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Quick congressional action urged on TRIA backstop renewal: Marsh

By: Mark A. Hofmann

Published April 22, 2014 - 2:21pm CST

WASHINGTON — The potential economic consequences of failure to extend the federal terrorism insurance backstop program should be “an impetus for quick congressional action,” according to report released Tuesday by Marsh L.L.C.

Property/casualty insurance industry welcomes TRIA report

By: Mark A. Hofmann

Published April 18, 2014 - 12:56pm CST

Property/casualty insurance groups are welcoming a new government report they say demonstrates the need for an extension of the federal government's terrorism insurance backstop program.

Insurance market appears to be tightening on TRIA backstop fears: Report

By: Mark A. Hofmann

Published April 17, 2014 - 2:51pm CST

Uncertainty over the future of the federal terrorism insurance backstop appears to be causing “tightening” in the terrorism insurance market, according to a report released Thursday by the President's Working Group on Financial Markets.

Vermont captive insurer law updated to allow 'dormant' status

By: Rodd Zolkos

Published April 17, 2014 - 1:27pm CST

Vermont Gov. Peter Shumlin has signed a bill updating Vermont’s captive insurer law, including the creation of a “dormant” status for captives that have ceased operation but might be used to finance risk again in the future.

Senate bill to renew terrorism insurance backstop includes higher insurer copays

By: Mark A. Hofmann

Published April 13, 2014 - 6:00am CST

The prospects for the federal terrorism insurance backstop sharply improved last week with the introduction of an extension measure in the U.S. Senate. But insurer groups cautioned that proposed program modifications were too radical.

Senators co-sponsor bill to extend TRIA backstop for 7 years

By: Mark A. Hofmann

Published April 10, 2014 - 12:31pm CST

A bipartisan group of senators has agreed on a bill that would extend the federal government's terrorism insurance backstop program for seven years.

U.S. terrorism insurance backstop would save taxpayers money: Study

By: Mark A. Hofmann

Published April 10, 2014 - 10:27am CST

The federal government’s terrorism insurance backstop program would save taxpayers money in the event of a terrorist attack causing less than $50 billion in losses, according to a study released Thursday by RAND Corp., a not-for-profit research organization.

N.Y. regulator subpoenas four insurers in Iran sanctions probe: Source

Published April 09, 2014 - 8:58am CST

(Reuters) — New York state's top insurance regulator has sent subpoenas to four U.S. insurance companies as part of a probe of potential sanctions violations involving Iran, a person familiar with the matter said on Tuesday.

Senate approves PBGC premium prepayment measure

By: Jerry Geisel

Published April 08, 2014 - 10:10am CST

Employers would be allowed to prepay up to five years of insurance premiums to the Pension Benefit Guaranty Corp. under legislation approved Monday by the Senate.

AIG sues N.Y. regulators over probe of insurance marketing

Published April 04, 2014 - 9:37am CST

(Reuters) — American International Group Inc. on Thursday sued New York regulators to force them to back off a threatened costly enforcement proceeding over possible violations of state law by a former unit.

After Lac-Megantic disaster, CP Rail advocates shipper insurance

Published April 03, 2014 - 2:09pm CST

(Reuters) — Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

Insurers won't dive back into flood insurance without reform: Study

By: Mark A. Hofmann

Published April 01, 2014 - 2:52pm CST

Convincing private insurers to get back into the U.S. flood insurance business would require concrete actions by both federal and state lawmakers, according to a report issued by Deloitte Services L.P.'s Deloitte Center for Financial Services.

Allied World gets OK to set up Lloyd's managing agency

By: Sarah Veysey

Published March 31, 2014 - 11:40am CST

Zug, Switzerland-based Allied World Assurance Co. Holdings A.G. has received approval to set up a managing agency at Lloyd's of London, it announced Monday.

State licensing requirements delayed adjusters from responding to claims

By: Matthew Lerner

Published March 30, 2014 - 6:00am CST

Licensing reciprocity was a factor that slowed response times by out-of-state-adjusters after Superstorm Sandy, said David Farber, counsel to the American Association of Independent Claims Professionals and a partner at King & Spalding L.L.P. in Washington.

Obama signs measure that rolls back many 2012 flood insurance reforms

By: Mark A. Hofmann

Published March 21, 2014 - 2:56pm CST

President Barack Obama has signed into law a bill that rolls back many of the reforms to the National Flood Insurance Program contained in the Biggert-Waters Flood Insurance Reform Act of 2012, the White House said Friday.

S&P predicts Congress will reauthorize, overhaul TRIA backstop

By: Mark A. Hofmann

Published March 17, 2014 - 12:12pm CST

Standard & Poor's Corp. said it believes Congress will reauthorize the federal government's terrorism insurance backstop program, but the New York-based rating agency cautioned that the program could be significantly changed.

RAND report links TRIA renewal with national security issues

By: Mark A. Hofmann

Published March 16, 2014 - 6:00am CST

A recent RAND Corp. report linking reauthorization of the federal government's terrorism insurance program with national security is a compelling argument for extending the program, according to its backers.

Crop insurance reformers fume as farmers sign up for 2014

Published March 14, 2014 - 2:56pm CST

(Reuters) — U.S. farmers this week finalized their crop insurance plans for spring planting with critics of the government-subsidized program saying insurers are set up for a bonanza after passage of the new five-year farm bill last month.

Agent groups praise Senate flood insurance vote

Published March 14, 2014 - 9:53am CST

Agent groups have little but praise for the U.S. Senate's Thursday vote in favor of a House bill that would roll back some of the changes to the National Flood Insurance Program by the Biggert-Waters Flood Insurance Reform Act of 2012.

Embrace insurance complexity when operating abroad: Summit panelists

By: Matt Dunning

Published March 12, 2014 - 1:43pm CST

NEW YORK — The extent to which it is possible for multinational companies to assemble a global insurance program that satisfies compliance obligations in all relevant jurisdictions is largely a matter of perspective, experts say.

Tort reform advocate says Congress unlikely to reform federal tort law

By: Mark A. Hofmann

Published March 11, 2014 - 11:26am CST

WASHINGTON — Enactment of substantive federal tort reform legislation may be a thing of the past, a prominent tort reform advocate said Tuesday.

Flood insurance bill wins U.S. House passage

Published March 05, 2014 - 8:43am CST

(Reuters) — The House of Representatives, in a rare act of bipartisanship, overwhelmingly passed a bill on Tuesday to protect millions of American homeowners and businesses from dramatic increases in their flood insurance premiums.

NFIP reforms come under political pressure

By: Mark A. Hofmann

Published March 02, 2014 - 6:00am CST

Advocates of reforming the National Flood Insurance Program may have gained some ground last week when the House of Representatives delayed voting on a measure that would roll back reforms approved in 2012.

U.K. government urged to include small businesses in Flood Re insurance program

By: Sarah Veysey

Published March 02, 2014 - 6:00am CST

Business groups and insurers called on the government to change its upcoming nonprofit Flood Re insurance program in the wake of recent widespread flooding across the United Kingdom.

Tax reform plan includes controversial reinsurance tax

By: Mark A. Hofmann

Published February 27, 2014 - 2:50pm CST

A new House tax reform plan has resurrected a controversial reinsurance tax proposal.

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