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National Underwriter Property And Casualty Insurance News.

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ARTHUR D. POSTAL
Washington Bureau Chief

apostal@nuco.com

Arthur D. Postal is Washington Bureau Chief for National Underwriter.  He has covered financial services regulation in Washington since 1986, writing and editing newsletters on regulation, legislation and legal issues involving banks, insurance companies, investment banks, mortgage companies, credit unions and mutual funds. For more than two decades, he has provided in-depth coverage of Congress, the Treasury Department, the White House and other government agencies. Prior to joining NU in 2004, he was Washington bureau chief of American Banker Newsletters, a Thomson company, for four years. He has worked in financial journalism since 1968, when he was a financial writer and editor with the Rochester Democrat & Chronicle. He was also financial editor with a major daily and Sunday newspaper in Baltimore from 1978 to 1986.

Articles by ARTHUR D. POSTAL
Industry, Taylor React To 'Compromise' Senate Wind vs. Water Bill
July 29, 2010
Legislation introduced in the Senate today that would split the difference on wind vs. water claims after a hurricane appears to be generating little support within the property and casualty insurance industry....
Fate Of Taylor NFIP Wind Bill Unclear; Compromise Bill Surfaces
July 28, 2010
As Rep. Gene Taylor, D-Miss., continues to lobby the House for his bill adding wind to the National Flood Insurance Program (NFIP), another bill in the Senate seeks a compromise to settle the “wind vs. water” issue.As Rep. Gene Taylor, D-Miss., continues to lobby the House for his bill adding wind to the National Flood Insurance Program (NFIP), another bill in the Senate seeks a compromise to settle the “wind vs. water” issue....
25 House Members Go To Bat For Agents On Future Health Care Role
July 27, 2010
Twenty-five members of the House have asked federal health regulators to ensure a role for licensed insurance agents in the web portal that will be used to aid consumers in comparing coverage options.Twenty-five members of the House have asked federal health regulators to ensure a role for licensed insurance agents in the web portal that will be used to aid consumers in comparing coverage options....
Focus Shifts To Regulation Writing, Implementation On Fin’l Reform Law
July 26, 2010
President Barack Obama signed financial services reform into law last week, setting in motion an intense effort by interested parties to shape the regulations and government bodies that will implement the legislation to their liking....
Insurers Blast Flood Bill Over Concurrent Causation
July 26, 2010
The House passed a five-year extension of the National Flood Insurance Program, but a concurrent causation amendment is prompting fierce industry opposition, and it is unclear whether the Senate will even take up the measure this year....
European Trade Group President, Chubb Exec Spar On Foreign Tax
July 26, 2010
Disallowing the tax deduction for reinsurance between affiliated entities would have a “detrimental effect on U.S. consumer” and lead to higher insurance premiums, the head of a trade group representing European insurers said.Disallowing the tax deduction for reinsurance between affiliated entities would have a “detrimental effect on U.S. consumer” and lead to higher insurance premiums, the head of a trade group representing European insurers said....
House Rep. Clarifies Surplus Lines Reform Intent To Avoid Delays
July 26, 2010
As regulators prepare to implement the financial services reform legislation, a House member sought to clarify the legislative intent of surplus lines provisions in a recent floor statement. As regulators prepare to implement the financial services reform legislation, a House member sought to clarify the legislative intent of surplus lines provisions in a recent floor statement....
Regulators Ease Agents’ Concerns On Future Health Care Role
July 23, 2010
The National Association of Insurance Commissioners (NAIC) has created a task force to examine ways of ensuring that agents continue to be involved in the health insurance market even after the new health care exchange concept starts in 2014.The National Association of Insurance Commissioners (NAIC) has created a task force to examine ways of ensuring that agents continue to be involved in the health insurance market even after the new health care exchange concept starts in 2014....
Administration Opposes Adding Wind To NFIP As Vote Looms
July 22, 2010
The Obama administration said it opposes legislation that would add wind coverage to the National Flood Insurance Program.The Obama administration said it opposes legislation that will be considered by the House this morning that would add wind coverage to the National Flood Insurance Program....
Agents, RMA Spar Over Cap On Crop Insurance Commissions
July 22, 2010
Agents and underwriters sparred with Agriculture Department (USDA) representatives over agent commission caps put forth as part of the mandated cuts to the federal crop insurance program at a House subcommittee hearing.Agents and underwriters sparred with Agriculture Department (USDA) representatives over agent commission caps put forth as part of the mandated cuts to the federal crop insurance program at a House subcommittee hearing....
President Signs Fin. Svcs. Reform; Insurers Turn Focus To Regs
July 21, 2010
President Obama has signed financial services reform legislation, setting in motion an intense effort by interested parties to shape the regulations that will implement the bill to their liking.President Obama has signed financial services reform legislation, setting in motion an intense effort by interested parties to shape the regulations that will implement the bill to their liking....
‘Scare Tactics’ Decried On Foreign Re Bill
July 19, 2010
Foreign insurers are “using scare tactics” to maintain the status quo. ...
House Clears Bill Reauthorizing NFIP Program For 5 years
July 19, 2010
The House today passed legislation that would provide certainty to the National Flood Insurance Program....
Bill Adding Wind To NFIP Introduced, May Be Discussed This Week
July 19, 2010
The House will likely consider legislation on Thursday that would add wind coverage to the National Flood Insurance Program, a plan opposed by the insurance industry.The House will likely consider legislation on Thursday that would add wind coverage to the National Flood Insurance Program, a plan opposed by the insurance industry....
Surplus Lines Industry Says It Is 'Big Winner' In Fin Reform Bill
July 16, 2010
Surplus lines insurers are big winners in the financial reform bill that Congress believes will prevent another economic meltdown that caused the current Great Recession....
Flood Legislation Tested Legislator's Patience
July 16, 2010
Passage of the National Flood Insurance Program was not without some fireworks on the House floor, as a House Republican tried to delay passage of the bill....
House Denies NFIP Wind Amendment Vote, Angering Rep. Taylor
July 15, 2010
Rep. Gene Taylor, D-Miss., today characterized as “absurd” a decision by House officials not to allow a floor vote on an amendment to the National Flood Insurance Program that would add wind coverage to the program.Rep. Gene Taylor, D-Miss., today characterized as “absurd” a decision by House officials not to allow a floor vote on an amendment to the National Flood Insurance Program that would add wind coverage to the program....
Senate Passes Fin. Svcs. Reform; Bill Goes To President
July 15, 2010
The Senate today passed and sent to President Obama legislation that would make the most sweeping changes to financial services regulation since the Great Depression.The Senate today passed and sent to President Obama legislation that would make the most sweeping changes to financial services regulation since the Great Depression....
House Passes 5-Year NFIP Extension; Industry Objects To Amendment
July 15, 2010
The House today passed legislation that would provide certainty to the National Flood Insurance Program, but an approved controversial amendment drew condemnation from insurer groups, and at least one has withdrawn support for the bill.The House today passed legislation that would provide certainty to the National Flood Insurance Program, but an approved controversial amendment drew condemnation from insurer groups, and at least one has withdrawn support for the bill....
Foreign, Domestic Insurers Square Off In Offshore Tax Testimony
July 14, 2010
Domestic and foreign insurers traded barbs—although the foreign insurers did so anonymously—at a congressional hearing today over whether the U.S. should tighten rules dealing with the ceding of premiums to offshore parent companies by U.S. affiliates.Domestic and foreign insurers traded barbs—although the foreign insurers did so anonymously—at a congressional hearing today over whether the U.S. should tighten rules dealing with the ceding of premiums to offshore parent companies by U.S. affiliates....
Democrats Get 60th Vote For Financial Services Reform
July 13, 2010
Senate Democrats announced that they have the votes to secure passage of financial services reform legislation in the Senate after getting support Monday night from Sen. Olympia Snowe, R-Maine.Senate Democrats announced that they have the votes to secure passage of financial services reform legislation in the Senate after getting support Monday night from Sen. Olympia Snowe, R-Maine....
Berkley Disputes Offshore Tax Report Findings Ahead Of Hearing
July 13, 2010
Authors of a recent study that opposed a proposed tax on offshore reinsurers “don’t have their math right,” according to William R. Berkley, chairman and CEO of the W.R. Berkley Co.Authors of a recent study that opposed a proposed tax on offshore reinsurers “don’t have their math right,” according to William R. Berkley, chairman and CEO of the W.R. Berkley Co....
PIA Letter Urges House Passage Of 5-Year NFIP Extension
July 13, 2010
The National Association of Professional Insurance Agents today urged the leaders of the House to “quickly pass” legislation now expected to be on the floor Thursday that would reauthorize the National Flood Insurance Program for five years.The National Association of Professional Insurance Agents today urged the leaders of the House to “quickly pass” legislation now expected to be on the floor Thursday that would reauthorize the National Flood Insurance Program for five years....
House To Consider Long-Term Flood Program Extension
July 12, 2010
The House leadership is hoping to process as early as Wednesday, legislation that would provide certainty to the National Flood Insurance Program.The House leadership is hoping to process as early as Wednesday, legislation that would provide certainty to the National Flood Insurance Program....
Brown Backs Fin. Svcs. Bill, But Dems Still One Vote Shy
July 12, 2010
Senate Democrats inched closer toward passage of financial services reform legislation today when Sen. Scott Brown, R-Mass., said he would vote for the measure.Senate Democrats inched closer toward passage of financial services reform legislation today when Sen. Scott Brown, R-Mass., said he would vote for the measure....
Foreign Tax Bill Hearing Set For Wed.; Opponents Release Study
July 12, 2010
A Congressional subcommittee will hold a hearing Wednesday on whether Congress should tighten rules dealing with the tax deduction taken by insurers who cede premiums to overseas affiliates, including reinsurers.A Congressional subcommittee will hold a hearing Wednesday on whether Congress should tighten rules dealing with the tax deduction taken by insurers who cede premiums to overseas affiliates, including reinsurers....
House Passes SPILL Act For Oil Rig Victims’ Families
July 06, 2010
The House has passed legislation that allows recovery of noneconomic damages for maritime death victims’ families, starting with the 11 workers that died in British Petroleum’s current oil rig disaster.The House has passed legislation that allows recovery of noneconomic damages for maritime death victims’ families, starting with the 11 workers that died in British Petroleum’s current oil rig disaster....
Financial Services Reform Bill Ready For Final Passage When Senate Returns
July 05, 2010
Financial services regulatory reform legislation establishing a Federal Insurance Office with limited authority was passed last week by the House of Representatives, setting the stage for Senate action after the July 4 recess. ...
Obama Signs Bill Extending Flood Program
July 02, 2010
WASHINGTON—President Obama on Friday morning signed into law an extension of the National Flood Insurance Program until Sept. 30.WASHINGTON—President Obama on Friday morning signed into law an extension of the National Flood Insurance Program until Sept. 30....
P&C Groups Support House-Passed Finance Reform Bill
July 02, 2010
Property and casualty insurance trade groups are voicing general support for financial services reform legislation as passed by the House, especially because it preserves state regulation of insurance.Property and casualty insurance trade groups are voicing general support for financial services reform legislation as passed by the House, especially because it preserves state regulation of insurance....
Crop Insurers Will ‘Withstand’ Severe Subsidy Cuts
July 02, 2010
Crop insurers said late Thursday the industry and the crop insurance program will be able to “withstand” the severe cuts in subsidies imposed on the program by the Agriculture Department....
House Establishes Federal Insurance Office
July 01, 2010
The House took an important step toward reforming financial services industry regulation last night, passing legislation that would for the first time establish a federal office designed to deal with insurance activities....
Senate Passes Extension For NFIP
July 01, 2010
The Senate, last night, extended the long delayed National Flood Insurance Program, an action that one agent group declared unacceptable due to political wrangling....
Agents Blast Agriculture Dept. On Crop Deal
July 01, 2010
Independent insurance agents are blasting a decision by the U.S. Agriculture Department to impose a crop insurance contract on the industry that includes restrictive caps on agent commissions....
Fin. Svcs. Conferees Reconvene To Address Tax Disputes
June 29, 2010
Negotiators on financial services reform legislation reopened the conference this afternoon to remove a $19 billion bank tax that potentially imperiled Senate passage this week.Negotiators on financial services reform legislation reopened the conference this afternoon to remove a $19 billion bank tax that potentially imperiled Senate passage this week....
Flood Insurance Still In Limbo; Crop Commissions Set For Cut
June 28, 2010
The National Flood Insurance Program would get yet another short-term extension—this time until Sept. 30—under expedited procedures legislation approved last week by the U.S. House of Representatives on a unanimous vote....
Federal Officials Clash Over Whether Taxpayers Will Recover Full AIG Bailout
June 28, 2010
The U.S. government is likely to suffer a loss on its investment in American International Group. ...
Treasury Power Over Trade Pacts Limited
June 28, 2010
The Treasury Department’s authority to conclude bilateral trade agreements on insurance with foreign countries will be considerably watered down. ...
Flood Insurance Still In Limbo; Crop Commissions Set For Cut
June 28, 2010
The National Flood Insurance Program would get yet another short-term extension—this time until Sept. 30. ...
Sen. Byrd’s Death Could Delay Fin. Svcs. Reform Bill
June 28, 2010
The death of Sen. Robert Byrd, D-W.Va., early Monday has raised the possibility that Democrats might have difficulty in getting the financial services reform legislation through the Senate before the Independence Day recess.The death of Sen. Robert Byrd, D-W.Va., early Monday has raised the possibility that Democrats might have difficulty in getting the financial services reform legislation through the Senate before the Independence Day recess....
Tax Affecting Large Insurers Included In Fin. Svcs. Agreement
June 25, 2010
House and Senate negotiators added at the last moment a tax on large financial institutions, including insurers, before completing work early today on sweeping financial services legislation.House and Senate negotiators added at the last moment a tax on large financial institutions, including insurers, before completing work early today on sweeping financial services legislation....
Fed Preemption Powers Limited in House, Senate Fin. Svcs Agreement
June 24, 2010
The Treasury Department’s authority to preempt inconsistent state laws when concluding bilateral insurance trade agreements with foreign countries will be considerably watered down in final financial services reform legislation.The Treasury Department’s authority to preempt inconsistent state laws when concluding bilateral insurance trade agreements with foreign countries will be considerably watered down in final financial services reform legislation....
New NFIP Extension Bill Passes House; Senate Action Uncertain
June 23, 2010
The House approved under expedited procedures legislation that would extend the National Flood Insurance Program until Sept. 30, 2010.The House approved under expedited procedures legislation that would extend the National Flood Insurance Program until Sept. 30, 2010....
Crop Insurers Reiterate Objections To Federal Program Cuts
June 23, 2010
The nation’s crop insurers warned that the industry’s “back is against the wall” as they reiterated objections to a planned 30 percent cut to the federal crop program.The nation’s crop insurers warned that the industry’s “back is against the wall” as they reiterated objections to a planned 30 percent cut to the federal crop program....
Surplus Lines Reforms OK’d By Financial Services Conferees
June 22, 2010
Regulation of the surplus lines industry will be modernized and substantively streamlined under a provision of financial services reform legislation approved by House-Senate conferees.Regulation of the surplus lines industry will be modernized and substantively streamlined under a provision of financial services reform legislation approved by House-Senate conferees....
AIG Bailout May Result In Loss, Geithner Says
June 22, 2010
The U.S. government is likely to suffer a loss on its investment in American International Group (AIG), Treasury Secretary Timothy Geithner acknowledged Tuesday.The U.S. government is likely to suffer a loss on its investment in American International Group (AIG), Treasury Secretary Timothy Geithner acknowledged Tuesday....
Fed Preemption Authority Debate Stalls Financial Reform Compromise
June 21, 2010
Final action on the insurance section of financial services reform legislation has been delayed as conferees work through an impasse over a federal insurance office’s scope of authority in international matters....
Financial Services Conferees Debate Federal Preemption Scope
June 16, 2010
Final action on the insurance title of financial services reform legislation has been delayed as conferees debate the scope of preemption authority a federal insurance office would have to preempt state law when negotiating bilateral trade accords.Final action on the insurance title of financial services reform legislation has been delayed as conferees debate the scope of preemption authority a federal insurance office would have to preempt state law when negotiating bilateral trade accords....
Changes To Employer Health Plans Restricted By Proposed Reg
June 14, 2010
Employers will lose the right to retain their current health care plans if they increase deductibles or co-pays by more than the rate of medical inflation plus 15 percent under regulations unveiled by the Obama administration Monday.Employers will lose the right to retain their current health care plans if they increase deductibles or co-pays by more than the rate of medical inflation plus 15 percent under regulations unveiled by the Obama administration Monday....
Financial Reform Conference To Discuss ONI Tuesday
June 11, 2010
The conference panel charged with reconciling the House and Senate financial services reform bills will take up the powers of a federal insurance office and surplus lines reform next week on Tuesday.The conference panel charged with reconciling the House and Senate financial services reform bills will take up the powers of a federal insurance office and surplus lines reform next week on Tuesday....

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