Regulation/Legislation

The National Association of Professional Insurance Agents today urged the leaders of the House to "quickly pass" legislation now expected to be on the floor Thursday that would reauthorize the National Flood Insurance Program for five years.

Authors of a recent study that opposed a proposed tax on offshore reinsurers "don't have their math right," according to William R. Berkley, chairman and CEO of the W.R. Berkley Co.

Senate Democrats announced that they have the votes to secure passage of financial services reform legislation in the Senate after getting support Monday night from Sen. Olympia Snowe, R-Maine.

Two Allstate subsidiaries in Florida are asking regulators to approve 33 percent and 18 percent average statewide rate increases for homeowners insurance based on the fact that loss expenses are exceeding premiums, Allstate said.

New York agent associations are taking steps to inform their members about the state Insurance Department's new regulation on producer compensation disclosure, developing online programs and overviews in anticipation of the new rule.

A Congressional subcommittee will hold a hearing Wednesday on whether Congress should tighten rules dealing with the tax deduction taken by insurers who cede premiums to overseas affiliates, including reinsurers.