Regulation/Legislation

The Senate passed legislation late Dec. 28 that includes a provision to increase the borrowing authority of the National Flood Insurance Program.

The NAIC says Louisiana Insurance Commissioner Jim Donelon will become the associations president effective Jan. 1.

Talks intensified Friday as congressional leaders and President Obama worked to avert a combination of tax hikes and budget cuts scheduled to go into effect Tuesday that economists fear could send the economy into recession.

While the goal of the Common Framework for the Supervision of Internationally Active Insurance Groups is to reduce complexity, cost and redundancies in the regulatory process, panelists at a recent forum opined that the initiative is headed in the wrong direction.

Just a month after all the ballots were counted, insurance-industry panelists at the 23rd annual Executive Conference tried to make sense of this years election results.

Congress is being told that the NFIP has enough funds to pay Sandy claims until middle or late January as the Senate starts work on an aid package for Sandy victims that includes a 50 percent increase in the program's borrowing authority.