Regulation/Legislation

Tom Sullivan, former Connecticut insurance commissioner, has been named senior advisor for insurance to the Board of Governors of the Federal Reserve System.

Write-Your-Own insurance companies will be helping the Federal Emergency Management Agency provide refunds to National Flood Insurance Program customers whose rate hikes were reversed or reduced under March legislation rolling back the 2012 Biggert-Waters Act.

The rubber will hit the road for the insurance industry on reauthorization of the Terrorism Risk Insurance Act Tuesday when the Senate takes up legislation that would reauthorize the program for seven years.

Renewal of TRIA is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes the NFL, MLB, NBA, and NHL.

Colorado Governor John Hickenlooper is expected to sign legislation regulating ridesharing services such as uberX and Lyft.

The New York DFS says Rhode Island-based Narragansett Bay Insurance Company will pay a $327,400 penalty due to adjuster-inspection delays on Superstorm Sandy claims. NBIC says it accepts the penalty, but disagrees with the DFS' findings.