The U.S. House of Representatives is taking a proactive step to approve another short-term extension of the National Flood Insurance Program (NFIP) rather than let it expire, as it has done twice in recent months.

Regulatory reform is the top issue in the 2010 Congressional session for the property-casualty industry, according to one trade group.

A long-term solution to the National Flood Insurance Program will have to wait until 2010, after the latest extension by Congress.

Still questioning the need for a federal regulator of insurance amid strong state-based oversight, the National Association of Insurance Commissioners is praising lawmakers for amendments to a bill establishing a Federal Insurance Office.

Senate Democrats have unveiled a comprehensive financial reform bill, calling for “responsibility and accountability” in the financial sector through several provisions, including those affecting the insurance industry.

Calling its extension “a temporary fix,” the Independent Insurance Agents & Brokers of America is nonetheless commending the House for voting to extend the National Flood Insurance Program.

Maxine Waters …  Read →

Congress is weighing another extension to the National Flood Insurance Program, which is set to expire Sept. 30.

Maxine Waters

U.S. House Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-Calif.) …  Read →

Insurance companies, including auto, home, business and life insurers, contributed more than $35.7 million to members of Congress over the last two election cycles, with an emphasis on those involved …  Read →

The head of the Property Casualty Insurers Association of America said the group supports the Obama Administration’s stance on omitting wind coverage from the National Flood Insurance Program.

Department of Homeland …  Read →

American International Group has asked those receiving $165 million in retention bonuses to return half if not all of the money, but fears the effects, according to company CEO Edward …  Read →