Regulation/Legislation

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  Interest in Insurance Education Growing on Capitol Hill

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 25, 2012

  Congressional staffers appear to be showing more interest in learning about the insurance industry, as the number of staffers attending a recent seminar on insurance basics soared compared to previous years.

• NIMA Accepts Compromise to Implement NRRA Tax-Sharing Provision

  By Arthur D. Postal, PropertyCasualty360.com  |  May 25, 2012

  The Non-Admitted Insurance Multi-State Agreement has adopted the revenue-sharing agreement of a rival compact in an apparent effort to jumpstart creation of a uniform system to implement a premium-tax-sharing component of the federal surplus-lines reform law.

• House Action on Senate's 60-Day NFIP Extension Likely, but Not Assured

  By Arthur D. Postal, PropertyCasualty360.com  |  May 25, 2012

  Industry officials believe the House will accept the 60-day National Flood Insurance Program extension the Senate passed yesterday, but an ultimatum in that bill could give the House pause.

• 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.