A conflict within the insurance industry over how to deal with the sensitive flood-exclusion issue is holding up House action on legislation that would reauthorize the National Flood Insurance Program.

Banks fighting the split of MBIA Insurance Corp. into two companies said they submitted affidavits from four former New York insurance superintendents stating that the N.Y. State Insurance Dept. violated its duty by allowing the insurer to make the move.

The Japan earthquake and tsunami revealed a flaw in catastrophe modelers’ planning, as modelers pointed to the fact that they did not account for the complete devastation that hit the island nation.

The global supply chain disruption as a result of the Japan earthquake can be immediately identified. Just type the phrase into your favorite search engine.

Insurance industry officials issued supportive statements regarding Illinois Insurance Director Michael McRaith’s appointment as Federal Insurance Office director.

A U.S. Appeals Court has thrown out a suit against American International Group directors and officers, stating that the plaintiffs failed to show that AIG officials were not acting in the best interest of the company as they faced the subprime market meltdown.

Several Bermuda companies have reported loss estimates from first-quarter catastrophes, but all of the companies excluded the March 11 magnitude 9.0 earthquake that struck Japan, stating that it is too early to give an estimate.

One of several insurance-related bills being mulled by Florida lawmakers would institute flex rating for some insurance lines.