Homeland Security Committee Chair Introduces Mitigation Legislation
Representative Bennie Thompson (D-MS) has introduced three mitigation bills that would provide federal funds to assist public officials, homeowners, businesses and first responders to better prepare for catastrophic events. Click here to read the RAA's press release about the legislation and click here to read a summary of the three bills.
posted June 25th, 2009
Administration Introduces Sweeping Regulatory Reform Proposal
The Obama Administration introduced its sweeping regulatory reform of the financial services industry in a report issued by the White House on June 17. The report, "Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation," discusses comprehensive financial services regulatory reform, including the insurance industry. Click here to read the RAA's press release about the report.
posted June18th, 2009
Frank Nutter Testifies Before House Subcommittee
Frank Nutter, President of the RAA, testified before the House of Representatives Subcommittee on Capital Markets, Insurance and Government Enterprises on June 16. His testimony highlighted how reinsurance is regulated in the U.S.; why the current state-based insurance regulatory system doesn't work well for the sophisticated global reinsurance marketplace; how a federal reinsurance regulator could satisfy the concept of a systemic risk regulator of reinsurers; the need for a federal role in reinsurance; and the RAA's position in support of a single national regulator at the federal level. Click here to read the testimony.
Press release.
posted June16th, 2009
RAA Releases 2008 Data on Offshore Reinsurance in the U.S. Market
The RAA has released "Offshore Reinsurance in the U.S. Market: 2008 Data," a report providing annual statistics on offshore participation in the U.S. reinsurance market. The report is prepared to provide policymakers and the public with data and analysis about the U.S. reinsurance market. Click here to read a press release about the Offshore Report. The report is available for $250 and can be ordered from the RAA website or by calling 1.800.259.0199.
Read the press release.
posted June15th, 2009
Joe Sieverling Featured at IASA Annual Conference
Joe Sieverling was a featured speaker at the Insurance Accounting and Systems Association Annual Conference in Orlando, Florida on June 10th. Among other topics, Joe touched on the NAIC's reinsurance regulatory modernization proposal, reinsurance runoff proposal, New York contract certainty, and federal reinsurance tax legislation. Click here to see Joe's presentation.
posted June11th, 2009
Frank Nutter Represents Reinsurers at Regulatory Reform Meetings
Frank Nutter recently attended two financial services regulatory reform meetings in Washington. Assistant Secretary of the Treasury Michael Barr and the Deputy Director of the National Economic Council Diana Farrell hosted a meeting on June 4 that involved most insurance trade groups and the NAIC. The RAA also attended a small fundraiser for House Financial Services Committee Chair Barney Frank on June 5, during which Frank addressed financial services reform and reiterated his commitment to get a bill out of the House by the end of July.
Click here to read a report on the two meetings and here to read the RAA's letter to Treasury Secretary Geithner supporting a prudential regulator for reinsurance at the federal level.
posted June 11th, 2009
International Underwriting Association Announces Cat Modelling Seminar
The International Underwriting Association (IUA) will host a Catastrophe Modelling seminar on October 8, 2009 in London. Click here for details about the programme.
posted June 8th, 2009
RAA Releases First Quarter 2009 Underwriting Results
The RAA has released underwriting results for Q1 2009. The RAA reported PHS of $59.6 billion, compared to $75.3 billion for the same period in 2008. NWP for the quarter were $7.0 billion, compared to $6.8 billion for the quarter ended March 31, 2008. The combined ratio for the group was 95.5%, compared to 95.2% reported for the same period in 2008. Click here to read the Q1 2009 quarterly report.
posted June 2nd, 2009
 RAA's General Counsel Advocates Efficient Reinsurance Regulation
Tracey Laws, General Counsel and Senior Vice President of the RAA, discusses the benefits of modernizing reinsurance regulation in the just-published Spring edition of the Journal of Reinsurance.
Click here to read Tracey's article.
posted June 2nd, 2009
Current Issues Forum
Risk and Insurance Magazine attended the RAA's Current Issues Forum, May 19-21 in Philadelphia. Click on the links to read the news articles published on the Forum.
Story 1 | Story 2
posted June 2nd, 2009
Rep. Klein Introduces Homeowners' Defense Act of 2009
Representative Ron Klein (D-FL) has introduced the Homeowners' Defense Act of 2009. The legislation would provide support for state-sponsored insurance programs by establishing a consortium of state-sponsored natural disaster insurance funds that would be able to issue bonds to jointly finance these programs, and also creating a direct federal loan program to provide federal "bridge loans" to cover losses to state reinsurance programs when natural disaster claims exceed the state funds' assets. RAA has opposed such legislation in the past arguing that it encourages the creation of state catastrophe reinsurance funds and disrupts the private reinsurance market.
posted June 2nd, 2009
RAA's Reinsurance Education Institute Names ReScholar Educator of the Year
 Jim Anastasio was presented with the Reinsurance Education Institute's first "ReScholar Educator of the Year" Award at the RAA's Current Issues Forum in Philadelphia. "Jimmy A" was recognized for his longstanding commitment to the RAA's education programs and to the many insurance and reinsurance professionals who have attended the programs. The award was presented by Frank Nutter and Marsha Cohen.
posted June 2nd, 2009
Office of Insurance Information Legislation Introduced
Paul Kanjorski (D-PA) has introduced the Insurance Information Act of 2009. The bill would create a federal Office of Insurance Information in the Department of Treasury to provide advice and expertise on insurance regulation to the Administration and Congress.
Similar to legislation introduced in the last Congress, the bill calls for the Office to coordinate federal efforts and establish federal policy relating to international insurance matters, serve as the federal liaison with the states on matters of national and international importance, advise the Treasury Secretary with respect to major international and domestic policy issues, and provide independent testimony before Congress.
Click here to read an overview of the bill.
posted June 2nd, 2009
House Introduces Nonadmitted and Reinsurance Reform Act of 2009
Legislation that would streamline state regulation of the non-admitted market and reinsurance industry by applying single-state regulation and uniform standards has been introduced in the House. The legislation's provisions for reinsurance include (1) the ceding insurer's domiciled state to be the sole regulatory authority for determining credit for reinsurance for the insurer's ceded risk; (2) federal preemption of a state's ability to regulate on an extraterritorial basis in certain circumstances, and (3) the reinsurer's domiciliary state to be the sole regulator of that reinsurer's financial solvency.
Click here to read the bill.
posted June 2nd, 2009
Administration Opposes Wind in NFIP
Debate on the reauthorization of the National Flood Insurance Program (NFIP) hasn't started in earnest, but Janet Napolitano, Secretary of the Department of Homeland Security, has launched the first salvo, citing the Administration's "serious" concerns about certain provisions in Senate and House versions of the legislation passed in 2008. In a letter sent to Barney Frank, Chairman of the House Financial Services Committee, Napolitano zeroed in on mandates requiring FEMA participation in state-sponsored mediation programs, the establishment of an unnecessary flood insurance advocate, and the additional provision for multiple-peril insurance contained in the House-passed version. The RAA is opposed to adding wind coverage to the program, which must be reauthorized by September 30, 2009.
Click here to read Napolitano's letter.
posted June 2nd, 2009
Optional Federal Charter
In a letter to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services, the RAA and other industry trade groups expressed their support for an optional federal insurance charter and implored House and Senate leadership to include a dedicated national regulator for insurers, reinsurers, producers and holding companies in any financial services reform. The group provided an Outline for Federal Insurance Regulation that lays out a set of principles shared jointly by the trade groups.
posted May 18th, 2009
U.S. Commercial Service to Host Webinar on Brazilian Reinsurance Market
The U.S. Commercial Service of the U.S. Department of Commerce is hosting a Webinar on The Reinsurance Sector in Brazil: Opportunities for U.S. Reinsurers and Brokers on May 27 at 2:00 p.m.. After years of governmental monopoly, the Brazilian reinsurance sector is opening up via the Brazilian Reinsurance Institute (IRB). Guest speakers include the U.S. Consulate in Rio de Janeiro, the Brazilian Reinsurance Institute, the Superintendent of Private Insurance (SUES), the Brazilian Federation of Insurers (FINESSE), the Brazilian Reinsurers Association (ABERCORN), the Brazilian Association of Foreign Reinsurers, and the Finance Secretariats of Rio de Janeiro.
Register now
posted May 6th, 2009
RAA Elects Officers for 2009-2010
The RAA elected a new Board of Directors at its Annual Meeting of Members held on April 23-24 in Sea Island, Georgia. Jacques Bonneau, President and CEO of ACE Tempest Re Group was elected Chair; Pierre Ozendo, CEO of Swiss Re America was elected Vice-Chair, and Mike Morrill, CEO and President of AXIS U.S. Re was elected Secretary-Treasurer.
Click here to read the press release.
posted April 28th, 2009
Trade Group Talks Sense About National Flood Insurance Program (NFIP)
Frank Nutter's testimony before the House of Representatives Subcommittee on Insular Affairs, Oceans and Wildlife was featured in Dan Reynolds "UpFront" editorial in the the April 15 issue of Risk and Insurance Magazine. Reynolds characterized Frank's testimony, which argued against adding wind to the NFIP in favor of strengthening coastal ecosystems as a far better risk management approach, "a rational mix of ecology and fiscal pragmatism."
Click here to read Dan's editorial.
posted April 20th, 2009
Casualty Actuarial Society Hosts Reinsurance Seminar
Tracey Laws, the RAA's General Counsel, and Brad Kading, President of ABIR, will speak on federal reinsurance/insurance issues at the Casualty Actuarial Society's Reinsurance Seminar on May 18-19, 2009 in Hamilton, Bermuda. More information is available on the CAS Web Site.
posted April 20th, 2009
Coalition Trounces Texas Cat Fund Bill
In testimony before the Texas House Insurance Committee on April 14th, the RAA, AIA, PCI, USAA and Liberty Mutual--all members of the Texans for Responsible Insurance--made a strong case against a proposed cat fund bill in Texas that is being supported by ProtectingAmerica.org. Given the testimony and line of questioning directed to ProtectingAmerica.org's VP of State Relations, it's unlikely the bill will move forward.
Click here to read the RAA Bulletin about the Committee hearing.
posted April 16th, 2009
RAA Endorses Conservation and Risk Mitigation Along Populated Coastlines
Promoting the conservation of natural resources and encouraging risk mitigation efforts along densely populated coastlines in the United States are the best avenues toward managing risk and reducing economic losses, the Reinsurance Association of America testified last month. Carolyn McDonald, National Underwriter, writes about Frank Nutter's testimony before the House Subcommittee on Insular Affairs, Oceans and Wildlife. Click here to read her article on the testimony.
posted April 16th, 2009
State of the Reinsurance Market
Despite record cat and asset losses in 2008, global reinsurers continue to view U.S. catastrophe risk an essential component of their assumed risk portfolios.
- Total for cat losses in 2008 was $25.2 billion, compared to $6.7 billion in 2007.
- The cats resulted in increased reinsurance prices for cat-exposed property at 1/1/09 renewals.
- Despite the magnitude of the cat and asset losses, the increase in property pricing was substantially lower than the increases following Andrew, 9/11 terrorist attacks, and Katrina, Rita and Wilma.
- The global reinsurance market continues to firm.
- A.M. Best maintains a stable out for the global reinsurance sector.
Click here to read the RAA's State of the U.S. Market and to read market outlook reports from Aon Benfield, Aon Re, Guy Carpenter, and Willis Re.
posted April 16th, 2009
RAA Applauds Insurance Regulatory Reform
In a press release issued on April 2, the RAA expressed support for legislation introduced in the House of Representatives to establish a federal role in the regulation of reinsurance. H.R. 1880, "The National Insurance Consumer Protection Act," would establish an Office of National Insurance and appoint a National Insurance Commissioner to improve the quality and uniformity of (re)insurance supervision and regulation.
Click here to read the press release.
posted April 16th, 2009
It's Not Your Father's Reinsurance Anymore
Facebook and Twitter are here to stay. Email's so yesterday. At the March 12 meeting of the ReUnder40s Group in New York City, Frank Nutter and his daughter, Alycia Kiley, a Vice President at Riggs, Counselman, Michaels & Downes, chatted about the differences in how generations communicate. Management take note--you might consider social networking to communicate with your young professionals. Click here for highlights and pics of the event.
posted March 31st, 2009
State Legislative Tracking Charts
We track a number of issues in state legislatures, including arbitration, catastrophe, mitigation, asbestos and fraud, just to name a few. This 158 page chart is avaiable to RAA member companies and their employees. The chart is prepared by the RAA's state legislative lobbying staff.
 Click here to download
posted March 27th, 2009
Bill to Repeal McCarran-Ferguson Introduced
Congressman Peter DeFazio (D-OR) has re-introduced legislation to remove the federal antitrust exemption for the insurance industry. The McCarran-Ferguson Act, which gives states the authority to regulate the “business of insurance,” also provides certain exemptions for the business of insurance from the federal antitrust laws. The DeFazio bill would repeal the exemptions and give the Department of Justice and the Federal Trade Commission the authority to apply the antitrust laws to anti-competitive behavior by insurance companies. The bill would not affect the ability of each state to regulate the business of insurance. DeFazio argues the insurance industry is the only consumer industry in the nation that is exempt from antitrust laws, leaving consumers at risk to collusion and price fixing by the insurance industry.
Click here to read the bill.
posted March 27th, 2009
RAA Joins Coalition for Responsible Insurance
The Reinsurance Association of America, Liberty Mutual, Farmers Insurance Group, USAA, American Insurance Association , Independent Insurance Agents of Texas, Property Casualty Insurers Association of America , The Republic Group, the Competitive Enterprise Institute and Americans for Prosperity are supporting Texans for Responsible Insurance, a coalition that wants to ensure a strong and stable insurance market in Texas through opposition to legislation in both the Texas House and Senate that would create a Florida-like cat fund. The coalition has launched a new website, www.responsibleinsurance.org, to inform the public and lawmakers about the importance of the private reinsurance market and to set the record straight about the problems with the Florida Hurricane Catastrophe Fund (FHCF), which is currently facing a potential $18 billion shortfall in 2009.
Both HB 2487/SB 1379 are modeled after the failed Florida catastrophe fund, and would force Texans to become the reinsurers for insurance companies by replacing the private reinsurance market with a government-run fund. Rep. John Smithee, chairman of the House Insurance Committee, told the Associated Press that it’s “absolute insanity” to create what he calls a huge insurance company. Smithee said reinsurance risk should be spread as widely as possible, not concentrated on Texas taxpayers.
posted March 27th, 2009
RAA Testifies Before Senate Banking Committee
Frank Nutter testified before the Senate Committee on Banking, Housing and Urban Affairs on March 17, "urging Congress to move reinsurance regulatory modernization forward regardless of the ongoing debate about a systemic risk regulator." In his written testimony, he recommended "that reinsurance regulatory modernization be included in any meaningful and comprehensive financial services reform." Click here to read his testimony and click here to read Mark Hoffman's Business Insurance coverage of the hearing.
posted March 18th, 2009
ALI-ABA present: Strategic Adaptation to Climate Change: Challenges and Opportunities for Business
The participants include academics and practitioners from The Georgetown University Law Center, Yale Law School, Environmental Law Institute, and Environmental Defense Fund. Coastal zone issues and flood and wind insurance (as well as regulatory disclosure and other issues relating to natural disasters and publicly-funded disaster relief funds) are reflected in the agenda. Wednesday April 15th, 1p to 2:30p.
Register
posted March 18th, 2009
Trade Associations Voice Opposition to Multiple Peril Insurance Act
In a letter to the Chairwoman and Ranking Member of the House of Representative's Housing Subcommittee, insurance and reinsurance trade groups expressed strong opposition to Rep. Gene Taylor's "Multiple Peril Insurance Act of 2009," which would authorize the National Flood Insurance Program (NFIP) to sell windstorm insurance. The industry associations cited numerous challenges of implementing a combined federal flood and wind insurance program, including dramatically increased exposure for the NFIP and the federal government, "adverse selection" that would make rate setting difficult, and continued "wind versus water" disputes.
Click here to read the press release.
posted March 17th, 2009
RAA Releases Twelve-Months 2008 Underwriting Results
The RAA has released twelve-month 2008 underwriting results, which show net written premiums of $23.9 billion for the twelve-months ended December 31, 2008, an increase of $1.2 billion from the same period in 2007. Policyholder's surplus was $64.4 billion, down from $75.9 billion reported in 2007. Click here to read the press release and click here for the Underwriting Report.
Read the press release.
Download the results (pdf).
posted March 16th, 2009
RAA Testifies on Risk Mitigation to House Subcommittee on Insular Affairs, Oceans and Wildlife
The Reinsurance Association of America today issued a press release on Frank Nutter's testimony in the March 3rd hearing on "Managing Ocean and Wildlife Resources" before the House Subcommittee on Insular Affairs, Oceans and Wildlife. Contact Geneva Green at green@reinsurance.org for a copy of the testimony.
posted March 5th, 2009
Restore Funding for the My Safe Florida Home Program
The Americans for Smart Natural Catastrophe Policy Coalition urged Florida's Governor Charlie Crist to reconsider his decision to zero out funding for My Safe Florida Home, a widely successful mitigation program that helps state homeowners strengthen their homes against hurricanes and reduce hurricane damage exposure.
Click here to read the press release.
SmartNatCat.org
posted March 4th, 2009
Trends in Securities Class Actions
Stephanie Plancich, PhD and Senior Consultant with NERA Economic Consulting, met with the RAA's Underwriting Committee on February 23rd to discuss "Recent Trends in Securities Class Actions."
Click here to review her presentation.
posted March 4th, 2009
Mark Your Calendar!
The RAA's Current Issues Forum will be held May 19-21 at the Top of the Tower in Philadelphia. The Forum's program is developed by RAA Committees to explore issues critical to the industry and its ability to compete and be financially robust in today's global environment. In light of a business landscape that can only be characterized as extraordinarily challenging, this year's program will deliver lively dialogue and debate to attendees.
Join us to hear industry heavyweights, including Hank Greenberg, Bob Hartwig, and a CEO Panel with Marty Becker, John Ehinger, Mike Morrill, David Priebe, and Tad Montross, The Forum will also feature noted economist Mark Zandi on the Future of the Economy and political journalist Charlie Cook on the Political Outlook. Click here to review the preliminary program and to register.
posted February 24th, 2009
|
 |
Reinsurance Education
Register now for two RAA programs coming to New York City in July: ReContracts, July 14-17, and ReUnderwriting, July 30.
The RAA's Reinsurance Education Institute has a full schedule of reinsurance programs for 2009. Click here to review the program schedule.
Reference
 
Advocacy
The Optional Federal Charter Coalition is a diverse group of special interests, including the RAA, who support an Optional Federal Charter. Learn more.
Read the RAA's Guiding Principles for Natural Disaster Risk Financing. [+] Read the Guiding Principles.
RAA Supports Homeowners Assistance Legislation. [+] Read more.
Government Cat Funds: They're a bad idea for America's Insured. Read why.
Quick Links
Reinsurance Glossary
Fundamentals of Reinsurance
ReArb.com
ScheduleF.com
ReinsuranceLaw.org (Digest of Reinsurance Caselaw)
SmarterSafer.org
NatCatUS.org
Optional Federal Charter Coalition
= for RAA Members only
|
