Regulation/Legislation

Reading the reminiscences of former Florida Insurance Commissioner Tom Gallaghers trials in the aftermath of Hurricane Andrew got me to thinking about what a hit the insurance industry took from that storm. Im not talking about the financial hit, but the reputational hit.

A House subcommittee late Tuesday passed legislation that would exempt commissions paid to insurance agents from the medical-loss ratio calculation mandated under the healthcare reform law.

State Farms claims-handling following 2008s Hurricane Ike is being investigated by authorities inTexas, and at least one legislator is asking the state insurance department to look into the matter as well.

It is essential that the Terrorism Risk Insurance Act be extended before it expires at the end of 2014, an official of the Hartford Insurance Group said today before a House Committee.

Two property and casualty insurance trade groups contend proposed international supervisory standards must be rethought because they would impose an unjustified additional layer of regulatory restrictions on global insurance companies.

Floridas insurance department says it has approved a plan by the states Citizens Property Insurance Corp. to remove 150,000 homeowners policies to four private-sector companies.