President Barack Obama and other Democrats say they have the 60 votes necessary to pass financial services reform legislation.

A U.S. Senate and House conference committee on financial services regulatory reform agreed early today (June 25) on a bill that would avoid duplication between state and federal insurance regulation.

The National Association of Insurance Commissioners is expressing its support for portions of U.S. House and Senate financial reform bills that preserve state-based insurance regulation.

When Washington lobbyists were predicting that Sen. Chris Dodd’s retirement announcement spelled the end of financial services reform, I opined in an article I wrote for Captive Review that they were dead wrong. My theory was that with health insurance reform taken care of and no fundraising to worry about, Dodd had only this to focus on. With the help of New England Republicans-In-Name-Only, I was vindicated—his bill, S. 3217, now awaits reconciliation with its House counterpart, H.R. 4173.

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

The House Financial Service Committee approved a bill creating a federal insurance office. The office, to be run by the U.S. Treasury Department, would provide information to Congress on insurance matters, as well as work on global insurance initiatives.

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.