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Weekly news through April 29

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Weekly news through April 29

S&P Global MarketIntelligence offers our top picks of insurance news stories and more publishedthroughout the week.

Risk & Regulation

TheU.S. House of Representatives unanimously passed H.R. 2901, the Flood Insurance Market Parity andModernization Act. The bill clarifies that private flood insurance should be anoption for consumers by tweaking the Biggert-Waters Flood Insurance Reform Actof 2012. 


hasexpressed concernswith reservingmethods contained within a new life insurance reserving framework expected tobe implemented at the beginning of 2017.


TheNew York Department of Financial Services, along with other state insurancedepartments, plans to issue a survey to insurers the first week in May to collect dataon the diversity of their governing boards as well as their vendors and othersuppliers.  

Life and health

Chairman and CEO MarkBertolini struck a cautiously optimistic tone about the Affordable Care Actmarketplace, saying the insurer is aiming to breakeven on its public exchangebusiness in 2016. However, Bertolini stressed on an call that bigger structuralchanges are needed "around product flexibility, rating flexibility andpooling" for the ACA marketplace to become sustainable in the long term.

Aetnaspent roughly $1.1 million on lobbying efforts in the opening months of 2016 as itcampaigns for antitrust approval of its proposed acquisition of


sawhigher-than-anticipated enrollments in its Affordable Care Act plans, picking upmembers in states where health insurance consumer operated and oriented planshave failed, executives said during an earningscall. 


's individualexchange business is seeing "favorable" and generating margins atthe higher end of its targeted range, at a time when the industry is the of the ACA exchanges.Chairman, President and CEO Michael Neidorff said on an earnings call that hedoes not expect Centene to see major membership gains in 2017 as a result ofUnitedHealth GroupInc.'s retreat from several states.


UnitedHealthGroup units UnitedHealthcare ofthe Midlands Inc., UnitedHealthcare Life Insurance Co. and havenotified the Iowa Insurance Division that they will provide certain coverages inthe state for 2017. The move brings UnitedHealth's total state ACA exchangeexits to 23. 


wantsto be a buyer in thewake of the Department of Labor's Conflict of Interest Rule, saying that itshould see new acquisition opportunities as small investment advisers buckleunder the weight of the new compliance requirements.

Meanwhile,American Equity Investment LifeHolding Co. believes the Labor Department's rule could the company to expand itssuite of annuities products, after it warned that new restrictions placed onfixed-indexed annuities were "not drafted to be workable" forindependent agent distribution of those annuities.


TheNew York State Department of Financial Services commenced a proceeding for in New York State Supreme Court.

P&C

appearspoised to recaptureat least a portion of the market share it had lost in previous years in theprivate-passenger auto line as higher new business production, growth inpolicies in force and steady retention rates have positive implications forwritten premiums.


Furthersoftening inreinsurance pricing does not look imminent, and there are signals that an"increasing level of discipline" is coming to the market, President and CEO Albert Benchimol indicated on an earnings call. 


is set to achieve its upsized of $250 million for itsResidential Reinsurance 2016 Ltd. series 2016-1 , Artemis reported. 


TheU.S. insurance and reinsurance industry has so far incurred about $7.4 billionof losses resultingfrom natural catastrophe and severe weather events in 2016, Artemis reported,citing Aon Benfield's Impact Forecasting. Aon Benfield is part of . 

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