News

The global insurance watchdog has launched a consultation on how to set up a new system making key firms hold enough capital to avoid a collapse that would pose a risk to the financial system.

Both the Senate and House last week rejected efforts to delay National Flood Insurance Program rate increases, making judicial action in federal district court in Gulfport, Miss. the last hope for those seeking to prevent the increases from taking effect in January.

Both the Senate and House last week rejected efforts to delay National Flood Insurance Program rate increases, making judicial action in federal district court in Gulfport, Miss. the last hope for those seeking to prevent the increases from taking effect in January.

Roy Woodall, the independent insurance expert on the FSOC, spoke critically of the council's approach to its review of insurance companies as systemically risky, saying it does not provide the necessary direction, clarity or transparency to stakeholders.

Roy Woodall, the independent insurance expert on the FSOC, spoke critically of the council's approach to its review of insurance companies as systemically risky, saying it does not provide the necessary direction, clarity or transparency to stakeholders.

The NAIC said it has serious concerns about the timing, necessity and complexity of developing a risk-based global insurance capital standard given legal and regulatory differences around the globe, but that it intends to stay in the process rather than resist it.