You would never know insurance is a state-regulated business, given the enormous amount of attention paid to the property-casualty industry in Congress during 2007. But despite last month's extension of the Terrorism Risk Insurance Act, and the fading political fallout over 2005 hurricane losses, Washington is expected to debate a number of topics crucial to carriers and producers in the year ahead.
One of the biggest agenda items is renewal of the National Flood Insurance Program, due to expire Sept. 30, with insurers opposed to adding optional wind coverage.
In addition, there remains strong support among industry groups for legislation streamlining regulation of the surplus lines and reinsurance sectors. Indeed, trade groups believe this bill has a strong chance of becoming law, even with the abbreviated schedule Congress will likely undertake in a presidential election year.
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