Regulation/Legislation

The property and casualty insurance industry is sending a letter to members of the House urging them to reject a flood-insurance bill amendment that would phase out the program as of January.

Moody’s says a recent outline put forth by the International Association of Insurance Supervisors regarding a regulatory framework to monitor international insurers’ group-wide activities is credit positive.

Days after one group said it urged states to enforce laws against cell phone use while driving, NHTSA says programs in two cities resulted in a reduction in distracted driving.

Rep. Barney Frank, D-Mass., says large financial institutions such as insurers are running away from being labeled “systemically significant” even though one benefit would likely be a reduced cost of capital.

Alterra Capital Holdings Ltd. says reinsurance subsidiary Alterra Bermuda has been approved by the New York Insurance Department to post reduced collateral when doing business in the Empire State.

Berkshire Hathaway Chairman and CEO Warren Buffett said Thursday Congress is playing a dangerous game by considering not raising the U.S. debt ceiling.