Regulation/Legislation

• House Introduces Third TRIA-Extension Bill

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  A new bill extending the Terrorism Risk Insurance Act for 10 years has been introduced in the House.

• Chubb Takes Advantage of Recent Law; Will Write Surplus-Lines Business in Home State

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  Chubb has gained authority to write surplus-lines-insurance business in New Jersey, its own state--an apparent new trend.

• House Enters NFIP Rate-Hike Battle with Bill to Delay Some Reforms

  By Arthur D. Postal, PropertyCasualty360.com  |  May 24, 2013

  Before going home for Memorial Day, Louisiana House members Thursday introduced legislation aimed at forestalling major increases in flood program rates starting next year.

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  Texas Commissioner Kitzman Tells Staff Her Last Day is May 27

  By Chad Hemenway, PropertyCasualty360.com  |  May 24, 2013

  This month it had become increasingly clear the commissioner appointed by Gov. Rick Perry in 2011 would not receive a confirmation nod from the state Senate.

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  Citizens Taking 'Bold Yet Responsible' Depopulation Step

  By Barry Gilway  |  May 24, 2013

  Citizens Property Insurance Corporation’s Board of Governors this week took a bold yet responsible step to reduce the risk to Florida taxpayers while protecting Citizens policyholders in the event of a catastrophic storm.

• Heritage to Assume More Policies from Fla. Citizens

  By Staff Writer  |  May 23, 2013

  The Citizens Property Insurance Corporation Board of Governors has approved Florida-based Heritage Property and Casualty Insurance Co. to remove approximately 60,000 mulitperil properties from the state's insurer of last resort’s personal lines and coastal accounts.

• AIG Eyes New Director with Regulatory Experience

  By Nadia Damouni, Reuters, Paritosh Bansai, Reuters  |  May 23, 2013

  American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.

• Under Pressure, Landrieu Again Seeks to Block NFIP Rate Increases

  By Arthur D. Postal, PropertyCasualty360.com  |  May 22, 2013

  Sen. Mary Landrieu, D-La., late Tuesday introduced legislation that would roll back a number of National Flood Insurance Program reforms passed last year.

• Offshore Insurer Tax Debate Revived with Introduction of House, Senate Bills

  By Arthur D. Postal, PropertyCasualty360.com  |  May 22, 2013

  The fault lines between domestic and offshore insurers again opened due to bills in the House and Senate of legislation that would reduce the tax benefits foreign insurers receive by ceding U.S. property and casualty premiums to their foreign affiliates.

• 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.

• New Hampshire Gov Re-Appoints Sevigny as Insurance Commissioner

  By Arthur D. Postal, PropertyCasualty360.com  |  May 21, 2013

  Roger Sevigny, New Hampshire insurance commissioner since 2003 has been re-appointed for the position by Governor Maggie Hassan.

• Texas Commissioner Kitzman Appears to Be on Way Out

  By Chad Hemenway, PropertyCasualty360.com  |  May 21, 2013

  According to two Texas state senators, it appears Eleanor Kitzman's services as insurance commissioner in Texas are no longer needed.

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  Battle over NFIP Rate Hikes Causes Ripples in Louisiana Senate Race

  By Arthur D. Postal, PropertyCasualty360.com  |  May 20, 2013

  The battle over rate hikes imposed on flood insurance program policyholders in Louisiana is intensifying, with the big prize being the Senate seat now held by Mary Landrieu, D-La.

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  State Division of Insurance to Report Losses from Boston Marathon Bombings

  By Chad Hemenway, PropertyCasualty360.com  |  May 17, 2013

  The Massachusetts Department of Insurance says it has a data call out to the insurance industry in order draft a report on the April 15 bombings at the Boston Marathon.

• NAMIC Opposes Mandatory Coverage for Gun Owners in D.C.

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 17, 2013

  Under the proposal, the state’s current 2,000 registered gun owners and all future buyers would have to take out a $250,000 policy covering damage from any gun use, even willful and illegal acts.

• New Medicare Secondary Payer Amendment Proposed

  By Arthur D. Postal, PropertyCasualty360.com  |  May 16, 2013

  Congress is again being asked to amend the Medicare Secondary Payment Act, just six months after enacting reform legislation dealing with the issue, which took five years to pass congressional muster.