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Congress recently approved another short-term extension of The National Flood Insurance Program (“NFIP”) through February 28, 2010.  The NFIP extension was included in a defense appropriations measure, and was approved shortly before the program was to expire. 

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Read More UPDATE: Congress Approves Another Short-Term Extension of the NFIP through February 28, 2010

Media reports indicate that Senator Patrick Leahy’s (D-VT) amendment to repeal the antitrust exemption under the McCarran-Ferguson Act for health insurers and medical mal practice insurers, last discussed here, has been removed from the latest version of the Patient Protection and Affordable Care Act (H.R. 3590). 

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Read More Partial Repeal of McCarran-Ferguson Act Dropped from Senate Health Reform Bill

On December 16, 2009, the Maryland Insurance Administration (“MIA”) issued a media advisory announcing that Ralph S. Tyler will step down as Commissioner of the MIA effective January 8, 2010.  Tyler, who has been Maryland’s Insurance Commissioner since 2007, has accepted the position as Chief Counsel with the Federal Food and Drug Administration. 

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Read More Maryland Insurance Commissioner Steps Down

Healthcare reform efforts were marked with uncertainty and skepticism in the Senate last week, as Democratic leaders continued their scramble to reach a consensus on the controversial bill before Christmas.  Those efforts continued behind the scenes into the weekend, and a compromise was finally unveiled on Saturday. 

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Read More Last Week in DC: The Healthcare Reform Debate – December 21, 2009

Credit Suisse announced on December 15, 2009  that it is nearing a $536 million settlement with the New York County District Attorney’s office and the US Department of Justice, Federal Reserve Board, Federal Reserve Bank of New York and the Office of Foreign Assets Control (OFAC). 

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Read More Credit Suisse to Settle Iran Sanctions Claims

Petitioners Mitsubishi Heavy Industries, Ltd. and Mitsubishi Power Systems Americas, Inc. (“Mitsubishi”) moved to vacate a partial arbitration award entered by the International Centre for Dispute Resolution in favor of Respondent Stone & Webster, Inc. (“Stone & Webster”). 

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Read More Court Finds That Arbitration Award is Not Final for Purposes of Review under the FAA

Plaintiff China National Chartering Corp. (“CNCC”) petitioned the U.S. District Court for the Southern District of New York to confirm an arbitration award rendered in its favor against defendant Pactrans Air & Sea, Inc. (“Pactrans”) by the China Maritime Arbitration Commission (“CMAC”). 

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Read More Federal Court Confirms Foreign Arbitration Award, Even Though Appeal of Award in Foreign Jurisdiction was Pending

During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the “White Paper on Alternative Mechanisms for Troubled Companies” (the “White Paper”). 

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Read More NAIC Subgroup Adopts White Paper on Alternative Mechanisms for Troubled Companies

On Friday, the House passed its 1,200+ page package of nine bills to reform the U.S. financial regulatory system by a vote of 223-202.  Passage of the comprehensive measure – the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) – wraps up months of House debate on the issue and marks an important step in the legislative process for one of the top priorities of the Obama Administration. 

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Read More Details of House-Passed Financial Regulatory Reform Legislation

Debate on healthcare reform legislation continued on the Senate floor last week, while behind the scenes a tentative agreement was reached among Democrats on the controversial public insurance option.  As a result, further consideration of the Senate healthcare reform bill is temporarily on hold, as Democratic leaders await cost estimates on the new public option compromise. …
Read More Last Week in DC: The Healthcare Reform Debate – December 14, 2009