Industry officials today lauded the decision of the House Financial Services Committee to report out legislation reauthorizing the National Flood Insurance Program, noting that the panel was acting against the background of historic flooding in the Mississippi Valley area.

The House Financial Services Committee reported to the House floor legislation reauthorizing the National Flood Insurance Program for five years. The vote was unanimous.

The House Energy and Commerce Committee has reported to the full House legislation that would cap non-economic damages in malpractice cases at $250,000 and set other restrictions on lawsuits against doctors.

Deputy Treasury Secretary Neal Wolin says the staff of the new Federal Insurance Office has already begun work and served an “important consultative role” in advising on several issues related to the new Dodd-Frank financial services reform law.

A property and casualty industry official says he hopes the recent heavy Mississippi River flooding will reinforce the need for prompt congressional action for a long-term National Flood Insurance Program extension.

The Treasury Department announced it is creating an advisory committee on insurance comprised of state regulators, industry officials and academia.

Whether State Farm captive agents will continue to be allowed to service flood-insurance policies currently placed through them will be on the agenda when the full House Financial Services Committee takes up legislation reauthorizing the National Flood Insurance Program (NFIP).

The Senate Banking Committee on May 12 will hear from the industry and members of the Financial Stability Oversight Council on the criteria the agency will use in determining if an insurance company is eligible for federal oversight.