Risk Management

The National Conference of Insurance Legislators said it is getting closer to resolving differences over model legislation to set quality standards for auto crash replacement parts.

Risk retention trade groups are urging prompt House action on legislation introduced last week that will allow their members to sell commercial property insurance.

A provision in upcoming financial services reform legislation that will subject large insurers to federal oversight is running into heavy opposition from various industry groups, including state insurance legislators.

Senate Banking Committee Chairman Chris Dodd, D-Conn., said he did not think there was time enough to work out a bipartisan financial services legislation so he was moving his own bill.

The health insurance industry said it will give the Obama administration detailed data on the provisions needed for health care reform legislation to reduce skyrocketing medical care costs.

Legislation will be introduced in the House allowing risk retention groups to sell commercial property insurance, according to an industry source.

Although the CEOs of four global insurers are seeing some green shoots of economic improvement, they predict a long, slow recovery and a soft insurance market cycle that could extend well into the decade.

Legislation that would create a federal reinsurance backstop for states with catastrophe insurance funds drew both support and severe criticism at a House hearing.