeth Festa, PropertyCasualty360.com  |  November 20, 2012

  The National Association of Insurance Commissioners announced late Friday that its CEO, Therese M. (Terri) Vaughan, would be leaving earlier than expected, on Nov. 30 rather than in 2013's first quarter, and that Andrew Beal would become acting CEO until a leader is hired.