PC360 brings our readers the top quotes from major industry players for the week of May 28. Legislators and industry leaders comment on the 60-day NFIP extension, a new bill to bar insurance policies from covering executives found liable for actions harming their companies, Facebook's IPO, and more.

Rep. Barney Frank, D-Mass., commenting on a bill he introduced that would bar financial firm officials who are found liable for actions harming their companies from purchasing insurance to cover the cost of the penalties imposed:

“The creation of insurance policies to insulate financial executives from clawbacks is one more effort by some in the industry to perpetuate a lack of accountability.”

Ann Longmore, executive vice president of D&O product management for FINEX North America for Willis Group Holdings, discussing how lawsuits filed in connection with Facebook's struggles out of the gate in its initial public offering has made some insurers more cautions about directors and officers policy terms:

“Right now, the D&O market for initial public offerings is—I think our official term is jittery.”

William R. Berkley, chairman and chief executive officer of W. R. Berkley Corp., commenting on the company's approval by the U.K. Financial Services Authority and Lloyd's of London for W. R. Berkley Syndicate Management Ltd. to act as a Lloyd's managing agent:

“We are pleased to offer the capabilities of an integrated Lloyd's platform for Syndicate 1967. W. R. Berkley Corp. has had a long and profitable association with Lloyd's, and we have the utmost confidence in our team's ability to fully develop this expanded role.” 

Rep. Judy Biggert, R-Ill., talking about the chances of the House and Senate to reconcile their respective long-term National Flood Insurance Program bills should the Senate pass its version, S. 1940: 

“Although not identical, the Senate's reform provision mirrors section five of H.R. 1309, the five-year flood reform bill that we in the House passed with overwhelmingly bipartisan support last July.

“If any technical changes are needed, they can be addressed in any long-term-reform measure that we consider in the coming weeks.”

Karen Clark, president and CEO of Karen Clark & Company, discussing the inherent risks of using catastrophe modeling as a risk-management tool:

“While the catastrophe models provide valuable information, they are not highly effective risk-management tools. The numbers generated by the models tend to swing widely from model to model and update to update, and the opaqueness of the models makes it very difficult for the modelers and the model users to decipher the true drivers of changes in the modeled loss estimates, particularly for company-specific books of business.”