Latest Legislation Headlines

Study Finds Economic Costs of Federal Cat Legislation Significant

Sep 22 2008 // Taxpayers In At Least 20 States Could Face Multi-Billion Dollar Tax Burden Natural catastrophe legislation passed by the U.S. House of Representatives and pending in the U.S. Senate would create a multi-billion dollar...

Sep 22 2008 // Austin, Texas-based insurance education provider, The National Alliance for Insurance Education & Research, selected Kathleen G. Speer as director of national business for the not-for-profit organization. Prior to...

Supreme Court on Small Business

Sep 22 2008 // There is no question that U.S. Supreme Court’s decisions impact small business. More than 40 percent of the court’s cases directly affect the business community, including employment, civil rights, insurance,...

California Workers’ Comp Division Strengthens Judges’ Ethics Rules

Sep 22 2008 // California’s Division of Workers’ Compensation has adopted revised ethics regulations governing workers’ compensation judges. According to the DWC, the rules and regulations “are designed to enforce...

Former SEC Head Donaldson Calls for Regulatory Overhaul

Sep 19 2008 // Former U.S. Securities and Exchange Commission Chairman William Donaldson said the United States needs a regulatory overhaul, similar to changes made to the system after the Great Depression. “It’s clear there...

Ark., La. Commissioners Reassure Policyholders After AIG Bailout

Sep 18 2008 // Both Arkansas Insurance Commissioner Julie Benafield Bowman and Louisiana Commissioner of Insurance Jim Donelon have issued statements seeking to reassure policyholders in the wake of the federal takeover of insurance...

Key Lawmaker Wants AIG Internal Documents on CEO, Board, Pay

Sep 18 2008 // Rep. Henry Waxman, chairman of the U.S. House Committee on Oversight and Government Reform, has asked the new chief executive officer at American International Group Inc. to give his committee internal documents related to...

State Regulators: Insurer Groups Must ‘Stick to Facts’ on AIG

Sep 18 2008 // National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger today issued the following statement regarding American International Group (AIG): In times of crisis, the...

AIG Crisis Restarts Debate Over State vs. Federal Insurance Regulation

Sep 17 2008 // The crisis surrounding giant insurer American International Group has reignited the debate within insurance circles over whether state or federal regulation is preferable. The parent AIG got into trouble with credit...

Florida Cabinet Approves Insurance Regulator’s New Reinsurance Rule

Sep 16 2008 // Financially sound unaccredited reinsurance companies can now conduct business in Florida without having to post 100 percent collateral. The Florida Office of Insurance Regulation announced that the Florida Cabinet, in its...

Update: AIG Cash Crisis Mounts; Greenberg Explores Buyout; Conservatorship Reportedly Eyed

Sep 16 2008 // American International Group Inc. shares sank 48 percent on a report that regulators might take control of the giant insurer, though a U.S. government source said federal agencies do not have legal authority to put AIG...

California Legislative Session Positive on Insurance Issues

Sep 15 2008 // This year’s California legislative session has been a relatively positive one for property/casualty insurers and their customers, according to the Association of California Insurance Companies. Legislators generally...

Assurant Offers ID Theft Protection for Financial Institutions

Sep 15 2008 // Assurant Specialty Property and National ID Recovery (NIDR) have launched a Red Flag ID fraud detection, notification and protection program for financial institutions and credit unions. Red Flag ID Fraud Solutions is a...

Tennessee Court Rules against Alcoa in Asbestos Suit

Sep 12 2008 // Alcoa Inc. can be sued for the asbestos-related death of a former worker’s daughter, the Tennessee Supreme Court ruled. The Pittsburgh-based company had argued that it should not be held responsible for Maryville...

Drug Maker Not Liable in Death Caused by User, Maryland Court Rules

Sep 11 2008 // The Maryland Court of Appeals has ruled that drug manufacturer Eli Lilly was not liable for a fatal accident caused by a user of one of its diabetes drugs who blacked out while driving and crashed into another...

Insurance Trade Group Honors U.S. Sen. Collins of Maine

Sep 11 2008 // The National Association of Mutual Insurance Companies (NAMIC) named Sen. Susan M. Collins, R-Maine, as its Federal Legislator of the Year. “Senator Collins has a great understanding and appreciation of the...

Florida Orders State Farm to Refund $120 Million for Mitigation Discounts

Sep 10 2008 // Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to issue credits or refunds totaling $120 million to current and former policyholders who did not apply for or who did not receive the windstorm loss...

Judge Dismisses Portions of Katrina Lawsuit in Mississippi

Sep 10 2008 // A Mississippi couple who accused their insurance company of using fraudulent Hurricane Katrina damage reports to keep from paying claims now says there’s no evidence the insurer acted negligently or in bad faith. A...

Texas Work Comp Division Encourages Crane Safety in Wake of Accidents

Sep 10 2008 // Recent construction crane accidents causing injuries and accidents in Texas and elsewhere have prompted the Texas Department of Insurance to urge employers and employees to use safety precautions when operating cranes. In...

California in Holding Pattern on Insurance Bills

Sep 9 2008 // With Democratic and Republican legislators unable to agree on a budget since California’s fiscal year began on July 1, 2008, many state services — as well as insurance bills — are at a standstill. Gov....