Declarations

Flood Insurance Reform

“There is no question that the program is in dire need of reform. For many years, the NFIP has been — for lack of a better phrase — under water. In the near-term, important reforms to the NFIP must improve its financial stability, reduce the burden on taxpayers, and examine ways to increase private market participation.”

—Rep. Judy Biggert, R-Ill., chair of the Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee, on the need to reauthorize and reshape the National Flood Insurance Program. Her bill would extend the flood insurance program for five years until Sept. 30, 2016.

Whistleblower Rewards

“[Employees] have been deputized and promised huge riches to bypass their companies and report to the government” under the new law.

—David Baris, head of the American Association of Bank Directors, noting that as proposed SEC Dodd-Frank rules are written, workers would have an incentive to circumvent their companies’ compliance systems in hopes of getting a big cash payout. The Dodd-Frank law calls on the U.S. Securities and Exchange Commission to pay awards to people who report violations leading to at least $1 million in sanctions. (Reuters)

Wash. Workers’ Comp

“Our provider network and occupational health centers help prevent long-term disability by ensuring workers receive the right medical care early. That means employees are back on the job quicker — earning a paycheck to support their families. And it will help reduce the amount of future increases in workers’ comp premiums. Saving businesses money that they can reinvest in the workforce is essential to our economic recovery.”

—Washington Gov. Chris Gregoire signed Senate Bill 5801, which directs the Department of Labor and Industries to create a statewide provider network for injured workers, as well as expand access to the state’s Centers for Occupational Health Education. The legislation is expected to save $218 million over the next four years.

Topics Workers' Compensation