Regulation/Legislation

The Federal Advisory Committee on Insurance has gotten its charter renewed for two more years. FACIs original two-year charter was up Aug. 4. The new charter was renewed until July 29, 2015.

Swiss Re shrugged off the cost of floods in Europe to post better than expected second-quarter profit on Thursday and said it could beat its main annual performance target if claims remain stable in the second half.

A GAO study on the benefits of state insurance regulation is important because it serves as an objective counterbalance to an upcoming report that will likely not be objective: The FIO's regulatory modernization report.

Actuarially-based flood insurance rates scheduled to be phased in starting next year are unaffordable to Louisianas coastal residents, and could have a devastating impact on the states economy, the states insurance commissioner says.

Heath Lambert Ltd., the British insurance broker acquired in 2011 by Arthur J. Gallagher, is holding reinsurance payments the cedent refuses to accept out of fear of violating European Union sanctions imposed on Iran.

Insurers must comply with the requirements of California Fair Claims Settlement Practices Regulations or face consequences. But ramifications are now in question because some courageous insurers fought the CDI and succeeded.