Federal Legislative Developments

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On Friday, the Senate approved, by voice vote, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which seeks to extend the federal Terrorism Risk Insurance Program for an additional 7 years. 

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Read More Senate Approves Terrorism Risk Insurance Program Reauthorization Act of 2007

The Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote.  The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here. …
Read More Senate Banking Committee Approves Bill to Amend NFIP

Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote. …
Read More Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

Multiple news outlets reported today that the Senate Banking Committee will vote on the proposed Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) this coming Wednesday.  TRIPRA represents the Senate’s attempt at  further  extending the federal terrorism risk insurance program originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”)  and initially extended to December 31, 2007 by legislation in  2005. 

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Read More Senate Banking Committee to Consider TRIA Extension Legislation this Week

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

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Read More U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

Senator Grassley, the top republican on the senate finance committee, sent a letter to the nation’s largest providers of long-term care insurance requesting information on claim processing. 

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Read More U.S. Senator Seeks Information From Long-Term Care Insurance Providers Regarding Claims Processing

Industry analysts have proclaimed that the Free Trade Agreement (“FTA”) between the United States and South Korea  represents one of the most commercially significant expansions of the U.S. insurance market in recent history .  The FTA was executed on June 30, 2007 and is presently awaiting congressional approval. 

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Read More Pending U.S.-Korea Treaty Could Expand U.S. Insurance Market

Last week, the House of Representatives voted 263-146 to approve the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121), which, among other things, would allow homeowners to purchase windstorm coverage from the National Flood Insurance Program (“NFIP”). 

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Read More House of Representatives Passes Bill to Amend NFIP

The House Subcommittee on Oversight and Investigations (the “Subcommittee”) will hold a meeting, entitled “Credit-Based Insurance Scores:  Are They Fair?,” on October 2, 2007 to discuss the growing use of credit-based insurance scores. 

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Read More House Subcommittee to Address Fairness of Credit-Based Insurance Scores

Despite news reports that the White House plans to veto the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) in its current form, the U.S. House of Representatives overwhelmingly voted 312-110 today in favor of TRIREA, which would extend TRIA 15 more years and add group life insurance and domestic terrorism coverage. 

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Read More Breaking News: House Approves TRIA Extension