Shortly after industry lawyers called conflicts over the scope of the Financial Stability Oversight Council the “cutting-edge issue” for insurance regulation, an industry report labeled the Federal Insurance Office the “biggest wildcard” in regulatory reform.
While a bid to add wind coverage to federal flood insurance has stalled in Congress, a southern senator is pitching a compromise bill that seeks to bridge the gap over wind-vs.-water damage claims.
Insurance industry representatives will oppose an expected amendment that would add wind coverage to a bill extending the National Flood Insurance Program for five years
Moves by Florida lawmakers to provide a federal backstop to the state's severely underfunded Hurricane Catastrophe Fund are running into strong headwinds on Capitol Hill.
Last week, the chairs of key Senate and House committees promised President Obama they will work together to have legislation on his desk by year's end creating a "new, more robust regulatory framework" for financial services firms.
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"summary": "Moves by Florida lawmakers to provide a federal backstop to the state's severely underfunded Hurricane Catastrophe Fund are running into strong headwinds on Capitol Hill.",
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