Regulation/Legislation

WASHINGTON-Bills modernizing and reforming regulation of the surplus lines and reinsurance industries and streamlining nonresident insurance agent and broker licensing could be acted on by the full House next month, according to industry officials.

WASHINGTON-Legislation streamlining and reforming state regulation of surplus lines insurance and reinsurance was introduced Thursday in the Senate.

A subcommittee of the House Financial Services Committee will hold a hearing next Thursday in Palm Beach, Fla., on catastrophe insurance issues.

WASHINGTON-Three House bills have been introduced to provide federal funds through several programs to assist homeowners, businesses, public officials and first responders in preparing for disasters.

Moody's Investors Service said yesterday it has downgraded the senior debt rating of financial guarantor MBIA and given the Armonk, N.Y.-based firm a negative outlook, based on pending litigation and insured portfolio declines.

President Barack Obama's financial regulatory reform plan could leave creditors, with subordinate claims against failing insurance holding companies, stuck with underperforming assets, a Moody's report said.