Regulation/Legislation

Citizens Property Insurance Corporations Board of Governors this week took a bold yet responsible step to reduce the risk to Florida taxpayers while protecting Citizens policyholders in the event of a catastrophic storm.

The Citizens Property Insurance Corporation Board of Governors has approved Florida-based Heritage Property and Casualty Insurance Co. to remove approximately 60,000 mulitperil properties from the state's insurer of last resorts personal lines and coastal accounts.

American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.

Sen. Mary Landrieu, D-La., late Tuesday introduced legislation that would roll back a number of National Flood Insurance Program reforms passed last year.

The fault lines between domestic and offshore insurers again opened due to bills in the House and Senate of legislation that would reduce the tax benefits foreign insurers receive by ceding U.S. property and casualty premiums to their foreign affiliates.

The Financial Stability Oversight Council expects to vote on proposed designations of an initial set of nonbank financial companies in the near term, according to Treasury Secretary Jacob Lew in prepared testimony today before the Senate Banking Committee.