Topic: Regulatory

Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

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. 

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Senate Banking Committee to Consider TRIA Extension Legislation this Week

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

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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Alaska and Idaho Reportedly Investigate State Street Over Mortgage Investments as States Increase Scrutiny of the Mortgage Crisis

Last week we reported that Prudential Financial, Inc. and one of its subsidiaries, Prudential Retirement Insurance and Annuity Company, has sued State Street & Trust Corp. and State Street Global Advisors over losses allegedly suffered by Prudential clients in two bond funds managed by State Street  (see here). 

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Iowa Seeks Reforms to Long-Term Care Insurance

At the request of Governor Culver in June of this year, the Iowa Division of Insurance conducted a three-month review of issues relating to long-term care insurance.  The Governor’s request grew out of concerns at both the state and national level regarding long-term care insurance policies and increasing complaints about pricing, rate increases, denial of claims and questionable market practices. 

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New York Proposes Mandatory Requirement for Property Insurers to Maintain Catastrophe Reserves

New York Insurance Superintendent Eric Dinallo announced last week that the State is considering a new regulation requiring that all property insurers writing policies covering damage from hurricanes and other natural disasters establish on their books a catastrophe reserve.  If adopted, this regulation would be the first of its kind in the United States. 

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