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 MoreLegislation 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 MoreThe 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 MoreAccording 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 MoreA 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 MoreA 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 MoreOn 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 MoreAs 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.
Read MoreAs discussed in our earlier article on the topic (a copy of which can be accessed here) and our prior entry on this site (which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company.
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