Risk Management

The New York State home insurer of last resort said it will expand offerings by offering coverage for a wide variety of additional perils it does not currently insure.

Insurers are not currently contesting directors and officers' legal defense claims related to the Bernard Madoff pyramid scheme, but carriers are examining proceedings to see if they can stop payments, legal experts said.

A unit of European Union reached informal agreement yesterday on Solvency II, a broad framework to enhance insurer capital requirements and supervision. The action drew a positive response with some reservations from some insurance segments.

Rep. Jackie Speier, D-Calif., is scheduled to address the National Association of Professional Insurance Agents next month on the downside of federal regulation, the organization said.

Treasury Secretary Tim Geithner voiced support today for any legislation creating an optional federal insurance charter or Office of Insurance Information that would help the White House improve its oversight and understanding of insurance.

The Obama administration today asked Congress for authority to create a federal regulator with authority to administer large insurance companies.

National Underwriter's Property & Casualty Web site has changed.The new URL is www.Property-Casualty.com--complete with enhanced options to give readers more opportunity to access NU content and offer feedback.

There was no discrepancy between American International Group's chief executive approving an expedited payment of bonuses and his remarks that he was unhappy with them, a company spokesperson said yesterday.