Regulation/Legislation

Bank of America and QBE Insurance Corp have agreed to pay $228 million to settle claims that they engaged in a kickback scheme inflating the cost of insurance that homeowners were forced to buy, according to a court filing.

Greg Wren, president of the National Conference of Insurance Legislators, was automatically deposed last week when he resigned as a member of the Alabama House as part of a plea deal with state prosecutors.

Insurer American International Group Inc on Thursday sued New York regulators to force them to back off a threatened costly enforcement proceeding over possible violations of state law by a former unit.

The task force President Barack Obama set up to manage General Motors Co.s bailout and bankruptcy in 2009 wasnt aware of the faulty ignition switches linked to 13 deaths in small cars, said people familiar with the matter.

The National Governors Association expressed concern in a letter to Treasury Secretary Jacob Lew about Decembers Federal Insurance Office regulatory modernization report and its role in the larger state vs. federal regulation debate.

General Motors Co. Chief Executive Officer Mary Barra pushed yesterday to separate herself from an old GM that weighed the costs of improved safety, insisting shes the face of a new GM that puts customers first.