I’ve just returned from the National Association of Insurance Commissioners’ summer meetings in Atlanta, where the big news was the announcement of NAIC CEO Terri Vaughan’s pending departure from the regulators group. Vaughan’s stated reasons for stepping down early next …
The California Earthquake Authority, which has been lobbying Congress to establish a federal backstop to its debt financing, is proving once again that it can do plenty fine on its own. The quasi-public agency just completed its third catastrophe bond …
There was a time, not so far in the distant past, when virtually all property and casualty insurance rates were calculated by industry-owned rate bureaus. It wasn’t necessarily a terrible system. Smaller insurers could compete on relatively even ground with …
In what turned out to be very good news for taxpayers, the environment and anyone concerned about risk mitigation, the speeding legislative train that was Sen. John Hoeven’s S. 2039 was derailed in the U.S. House yesterday. The bill, which …
Dissatisfied with the answers he’s received from the group itself, U.S. Rep. Ed Royce, R-Calif., is turning to Federal Insurance Office Director Michael McRaith with a request that his office, a branch of the U.S. Treasury Department, review the regulatory …
In what was not at all a surprise, the House Agriculture Committee passed by a 35-11 margin its mammoth $957 billion Farm Bill early this morning, without any serious consideration given to amendments to scale back either the three new …
The State of Michigan, whose Supreme Court struck down an absolute ban on the use of credit information in insurance underwriting and rate-making decisions, has moved to slightly loosen its insurance scoring restrictions while still retaining significant consumer protections. Republican …
In a briefing today with interested parties, the Senate Banking Committee’s chairman and ranking member confirmed that Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., have agreed to a deal that will allow flood insurance reform …
U.S. Rep. Elijah Cummings, D-Md. – the former chairman and current ranking Democrat on the House Oversight and Government Reform Committee – has some issues with American International Group. And generally speaking, we can’t blame him. Back in 2009, he …
The Texas Windstorm Insurance Association has only about $3.6 billion in claims-paying resources “under a best case scenario,” even though it could face losses of $14.2 billion from a Category 4 hurricane striking Galveston or $14.3 billion from a similar …
