Regulation/Legislation

Among the states most affected by Hurricane Katrina five years ago, only Louisiana has taken decisive steps to adopt a statewide building code, according to the Institute for Business and Home Safety (IBHS).

Regulators' interest in insurers' use of credit-based insurance scores produced lively reaction from insurance association representatives and a consumer advocate during a committee meeting on property and casualty insurance issues.

Conglomerates involved in both the banking and insurance sectors could see stricter regulations in European Union member states, possibly by next year, if a European Commission proposal takes effect, the Commission said.

An official with the Federal Emergency Management Agency (FEMA) told insurance commissioners that Congress' failure at long-term renewal of the National Flood Insurance Program (NFIP) could jeopardize the participation of carriers in the program.

Looking to avoid a repeat of the problems that nearly took down American International Group, a regulator said insurance commissioners are looking to state legislators to

Trust between clients and their insurance agents cannot be regulated, according to one association leader, who said a New York regulation to impose compensation disclosure rules on producers is unnecessary and even counterproductive.