Risk Management

Legislation was introduced in both the House and Senate yesterday aimed at expanding limits on heavy trucks' access to major roads.

A key congressman asked U.S. banking officials to investigate whether foreign institutions received preferential treatment by having their counterparty claims against AIG paid off while U.S. banks were asked to accept pennies on the dollar.

Former American International Group Chief Executive Officer Maurice Greenberg arrived here to tell a House panel how the government should fix AIG and heard a congressman call him the wrong witness because of his legal problems.

Legislation to impose some federal regulation on insurers and create a federal insurance charter mechanism has been introduced by two House members who said the American International Group meltdown underscores the need for their measure.

Bermuda has launched an effort called Bermuda First to help jump-start the island's economy in light of the global financial crisis, said the co-chairman of the initiative.

The federal government is undertaking a multipronged probe of the bonuses paid American International Group executives, including an initiative by the Department of Justice of the options available to recover the funds.

Regulators for 50 states investigating American International Group's (AIG) reporting of workers' compensation premiums between 1985 and 1996 will seek to reach an agreement with the insurer in June, an attorney for one of the lead states said.

State Farm Florida has until April 14 to submit an amended petition for an administrative hearing regarding its plans to withdraw the company's property insurance business from the state, and the insurer said it plans to meet that deadline.