As previously reported here, the National Flood Insurance Program (“NFIP”) is due to expire at the end of this month. With the House of Representatives and Senate still at odds over key provisions, Rep. Barney Frank (D-MA) has introduced a bill, H.R. 6965, which would temporarily extend the NFIP for an additional seven months.
Read More Congress Still Unable to Agree on NFIP, Considers Short-Term Extension
Federal Legislative Developments
U.S. House of Representatives to Vote on Creation of Federal Insurance Office
By Troutman Pepper Locke on
The U.S. House of Representatives will take up a vote this week on legislation, H.R. 5840, which would create a federal insurance office that would be responsible for monitoring insurance markets. …
Read More U.S. House of Representatives to Vote on Creation of Federal Insurance Office
The National Association of Registered Agents and Brokers Reform Act of 2008 (H.R. 5611) receives support from the Connecticut Insurance Commissioner
Connecticut Insurance Commissioner Thomas Sullivan recently endorsed proposed federal legislation to streamline the insurance producer licensing process and establish uniformity in the qualifications that need to be met in order to conduct business in multiple states. According to Sullivan, producer regulation is an area where there is a need for federal legislation.
Read More The National Association of Registered Agents and Brokers Reform Act of 2008 (H.R. 5611) receives support from the Connecticut Insurance Commissioner
McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney. McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
NAIC Comments On Proposed Reforms Of Liability Risk Retention Act
Nancy Praeger, President of the National Association of Insurance Commissioners (“NAIC”), sent a letter last month to the U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the co-sponsors of H.R. 5792, Increasing Insurance Coverage Option for Consumers Act of 2008 (the “Bill”).
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Read More NAIC Comments On Proposed Reforms Of Liability Risk Retention Act
UPDATE: Congress to Continue Examination of Federal Insurance Regulatory Initiatives in September
By Troutman Pepper Locke on
As previously reported in our prior post, Congress is examining three key pieces of legislation that involve regulation of the insurance industry.
Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law
Last week, the U.S. Senate passed H.R. 3221, the Housing and Economic Recovery Act of 2008, which provides measures to shore up Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and provides relief to thousands of homeowners facing foreclosure. …
Read More Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law
Arbitration Fairness Act of 2007 Approved by House Subcommittee
By Troutman Pepper Locke on
On July 15, 2008, the Arbitration Fairness Act of 2007, H.R. 3010 (the “Act”), which was originally introduced on July 12, 2007, was approved by the House of Representatives Subcommittee on Commercial and Administrative Law.
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Read More Arbitration Fairness Act of 2007 Approved by House Subcommittee
UPDATE: House Committees Approve Three Federal Insurance Regulation Bills
By Troutman Pepper Locke on
The House Subcommittee on Capital markets, Insurance and Government Sponsored Enterprises (the “Subcommittee”) and the House Committee on Financial Services (the “Full Committee”) approved three insurance regulatory bills on July 9, 2008. This post provides updates on the three bills that have most recently advanced Congress’ examination of proposals to institute federal oversight of the insurance industry.
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Read More UPDATE: House Committees Approve Three Federal Insurance Regulation Bills
Use of Credit Scores in Personal Line Insurance Rating
Recently, the House Financial Services Oversight and Investigation Subcommittee held a hearing where speakers from various insurance industry and consumer protection groups gave testimony regarding “The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance.”
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Read More Use of Credit Scores in Personal Line Insurance Rating