Category: U.S. Congress

  U.S.-based insurers are extending operations in emerging markets around the world, and a growing number expect to generate 40 percent or more of revenue from outside the United States in coming years.  In addition, many well-known insurers in the …

  Federal Insurance Office Director Michael McRaith, along with Pennsylvania Insurance Commissioner Michael Consedine, U.S. Senator Neil Breslin (NY) and Federal Reserve Division of Banking Supervision and Regulation Senior Advisor Thomas Sullivan will be panelists tomorrow, November 18, 2014, at …

  Today, July 17, 2014, the United States Senate approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014 (“TRIA”), by a strong bipartisan vote of 93-4.  This bill extends the existing TRIA program for seven years while …

  Virtual currencies–digital representations of value that are not government-issued–have grown in popularity in recent years.  This was underscored by an Internal Revenue Service March 2014 declaration that virtual currencies will now be treated as property for U.S. federal taxation …

  Given the federal government’s fiscal exposure should the Terrorism Risk Insurance Act (“TRIA”) be re-authorized beyond 2014, the U.S. Government Accountability Office (“GAO”) was asked to review the TRIA program, on which it issued a report yesterday, June 11, …

  The U.S. Senate Committee on Banking, Housing and Urban Affairs (“Committee”) unanimously approved S. 2244, also known as the “Terrorism Risk Insurance Program Reauthorization Act of 2014” (“TRIA”), during a markup hearing today, June 3, 2014.  The bill extends …

  The U.S. House Committee on Financial Services’ Housing and Insurance Subcommittee (“Subcommittee”) reviewed five legislative proposals addressing domestic insurance issues yesterday, May 20, 2014, during a hearing entitled “Legislative Proposals to Reform Domestic Insurance Policy.” The one-panel hearing included …

  Limiting federal fiscal exposure to severe weather events has become a growing challenge, inasmuch as responsibility for actions that enhance disaster resilience rests largely outside the federal government, U.S. Government Accountability Office (“GAO”) Homeland Security and Justice Acting Director …

  The Federal Emergency Management Agency (“FEMA”) has yet to fully address certain administrative recommendations relating to the National Flood Insurance Program (“NFIP”) that have been noted in the past by the U. S. Government Accountability Office (“GAO”), the GAO …

The U.S. Senate has passed the House flood insurance relief bill today, March 13, 2014, according to Insurance Journal. The bill restores “grandfathering” of policies located in communities with new flood maps, among other provisions. The Senate had passed its …