Regulation/Legislation

Besides renewal of the current Terrorism Risk Insurance Program Reauthorization Act, the insurance industry is asking Congress to expand and clarify the law to fill gaps in certification and coverage areas.

The cost of terrorism insurance coverage is expected to become volatile if the federal terrorism insurance backstop is not extended, and uncertainty about what Washington will do is already causing ripples in the marketplace, Marsh says in a new report.

Under the right conditions, having the private marketwhether primary insurers, reinsurers, the capital markets or some combination of all threepitch in to take on additional flood exposure could be a win-win for taxpayers as well as the insurance industry.

The private market does not have the capacity to provide reinsurance for terrorism risk to the extent currently provided by the Terrorism Risk Insurance Act, according to a special presidential report issued today.

Democrats are exploring a new attack line against the Koch brothers and Republican allies, telling voters the billionaire energy executives want to let home flood insurance premiums soar to help corporate America.

The Treasury Department, through the Federal Insurance Office, is looking into the affordability and availability of auto insurance, driven in part by the conflicting statements from industry and consumer groups about the issue.