President Obama late Thursday signed into law legislation repealing the 1099 reporting provision enacted as part of the healthcare reform bill.

The chairman of the House Financial Services Committee says he is concerned that the designation of non-banks as systemically important may have the unintended effect of making them viewed as “too big to fail.”

The insurance industry’s interests on the Financial Stability Oversight Council are “inadequately represented” because of the council’s policies, the National Association of Insurance Commissioners told a congressional panel.

In the wake of New York’s decision not to join a nationwide compact on sharing of surplus-lines taxes, industry officials believe such compacts may be doomed.

Led by Sen. Mike Johanns (R-Neb), the Senate passed legislation repealing the much-criticized 1099 reporting provision in the healthcare-reform law and sent the bill to President Obama for his signature.

Opponents of the healthcare-reform law are expending huge amounts of rhetorical energy bad-mouthing the legislation, and various means of repealing it are pushing forward—even as the rolling-out of the bill continues apace.

A subcommittee of the House Financial Services Committee has passed legislation that would keep the National Flood Insurance Program in operation until Sept. 2016.

The door for the private market to play a strong role in insuring against flood would be opened through several provisions in legislation reauthorizing the National Flood Insurance Program passed by a House panel late Wednesday.