Congress and Trump Administration calls for elimination of Federal Insurance Office and FEMA, if successful, would ripple through insurance and banking industries, say climate financial risk policy experts and officials.

Representative of the state's insurance industry tells regulator that insurers have to pass on the cost to stay solvent. Comments on the proposal are open through May 5.

Nick Gerhart, executive VP at the insurer specializing in funeral and end-of-life coverage, spoke about its technology advances, and the role of insurtech on a broader scale in the industry.

Homeowners class action plaintiffs will depend on finding evidence of conspiracy in discovery process, a legal expert said, but the large scope and cost of discovery, as well as difficulty getting a summary judgment, are likely to lead defendant companies to settle.

A cohort of Democratic senators on the banking committee expressed concern over the Department of Government Efficiency's ongoing efforts to cut Federal Deposit Insurance Corp. staff and contracts, saying they worried the efforts could weaken the nation's deposit insurer and expose sensitive bank data if improperly handled.

The agency is offering buyouts and early retirement incentives for employees, with layoffs possible if targets aren't met, as part of the Trump administration's overall downsizing of the federal government.

Consumer Watchdog argues that California's insurance commissioner cannot allow the FAIR Plan homeowners insurance of last resort to pass on half a $1 billion assessment to consumers.

AB 226, a borrowing mechanism bill passed by the state assembly, allows bond issues supporting the homeowners insurer of last resort – but doesn't specify traditional financing or catastrophe bonds. Cat bonds would not have to be paid back. Also, a climate finance policy advisor said, the bill doesn't account for future disaster risks.

Homeowners who invest in wildfire mitigation measures get no guarantee of breaking even in the form of premium discounts, an insurance attorney points out.

A bipartisan group of representatives co-sponsored the bill, aiming to make permanent and expand eligibility for a deduction previously offered for 14 years.

The McCarran-Ferguson Act was enacted in 1945 and regulates insurance at the state level to create a competitive market.

An administrative law judge began hearings on an interim emergency homeowners insurance rate increase by State Farm General, the insurer's California unit. Attorneys for State Farm say the company's finances require the increase, to keep insurance available in the state. Opponents say only risk is a valid reason, not protecting the insurer's finances.

DORA applies to roughly 22,000 entities in the EU and violators can face fines of up to 2% of gross revenue.

With the uncertain status of the federal disaster response agency and NOAA climate and weather forecasting and research, NAIC hears about how disaster relief could depend on volunteer organizations, and difficulty getting storm and climate predictions.

The issues are hindering the Federal Deposit Insurance Corp.'s ability to meet its regulatory duties, according to the agency's Office of Inspector General. 

Compliance professionals working to prevent financial crimes are losing their faith in AI to solve more problems than it causes.

While the 22% average increase for homeowners insurance is provisionally approved by California's regulator, the carrier will have to get capital from its parent company to help cover its risks.

As the number of underwriting rules increases, they create a maze of redundant and sometimes conflicting conditions.

Climate events drive up claims and premiums, federally published data and state regulators efforts show. While some say more climate mitigation efforts are needed, insurers' efforts to write coverage are questioned.

The Financial Integrity and Regulation Management Act would stop prudential regulators from writing rules or guidance that involve any use of reputational risk in supervision.