Regulation/Legislation

At Senate hearing, officials of various industries say there is no viable private option to renewal of TRIA. CIAB testifies that contracts running past Dec. 31 contain terrorism exclusions should program not be extended.

Moody's says the FASB's decision not to seek convergence with the IASB on insurance contracts is negative for global investors, but U.S. insurance associations expressed support for the move.

Bills have been introduced in the Tennessee House and Senate that would make various changes concerning insurance coverage of sinkhole losses and subsequent structural repair.

NIST releases its publication of voluntary industry standards and best practices that help prevent cyber attacks

Citibank, N.A., and CitiMortgage, Inc. have agreed to settle a putative class action lawsuit over force-placed insurance. Under the settlement, members of the proposed settlement classes will be entitled to receive more than $110 million in refunds of FPI premiums that were charged to their accounts by Citi.

In a breakthrough, the House Republican leadership has agreed to allow a vote on modifying flood insurance rate hikes imposed by a 2012 law. The preferred House bill would limit rate increases to no more than 15% annually.