Regulation/Legislation

The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several insurance-related issues, including the release of a long-delayed report on insurance-regulation modernization.

New Yorks top insurance regulator said during a state Assembly hearing that Superstorm Sandy has highlighted the need for uniformity and clarity in property-insurance policies. He also vowed to examine anti-concurrent causation clauses.

A federal judge has put American International Group Inc's dispute with a financial crisis-era bailout vehicle on hold while another court addresses the insurer's separate $10 billion lawsuit against Bank of America Corp over defective mortgages.

In an effort to resolve outstanding non-flood-related insurance claims from Superstorm Sandy, New Yorks governor has established a mediation program and established new rules to speed the insurance-claims process.

Insurance interests embraced comments by Federal Reserve Gov. Daniel K. Tarullo urging careful consideration when designating insurers as non-bank systemically important financial institutions (SIFIs), even if it was unclear at whom the remarks were aimed.

Insurance broker Aon is withholding reinsurance payments totaling $600,000 on an aviation loss to two Iran insurance carriers due to U.S. sanctions.