Regulation/Legislation

GAO Officials cautioned members of the Senate Banking Committee Wednesday that major changes in NFIP's policies and administration are needed, and could involve tough decisions that Congress may be unwilling to make.

The AIA is contending that the characteristics of the property and casualty insurance business make a "particularly compelling case" for exempting the industry from regulation of their derivatives activities.

Members of President Barack Obama's team are reportedly extending an olive branch to the "fat cats" in banking and on Wall Street. Why not insurers as well, wonders NU Editor Sam Friedman in his blog at www.NUSamSoapBox.com.

The Independent IIABNY said it will hold a series of information sessions for insurance producers to help prepare them for the state's disclosure regulation, scheduled to take effect Jan. 1.

The Senate last night passed, by unanimous consent, legislation extending the current National Flood Insurance Program until Sept. 30, 2011.

President Obama and HHS Secretary Kathleen Sebelius met with 35 state and territory insurance commissioners to discuss implementation of the new, early enforced protections of the PPACA that take effect Sept. 23, after plans renew.