Regulation/Legislation

A House subcommittee will hold a hearing Wednesday and the main subject will be three pieces of legislation sought by state regulators seeking to severely roll back federal authority to oversee insurance companies gained in the 2010 Dodd-Frank financial services reform law.

The Treasury Department has announced the 15 members of the Federal Advisory Committee on Insurance (FACI), which is charged with advising the newly created Federal Insurance Officebut state legislators are upset they arent being represented.

Mississippi Insurance Commissioner Mike Chaney has won re-election with more than 60 percent of the vote.

American International Group, MetLife and Prudential are the three most likely U.S. insurers to be deemed as systemically important enough to be subject to federal as well as state regulation, says Moodys Investors Service in a report.

A manual to be used to implement the proposed Own Risk and Solvency Assessment (ORSA) requirement for property and casualty insurance holding companies has been sent up the ranks at the National Association of Insurance Commissioners meeting.

The outline of a compromise over the uniform mechanism that will be used to implement the surplus lines and reinsurance modernization law emerged at the National Association of Insurance Commissioners fall meeting.