The United States Senate passed the Senate 2012 Farm Bill in a 64-35 vote. The Senate version of the bill would cost $498 billion, save $23.6 billion over the next 10 years and eliminate $5 billion per year in direct payments. The Federal Crop Insurance Program (FCIP) would become the primary risk management tool for farmers.

Company also announces acquisition of Policy Technologies International.

Second annual StoneRiver survey indicates a lack of enterprise risk management, readiness for changing regulatory climate.

In the report, entitled “Data Agility: Turning a Liability into an Asset,” Tabb assesses spending and implementation plans at financial firms, and their ramifications with enterprise information sharing and distribution. Tabb found that spending on internal resources will drop to 39 percent of the overall IT budget by 2014, reflecting a 5-percent decline from 2012 and a 27 percent decrease since 2000.

A new report from Celent offers an updated regulatory roadmap and guidance for a systems assessment.

Wolters Kluwer Financial Services announced that ComplianceWare, its market conduct research tool, has been updated in an attempt to provide insurers with access to market conduct exams and the more-than-900 enforcement actions issued since January 2010 in a unified, searchable environment.

Penalty settles allegations AIG wrongfully tried to avoid paying state residual market assessments and taxes.

At day two of the 2012 IASA Annual Education Conference and Business Show, Joe Pomilia, IASA’s executive director talks about how the association is keeping up with the way the industry seeks knowledge, Aité Group’s Stephen Applebaum discusses insurers social media efforts and INN outlines the Solvency Modernization Initiative. 

OSI focused on compliance management, relationship management and compensation management for latest version.

As insurers move rapidly to adopt more consumer-centric business models, their efforts are tempered by equally imperative compliance concerns surrounding these new forms of communications and business transactions.

Non-traditional and non-insurance activities and interconnectedness categories to weigh more in determining global systemically important insurers.

Collaboration intended to help insurers to meet Pillar 2 ORSA requirements of forthcoming Solvency II directive.

SOA products deployed as VMware images, designed to provide organizations added flexibility for deployment, migration.

While the anticipated FIO report on how to modernize and improve insurance regulations in the United States is, after missing its initial deadline of January 31, still in progress, McRaith delivered testimony last Thursday, but was only made public today, before a House Committee on Financial Services meeting titled, “U.S. Insurance Sector: International Competitiveness and Jobs.” In McRaith’s testimony, he outlines some of the FIO’s activity in lieu of the report, including the addition of four more professionals this month to bring its team up to 15.

After the U.S. House of Representatives delayed voting on H.R. 5740 an extra day, the proposal passed Thursday with vast support, 402-18. The measure provides a one-month extension for the National Flood Insurance Program, which was set to expire May 31, but will now run through June 30.

Partnership with CIC aims to extend Elixir North America’s straight-through processing and enrich agent, policyholder experiences.

A series of solution providers announce enhancements designed to drive efficiencies.

The U.S. House of Representatives is expected to vote on H.R. 5740 today, a measure to push back the NFIP deadline one month, from May 31 to June 30.

The New York Department of Financial Services (DFS) has issued a mandate requiring New York life insurers to search the U.S. Social Security Administration’s Death Master File every three months in order to find beneficiaries of the recently deceased who are unaware they are eligible for benefits.

Collaboration will progress with a proof of concept describing areas where ACORD data standards may map to XBRL insurance solvency and other business information taxonomies.