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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.

Insurance buyers in major cities have much riding on TRIA extension: Analysis

By: Mark A. Hofmann

Published June 11, 2014 - 11:41am CST

Failure to extend the federal government's terrorism insurance backstop program would affect “virtually every property owner or business” in major metropolitan areas that wish to or must carry terrorism insurance, according to an analysis released Wednesday by Moody's Investors Service Inc.

Senate passes bill to renew TRIA, but final outcome is still unclear

By: Mark A. Hofmann

Published June 08, 2014 - 6:00am CST

A key U.S. Senate panel's unanimous approval of a bill to extend the federal terrorism insurance backstop by seven years should speed the reauthorization process in the full Senate, supporters of the legislation contend.

Airmic database covers top 30 countries

By: Sarah Veysey

Published June 08, 2014 - 6:00am CST

Global insurance programs' regulatory compliance has long been a preoccupation of risk managers in the United Kingdom, said Paul Hopkin, technical director of London-based Airmic Ltd., prompting the U.K. risk management association to launch a database of insurance regulations around the world.

U.S. Senate OKs adjusting capital rules for insurers

Published June 04, 2014 - 9:06am CST

(Reuters) — The U.S. Senate has approved a bill tweaking the 2010 Dodd-Frank law’s treatment of insurers, a rare adjustment to the Wall Street reform law that had been sought by the industry.

S&P questions value of systemic designation for international insurers

By: Mark A. Hofmann

Published June 03, 2014 - 1:29pm CST

The merits of the global systemically important insurer designation — G-SII — assigned to nine international insurers by the Financial Stability Board are not clear, according to an analysis released Tuesday by Standard & Poor’s Corp. in London.

Senate committee approves TRIA extension bill

By: Mark A. Hofmann

Published June 03, 2014 - 11:20am CST

The Senate Banking, Housing and Urban Affairs Committee has unanimously approved a measure that would extend the federal terrorism insurance backstop by seven years.

U.S. Federal Reserve hires official to oversee AIG, Prudential

Published June 02, 2014 - 3:00pm CST

(Reuters) — The U.S. Federal Reserve has hired a former state insurance commissioner to help it oversee nonbank financial firms that a council of regulators identified for tougher scrutiny last year.

Terrorism Risk Insurance Act renewal bill set for June 3 vote

By: Jerry Geisel

Published May 30, 2014 - 3:20pm CST

The Senate Banking Committee is scheduled to vote June 3 on legislation to renew the Terrorism Risk Insurance Act.

Reinsurance group backs Senate bill on private flood insurance

By: Matthew Lerner

Published May 29, 2014 - 4:19pm CST

The Reinsurance Association of America has thrown its weight behind U.S. Senate legislation aimed at fostering growth for private-market flood insurance, the association said Thursday.

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