Regulation/Legislation

Sen. Jeff Merkley, D-Ore., has introduced an amendment to financial services regulatory legislation now pending in the Senate that would drastically reduce the authority of the Office of National Insurance it would create.

U.S. Senate Republicans believe failure to increase federal oversight of large insurance companies is a major deficiency of financial services reform legislation, questioning whether state guaranty funds are adequate to deal with large carrier failures.

Florida Insurance Commissioner Kevin McCarty has come out full force in support of property bill SB 2044, passed in the final hours of the 2010 Florida legislative session.

Anxiety is growing within the agent and broker community about rules in New York going into effect in January 2011, requiring them to disclose to their clients information about compensation received from insurers.

Trade groups called on the Senate last week to reject an amendment to financial services reform legislation they charge would "substantially weaken" the ability of a proposed Office of National Insurance to address "critical" trade issues.

To promote business in the state, the New Jersey Department of Banking and Insurance said it is moving legislation for captive insurers in the state and is introducing legislation to promote growth in the reinsurance market.