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Marsh & McLennan CEO Daniel Glaser tapped to lead Federal Advisory Committee on Insurance

By: Mark A. Hofmann

Published August 17, 2014 - 6:00am CST

WASHINGTON — The Federal Advisory Committee on Insurance has been one of the lowest-profile panels in Washington, but that could change in the coming months.

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

Published August 15, 2014 - 3:30pm CST

(Reuters) — Insurer American International Group Inc. is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Industry welcomes bills to clarify NRRA's application to captive insurers

By: Rodd Zolkos

Published August 13, 2014 - 11:20am CST

BURLINGTON, Vt. — The president of the Vermont Captive Insurance Association is “cautiously optimistic” about the chances for bills in Congress aimed at clarifying the federal Non-Admitted Reinsurance Reform Act as it relates to captive insurance.

E.U. executive wants to beef up bloc's financial watchdogs

Published August 08, 2014 - 9:03am CST

(Reuters) — The European Union's trio of new financial watchdogs should have more powers over banks, insurers and markets to ensure national regulators apply E.U. rules, the bloc's executive body said on Friday in a review that may raise hackles in Britain.

Texas adopts NCCI workers comp statistical plan

By: Sheena Harrison

Published August 06, 2014 - 1:33pm CST

The Texas Department of Insurance has adopted the NCCI's statistical plan, which it will use as the basis of state collection of workers compensation statistics and data starting next year.

White House, insurers partner on building resillience to catastrophes

By: Mark A. Hofmann

Published August 03, 2014 - 6:00am CST

A new and ongoing dialogue between the White House and the insurance and reinsurance industries could lead to more effective public/private partnerships to promote resilience in the face of severe weather events, according to participants.

National insurance broker licensing effort gaining support

By: Mark A. Hofmann

Published August 03, 2014 - 6:00am CST

The elusive goal of establishing the National Association of Registered Agents and Brokers, a nonprofit organization to streamline the licensing of insurance agents and brokers outside their home state, finally may be within reach.

U.K. insurance buyers laud changes in Marine Insurance Act 1906

By: Sarah Veysey

Published August 03, 2014 - 6:00am CST

Proposed changes to the United Kingdom's century-old insurance contract law will prompt underwriters to review their business practices and policy wordings and should eliminate claims denials due to inadvertent buyer errors.

Workers comp rate decrease of 5.5% proposed for Illinois

By: Sheena Harrison

Published July 31, 2014 - 9:43am CST

The National Council on Compensation Insurance Inc. has proposed a 5.5% decrease in Illinois workers compensation advisory rates next year, Illinois Gov. Pat Quinn announced Wednesday.

Both House, Senate TRIA bills, place more liability on insurers: Report

By: Rodd Zolkos

Published July 21, 2014 - 3:13pm CST

While bills introduced in the U.S. Senate and House of Representatives to extend the federal terrorism backstop mark progress towards that goal, both would raise the insurance industry’s liability following a terrorist attack.

Captive insurers stick with E.U. domiciles despite impending Solvency II rules

By: By Sarah Veysey

Published July 20, 2014 - 6:00am CST

Captive insurers are making good progress in preparing for Solvency II and are defying predictions that they would leave the European Union for domiciles where the risk-based capital rules will not apply.

Insurance industry welcomes Senate approval of seven-year TRIA extension

By: Mark A. Hofmann

Published July 17, 2014 - 12:54pm CST

Insurers and other industry groups are welcoming Thursday's 93-4 Senate vote to extend the federal terrorism insurance backstop for seven years.

SEC official vows to defend agency from Fed encroachment

Published July 15, 2014 - 1:59pm CST

(Reuters) — A member of the U.S. Securities and Exchange Commission is vowing to defend the regulator's turf against what he said is growing encroachment by the Federal Reserve and a council of financial regulators on everything from asset manager regulation to high-speed trading.

IN FOCUS Video: Property/Casualty Insurance Lobbyists

Published July 08, 2014 - 3:56pm CST

In our latest video report, we speak with several top lobbyists for the property/casualty insurance industry and find out what key issues are currently their top priorities on Capitol Hill.

Insurance, business groups urge House not to hike TRIA trigger

By: Mark A. Hofmann

Published July 08, 2014 - 12:27pm CST

A group of insurer and other trade associations has sent a letter to the House of Representatives expressing concern over the increased size of the so-called “trigger” in a House measure that would reauthorize TRIA for five years.

U.K. underwriters face regulatory and reform pressures: IUA survey

By: Sarah Veysey

Published July 07, 2014 - 10:44am CST

The three most pressing issues facing underwriters in the London company insurance market are regulation by the U.K. Financial Conduct Authority and Prudential Regulatory Authority, reform of U.K. insurance contract law and international trade sanctions, according to a survey of members of the International Underwriting Association.

E.U. to consider financial industry tax to fund watchdogs

Published June 24, 2014 - 10:56am CST

(Reuters) — The European Union's markets, banking and insurance watchdogs could be funded by a levy on the organizations they supervise in an attempt by the bloc's executive body to save taxpayers money.

U.S. watchdogs may refuse to apply global insurance capital rules

Published June 24, 2014 - 9:15am CST

(Reuters) — The United States may refuse to apply new global capital rules in the world's biggest insurance market because of the "breakneck speed" they are being pushed through, American regulators said on Monday.

Design flaws in New York university can be split into two separate claims: Court

By: Judy Greenwald

Published June 23, 2014 - 4:56pm CST

Two design flaws in construction of a City University of New York building entitle the building's owner, the Dormitory Authority of the State of New York, to two separate limits of liability, says an appeals court, in upholding a lower court ruling that the two claims were unrelated.

Insurance industry prefers Senate version of TRIA reauthorization bills

By: Mark A. Hofmann

Published June 22, 2014 - 6:00am CST

Differences between House and Senate bills that would reauthorize the federal government's terrorism insurance backstop appear to be resolvable before the program expires Dec. 31.

House committee approves TRIA program extension bill

By: Mark A. Hofmann

Published June 20, 2014 - 10:28am CST

Insurance groups are hailing the House Financial Services Committee's approval Friday morning of a bill that would extend the federal government's terrorism insurance backstop for five years.

Big insurers may escape regulators' systemic list: Watchdog

Published June 19, 2014 - 9:42am CST

(Reuters) — Global insurers deemed by regulators as likely to destabilize the financial system should they fail could find a way of removing themselves from the list, such as by simplifying themselves, a German watchdog said.

TRIA program uncertainty weighs on terrorism insurance market: Report

By: Mark A. Hofmann

Published June 18, 2014 - 10:39am CST

The U.S. terrorism insurance market continues to be “challenged” by uncertainty over whether the federal government's terrorism insurance backstop will be extended, according to a report issued Wednesday by Guy Carpenter & Co. L.L.C.

House discussion draft calls for TRIA extension through 2019

By: Mark A. Hofmann

Published June 12, 2014 - 2:46pm CST

A House legislative discussion draft calls for reauthorizing the federal government's terrorism insurance backstop program through the end of 2019.

Treasury hasn't collected enough insurer data to say if TRIA goals met: GAO

By: Mark A. Hofmann

Published June 11, 2014 - 2:47pm CST

The U.S. Treasury Department is not collecting enough data from insurers to determine whether the goals of the federal government's terrorism insurance backstop program are being met, according to a new GAO report.

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