Insurance news from Congress shows repairs coming to capital rules

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There are a number of changes that are lined up to occur throughout this week to fix the current situation. Lawmakers from the U.S. Senate and House of Representatives are making insurance news as they prepare to tackle a law, this week, that will help to provide greater relief to large insurers against tight capital rules that had been designed with banks and other similar financial institutions in mind. This repair has been nicknamed the Collins Amendment to the reform law, 2010 Dodd-Frank Wall Street. This insurance news could mean…

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Terrorism insurance reinforcements will soon be expiring

terrorism insurance industry news 9/11 Memorial in 2004

Two competing renewal bills for the Act will soon be redefining the level of federal support for private insurers. As a result of a rash of damages and vandalism following the attacks on 9/11, terrorism insurance faced a total estimated loss of $32.5 billion, which caused insurers to start to create exclusions for the coverage for commercial properties across the country. Businesses struggled to be able to find coverage to protect themselves against financial losses from acts of terror. The concern from cities and states was that this lack of…

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