Despite warnings from the Bush Administration, as reported here that it would not support any legislation expanding the National Flood Insurance Program (“NFIP”) to include windstorm coverage, the House Financial Services Committee approved the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121), which contains just such an amendment to the NFIP.
Regulatory
SEC Releases Competing Proposals For Shareholder Participation In Contested Elections
By Troutman Pepper Locke on
On July 27, 2007, the Securities and Exchange Commission posted two separate proposing releases that relate to shareholder access to a public company’s proxy ballot in connection with director elections. The unusual aspect of these releases is that they represent alternative and very different approaches to the same issue.
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House Subcommittee Approves of TRIA Extension
As we previously wrote about here, legislation has been introduced to further extend the Terrorism Risk Insurance Act (TRIA), currently set to expire at year’s end.
Update: Multiple Peril Insurance Act of 2007 Hits Roadblock
As reported here the House Committee on Financial Services held a hearing on July 17 to discuss Rep. Gene Taylor’s (D-MS) proposal, the Multiple Peril Insurance Act of 2007, which would expand the National Flood Insurance Program to include wind coverage.
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SEC On The Verge Of Making Announcements Regarding Stock Options Investigations
By Troutman Pepper Locke on
The Chairman of the United States Securities and Exchange Commission told reporters recently that the SEC is close to making announcements regarding ongoing stock options investigations. The Chairman said that the SEC believes it has “rounded up” most of the companies that improperly backdated options.
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Florida’s Claims Administration Statute: Use it or Lose it
By Troutman Pepper Locke on
An Insurer issuing liability policies in Florida must comply with Florida’s Claims Administration Statute, Florida Statutes §627.426, or risk waiving otherwise viable “coverage defenses.”
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Missouri Governor Signs Legislation Allowing Formation of Captive Insurers
By Troutman Pepper Locke on
Posted in Regulatory, United States
As of August 28, 2007, Missouri will become the latest state to allow the formation of captive insurance companies.
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Congress Considering Reforms to National Flood Insurance Program
Rep. Gene Taylor (D-MS) has introduced H.R. 920, entitled the “Multiple Peril Insurance Act of 2007,” to the United States House of Representatives in response to the denial of claims from Hurricane Katrina due to wind loss.
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Connecticut Outlaws Post-Claim Underwriting by Health Insurers
By Troutman Pepper Locke on
The Connecticut General Assembly recently enacted legislation (Public Act 07-113), signed into law by Governor M. Jodi Rell on June 12, to prohibit health insurers or HMOs (termed “health care centers” under Connecticut law) from engaging in the practice of “post-claim underwriting.”
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Proposed EU Insurance Capital Rules
By Troutman Pepper Locke on
On June 10, 2007, the European Commission in Strasbourg formally introduced the Solvency II Directive. Solvency II proposes to modify current capital requirements for insurance companies.