Regulation/Legislation

Risk retention trade groups are urging prompt House action on legislation introduced last week that will allow their members to sell commercial property insurance.

A provision in upcoming financial services reform legislation that will subject large insurers to federal oversight is running into heavy opposition from various industry groups, including state insurance legislators.

Senate Banking Committee Chairman Chris Dodd, D-Conn., said he did not think there was time enough to work out a bipartisan financial services legislation so he was moving his own bill.

The health insurance industry said it will give the Obama administration detailed data on the provisions needed for health care reform legislation to reduce skyrocketing medical care costs.

Legislation that would create a federal reinsurance backstop for states with catastrophe insurance funds drew both support and severe criticism at a House hearing.

Legislation will be introduced in the House allowing risk retention groups to sell commercial property insurance, according to an industry source.