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Category: Insurance Law

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President signs NFIP bill, but is that the end of the debate?

Sat Mar 29th, 2014 on     Insurance Law,    

President Barack Obama has signed the Homeowner Flood Insurance Affordability Act of 2013 into law. While both parties supported the measure — the “Menendez-Grimm” law, for short — no sooner was the ink dry on the act than lawmakers began to plan “real” reform. The Tampa Bay News Weekly, for example, reported this week that Florida Congressman David Jolly has introduced a bill that would extend some of the flood insurance reforms in Menendez-Grimm to commercial properties and second homes.

Tell ’em what they’ve won! More Menendez-Grimm details

Tue Mar 25th, 2014 on     Insurance Law,    

We have a friend who believes that “grandfathering” is the most confusing term used by rulemakers. We suggested she read the tax code for other candidates. The subject came up because we were about to explain more provisions of the Menendez-Grimm Homeowner Flood Insurance Affordability Act of 2013, and grandfathering is front and center.

Menendez-Grimm: Out with the bad insurance law, in with the good

Fri Mar 21st, 2014 on     Insurance Law,    

News sources are saying that President Obama is “set to sign” the flood insurance bill we discussed in our last post. There were whispers of a veto earlier this year because the White House had some qualms about the bill (see our Jan. 31, 2014, post). A report from the Office of Management and Budget had questioned the fiscal wisdom of rolling back the planned rate increases from the Biggert-Waters Flood Insurance Reform Act of 2012. If rates did not increase, the National Flood Insurance Program would continue to operate with a significant deficit, the OMB said.

More policyholder-friendly NFIP reform just a signature away

Mon Mar 17th, 2014 on     Insurance Law,    

The U.S. Senate has passed the Menendez-Grimm bill, also known as HR 3370, also known as the Homeowner Flood Insurance Affordability Act of 2013, also known — informally, at least — as the antidote to Biggert-Waters. After months of wrangling in both the House and the Senate, the bill is finally making its way to the president’s desk, where it may or may not be signed. We have been following the action for the past few months.

Ask not for whom the Death List tolls – unless you’re ‘certified’ p2

Mon Feb 24th, 2014 on     Insurance Law,    

The Bipartisan Budget Act of 2013 included a provision that has the insurance industry in a kerfuffle. The provision deals with access to the Social Security Death Master File, perhaps the most comprehensive list of deceased Americans available. Life insurance companies in particular use the list to identify insureds and annuitants that have passed away. In fact, thanks in part to Florida’s efforts to hold the companies accountable, a number of life insurance companies have committed to check their lists against the DMF on a more regular basis.

Ask not for whom the Death List tolls – unless you’re ‘certified’

Fri Feb 21st, 2014 on     Insurance Law,    

The Social Security Death Master File is in the news again. Florida is an old friend to the DMF, having led the posse of states challenging the use of the file by life insurance companies. As we have discussed before — in our Oct. 12, 2012, post, for example — life insurers had regularly checked the DMF to make sure they were not paying annuities to people who had passed away, but the same insurers had much less frequently checked the list to make sure they were paying life insurance benefits to named beneficiaries in a timely manner. As a result, millions of dollars went undistributed to rightful heirs while the insurance companies collected interest on the unpaid monies.

House to propose its own flood insurance bill, you know, soon

Sat Feb 15th, 2014 on     Insurance Law,    

The House of Representatives is getting closer to acting on legislation addressing the rate hikes imposed by the National Flood Insurance Program. While the companion bill to the Homeowner Flood Insurance Affordability Act passed by the Senate has more than 225 co-sponsors, it is looking less and less likely that the House will follow in the Senate’s footsteps. What is not clear at all is what direction the House bill will take and how far it will stray from the Senate’s; House leadership has been mum on the details.

Round and round she goes, but where NFIP ends up, nobody knows p4

Mon Feb 10th, 2014 on     Insurance Law,    

We are picking up where our Feb. 4 post left off and getting into the particulars of the National Association of Registered Agents and Brokers Reform Act. The U.S. Senate has tied the NARAB bill to the Homeowner Flood Insurance Availability Act, the bill that would postpone many flood insurance rate increases resulting from implementation of yet another law, the Biggert-Waters Flood Insurance Reform Act.

Round and round she goes, but where NFIP ends up, nobody knows p3

Tue Feb 4th, 2014 on     Insurance Law,    

We are back to discussing the bill passed by the U.S. Senate that will delay flood insurance rate hikes. The Senate combined the National Flood Insurance Program bill to another insurance bill, the National Association of Registered Agents and Brokers Reform Act. We talked about the flood insurance bill in our Jan. 31, 2014, post. Here, we will tackle the NARAB bill.

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