Legislation to allow privatized flood insurance on the market surged unanimously through a House Financial Services Committee mark up. Voting 53-0 on March 2nd, the Committee approved the idea of enabling private flood insurance plans to be sold separately from the National Flood Insurance Program.

The Flood Insurance Market Parity…

Read More Private Flood Insurance Plans One Step Closer to Hitting the Market

The House Financial Services Subcommittee on Housing and Insurance recently launched an examination into the competitiveness of U.S. insurers as impacted by international regulatory standards. Chairman Blaine Luetkemeyer (R-MO) is leading the charge with the goal of introducing international insurance standards legislation in early summer.

A key goal of Luetkemeyer’s…

Read More House Financial Services Committee Considers International Insurance Regulations

According to media reports, Rep. Blaine Luetkemeyer (R-Mo.) is expected to introduce legislation that will create new requirements applicable to government officials negotiating international capital standards for insurers. Media reports indicate that the bill, which is still in the drafting stages, would prohibit the U.S. from agreeing to an international…
Read More Draft Legislation Would Impose New Requirements Applicable to Negotiation of International Insurance Agreements

A bipartisan team of Congresspersons from New York plan to reintroduce legislation that would require disclosure of information about the beneficial owners of LLCs used in real estate transactions. Pursuant to the Incorporation Transparency and Law Enforcement Assistance Act (“ITLEAA”), states would be required to collect information about the beneficial…

Read More Federal Bill Would Require Disclosure of Beneficial Owners In Real Estate Transactions:

A bill recently introduced in the House seeks to expand the authority of Risk Retention Groups (“RRGs”) to write property, and not just commercial casualty, coverage. HR 3794, which was introduced on a bipartisan basis, would permit RRG’s to write property coverage for nonprofits with tax-exempt status, as well as…

Read More New Federal Bill Would Allow Risk Retention Groups to Cover Property

Seven members of the Senate Banking Committee sent a letter to President Obama on December 15th requesting an update on when the thirteen nominations for the Board of Directors of the National Association of Registered Agents and Brokers (NARAB) will be announced. The bipartisan legislation to establish NARAB, which streamlines…
Read More Senators ask President to Appoint NARAB Board Members