Regulation/Legislation

The New York DFS says Rhode Island-based Narragansett Bay Insurance Company will pay a $327,400 penalty due to adjuster-inspection delays on Superstorm Sandy claims. NBIC says it accepts the penalty, but disagrees with the DFS' findings.

Maurice Hank Greenberg, the former chairman of American International Group Inc., lost a bid to throw out the New York attorney generals 2005 lawsuit over alleged sham transactions intended to inflate the insurers financial health.

When a suit is filed against an insured, the wording of every liability insurance policy requires the insured to report that suit to the insurer in writing. Most insurers find a notice made orally to the company or the agent sufficient because the agent or broker will convert the oral...

Washington lobbyists like to tout, especially about getting favored bills passed. Unfortunately, the current Congress has an abysmal record of actually enacting legislation. As far as insurance-related legislation, this Congress will probably end up passing only a few bills this year.

Although legislators are working on protecting client data from hackers, some think they're not working hard enough.

Tower Group International, Ltd. has filed a Form 8-K stating that, on May 20, the Massachusetts Department of Insurance entered an amended order of administrative supervision with respect to Tower subsidiaries.