Legislation clarifying the exempt status of Florida's non-admitted insurance industry from compliance with rate and forms laws was signed Thursday by Gov. Charles Crist.

Treasury Secretary Timothy Geithner will outline the thinking behind the Obama administration's regulatory reform proposals Thursday in rare consecutive hearings before the Senate and House financial services committees.

A House Republican financial regulation plan, due to be unveiled tomorrow, would require congressional authorization for aid to troubled non-banks such as American International Group but would not disturb state insurance regulation.

The Obama administration will propose putting large insurance companies under control of a federal financial system risk regulator and probably a U.S. insurance regulator as well, according to a draft document.

The House plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, insurance lobbyists say.

With the start of last week's hurricane season and continued congressional inaction on legislation reauthorizing and reforming the National Flood Insurance Program, the issue of dealing with catastrophic storms is reaching crisis proportions.

The introduction of a trio of bills before Congress departed for Memorial Day recess, in addition to recent comments by the Obama administration, has set the stage for a contentious debate over the future of insurance regulation.

A member of Congress critical of American International Group's operations since the company's federal bailout is demanding that any candidates for the chairman and chief executive posts at the firm be required to make detailed financial disclosures.