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A divided House Financial Services Committee advanced to the House floor today legislation that sets a path to phase out, after five years, the federal backup for terrorism risk insurance for attacks except for NBCR events. Legislation establishing NARAB was attached to the bill.

The House Financial Services Committee is moving to effectively shut down the operations of the FSOC for at least six months by barring it from designating any financial institution as systemically significant.

The FIO has initiated a study of auto-insurance availability and affordability. One comment letter comparing consumer spending on luxuries to spending on insurance drew a sharp response from a major consumer group.

The Senate last night shoved through in virtually unprecedented fashion legislation that would clarify that the Federal Reserve Board can apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees.

Efforts are now underway to push legislation through the Senate on an expedited basis that would clarify that the Federal Reserve Board can apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees.

The rubber will hit the road for the insurance industry on reauthorization of the Terrorism Risk Insurance Act Tuesday when the Senate takes up legislation that would reauthorize the program for seven years.

When Jeb Hensarling took over the congressional panel that spawned the Dodd-Frank Act, he vowed to roll back the landmark Wall Street law and eliminate government programs that backstop private markets.

Insurance industry trade groups Tuesday urged Congress to promptly pass legislation designed to partly roll back federal authority to oversee or monitor insurance companies enacted as part of the Dodd-Frank financial reform act.