Regulation/Legislation

While the Government Accountability Office (GAO) report on risk-retention groups (RRGs) recommends that Congress pass legislation clarifying certain provisions of the Liability Risk Retention Act (LRRA), it doesnt go far enough, according to an industry expert.

A report on Floridas workers' compensation program says costs rose over a five year period after reforms in 2003 drove those costs down by 20 percent.

The Council of Insurance Agents and Brokers is urging the Federal Insurance Office to use its authority to change the current insurance regulatory system, either through the states or through federal means.

Consumer representatives to the National Association of Insurance Commissioners say in a letter to the Federal Insurance Office that effective insurance regulation requires greater transparency and substantive regulation.

Nebraska has dropped out of the Nonadmitted Insurance Multistate Agreement, or NIMA, the compact for parceling out surplus line premiums to the appropriate state supported by the National Association of Insurance Commissioners.

P&C insurance professionals brace themselves for another busy year of federal statutes and regulations. Examine these proposals and trends to stay compliant.