Deputy Treasury Secretary Neal Wolin says the staff of the new Federal Insurance Office has already begun work and served an “important consultative role” in advising on several issues related to the new Dodd-Frank financial services reform law.

A property and casualty industry official says he hopes the recent heavy Mississippi River flooding will reinforce the need for prompt congressional action for a long-term National Flood Insurance Program extension.

The Treasury Department announced it is creating an advisory committee on insurance comprised of state regulators, industry officials and academia.

Whether State Farm captive agents will continue to be allowed to service flood-insurance policies currently placed through them will be on the agenda when the full House Financial Services Committee takes up legislation reauthorizing the National Flood Insurance Program (NFIP).

The Senate Banking Committee on May 12 will hear from the industry and members of the Financial Stability Oversight Council on the criteria the agency will use in determining if an insurance company is eligible for federal oversight.

Funding from the federal government is paving a path toward revolutionizing the modeling of storm surge, a Texas University scientist told members of a Senate committee at a hearing held Monday.

American International Group Inc. could be on the hook for total claims of perhaps $800 million or more related to profits on real estate deals involving AIG’s Global Real Estate unit, according to a lawsuit that could come to trial in New York as early as this summer.

The debate over raising the debt limit may indicate that the end is approaching for government support of every program that has a constituency.