Tag Archives: Federal Legislation

Flood Insurance Rates Increase Today

It’s not an April Fools’ joke; flood insurance premiums will begin to increase today. The increased premiums are happening now as part of the Flood Insurance Relief Bill that was signed last year in response to the increased flood premiums that were being sent to policyholders under the Biggert-Waters Flood Insurance Reform Act of 2012.… Continue Reading

Changes to National Flood Insurance Program Effective June 1, 2014 – Part 1

The National Flood Insurance Program will implement certain changes which go into effect on June 1, 2014. The changes are primarily as a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The Federal Emergency Management Agency (FEMA) published a summary of the changes in WYO Bulletin W-13070, dated December 16, 2013.1… Continue Reading

National Flood Insurance Program Legislation Moves Forward

The National Flood Insurance Program (NFIP) is facing a September 30th deadline. That is the date the temporary extension runs out on the Flood Program. Unless a bill that reauthorizes the program passes, the NFIP could expire. But this week, the House of Representatives passed H.R. 1309 (The Flood Insurance Reform Act) by an overwhelming majority.… Continue Reading

Should Anybody Trust the Government to Determine the Amount of Wind Versus Flood Damage?

The answer to the title question should be: "Nobody should trust the government to conclusively determine anything." The property insurance law news is that a Mississippi Senator has proposed federal legislation that would allow FEMA to determine the amount of wind damage versus flood damage an insured structure sustained when the issue arises. Anita Lee, … Continue Reading

Insurance Industry and Taylor Not Interested in Compromise Flood Insurance Legislation

The attempts by Mississippi’s Gene Taylor to craft an insurance product that fully covers hurricane losses seems to be having trouble, but not because Gene Taylor is not trying. While the House of Representatives passed a bill supported by Taylor which includes coverage for the perils of wind and storm surge into one policy, one … Continue Reading

Will Flood Insurance Insurers Lose AntiConcurrent Cause Language?

Mississippi Representative Gene Taylor successfully placed language into House Bill H.R. 1264—“the Multiple Peril Insurance Act”— which would require “Write Your Own” insurers participating in the National Flood Program to remove anti-concurrent causation language from their all risk insurance policies. Taylor’s house was destroyed in Hurricane Katrina. Many of his neighbors’ insurance claims were denied … Continue Reading

Mid-Day Update on Flood Insurance–Senators Need to Work and Get This Done

The United States House of Representatives has unanimously passed a bill reinstating and extending the National Flood Insurance Program until September 30, 2010, according to an article in the National Underwriter, New NFIP Extension Bill Passes House; Senate Action Uncertain. The bill (H.R. 5569) will be sent to the Senate for further action. My suggestion in Flood … Continue Reading

Flood Insurance Waivers Concerning Proof of Loss are Subject to Judicial Review: A Recent Flood Case that Makes Sense

Imagine a government could make arbitrary decisions about your rights without question. Do you think that would happen in China or the United States? Well, if it involves your national flood insurance policy, it has been happening in the United States for a long time. One federal judge has seen through the unfairness and called … Continue Reading

Is Property Insurance Propaganda and its Impact on Public Policy Similar to What the Health Insurance Industry Does?

I was thinking about the question of property insurance trade associations and lobbying while reading today’s St. Petersburg Times article, At what Cost Care? The article was a question and answer discussion with Wendell Potter, who was a public relations executive for two major health insurers. Potter has given an inside view into the political and … Continue Reading

Federal Hearings On Insurance Oversight Set for June 16

Congressman Paul Kanjorski, Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, announced that his Subcommittee will hold a hearing to protect insurance consumers from risks in the insurance system and to prevent insurance companies from posing a systemic risk and threatening the American financial system. This systemic risk may … Continue Reading

The Politics of Insurance: Dinallo Resigns, Crist Hints of Veto and Texas TWIA Bill in Limbo

What happened to the time when a significant insurance coverage decision arrived and everybody in my line of work analyzed that topic for several years? Now, the insurance industry is writing so many new and differently worded forms, it is hard to rely upon case decisions as being of widespread significance. If a case decision … Continue Reading

A Big Week for Texas and Florida Politics of Insurance

The Texas legislature has its hands full this week with an omnibus biill regarding TWIA. Florida Governor Charlie Crist has to decide whether to veto various measures regarding insurance legislation. Additionally, three federal bills were just filed which may impact the landscape of how insurance is made available and sold.… Continue Reading

No Federal Wind, Hunter Proposes Limited Federal Insurance Oversight, Florida Agents Criticize Proposed Law, State Farm and OIR in Cease-Fire

Imagine – all kinds of legislation, hand in hand with lobbying and political positioning, just in time for the start of hurricane season on June 1. A couple of recent news stories point out the possible direction that several key measures may be heading.… Continue Reading

Senator Says “No” to Federal Charter and Regulatory Preemption of Insurance

Democratic Senator Jon Tester of Montana is standing up to the insurance industry, opposing the industry’s push for federal charter of the property and casualty industry. In an article in the National Underwriter, Tester noted that state regulation has worked regarding the insurance industry:… Continue Reading

The National Association of Insurance Commissioners is Against the Federal Insurance Charter Proposal

The Associated Press reported that the National Association of Insurance Commissioners (NAIC) has come out strongly against the proposed Federal Charter for property and casualty insurance companies. As I have now stated in two recent posts, (read them here and here), this federal legislation is not in the interests of policyholders and is an attempt by some … Continue Reading

Is Allstate Misleading the Public About the Need for Federal Regulation?

Recently, Allstate has accused other insurers of investing in credit default swaps. Does Allstate have knowledge of insurers engaging in this illegal activity? Or are these allegations a facade for the new federal oversight that would place Allstate under control of the federal government. My view on this topic is pointed: Allstate and other major … Continue Reading

The Proposed Federal Charter Legislation Should be Named: “The Anti-Consumer Insurance Act of 2009”

If you love dealing with your group health insurance bills and claims, you will be overjoyed with the new legislation proposed in Congress allowing property insurance companies to apply for a Federal Charter. This proposed legislation is the most unfair and anti-consumer federal legislation filed in recent years.… Continue Reading