Regulation/Legislation

The Non-Admitted Insurance Multi-State Agreement has adopted the revenue-sharing agreement of a rival compact in an apparent effort to jumpstart creation of a uniform system to implement a premium-tax-sharing component of the federal surplus-lines reform law.

Industry officials believe the House will accept the 60-day National Flood Insurance Program extension the Senate passed yesterday, but an ultimatum in that bill could give the House pause.

Maryland state officials will no longer be able to dip into the states workers compensation fund beginning next year after legislation was signed into law changing the status of the fund to a non-profit corporation.

Wisconsins commissioner of insurance amended his decision from last week and will now allow Ambac to purchase just two of three bank notes.

The Senate passed a 60-day National Flood Insurance Program extension as part of an agreement between Senate Majority Leader Harry Reid, D-Nev., and Sen. David Vitter, R-La. to move a five-year program extension bill to the Senate floor.

Japan's government may provide cover for tankers bringing in Iranian oil once a European Union ban on insurance takes effect in July, Japanese officials said on Wednesday.