News

The chairman of a key House Financial Services panel last night unveiled draft legislation creating a federal insurance regulatory office that tracks with minor omissions legislation submitted to Congress by the Obama administration.

In a speech today, NU Editor Sam Friedman continued his mini-crusade to convince insurance leaders that their industry's image problem is a risk that can and should be proactively managed. See Sam's blog at www.NUSamSoapBox.com.

Although P&C insurer net income fell 59.3 percent in the first half, reflecting weakness in the economy and plummeting investment gains, industry leaders saw positive signs in terms of lower underwriting losses and rising policyholders' surplus.

State insurance regulators, after a hearing examining the flawed performance of top rating agencies in assessing the risk of complex securities held by carriers, left unresolved what their next move will be.

The U.S. Senate passed legislation last week extending the controversial NFIP until Oct. 31 while talks continue on a more permanent reauthorization.

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