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.

From potential adverse impacts on smaller insurers to concern over a "bifurcated" approach to NBCR, industry groups, while pleased with progress on the TRIA front, have reservations about the expected House bill

The Republican leadership of the House Financial Services Committee is proposing a substantive reduction in potential government liability for terrorism attacks in order to have terrorism risk insurance transition to the private sector as soon as possible, a Republican lawmaker tells PC360.

The Terrorism Risk Insurance Act would be reauthorized in its present form but with much greater industry liability for five years under legislation to be unveiled today by House FSC Republicans, a compromise from an earlier draft calling for a three-year extension.

Todays resignation of Eric Cantor as House majority leader following his stunning primary defeat would lead a pundit with a background as a meteorologist to say the outlook for prompt passage of legislation sought by the property and casualty insurance industry is cloudy at best.

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.

The P&C industry lauded the Senate Banking Committee for reporting out a TRIA extension Tuesday, but caution remains a byword because it is not certain when Congress will ultimately act, and whether final legislation will provide the same federal support as current law.