Regulation/Legislation

Leadership of the Senate Finance Committee said members are making "progress" drafting bipartisan health care reform legislation that the insurance industry can support, but it won't be anytime soon.

A new Pennsylvania firm, Essent Guaranty Inc., said it has received approval from regulators in that state and will become the first insurer of U.S. private mortgages since the financial crisis began.

A consumer group representative and a law professor told a Senate panel that they think the federal government should help regulate the insurance industry.

The House has passed legislation extending the National Flood Insurance Program, that was due to expire in two months, until March 31, 2010.

Bipartisan legislation has been introduced in the House that would limit the tax exposure of very small property and casualty insurance companies.

Some consumers living in states not requiring auto insurance coverage will be unable to secure the government subsidies offered for trading in gas guzzling vehicles for low mileage ones, according to rules released for the program.