Yes, VCIA did host our annual holiday mixer Wednesday night in Burlington as a Nor’easter was raging outside. But it did not stop the many intrepid members from the captive insurance industry from joining us for great food, libations and conversations. Special thanks to Saslow Lufkin & Buggy, LLP for sponsoring the mixer. It was great to catch up with so many friends who too often I only see in passing at other captive events and meetings around the country… and to have nothing on the agenda other than to have a good time.
Of course having just said that, it is also an excellent opportunity for me to check in with our members and get a take on the industry as we near year-end, highly unscientific as it may be. And although the year was not without its challenges to the industry as a whole, our members are happy with where things stand.
On the emerging TRIA reauthorization front, the House of Representatives passed a bill on Wednesday to reauthorize the program but the bill may still face opposition in the Senate. Besides the changes negotiated by House and Senate leaders we reported on earlier, the bill originally contained provisions to modify the Dodd-Frank Act by incorporating a rule which will relieve insurers of capital standards regulations that originally targeted banks (the Collins Amendment). The White House had said that while it supported TRIA, it was opposed to the changes to Dodd-Frank being sought by Republicans. Ultimately, the Collins Amendment was not included in the TRIA reauthorization bill approved by the House, however, in a separate action it passed through unanimous consent S. 2270, a bill that was passed by the Senate in June. However, Sen. Tom Coburn (R-OK) says he’ll delay the bill unless the Senate would agree to his state opt-out amendment to NARAB II. The House has apparently gone home so don’t know if any amendments to House passed bill can be accepted. We will keep you posted as TRIA continues down the tortuous path to reauthorization (I hope)!
Thank you all very much and I look forward to hearing from you!