WASHINGTON – June 30, 2008 – Congress plans to address insurance regulatory issues in July before departing on an extended summer vacation, and industry officials are hopeful that legislators will finish work on legislation reauthorizing and reforming the National Flood Insurance Program.

Insurance industry representatives do not expect a formal conference to deal with the flood bill, with more informal activity taking place to reconcile the House and Senate's rival flood bills. The Senate has made clear it will not accept a provision in the House bill adding wind coverage to the flood program.

Meanwhile, the House Financial Services Committee (FSC) reportedly plans to take up legislation creating an insurance information office in the Treasury Department soon after it returns. Rep. Paul Kanjorski (D-Pa.), chairman of the Capital Markets Subcommittee of the FSC, is reaching out to other interested parties that have voiced concerns in an effort to determine what changes he can make so the bill is acceptable to them.

The Senate is preparing to hold an umbrella hearing on all insurance regulatory issues in late July in the Senate Banking Committee.

Source: National Underwriter (Life and Health Financial Services Edition) (06/27/08) Postal, Arthur