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R.J. Lehmann

Iowa State University economist Bruce Babcock discusses the perverse incentives, taxpayer waste, and environmental harm caused by federally subsidized crop insurance.

In other flood insurance news, Sen. David Vitter’s bill to extend the flood program through Dec. 31 may get a vote in the Senate the first week of May.

The state-run insurer has asked staff to review whether it is allowed to charge full actuarial rates to new policyholders, while continuing to be bound by a 10% rate cap on renewal business.

The measure would offer a bit more time to finish work on long-term reforms to the National Flood Insurance Program before the end of the 112th Congress.

The Federal Emergency Management Agency is asking Congress to extend the National Flood Insurance Program for two years, without any changes, even though the White House supports reforms that have passed the U.S. House and a key Senate committee.

The move comes days after Gov. Rick Scott vetoed a bill that would have diverted state premium tax revenues to shore up the fund. Meanwhile, Fitch has reaffirmed the Cat Fund’s AA rating.

The state-run insurer’s first-ever catastrophe bond could be as large as $750 million, underscoring that private markets want to take on catastrophe risks.

J. Stephen Zielezienski, general counsel of the American Insurance Association, discusses the Financial Stability Oversight Council’s final rules for selecting systemically important financial institutions.

In addition to appealing to the U.S. Supreme Court, Louisiana Citizens Property Insurance Corp. has filed a temporary restraining order to prevent its bank from paying a $104.6 million judgment state courts say it owes.

The Heartland Institute and 10 other free-market organizations asked Harry Reid and Mitch McConnell to loosen regulatory constraints on the amount of loans credit unions can make to business members.

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