Regulation/Legislation

Clarendon National Insurance Company has paid a $360,000 fine for overcharging auto insurance policyholders and refunded customers approximately $992,000, the New York State Insurance Department said.

Reacting to the new health care reform law, Virginia Gov. Bob McDonnell signed legislation outlawing the U.S. government from requiring state residents to purchase medical insurance.

The Hartford Financial Services Group Inc. has completed its previously announced equity and debt offerings, part of the insurer's plan to repay the $3.4 billion it borrowed from the Treasury under the Troubled Asset Relief Program.

The Professional Insurance Agents of New York (PIANY) said it will not join a lawsuit challenging the legality of the New York State Insurance Department's producer compensation disclosure regulation.

Insurers have secured key changes in financial services reform legislation easing a proposed financial requirement for large firms and eliminating tighter regulation of financial product sales.

NAMIC Chair John T. Hill II discusses some of the critical issues confronting the industry in the first of a two-part exclusive video interview with National Underwriter at www.property-casualty.com.