Reinsurance

Winning an exemption for insurers from having to help pay to wind down failed non-insurance firms posing a systemic risk to the economy was the key priority for insurers

Medical marijuana dispensers and growers can now buy insurance against claims of selling illness inducing product and other risks, a marijuana retailing school and an insurer have announced.

Sen. Jeff Merkley, D-Ore., has introduced an amendment to financial services regulatory legislation now pending in the Senate that would drastically reduce the authority of the Office of National Insurance it would create.

Trade groups called on the Senate last week to reject an amendment to financial services reform legislation they charge would "substantially weaken" the ability of a proposed Office of National Insurance to address "critical" trade issues.

Reinsurers have not been especially disciplined, and they in fact prolonged a soft insurance market that should have ended a year ago, a broker said here yesterday.

Eight insurance industry trade groups have written the Senate urging it to reject an amendment they said would "substantially weaken" the proposed Office of National Insurance's authority to address international trade issues.