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U.S. Representatives Doris Matsui (CA – D.) and Mario Diaz-Balart (FL – R.) have cosponsored and recently introduced a bill to the House of Representatives, entitled The Safe Building Codes Act of 2007.  If enacted, the Bill would allow for approved states to each receive an additional 4% of federal disaster relief funds. …
Read More House Considers Bill Aimed to Strengthen State Building Codes

As reported previously in this space here and here, OFC legislation (entitled the “National Insurance Act”) was resubmitted in the House and Senate earlier this year.  While testimony from the NAIC and various trade organizations was taken by the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on October 3 and October 30, the current consensus is that no OFC legislation will be passed this year. …
Read More Treasury Review of Financial Services Regulation Renews Debate on OFC

Last month, Sen. Joseph Lieberman (I. CT) and Sen. John Warner (R. VA), respectively the Chairman and the Ranking Member of the Senate Environment and Public Works Subcommittee on Private Sector and Consumer Solutions to Global Warming and Wildlife Protection, formally introduced to Congress “America’s Climate Security Act of 2007”, which if enacted, would empower the Administrator of the Environmental Protection Agency to establish a Federal program whereby the Environmentally Protection Agency would have the duty and authority to reduce greenhouse gas emissions in the United States. 

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Read More Sen. Lieberman and Sen. Warner Introduce America’s Climate Security Act of 2007

In late June, as previously reported here, both houses of the New York state legislature passed a bill proposing to reverse New York’s longstanding “no-prejudice rule,” which provides that an insurer need not establish prejudice in order to disclaim coverage on late notice grounds. 

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Read More New York Remains a No-Prejudice State. . . For Now

The Securities and Exchange Commission recently filed an amicus brief in the Vigilant Ins. Co. et al. v. The Bear Stearns Cos., Inc. insurance coverage litigation. On June 19, 2007, an intermediate New York State appellate court held that a question of fact existed as to whether a component of an SEC settlement that was specifically labeled as disgorgement actually constituted the kind of disgorgement that many courts have deemed uninsurable as a matter of public policy. 

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Read More SEC Files Amicus Brief in Bear Stearns Insurance Coverage Litigation

Matt Denn, the Delaware Insurance Commissioner, announced in early November that he will institute a significant worker’s compensation premium cut for the start of the next calendar year.  For most businesses who participate in the “voluntary” workers compensation market, premiums will be cut by an average of 17.75 percent. 

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Read More Delaware Insurance Commissioner to Cut Average Worker’s Compensation Premiums for 2008

As the number of home foreclosures continues to rise, the United States House of Representatives recently passed legislation directed at a range of players involved in the subprime crisis. 

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Read More U.S. House of Representatives Passes Subprime Legislation Targeting Wall Street Banks

Earlier this month, New York Superintendent of Insurance Eric Dinallo unveiled a draft regulation that would establish a system of principles-based regulation in New York State.  If implemented, the regulation would make New York the first jurisdiction employing principles-based regulation in the United States. 

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Read More NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal