Today, Senate Judiciary Committee Chairman Patrick Leahy introduced legislation to eliminate the federal antitrust exemption for health insurance and medical malpractice insurance companies.
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Federal Legislative Developments
Anticipated Legislative Action on Financial Regulatory Reform
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
As President Obama renewed his push for financial services regulatory reform during yesterday’s speech on Wall Street, new reports offered a glimpse of Congress’ potential timeline for action.
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House Passes Surplus Lines and Reinsurance Reform Bill
On September 9, 2009, the U.S. House of Representatives passed the Non-admitted and Reinsurance Reform Act of 2009, H.R. 2571 (the “NRRA”), marking the third time the House has passed a version of the NRRA.
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Insurance & Reinsurance Review – September 2009
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – September 2009, which contains nine articles about various topics in the insurance and reinsurance industry. …
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Chinese Drywall – Senate Bill Could Facilitate Effecting Service of Process on Foreign Defendants
Legislation recently introduced in the United States Senate could help homeowners haul foreign manufacturers of allegedly defective Chinese drywall into court. The Foreign Manufacturers Legal Accountability Act of 2009, introduced by Senators Sheldon Whitehouse (D- RI), Jeff Sessions (R-AL) and Dick Durbin (D-IL), seeks to make it easier to bring foreign companies before American courts.
Chinese Drywall – Senators Seek Expansion of Federal Assistance for Impacted Homeowners
Florida Senator Bill Nelson recently sent a letter to President Obama asking the administration to streamline federal assistance available to homeowners with allegedly tainted Chinese drywall. Nelson requested “White House mobilization and coordination of all federal resources that could help homeowners” and stressed the need for an inter-agency Drywall Task Force to coordinate efforts and a “one-stop federal Drywall Assistance Center” that could provide information and resources directly to impacted homeowners.
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Administration’s Final Regulatory Reform Proposal Released
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
The Obama Administration unveiled the final portion of its sweeping financial regulatory reform effort last week, when the Treasury Department released its over-the-counter (OTC) derivatives proposal. The draft legislative proposal – sent to Capitol Hill on August 11 – seeks to bring transparency to the field of OTC derivatives, and to provide regulators with tools to prevent abuses such as manipulation and fraud in such markets.
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House Leaders Voice Concerns Over Bonuses
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
House Speaker Nancy Pelosi (D-CA) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to Treasury Secretary Timothy Geithner urging the Administration to ensure that executive pay at companies that received bailout dollars is not being rewarded at the expense of taxpayers.
Insurance and Financial Regulatory Reform Update
As the House of Representatives prepared to leave for its month-long August recess last week, Rep. Richard Neal (D-MA) introduced legislation to repeal a controversial tax deduction used by foreign reinsurers. The bill, H.R. 3424, would disallow the deduction for excess non-taxed reinsurance premiums with respect to United States risks paid to affiliates.
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U.S. House Votes to Extend the NFIP
By Troutman Pepper Locke on
As previously reported here, House Financial Services Housing Subcommittee Chairwoman Rep. Maxine Waters (D.-Calif.) and committee chairman Rep. Barney Frank (D.-Mass.) sponsored HR 3139 to temporarily extend the National Flood Insurance Program (the “NFIP”) for a six-month period through March 31, 2010. Last week, the U.S. House of Representatives approved HR 3139. …
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