WASHINGTON—As expected, legislation was introduced in both the House and Senate Tuesday to clarify that federal regulators must use state-based metrics in overseeing insurance companies.
The Senate version is expected to be added to legislation reauthorizing the Terrorism Risk Insurance Act (TRIA) that industry officials anticipate will be taken up by mid-May in the Senate Banking Committee.
All three primary property and casualty insurance trade groups voiced strong support for the legislation and urged its prompt passage. These include the National Association of Mutual Insurance Cos.; the Property Casualty Insurers Association of America (PCI); the National Association of Mutual Insurance Companies (NAMIC) and the American Insurance Association (AIA).
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