Sen. Chris Dodd, Conn., chairman of the Senate Banking Committee, announced that the committee will start work Monday on financial services legislation that would impose federal regulation on large insurers.

A provision in financial services reform legislation to be introduced in the Senate this week is running into heavy fire from various industry groups, including state legislators.

Legislation proposed by Sen. Chris Dodd, D-Conn., would give specific authority to federal banking regulators to oversee insurance companies, especially if they pose a potential threat to the financial system.

Insurance representatives said it is unclear how promptly and in what form the House will act on new Senate legislation to extend the National Flood Insurance Program to Dec. 31.

A provision in upcoming financial services reform legislation that will subject large insurers to federal oversight is running into heavy opposition from various industry groups, including state insurance legislators.

A provision in upcoming financial services reform legislation that will subject large insurers to federal oversight is running into heavy opposition from various industry groups, including state insurance legislators.

Senate Banking Committee Chairman Chris Dodd, D-Conn., said he did not think there was time enough to work out a bipartisan financial services legislation so he was moving his own bill.

The health insurance industry said it will give the Obama administration detailed data on the provisions needed for health care reform legislation to reduce skyrocketing medical care costs.