News

The U.S. Senate last week unanimously voted to extend the current National Flood Insurance Program for one year--until Sept. 30, 2011--with industry trade group officials lauding the development and urging the House to also act promptly.

AIG still relies largely on government funding for capital and liquidity, and "most observers" expect that the AIG Investment Program will generate "significant losses" to U.S. taxpayers.

The Florida Office of Insurance Regulation has approved an average statewide homeowners insurance rate increase for Citizens Property Insurance Corp. of 10.3 percent--slightly more than the state-run insurer asked regulators to approve.

In seeking directors and officers' coverage Peter G. McDonough, general counsel for Princeton University, said he is primarily concerned with defense cost certainty. "Retention is what I really care about."

A bill extending the National Flood Insurance Program for another year passed the House of Representatives yesterday and was sent to the White House.

Brian Bartosh was elected the new chairman of Applied Systems Client Network (ASCnet) during the association's annual meeting.