Regulation/Legislation

As demonstrated by the case of Lilly Ledbetter, which spawned the Fair Pay Restoration Act of 2009, what appears a non-issue today might not be tomorrow, which makes the purchase of employment practices insurance vital for small and midsize businesses, according to Burns & Wilcox Manager Dick Weaver.

Michael McRaith, the Illinois insurance director who will become the first head of the Federal Insurance Office, has told his staff that he will continue at his present job “through at least the end of May.”

An agents group in Pennsylvania is hoping the state Legislature will pass a tort reform measure that it said would make the state a friendlier place to do business.

Treasury Secretary Tim Geithner just announced at this afternoon’s FSOC meeting that Michael McRaith will be the first director of the Federal Insurance Office.

Legislation has been introduced in the House that would clarify industry reporting requirements under an existing controversial law that requires reimbursement to Medicare for payments made to people who are also paid later through workers' compensation or liability claims.

New federal regulations related to the Dodd-Frank Act are currently being rolled out across the financial services industry, affecting not only banks but insurance companies as well. The goal of these new regulations is to increase consumer protection by increasing transparency.