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George A. (Shad) Steadman, chairman of The Council of Insurance Agents & Brokers, urged Congress on Tuesday to take a major step toward modernizing the insurance regulatory system by adopting legislation to provide a uniform approach to regulating the commercial surplus lines market.    In testimony before the Senate Banking Committee during a broad hearing… Continue reading CIAB Urges Quick Senate Action on Surplus Lines Reform

The Independent Insurance Agents & Brokers of America (the Big “I”), the nation’s largest insurance association, testified on Tuesday before a hearing of the Senate Committee on Banking, Housing and Urban Affairs on insurance regulation.     Tom Minkler, an independent agent from New Hampshire, chairman of the IIABA government affairs committee and a recently… Continue reading IIAA Supports Modernized State Insurance Regulatory System, Opposes OFC

New Jersey Banking and Insurance Commissioner Steven M. Goldman, testified on Tuesday on behalf of the National Association of Insurance Commissioners (NAIC) regarding the strength and effectiveness of the state-based system of insurance regulation.     “In addition to successfully protecting consumers, state insurance officials have proven to be adept stewards of a vibrant, competitive… Continue reading NAIC Also Weighs In at Senate Hearing, Touts State Insurance Regulatory Successes

Gov. Marc Racicot, president of the American Insurance Association (AIA), yesterday commended the U.S. Senate Banking Committee for holding a hearing to focus on the state of the insurance industry and examine its current regulatory and oversight structure.    Gov. Racicot’s statement follows:    “AIA is a long-time advocate of an optional federal charter in… Continue reading AIA Commends Senate for Focus on Insurance Regulation, Advocate of OFC

The Property Casualty Insurers Association of America (PCI) renewed its call for reforming the state-based insurance regulatory system based on sound principles of regulation and preserving the prerogatives of the states. However, it also recognized that many states have not made sufficient reforms and that much work is needed to modernize and streamline the existing… Continue reading PCI Calls for Sound Principles in Insurance Regulation at Hearing

Hurt by a steep slide in demand for credit ratings for structured products in the year-long credit crisis, Moody’s Corp, the parent of Moody’s Investors Service, on Wednesday said second-quarter profit fell 48 percent.     Net income declined to $135.2 million, or 54 cents a share, from a record $261.9 million, or 95 cents,… Continue reading Moody’s Second-Quarter Profit Fell Forty-Eighty Percent

U.S. President George W. Bush on Wednesday signed into law a rescue package that includes emergency backstops for mortgage financing companies Fannie Mae and Freddie Mac in an effort to address the housing crisis. Despite opposition to a provision that offers $4 billion in grants to states to buy and repair foreclosed homes, Bush reversed… Continue reading Housing Rescue Plan Signed Into Law

A.M. Best Co. has assigned a debt rating of “bbb” to $500 million equity security units of XL Capital Ltd (Cayman Islands) [NYSE: XL]. The rating has been placed under review with negative implications. All other ratings of XL Capital Ltd and its subsidiaries are unaffected and remain under review with negative implications. Proceeds from… Continue reading A.M. Best Assigns Rating to XL Capital Ltd’s Equity Security Units

Proposed legislation that started out as a bill to create an insurance information office has been changed to enable federal regulation of insurance, according to the National Association of Professional Insurance Agents (PIA). When H.R. 5840, the innocuous-sounding Insurance Information Act of 2008, was introduced earlier this year, its supporters said it was simply an… Continue reading PIA Calls Proposed Federal Insurance Regulation Bill Misleading

On Monday, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co., announced that they will begin issuing so-called covered bonds, a popular method of financing in Europe that could make more mortgage financing available in the U.S and help in reinvigorating the housing market.     The move… Continue reading Banks to Issue Covered Bonds to Broaden Mortgage Financing Availability