Latest Legislation Headlines
All the headlines from our Legislation Topic Page, ordered by recency.
Congress Considers Disaster Legislation to Alleviate Coastal Insurance Crisis
Nov 18 2007 // House passes measure opposed by Bush and insurance industry remains at odds on best solution Disaster legislation is hot on the minds of congressional leaders this month as a handful of bills made their way to both the...
Residential Woes Continue Over EIFS
Nov 18 2007 // ‘Synthetic stucco’ still difficult insurance market for contractors despite changes The use of the exterior insulation finishing system (EIFS), also referred to as “synthetic stucco,” in...
Senate Approves Terrorism Backstop Extension
Nov 16 2007 // The Senate today passed the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007, legislation that will extend the federal terrorism insurance backstop. The current federal terrorism reinsurance program...
Mich. Senate: Lawmakers Must Work Longer for Health Benefits at 55
Nov 15 2007 // MIchigan Lawmakers no longer would get full health care coverage in retirement for just six years of work under legislation recently approved in the state Senate. After serving six years, current legislators get 90 percent...
DCBS Taps Kipper To Lead Ore. Insurance Division
Nov 15 2007 // The Oregon Department of Consumer and Business Services has named Scott Kipper administrator of its Insurance Division, DCBS Director Cory Streisinger announced. Kipper replaces Joel Ario, who left in July to become...
Agents Tell Treasury Financial Regulation Study Questions Biased
Nov 15 2007 // A notice published in the Federal Register seeking comments for a broad Treasury Department review of financial regulation is biased in favor of federal regulation of insurance and foreign business entities, according to...
Circuit Court Ruling Strikes Down Illinois’ Medical Liability Reform Law
Nov 14 2007 // A Cook County, Ill., Circuit Court ruling yesterday that strikes down the state’s 2005 medical liability reform law by calling the caps on non-economic damages for medical malpractice lawsuits unconstitutional is...
Bill Would Provide Incentives for States to Enforce Stronger Building Codes
Nov 14 2007 // States that already have a mandatory statewide building code and have enforcement measures in place would be eligible for an additional 4 percent of federal disaster relief funds under recently introduced federal...
Senate Bills Offer Tax Credits, Loans to Help Property Owners Hit by Disasters
Nov 13 2007 // Saying he believes that immediate assistance is needed for those living near coastal areas who are grappling with skyrocketing property insurance premiums, Senator Chris Dodd, D-Conn., chairman of the Senate Banking,...
Reinsurers Blast Federal Disaster Backup Plan Advancing in Congress
Nov 12 2007 // The nation’s reinsurance industry is criticizing Congressional natural disaster legislation as raising false hopes about addressing the homeowners insurance market in areas prone to hurricanes, at the expense of U.S....
Houses Passes Federal Disaster Insurance Measure Opposed by Bush
Nov 9 2007 // A day after a similar bill was introduced in the Senate, the House of Representatives passed federal legislation to help hurricane and disaster-prone states make property insurance more readily available to residents...
Mich. Senate Panel Votes to Change Lawmakers’ Health Care, Pay
Nov 8 2007 // A Michigan state Senate panel on Tuesday voted to change health care benefits for future lawmakers when they retire. After working six years, current lawmakers qualify to get 90 percent of their health care covered once...
Lloyd’s Counsel Decries ‘Red Herring’ Objections to Collateral Reform
Nov 8 2007 // Sean McGovern, Lloyd’s Director and General Counsel, accused the opponents of reforming the U.S. collateral trust rules on reinsurance of introducing the “latest red herring” into the debate. In a...
Will Mass. Give Thanks for Managed Competition or Rate It a Turkey?
Nov 7 2007 // Massachusetts has three dates coming up that could be turning points in determining who gives thanks for the state’s new managed competition auto insurance system and who rates it a turkey. Insurance Commissioner...
Defeat for Insurance Industry; Wash. Voters Approve Referendum 67
Nov 7 2007 // Much to many insurance companies’ dismay, Washington voters approved Referendum 67 yesterday, with 520,667 or 57 percent of voters in favor of the initiative to allow insureds to collect triple damages if their...
S&P Examines Europe’s Insurers Exposure to ‘Credit Crunch’
Nov 6 2007 // Standard & Poor’s has published an “Industry Report Card” on Europe’s insurers, which examines their situation “in the aftermath of the subprime credit crunch,” the findings of an...
Florida Regulator Approves Citizens New Multi-Peril Program
Nov 6 2007 // The Florida Office of Insurance Regulation approved a new multi-peril commercial non-residential insurance program for Citizens Property Insurance Corp. The new multi-peril product provides up to $2.5 million in coverage....
N.Y. Insurance Department Advances First Principles-Based Regulation
Nov 5 2007 // New York Insurance Superintendent Eric Dinallo today released a draft regulation that he says would make the New York Insurance Department the first in the nation to establish principles-based regulation. The draft...
Transitions … from judge to regulator, from regulated to competition
Nov 4 2007 // Massachusetts Insurance Commissioner Nonnie Burnes has taken on the minefield of private passenger auto insurance, overseeing a transition from a highly-regulated rating system to one under which insurance companies are to...
Editor’s Note: In agents’ hands
Nov 4 2007 // More members of Congress hail from backgrounds as state legislators than any other occupation. This means that the exposure of these former state-turned-federal lawmakers to insurance issues typically involved auto...
