Regulation/Legislation

The U.S. Senate's vote to continue the National Flood Insurance Program for only 46 days drew fire from an insurance agent group, which warned against playing "Russian roulette" with policyholders.

As state fraud bureaus across the nation face increasing economic pressures, Arizona officials are considering eliminating their fraud bureau completely.

Legislation to create a Federal Insurance Office should contain language allowing it to preempt state law where it conflicts with some limitedinternational trade agreements, an official said.

Legislation to repeal the antitrust exemption for health and medical malpractice insurers has been modified to include scrutiny of those insurers' practices, an insurance trade group said.

The New York's no-fault auto insurance law needs reform because medical claim costs are soaring as big legal loopholes permit fraud, the Insurance Information Institute said.

The New York Insurance Department is continuing efforts to revive the New York Insurance Exchange, with an "ambitious" goal of having it ready in 2010, an official said.