Federal Legislative Developments

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Last month, Representative Richard Neal (D- Mass.) introduced H.R. 6969 in response to concerns voiced by the Coalition for Domestic Insurance Industry (the “Coalition”) alleging that favorable tax treatment for foreign insurance groups is making it increasingly difficult for U.S. insurers to compete.  H.R. 6969 attempts to reduce the purported competitive advantage by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded to affiliated insurance companies not subject to U.S. taxation. …
Read More Representative Neal Introduces Reinsurance Tax Legislation

A joint statement was issued by United States Treasury Secretary Henry Paulson, Federal Reserve Chairman Benjamin Bernanke, and Federal Deposit Insurance Corporation (“FDIC”) Chairman Sheila Bair regarding the role each governing body will play in bolstering public confidence in the United States banking system and the restoration and stabilization of market liquidity needed to support economic growth. 

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Read More Government Officials Announce Three Measures Taken to Shore-Up the United States Financial Market

Last Friday, the House of Representatives passed the Senate’s revised version of the $700 billion bailout bill, H.R. 1424, by a vote of 263-171.  This was a significant turnaround from last Monday’s House vote of 205-228, which rejected the first version of the bailout bill.  H.R. 1424 was signed into law by President Bush the same day. …
Read More UPDATE: House Passes Revised Bailout Bill

With the House of Representatives not set to meet again until Thursday, the Senate has stepped in with a revised version of the $700 billion bailout bill, which it hopes will garner greater support in the House of Representatives.  Last Monday, the House of Representatives rejected the Emergency Economic Stabilization Act of 2008 (the “Act”) by a vote of 228-205. 

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Read More BREAKING NEWS: Senate Proposes Revised Bailout Bill, Will Vote Tonight

As we previously reported here, Rep. Barney Frank’s (D-MA) bill, H.R.6965, which would temporarily extend the NFIP for an additional seven months, was passed by the House of Representatives and the Senate.  The National Flood Insurance Program (“NFIP”) was set to expire at the end of September. 

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Read More UPDATE: Congress Passes NFIP Short-Term Extension

As an update to our previous post, by a vote of 228-205 the House of Representatives rejected the $700 billion bailout bill, formally known as the Emergency Economic Stabilization Act of 2008, which was designed to aid the struggling U.S. economy. 

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Read More UPDATE: House Fails to Pass Bailout Bill

President Bush and Congress came to terms this weekend on the $700 billion bailout bill designed to aid the struggling U.S. economy.  It is expected that the House of Representatives will vote on the “Emergency Economic Stabilization Act of 2008” (the “Act”) today, with the Senate to follow

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Read More BREAKING NEWS: Bailout Bill Terms Finalized, Congress Expected to Vote Today

During the National Association of Insurance Commissioners (“NAIC”) Fall Meeting in National Harbor, Maryland, the Surplus Lines Task Force (“Task Force”) chaired by Commissioner James Donelon (LA) received a report on the status of the proposed 2007 Nonadmitted and Reinsurance Reform Act (H.R. 1065/ S. 929) (the “Bill”). 

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Read More NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year

Given the recent volatility in the credit and stock markets, there have been increasing calls for regulation of the $62 trillion credit default swap (“CDS”) market.  As we reported yesterday, New York State, determined to take the lead in the regulation of CDS contracts, announced that it would regulate certain CDS contracts as insurance. …
Read More S.E.C. Chairman Cox Seeks Federal Regulation of Credit Default Swaps