Reinsurers have let it be known that the reinsurance market would be prepared to take on some flood risk if Congress decides to pursue that option.

American International Group has offered to buy mortgage-backed securities held by the Federal Reserve Bank of New York for $15.7 billion.

It is urgent that certainty be created in the National Flood Insurance Program by enacting a long-term extension of the program, insurance industry trade groups told Congress.

State regulators and legislators are in a “new paradigm” as a result the Dodd-Frank financial services reform law, “certainly having at least a new cousin in the federal government,” industry officials said last week.

Using reinsurance could reduce the burden of the National Flood Insurance Program on taxpayers, the head of the Reinsurance Association of America said.

Using reinsurance could reduce the burden of the National Flood Insurance Program on taxpayers, the head of the Reinsurance Association of America said.

Legislation that would provide agent-licensing standardization across state lines will be re-introduced in the House within 10 days.

State legislators and regulators “have a ways to go” to ensure that the surplus lines reform law goes into effect as mandated by Congress in July, the head of the National Association of Professional Surplus Lines Offices said.