Insurance News

Posts Tagged ‘Regulation

Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said Monday.

Richard Shelby, the top Republican on the powerful Senate Banking Committee, said lawmakers must revisit the legislation enacted this summer, which is the broadest overhaul of financial rules since the Great Depression.

“The Read the rest of this entry »

The magnitude of the financial crisis was such that a reciprocal response from regulators around the world is hardly a surprise. The most recent sigma study from Zurich-based Swiss Re, “Regulatory Issues in Insurance,” takes a look at this response around the globe.

Paradoxically, much of regulations bandied in response to the crisis, began gaining acceptance well before it. Most prominent among these is the move toward principles-based Read the rest of this entry »

WASHINGTON (Insurance Headlines) – Republicansabandoned their effort to alter Wall Streetregulatory legislation in a key Senatecommittee yesterday, leaving the fight for the full Senate, and clouding prospects for a bipartisan bill.

Republicans had offered more than 300 amendments to legislation proposed by Senate Banking Committee Chairman Christopher Dodd,but they withdrew them over the weekend. That cleared the way for aquick party-line Read the rest of this entry »

California?s Insurance Commissioner said next month he will take regulatory steps against insurers with investments in firms with Iranian connections that could lower their capital and surplus levels.

The move by Commissioner Steve Poizner, which could possibly hurt company financial-strength ratings, came as surprise to an insurers group, which stressed that no insurers have broken any state or federal laws and none have any direct Read the rest of this entry »

Credit rating agencies, accused of assigning top ratings to shoddy securities, would be exposed to greater liability under a wide-ranging financial services reform bill released by a leading U.S. senator.

The draft bill unveiled last Tuesday would give investors an easier way to sue firms like Moody’s Corp., Standard & Poor’s and Fitch Ratings, if they knowingly and recklessly failed to investigate or obtain analysis from an independent Read the rest of this entry »

WASHINGTON (Dow Jones)–The insurance industry is seeking changes to legislation to create the new Consumer Financial Protection Agency that would prevent insurers from being swept into the agency’s purview.

Thirteen insurance trade groups, in a letter to key lawmakers, asked to exclude mortgage, title and credit insurance from the agency’s oversight. They also want lawmakers to tighten legislative language they fear will place certain Read the rest of this entry »

WASHINGTON—The issue of federal insurance regulation no longer can be swept “under the rug,” an influential congressman said during a Tuesday hearing on Capitol Hill.

Noting that the Obama administration is expected to unveil its plan to enhance government oversight of financial markets on Wednesday, “it also appears likely that we will soon consider reforms aimed at mitigating systemic risk,” Rep. Paul E. Kanjorski, D-Pa., chairman Read the rest of this entry »

Dozens of state insurance regulators have descended on Congress, to urge that any federal insurance regulatory reforms should keep in place and build on the existing state-based regulation model.

The nation’s state-based regulatory system, the regulators said in a statement, “has remained a constant in an otherwise erratic economic climate.”

Joining the National Association of Insurance Commissioners pilgrimage to Capitol Hill Read the rest of this entry »

The following statement can be attributed to NAMIC’s Vice President of Federal and Political Affairs Jimi Grande.

“The National Association of Mutual Insurance Companies (NAMIC) commends Subcommittee Chairman Paul Kanjorski, D-Pa., and Ranking Member Scott Garrett, R-N.J., in holding today’s hearing on the role of the federal government in the future of insurance regulation. It is critical that Congress carefully craft this role to Read the rest of this entry »

WASHINGTON ? The National Association of Mutual Insurance Companies (NAMIC) voiced its opposition to new legislation creating a federal Office of National Insurance introduced today by Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif.

The proposal would create within the U.S. Treasury Department an ONI with the authority to organize, incorporate, operate, regulate, and supervise national insurers, agencies, and producers. This new office Read the rest of this entry »