Regulation/Legislation

A page-one New York Times article this week slammed state captive insurance laws, stating that they allow companies to “conduct Bermuda-style financial wizardry” in the U.S., but the Times company, it turns out, has its own captive domiciled in New York.

Republicans easily swatted down major changes to insurance regulation in a Texas House bill that would keep the current rules and bureaucracy in place.

A property and casualty industry official says he hopes the recent heavy Mississippi River flooding will reinforce the need for prompt congressional action for a long-term National Flood Insurance Program extension.

The Treasury Department announced it is creating an advisory committee on insurance comprised of state regulators, industry officials and academia.

The Florida Legislature passed bills that significantly remake the state’s Medicaid program.

An article in The New York Times comparing captive insurance to “the shadow banking system” has Vermont’s captive regulator puzzled and frustrated, because while some of the observations are true, they don’t add up to a fair representation of the captive industry, he says.