Risk Management

Florida's government-dominated insurance system needs reform because its current system makes the state less safe and increases the log-term costs to taxpayers, a study by a free market think tank has concluded.

American International Group's plane leasing subsidiary, International Lease Finance Corporation, said its future existence could be in doubt if it is unable to secure funding from its troubled parent or a third-party lender.

The Obama administration's plans to seek legislation giving it the authority to take over a troubled non-bank financial services company like an insurer is a move to "usurp" the state regulatory and guaranty fund system, an industry lawyer said today.

Treasury Secretary Tim Geithner told a congressional committee today he will ask Congress Thursday to okay a federal receiver for "systemically important" nonbank financial firms like American International Group.

Only one American sport utility vehicle secured a "good" evaluation in the new strength rating system that the Insurance Institute for Highway Safety has adopted in a push for a tougher standard from manufacturers.

Florida Insurance Commissioner Kevin McCarty has been named Regulator of the Year by the LexisNexis Insurance Law Center.

New York Attorney General Andrew Cuomo announced yesterday that employees of American International Group have agreed to return $50 million of the $165 million controversial bonus money the company paid out.

Treasury Secretary Tim Geithner and Federal Reserve Board Chairman Ben Bernanke today both told Congress their agencies examined suits to stop payment of the bonuses to American International Group's Financial Products Group but backed off.