Declarations
No to FIO, Industry Says
“Since [the FIO’s] inception in 2010, our associations have echoed concerns from functional regulators over FIO’s potential for duplicative and overreaching workstreams. Unfortunately, these concerns have been validated over the course of the office’s existence, as it has undermined state-based regulation and exerted inappropriate pressure on industry participants, including unwarranted threats of subpoenas. These actions cross directly into work already being performed by state regulators, creating inconsistent expectations, duplication, and costs that are ultimately borne by consumers.”
— The National Association of Mutual Insurance Companies (NAMIC) and the Independent Insurance Agents & Brokers of America in a letter to Montana Congressman Troy Downing, who introduced H.R. 643, the “Federal Insurance Office Elimination Act.”
Crypto Control
“Countless New Yorkers invest in cryptocurrency and digital assets, and more must be done to protect them and their money. Thousands of investors in New York and across the country have lost millions of dollars to cryptocurrency scams and fraud that could be prevented with stronger federal regulations.”
— New York Attorney General Letitia James urging lawmakers to pass legislation to create a federal regulatory framework for cryptocurrencies. In a letter to top congressional leadership, James said that lawmakers should require crypto companies to register with a federal regulatory agency and set minimum listing standards for crypto tokens. The digital asset industry has seen growing influence in Washington after spending over $119 million backing pro-crypto congressional candidates in last year’s elections.
Agricultural Uncertainty
“The world is trying to figure out if Trump is playing chess or checkers. If it’s the former, it would be a cool, long-term benefit. If it’s the latter, we’re going down a path we’ve never gone down in my lifetime.”
— Josh Yoder, a fifth-generation farmer in Ohio, who has been watching gyrations in the crop markets as Donald Trump moved to dramatically escalate his trade war with China. Yoder supports Trump, but his words echo a growing sense of apprehension across America’s crop belt. China is by far the biggest global buyer of soybeans. The commodity is also the highest-value U.S. bulk agriculture export, with sales of nearly $25 billion last year, roughly half of which came from China.
Winning the Ransomware War
“The industry supporting compromised entities has matured. As a result, we see shorter dwell time, shorter time to containment, faster completion of forensic investigations, lower cost for forensic investigations, shorter time to restoration after ransomware deployment, and declining ransom payment amounts. The combined efforts of carriers, brokers, law firms, forensic firms, restoration firms, ransom negotiation and payment facilitation firms, and law enforcement have yielded positive results.”
— Ted Kobus, chair of BakerHostetler’s Digital Assets and Data Management (DADM) Practice Group on beating back ransomware.
Florida P&C Growth
“The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted. We must continue on this path and not turn the clock backwards.”
— Florida Insurance Commissioner Michael Yaworsky commenting on the 12th new property and casualty insurer entering the state’s historically turbulent market in two years. Yaworsky said the new entries are further evidence that 2022-2023 legislation, which throttled excessive claims litigation and bad-faith claims against insurers, is paying off. The number of new property/casualty insurers to enter Florida since 2022 has now surpassed the number of insolvencies seen from 2019 through 2023.
Texas Powers Up
“It sounds like we’re going to need every electron brought to bear in our system that we can possibly find, whether it’s from new generation, conservation or energy efficiency, or new distribution. We need all of it.”
— Texas State Rep. Rafael Anchia, D-Dallas, addressing the state’s growing need for power to supply new residents and industries. Anchia said the state should not show favoritism to particular types of energy generators. Natural gas, solar, wind and battery storage compete to supply power to the Texas grid. Grid operators, by law, pick up cheaper energy first, which solar currently regularly supplies.