Regulation/Legislation

Federal Reserve Board Chairman Ben Bernanke characterized American International Group as part of a shadow banking system that played a key role in the catastrophic economic downturn of 2007-2009.

A tenuous truce has been forged between federal and Florida emergency-management officials over a bill passed by the Florida legislature that could potentially leave 2.06 million Florida property owners without flood insurance just as the hurricane season nears its peak in July.

The Insurance Agents & Brokers of Maryland is applauding the state legislatures passage of a law that no longer requires insurers to send notices for de minimis premium increases on commercial policies.

Two California medical-malpractice insurers have agreed to lower their premiums, a decision the state-insurance commissioner says will lower costs to healthcare providers in the state by $4 million.

A House panel plans to act soon on legislation that would exempt agent commissions from the Medical Loss Ratio provision of the healthcare reform law.

New Florida legislation, if signed into law by Gov. Rick Scott, would provide relief to the state's private market insurers and potentially attract new private capital to the Sunshine State.