Regulation/Legislation

Sen. Chris Dodd, D-Conn., the powerful chairman of the Senate Banking Committee, announced today he has prostate cancer and will have surgery during the August congressional recess.

The House hopes to hold hearings this fall on flood insurance issues and will seek to persuade the Senate to add wind coverage and other provisions to the National Flood Insurance Program.

The House Energy and Commerce Committee was preparing at press time on Friday to approve health care reform legislation, a move that would send the House version of the historic legislation to the House floor for a vote in September.

The announcement yesterday that Arthur J. Gallagher will be allowed to collect contingent commissions again starting Oct. 1, was met with a measure of approval by two of the three major insurance brokers who are currently barred from taking them.

The Illinois action allowing insurance brokerage Arthur J. Gallagher & Co. to resume charging controversial contingent commissions could mean the commission ban will be lifted for other larger brokers, a RIMS executive said.

Insurance broker Arthur J. Gallagher has reached a nationwide agreement with the Illinois attorney general and Illinois Insurance Department permitting it to once again accept contingent commissions.