Regulation/Legislation

In an effort to deflect consumer outrage from mandated flood insurance rate increases, House members touted a provision in legislation passed June 5. But it apparently wont accomplish what they want it to do.

The odds are in favor of renewal for the Terrorism Risk Insurance Act, but do not expect expansion of the program says William R. Berkley, chairman and CEO of W.R. Berkley Crop.

Legislation providing a mechanism for establishing true nonresident licensing reciprocity was reported out of the Senate Banking Committee.

The venue for winning delays in increases in premiums for flood insurance properties is now moving to the must-do farm bill, which is being considered by the Senate this week.

The Federal Reserve Board is on the case, and the days when insurance company officials can shoot first and aim later are going to end, AIG CEO Robert Benmosche warns.

Florida Sen. Bill Nelson, D, says he plans to reintroduce legislation giving the Treasury Department authority to make loans available to state-run reinsurance programs, such as the Florida Hurricane Catastrophe Fund, to ensure their solvency.