Regulation/Legislation

Massachusetts Insurance commissioner Joseph G. Murphy said the insurance industry, as it has repeatedly, responded well to the terrorist bombings during the Boston Marathon earlier this year.

State Auto Chairman and CEO Robert P. Restrepo has been elected Board Chair of the Property Casualty Insurers Association of America.

While the role the U.S. will play in new global-regulatory proposals remains uncertain, the threat of additional layers of restrictive guidelines is a very real threat, says David Sampson, CEO of the Property Casualty Insurers Association of America.

Florida, Louisiana and Massachusetts are all taking steps to help residents in coastal areas deal with potential huge increases in flood insurance premiums.

The NAIC's 2014 proposed budget includes total revenues of $93.2 million and total expenses of $91.8 million, increases of 3.68 percent and 3.87 percent respectively compared to the 2013 budget.

New legislation passed by the New York Assemblyand moving towards the Senatemay change the way storm claims are processed in the state, possibly forcing insurers to cover flood damage from the next storm.