Regulation/Legislation

The Government Accountability Office has sounded the alarm on National Flood Insurance Program shortcomings, and has called on Congress to restructure the program.

The role that insurance agents play in the health marketplace in 2014 and beyond will likely be left up to the states, said Joel Ario, head of the insurance exchange bureau of the federal Department of Health and Human Services (HHS).

Insurance industry trade associations are working with the New York governor’s office to discuss differences of opinion regarding a plan to merge the state’s insurance department with the Department of Banking and the Consumer Protection Agency.

The insurance industry is applauding the introduction of a bill that could corral costs related to fraud and abuse of New York’s no-fault automobile insurance system.

The Obama administration’s budget proposal has reopened the debate over taxing certain reinsurance premiums ceded to foreign insurers by their U.S. affiliates.

Trade groups representing the life, property and casualty, and reinsurance industries are asking the Treasury Department to defer indefinitely federal oversight of institutions deemed systemically risky.