Articles by Andrew G. Simpson

With Premium Refunds in Process, Washington Criticism of Flood Insurance Ebbs

Insurance agent, insurance carrier and real estate lobbyists praised federal regulators in charge of the National Flood Insurance Program (NFIP) last week on Capitol Hill, agreeing that the process of issuing flood insurance premium refunds and restoring premium subsidies is …

Financial Firms Want More Time to Review U.S. Consumer Complaint Proposal

The federal government is proposing a new policy that would allow consumers to publicly post their complaints about consumer financial products and services. Under the proposal by the Consumer Financial Protection Bureau (CFPB), consumers would have the option to share …

NAIC Hiring Consultant to Review Its Decision-Making, Governance

The national organization for state insurance regulators, which has been telling federal and international regulators how they should govern the industry, has decided to engage a consultant to audit its own governance and policy-making practices. The National Association of Insurance …

Senate Passes TRIA Renewal with Broker Licensing Provision

In a 93-4 vote, the Senate today passed the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244 ) that extends the federal reinsurance program for seven years. In addition to extending the Terrorism Risk Insurance Act (TRIA) for …

North Carolina Senate Approves Moped Insurance Bill

The North Carolina Senate has passed a bill which requires moped drivers to register their vehicles with the state and carry insurance. The vote was 36-11. It remains to seen if the House will go along. The House measure passed …

North Carolina Hearing on 25% Homeowners Hike Moved to October

North Carolina’s insurance commissioner has postponed until October a hearing into a request by homeowners insurance companies to raise rates by an average of 25 percent statewide. Commissioner Wayne Goodwin said the public hearing to be held in Raleigh has …

NAIC Hiring Consultant to Review Its Decision-Making, Governance

The national organization for state insurance regulators, which has been telling federal and international regulators how they should govern the industry, has decided to engage a consultant to audit its own governance and policy-making practices. The National Association of Insurance …

Arthur Damage Assessments Underway in North Carolina

Hurricane Arthur made landfall before midnight on July 3 near Cape Lookout, North Carolina, as a Category 2 hurricane. Maximum sustained winds at landfall were 100 mph, according to the National Hurricane Center. State officials said no casualties have been …

Litigation Financing Firm Exits Tennessee As New Law Goes Into Effect

A litigation funding firm said it is leaving Tennessee as the state now requires firms like his to register and regulates their business of loaning money to consumers bringing lawsuits. Illinois-based Oasis Legal Finance, one of the country’s largest consumer …

House Committee Approves TRIA Renewal Bill with NARAB Amendment

The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer …