Regulation/Legislation

The conference panel charged with reconciling the House and Senate financial services reform bills will take up the powers of a federal insurance office and surplus lines reform next week on Tuesday.

Proposed legislation denying tax deductions for reinsurance premiums paid to offshore affiliates will likely pass through Congress, a Bermuda executive predicted here yesterday, but he criticized the measure as a restriction of free trade.

Voters in California rejected a proposition that would have allowed insurers to apply continuous coverage discounts to drivers in the state.

A New York independent insurance agent's association dug in its heels in opposing the state Insurance Department's new producer disclosure regulation but is making further preparations to educate producers about the rule when it takes effect Jan. 1.

Investigators contacted more than 888 employers, visited 435 work sites, and issued 70 Stop-Work Orders.

The U.S. government's decision to bail out American International Group poses an "extraordinary risk to taxpayers," according to a new Congressional Oversight Panel report that questions whether the government will ever get all its money back.