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U.K. insurer capital won't rise under Solvency II rules

Published January 22, 2015 - 9:37am CST

(Reuters) — European Union rules to keep insurance companies stable will not be an excuse for regulators to ramp up capital requirements for insurers in Britain, a senior Bank of England official said Thursday.

Guernsey insurance regulator licensed 85 new insurers in 2014

By: Sarah Veysey

Published January 21, 2015 - 8:47am CST

The Guernsey Financial Services Commission, the island’s insurance regulator, on Wednesday said it licensed 85 new international insurers during 2014.

Insurers prepared for international regulatory changes: Fitch

By: Sarah Veysey

Published January 20, 2015 - 12:40pm CST

The implementation of Solvency II capital requirements and other international regulatory changes is unlikely to hurt the financial strength ratings of insurers, Fitch Ratings Ltd. said in a report issued Tuesday.

2015 legislative and regulatory agenda is a mixed bag

By: Mark A. Hofmann

Published January 18, 2015 - 6:00am CST

No issue dominates this year's legislative and regulatory agenda of the risk management and property/casualty insurance community as reauthorization of the federal terrorism insurance backstop did even several weeks ago.

TRIA's temporary lapse sparks interest in private coverage of terrorism risks

By: Matthew Lerner

Published January 18, 2015 - 6:00am CST

The temporary lapse of the federal terrorism reinsurance backstop has spurred growth in the stand-alone market, with greater buyer interest in purchasing private insurance and more insurers offering private coverage of the risk.

Risk managers, insurers turn focus to making terrorism backstop permanent

By: Mark A. Hofmann

Published January 18, 2015 - 6:00am CST

Now that the federal government's terrorism insurance backstop has been extended through 2020, supporters are refocusing on what should be done before Congress deals with reauthorization again.

President Obama signs TRIA extension bill into law

By: Mark A. Hofmann

Published January 13, 2015 - 9:17am CST

President Barack Obama has signed into law legislation extending the federal terrorism insurance backstop through Dec. 31, 2020.

Insurer MetLife plans to sue U.S. regulators over tougher rules

Published January 13, 2015 - 8:36am CST

(Reuters) — MetLife Inc. said it would file a lawsuit Tuesday against regulators subjecting it to tougher oversight, challenging their verdict that the firm harbors enough risk to bring down the financial system in a crisis.

Senate approves federal terrorism insurance backstop

By: Mark A. Hofmann

Published January 08, 2015 - 2:16pm CST

The Senate on Thursday followed the House of Representatives’ lead by approving legislation that would reinstate the federal terrorism insurance backstop through the end of 2020.

Insurance, business leaders urge Senate action on TRIA renewal

By: Mark A. Hofmann

Published January 08, 2015 - 9:45am CST

A broad coalition of business and insurance groups has written the Senate urging swift passage of the Terrorism Risk Insurance Program Reauthorization Act of 2015.

House passes bill to extend terrorism insurance backstop through 2020

By: Mark A. Hofmann

Published January 07, 2015 - 2:39pm CST

Moving quickly after the federal terrorism insurance program expired on Dec. 31, 2014, the House of Representatives on Wednesday overwhelmingly approved a bill to extend the terrorism insurance backstop until the end of 2020.

House could vote this week on TRIA reauthorization

By: Mark A. Hofmann

Published January 06, 2015 - 10:35am CST

Insurance industry groups are hailing House of Representatives leaders' stated intention to move swiftly on legislation that would reinstate the federal government's terrorism insurance backstop program.

India's Modi orders insurance reforms after stymied by parliament

Published December 29, 2014 - 9:14am CST

(Reuters) — Indian Prime Minister Narendra Modi resorted to a rarely used executive decree on Wednesday to implement insurance reforms, displaying his resolve to revamp Asia's third-largest economy despite political opposition in parliament.

TRIA expiration 'credit negative' for property/casualty industry: Moody's

By: Mark A. Hofmann

Published December 23, 2014 - 10:14am CST

The Dec. 31 expiration of the federal government's terrorism insurance backstop program is “credit negative” for the U.S. property/casualty insurance industry, Moody's Investors Service Inc. said in a report released Tuesday.

TRIA reauthorization supporters pin their hopes on the next Congress

By: Mark A. Hofmann

Published December 21, 2014 - 6:00am CST

Supporters of the federal terrorism insurance backstop are guardedly optimistic the next Congress will take up reauthorization of the program shortly after it convenes next month.

Senate's failure to reauthorize TRIA sends shockwaves through insurance sector

By: Matthew Lerner

Published December 21, 2014 - 6:00am CST

The failure of the U.S. Senate last week to enact legislation extending the federal government's terrorism insurance backstop beyond its year-end expiration sent shockwaves through the insurance sector.

Rating agencies take calm approach to TRIA expiration

By: Mark A. Hofmann

Published December 19, 2014 - 11:01am CST

The lapse of the federal governments' terrorism insurance backstop program is unlikely to have any short-term impact on the ratings of insurance companies, according to rating agencies.

MetLife says U.S. regulators declared it 'systemically' important

Published December 19, 2014 - 8:57am CST

(Reuters) — U.S. regulators have declared insurer MetLife Inc. so big that its failure could destabilize financial markets, a designation that brings extra regulation.

Louisiana to cut workers compensation insurance rates by 2.4%

By: Stephanie Goldberg

Published December 17, 2014 - 1:15pm CST

Louisiana businesses will see a 2.4% cut in workers compensation insurance rates as of May 1, 2015, according to the state's insurance department.

Backlash expected from Senate's inaction on terrorism insurance backstop

By: Matthew Lerner

Published December 17, 2014 - 1:10pm CST

The failure of the Senate to vote on legislation extending the federal terrorism insurance program, will likely reverberate quickly through the insurance industry and the entire U.S economy, according to observers.

TRIA dead for 2014 as Senate fails to reauthorize

By: Mark A. Hofmann

Published December 17, 2014 - 9:18am CST

The federal terrorism insurance backstop will expire Dec. 31 after the Senate failed to reauthorize it Tuesday.

Missouri insurance department recommends 4.4% 2015 comp rate decrease

By: Sheena Harrison

Published December 16, 2014 - 11:07am CST

The Missouri Department of Insurance has recommended a 4.4% decrease in advisory workers compensation rates for 2015.

Texas risk management office names Todd Holt deputy executive director

By: Shelby Livingston

Published December 15, 2014 - 1:23pm CST

The Texas State Office of Risk Management has named L. Todd Holt as deputy executive director, effective Jan. 5.

Business, insurance leaders urge approval of terrorism insurance backstop extension

By: Mark A. Hofmann

Published December 15, 2014 - 10:47am CST

A group of insurance and business associations has sent a letter asking that the Senate approve without amendment a House measure that would extend the federal government's terrorism insurance backstop for six years.

Senator slams House insurance bill over Dodd-Frank changes

Published December 11, 2014 - 11:25am CST

(Reuters) — Democratic Sen. Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra provisions.

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