House Passes TRIA Extension and Sends the Bill to Senate
On Wednesday, the House overwhelmingly passed an extension of TRIA by a vote of 417-7. The House vote is a step closer to ensuring the bill does not expire at years’ end.
Read MoreDec 11, 2014 | Federal Legislative Developments, Regulatory, Terrorism Risk and Insurance
On Wednesday, the House overwhelmingly passed an extension of TRIA by a vote of 417-7. The House vote is a step closer to ensuring the bill does not expire at years’ end.
Read MoreDec 11, 2014 | Federal Legislative Developments, Regulatory
Congress passed a bill that will loosen the Dodd-Frank capital rules imposed on insurers.
Read MoreDec 5, 2014 | Federal Legislative Developments, Industry Developments, Reinsurance, Terrorism Risk and Insurance
As the December 31st expiration of TRIA moves closer, House Majority Leader Kevin McCarthy (R-CA) announced yesterday that next week the House will vote on proposed legislation to ensure TRIA does not lapse at year’s end.
Read MoreNov 6, 2014 | Federal Legislative Developments, Industry Developments, Terrorism Risk and Insurance | United States
With Republicans taking control of the U.S. Senate and increasing its majority in the House of Representatives on Tuesday, Congress will see significant changes next year.
Read MoreSep 18, 2014 | Federal Legislative Developments, Regulatory | United States
On Tuesday, September 16, 2014, the U.S. House of Representatives passed H.R. 5461 by a vote of 327-97 (the “Bill”). Most significant to the insurance industry is Title I of the Bill, which clarifies the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
Read Moreby Zachary Lerner | Jul 18, 2014 | Federal Legislative Developments, Regulatory, Terrorism Risk and Insurance
On July 17, 2014, the Senate passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, extending the original Terrorism Risk Insurance Act (“TRIA”) for an additional seven years. If the bill is ultimately signed into law, it will mark a victory for Senator Schumer, who introduced the original version of the bill in April of this year, as well as many industry participants who have been advocating for an extension of TRIA in order to provide clarity and stability with respect to terrorism risks.
Read Moreby Theodore Augustinos | May 12, 2014 | Federal Legislative Developments, Industry Developments, Privacy/Data Security/Cyber Risk, Regulatory
On May 6, 2014, the Consumer Financial Protection Bureau (the “CFPB”) proposed an amendment to Regulation P (the “Proposed Amendment”) that would allow financial institutions that do not engage in certain types of information-sharing to largely cease mailing the annual consumer privacy notices required by the Gramm-Leach Bliley Act (“GLB”) if they post their privacy notices on their websites and meet certain other conditions.
Read Moreby Zachary Lerner | Apr 21, 2014 | Federal Legislative Developments, Industry Developments, Terrorism Risk and Insurance | United States
On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”).
Read MoreApr 10, 2014 | Federal Legislative Developments, Terrorism Risk and Insurance | United States
A bipartisan group of senators have co-sponsored a measure to extend the Terrorism Risk Insurance Act (“TRIA”) for the next seven years. TRIA, which is set to expire at the end of 2014, was put into place after the terrorist attacks on September 11, 2001.
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