Topic: Federal Legislative Developments
Flood Insurance Modernization Measure Passes U.S. House Unanimously
The House unanimously passed legislation yesterday which would open up flood insurance to the private market. As previously reported in this blog, H.R. 2901, the Flood Insurance Market Parity and Modernization Act will lower the barriers for private insurers hoping to offer flood insurance policies.
Read MorePrivate Flood Insurance Plans One Step Closer to Hitting the Market
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.
Read MoreHouse Financial Services Committee Considers International Insurance Regulations
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.
Read MoreDraft Legislation Would Impose New Requirements Applicable to Negotiation of International Insurance Agreements
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.
Read MoreFederal Bill Would Require Disclosure of Beneficial Owners In Real Estate Transactions:
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.
Read MoreNew Federal Bill Would Allow Risk Retention Groups to Cover Property
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 educational and education-related institutions that are non-profits or governmental entities.
Read MoreGLBA Annual Privacy Notice Eliminated under Certain Circumstances: Buried in a Highway Bill!
On December 4, 2015, President Obama signed the Highway Bill, dubbed Fixing America’s Surface Transportation Act (“FAST Act”), into law. Buried in the 490 page transportation law is a significant amendment to the Gramm-Leach-Bliley Act’s (“GLBA”) annual consumer privacy notice requirement.
Read MoreSeveral Insurance Related Issues to Dominate as Congress Returns to Work
As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing about the Department of Labor’s proposed fiduciary rule, which seeks to define who is a fiduciary of an employee benefit plan under ERISA as a result of giving investment advice to a plan or its participants or beneficiaries.
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