The U.S. Senate passed a temporary extension of the National Flood Insurance Program (NFIP) and President Barack Obama signed the legislation into law just few hours before the program was set to expire yesterday. The NFIP extension was passed as …
Private U.S. property/casualty insurers’ net income after taxes fell 59.3 percent to $5.8 billion in first-half 2009 from $14.1 billion in first-half 2008. Insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus (or statutory …
The House of Representatives passed HR 2571, the Non-Admitted and Reinsurance Reform Act of 2009 on Wednesday. The bill, authored by Reps. Dennis Moore, D-Kan., and Scott Garrett, R-N.J, will simplify the tax remittance and compliance responsibilities surplus lines brokers …
North Carolina Governor Bev Perdue has signed into law legislation to shore-up the state’s backup coastal insurer and reduce the liability of private insurers should a major catastrophe strike the state. House Bill 1305 also sets limits on the coverage …
North Carolina Governor Bev Perdue has signed into law legislation to shore-up the state’s backup coastal insurer and reduce the liability of private insurers should a major catastrophe strike the state. House Bill 1305 also sets limits on the coverage …
The U.S. House of Representatives passed the National Flood Insurance Program (NFIP) Extension Act of 2009, H.R. 3139, which extends the program until March 31, 2010. The NFIP is currently set to expire on September 30, 2009. Earlier this year, …
Legislation that would temporarily extend the National Flood Insurance Program (NFIP) until March 31, 2010, was introduced into Congress yesterday. House Financial Services Housing Subcommittee Chairwoman Maxine Waters, D-Calif., and Committee Chairman Barney Frank, D-Mass., introduced the extension bill, which …
The property/casualty insurance industry suffered a $1.3 billion net loss after taxes for first-quarter 2009, which constitutes a $9.8 billion adverse swing from the industry’s $8.5 billion in net income after taxes in first-quarter 2008. And reflecting the swing to …
There is no need for a federal consumer protection agency for property/casualty insurance products, state insurance regulators and insurers told Congress. In testimony before the House Committee of Financial Services on a proposed federal Consumer Financial Protection Agency, the industry …
The Obama administration’s views on insurance regulation are in keeping with those of many within the property/casualty insurance industry as well as state regulators who now regulate the industry. Most in the industry are happy that the Obama Treasury Department …
