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Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20. 

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Read More Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage

On July 16, 2007, the Massachusetts Commissioner of Insurance, Nonnie S. Burnes, issued two decisions which will introduce managed competition into the Massachusetts automobile insurance market. 

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Read More Massachusetts Insurance Commissioner Introduces Managed Competition Into The State’s Auto Insurance Market

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. 

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Read More House Panel Approves Bill to Amend NFIP

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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Read More SEC Releases Competing Proposals For Shareholder Participation In Contested Elections

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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Read More Update: Multiple Peril Insurance Act of 2007 Hits Roadblock

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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Read More SEC On The Verge Of Making Announcements Regarding Stock Options Investigations

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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Read More Congress Considering Reforms to National Flood Insurance Program