Risk Management

Independent agents at a conference here heard Sen. Jon Tester, D-Mont., voiced strong support for state insurance regulation today while Republican legislative speakers discussing health care, said reforms should avoid overregulation.

Policyholders of Citizens Insurance Corp., the underreserved state-sponsored insurer of last resort, could see their rates rise by up to 5 percent under legislation passed yesterday by the Florida Senate.

California's insurance commissioner followed a hearing on a request by workers' compensation insurers for a 23.7 rate increase yesterday by announcing he will hold another session on June 8 to question carrier medical costs.

Eight industry trade groups supporting an optional federal insurance charter told key members of Congress in a letter yesterday that financial services regulatory reform should include a dedicated federal insurance regulator.

American International Group said today that despite the ongoing investigations by federal authorities, they know of no illegal activity by the company's controversial financial products unit.

Insurers can expect an impact from the hailstorm of rules and lawsuits related to changes in climate that have come on the scene, a legal expert advised during a Web conference.

Three members of the government panel appointed to oversee the taxpayers' investment in American International Group have been asked to brief the House Oversight and Government Reform Committee on details of the status of the financially troubled company.

The White House nominee to head the agency that runs the National Flood Insurance Program has told Congress he opposes adding windstorm coverage to the protection NFIP offers.