A research firm's finding that closing a loophole for offshore insurers could cost U.S. consumers over $10 billion per year has sparked a heated debate involving some of the nation's biggest coverage buyers and sellers.

WASHINGTON--The Government Accountability Office said in a report released yesterday that inconsistencies remain in state licensing of insurance producers.

WASHINGTON--President Obama's budget document, released yesterday, calls for cuts in federal subsidy for the Terrorism Risk Insurance Act, beginning in the next budget year.

WASHINGTON--Congress may act quickly on legislation creating stronger resolution authority oversight for troubled financial institutions deemed "too big to fail."

Current efforts for health care reform could be derailed by proposals calling for a "public plan" coverage option and a federal health board, a conservative think tank representative told a Senate panel today.

The major impact on insurers from an offshore tax avoidance crackdown announced today by the Obama administration appears to be a proposal restricting a deduction of costs for financing foreign operations, according to industry sources.

A research firm's finding that closing a tax loophole for offshore insurers could cost U.S. insurance consumers more than $10 billion per year has been attacked as flawed by the Coalition for a Domestic Insurance Industry.

Eight industry trade groups supporting an optional federal insurance charter told key members of Congress in a letter last week that financial services reform should include a dedicated national regulator.