us House of Representatives Archives

Terrorism insurance in the United States may not be gone forever

January 9, 2015January 8, 2015 Marc

Terrorism insurance legislation may see new life, thanks to federal lawmakers At the end of 2014, the Terrorism Risk Insurance Act was allowed to expire. This meant that many insurance companies that offered coverage across numerous industries no longer had access to the financial aid offered by the federal government. This aid was meant provide a safety net for the insurance industry and its dealings with acts of terrorism. Because terrorist attacks can be quite costly, the insurance industry had warned that allowing the Terrorism Risk Insurance Act to expire…

Lawmakers may extend federal terrorism insurance initiative

September 23, 2014September 20, 2014 Marc

U.S. lawmakers are expected to extend the Terrorism Risk Insurance Act Federal lawmakers in the U.S. claim that the country’s terrorism insurance backstop initiative will be renewed. The Terrorism Risk Insurance Act was enacted in 2002, created in the wake of the 9/11 attacks in the U.S. The initiative is meant to provide insurance companies with a financial backstop for claims that are related to acts of terrorism. The law was also meant to create a transparent system through which information concerning compensation for insured losses was shared with the…

Health insurance could cause a shutdown of the federal government

September 30, 2013September 30, 2013 Marc

Health insurance industry news federal government

Health insurance remains a divisive issue Complete enactment of the Affordable Care Act looms in the U.S., but the controversy surrounding the federal law has yet to dissipate. Since the law was passed in 2010, politicians throughout the country have been working to repeal it. Those opposing the law typically align with the Republican Party and have expressed concerns that the federal law will make the cost of health insurance and medical care skyrocket. The issue has become so problematic that it has threatened to shut down the federal government…

Hurricane Sandy emergency relief moves one step forward

January 23, 2013January 23, 2013 Marc

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy relief package makes modest progress Little more than 10 weeks have passed since Hurricane Sandy visited the East Coast, leaving a path of destruction in its wake. The recovery effort is still underway as those affected by the storm try to regain some semblance of balance in their lives. Late last week, the U.S. House of Representatives finalized their approval of a $50.5 billion emergency relief plan designed to help the victims of Hurricane Sandy. The move exposed divisions throughout the Legislative branch, creating a significant amount of…

Legislation could exclude insurance agents from medical loss ratio provision of the Affordable Care Act

February 7, 2012February 7, 2012 Marc

Two U.S. senators have drafted a new legislation that would exclude insurance agencies from the medical loss ratio provision of the Affordable Care Act. The provision requires insurers to spend no less than 80% of the money they collect from premiums on improving medical care. The provision would have dire implications for agents as it includes the money they collect from commissions. Senators Mary Landrieu, D-La., and Johnny Isakson, R-Ga., have introduced the legislation to the House of Representatives and hope that it will bring insurance agents the protections they…