Regulation/Legislation

President Obama signed legislation that reauthorizes the National Flood Insurance program until Sept. 30, 2017, ending years of political stalemate.

Insurance industry professionals are furious with the New York state legislature after a bill was passed that did nothing to provide meaningful auto no-fault insurance reform, says the head of the states insurance company trade association.

Nevada has become the latest state to withdraw from the Nonadmitted Insurance Multistate Agreement, leaving only five states and Puerto Rico as members.

American International Group will accrue between $3.8 billion and $5.8 billion as a result of the recent successful sale by the Federal Reserve Board of securities held in the Maiden Lane III facility, according to analysts at Sterne Agee in New York.

The Reinsurance Association of America said it will start work immediately with the Federal Emergency Management Agency to implement a flood-law provision authorizing the federal agency to buy reinsurance to reduce the costs of funding the National Flood Insurance Program.

The IAIS' drive to reform group supervision of insurance has the potential to significantly impact the industry, its global competitiveness and the level of protection for domestic policyholders.