Regulation/Legislation

The House Financial Services Committee plans to mark up legislation reauthorizing and reforming the National Flood Program May 12, according to industry officials.

Despite attempts by lawmakers to put into place rules to reduce drug cost and medical expenses, ultimately there are few laws that can reverse the trend of more expensive drugs used by more workers’ compensation patients.

The security breach of Epsilon's customer data base stirred up a hornet's nest of attention earlier this month with calls for a federal investigation by Sen. Richard Blumenthal (D-Conn.), but an insurance broker says this could be just the beginning of a long road of liability exposure.

Treasury Undersecretary Neal Wolin lashed out at those seeking to delay or otherwise impede implementation of the Dodd-Frank financial services reform law, vowing that the administration will “move forward…quickly, carefully and responsibly.”

The insurance industry’s interests on the Financial Stability Oversight Council (FSOC) are “inadequately represented” because of the council’s policies, the National Association of Insurance Commissioners (NAIC) told a congressional panel.

The legislation reauthorizing the National Flood Insurance Program, passed by a House panel last week, clearly opens the door for reinsurers to play a strong role in the program.