In a comment letter to the Federal Insurance Office yesterday, the American Bankers Insurance Association called for FIO to reconsider its definition of “captive insurer” under a proposed rule to implement recent changes to the Terrorism Risk Insurance Act.
In a letter to the U.S. Department of Heath and Human Services last week, ABA urged it to reconsider a recently issued regulation that would effectively eliminate health savings account-qualified health plans from insurance exchanges beginning next year, causing an estimated 2.8 million Americans to lose their coverage.
ABA in a letter last week urged regulators to issue guidance clarifying whether the advancement of a lender-placed flood insurance premium constitutes an “increase” to the designated loan, which is a statutory “tripwire” under the Flood Disaster Protection Act.
ABA today renewed its endorsement of the insurance products marketed and administered by Affinion Insurance Solutions, including accidental death and dismemberment and hospital accident protection and recuperative care, as well as a new product, simplified issue term life insurance.
The FDIC today released an updated series of resource videos on flood insurance to help bank executives and compliance staff better understand federal flood insurance laws, regulations and compliance responsibilities.
As technology evolves, state-level stalwarts such as elder financial abuse and foreclosure are now sharing the legislative spotlight with novel issues generated from the success of Airbnb, Uber and other “sharing economy” firms.
The House Financial Services Committee last week voted to advance the Flood Insurance Market Parity and Modernization Act to the full House for consideration.
Safe deposit boxes offered by depository institutions remain a highly secure form of storing goods, according to figures released today by Safe Deposit Box Insurance Coverage, LLC.
The Consumer Financial Protection Bureau today finalized a policy under which companies may request “no-action” letters indicating that bureau staff have “no present intention” to initiate enforcement or supervisory actions based on a particular product or aspect of a product.
ABA, the American Bankers Insurance Association and 52 state bankers associations today wrote to Treasury Secretary Jack Lew urging him to promote Treasury-led efforts to clarify when and how mandatory flood insurance policies are purchased.