PC360 brings our readers the top quotes from major industryplayers for the week of May 28. Legislators and industry leaderscomment on the 60-day NFIP extension, a new bill to bar insurancepolicies from covering executives found liable for actions harmingtheir companies, Facebook's IPO, and more.

Rep. Barney Frank, D-Mass., commenting on a billhe introduced that would barfinancial firm officials who are found liable for actionsharming their companies from purchasing insurance to cover the costof the penalties imposed:

“The creation of insurance policies to insulate financialexecutives from clawbacks is one more effort by some in theindustry to perpetuate a lack of accountability.”

Ann Longmore, executive vice president of D&Oproduct management for FINEX North America for Willis GroupHoldings, discussing how lawsuits filed in connection with Facebook's struggles out ofthe gate in its initial public offering has made some insurers morecautions about directors and officers policy terms:

“Right now, the D&O market for initial public offerings is—Ithink our official term is jittery.”

William R. Berkley, chairman and chief executiveofficer of W. R. Berkley Corp., commenting on the company's approval by the U.K. Financial Services Authority andLloyd's of London for W. R. Berkley Syndicate Management Ltd. toact as a Lloyd's managing agent:

“We are pleased to offer the capabilities of an integratedLloyd's platform for Syndicate 1967. W. R. Berkley Corp. has had along and profitable association with Lloyd's, and we have theutmost confidence in our team's ability to fully develop thisexpanded role.”

Rep. Judy Biggert, R-Ill., talking about thechances of the House and Senate to reconciletheir respective long-term National Flood Insurance Programbills should the Senate pass its version, S.1940:

“Although not identical, the Senate's reform provision mirrorssection five of H.R. 1309, the five-year flood reform bill that wein the House passed with overwhelmingly bipartisan support lastJuly.

“If any technical changes are needed, they can be addressed inany long-term-reform measure that we consider in the comingweeks.”

Karen Clark, president and CEO of Karen Clark& Company, discussing the inherent risks of using catastrophe modeling as arisk-management tool:

“While the catastrophe models provide valuable information, theyare not highly effective risk-management tools. The numbersgenerated by the models tend to swing widely from model to modeland update to update, and the opaqueness of the models makes itvery difficult for the modelers and the model users to decipher thetrue drivers of changes in the modeled loss estimates, particularlyfor company-specific books of business.”