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Washington – The Homeowners' Defense Act of 2007, introduced into the upper chamber by Senators Hillary Clinton, D-N.Y., and Bill Nelson, D-Fla., aims to address availability and affordability of natural disaster insurance.

Washington – A Bill to revamp the National Flood Insurance Program has left the Senate Banking Committee and is set for the floor. To the delight of many, the Senate version does not add coverage to wind losses to the program.

Kansas City, Mo. – The National Association of Insurance Commissioners (NAIC) has responded to a letter from a coalition of consumer groups that questioned the impartiality of the recently adopted revisions to the NAIC Viatical Settlements Model Act with a letter of their own.

Bismarck, N.D. – A coalition of consumer representatives have asked the National Association of Insurance Commissioners (NAIC) to revisit the recently adopted changes to the viatical settlement model law. In a letter, the group raised the specter of conflict of interest, and urged NAIC to strengthen its policy regarding it.

Washington – Legislation introduced in the House aimed at revamping the National Flood Insurance Program (NFIP) is garnering praise. H.R. 3959, sponsored by Rep. Scott Garrett (R-N.J.) and Financial Services Committee Chairman Barney Frank (D-Mass.), proposes to gradually phase out some of the subsidies in the program.

Philadelphia - For nearly two decades, consulting firms, technology companies, R&D-driven corporations and other knowledge-intensive organizations have made significant investments in "knowledge management" initiatives. These initiatives are intended to facilitate the capture and transfer of company expertise as a way to spur learning and innovation.But research by Wharton management professor Martine Haas and Morten Hansen, professor of entrepreneurship at INSEAD, indicates that knowledge sharing efforts often fail to result in improved task outcomes inside organizations—and may even hurt project performance. However, organizations that plan carefully before launching a knowledge-sharing initiative, and support these efforts along the way, have a much better chance of adding value, the researchers say.

Washington - A notice published in the Federal Register seeking comments for a broad Treasury Department review of financial regulation is biased in favor of federal regulation of insurance and foreign business entities, according to the Alexandria, Va.-based National Association of Professional Insurance Agents (PIA).The specifics of the Nov. 11, 2007 published notice "raise critical concerns about the direction, purpose and intent of the review process itself, concerns we are compelled to address directly to you at this time," states PIA in a letter to Treasury Secretary Henry Paulson.

New York — Richard Mucci will join New York Life International, New York Life Insurance Co.'s overseas arm with operations in eight markets, as chairman and chief executive officer of International on Oct. 8, 2007. He succeeds Joseph Gilmour, who decided to leave the company.

New York — Switzerland-based Zurich Financial Services Group named Kevin Dunham as senior vice president and global relationship leader for the Western region of its Global Corporate in North America business unit. Dunham is based in Glendale, Calif., and will manage accounts primarily in the Southwest and Western United States."Kevin's range and depth of experience in all aspects of customer service and relationship management, specifically in this region, make him an ideal candidate for this role," says Mario Vitale, CEO of Zurich Global Corporate in North America. "His focus will be on developing and expanding relationships with our brokers and customers in order to provide them with a differentiated experience, and to deliver Zurich products and services."

New York - New York Life Insurance Co. announced that Craig Merdian has joined New York Life International (NYLI) as executive vice president and chief financial officer. Meridian reports to Chairman and Chief Executive Officer of New York Life International Joseph Gilmour.In his new role, Merdian is responsible for managing several core functional areas, including all financial, accounting, investment and actuarial matters for NYLI. Additionally, he is a member of NYLI's Senior Leadership Team, which is responsible for establishing management policies in all areas of the NYLI's business and affairs.

Lansing, Mich.–A new Web-based sales and training tool from Jackson National Life Insurance Co. (Jackson) is designed to help simplify the process of selecting an optional living benefit within Jackson’s family of variable annuities. The Living Benefits Selection Center (LBSC) enables registered representatives to get instant, client-approved output based on a client’s profile information after answering a handful of qualifying questions. The tool also features multimedia presentations, fact sheets and side-by-side comparisons of Jackson’s optional living benefits.

Warren, N.J.–The Chubb Group of Insurance Companies has created ePolicy, a secure electronic insurance policy, to streamline the delivery of personal insurance policies and reduce environmental waste.

Stamford, Conn.—A recent release from Pitney Bowes Inc. announced its Pitney Bowes Group 1 Software and Pitney Bowes MapInfo business units, acquired separately, will combine into a single software company. The move is effective immediately, and the businesses will merge operations over the next several months.

Washington — The Office of Management and Budget has released a "statement of administration policy" threatening a presidential veto of legislation aimed at extending the Terrorism Risk Insurance Act (TRIA).

Washington — Insurance industry associations are giving mostly favorable reviews to the passage of H.R. 2761, legislation that would extend and expand the Terrorism Risk Insurance Act (TRIA). The bill, which passed the lower chamber yesterday by a vote of 312-110, aims to extend TRIA for 15 years, and expand the number of lines covered within it.

Needham, Mass. — A new research report from TowerGroup Inc. says insurers should go above and beyond current regulatory requirements when dealing with the issue of annuity suitability.

Washington — The heads of two insurance industry associations have issued a joint letter urging the National Governor's Association to drop their opposition to the National Insurance Act.

Washington — The need to comply with Section 404 of the Sarbanes-Oxley Act (SOX) is only having a minimal effect on enterprise risk management (ERM), new research has found.

State College, Pa. — Optical Image Technology Inc. (OIT), developer of DocFinity workflow and document management software, announced its strategic alliance with compliance content management solution provider Conexxus.

Hopkinton, Mass. - EMC Corp., a Hopkinton, Mass.-based information infrastructure solutions provider, announced that it has acquired American Fork, Utah-based Berkeley Data Systems Inc., a privately held provider of online information backup and recovery services. Berkeley Data Systems provides Mozy, an online subscription service for the protection of data that resides on desktops, laptops and remote office servers.