Regulation/Legislation

Language contained in their own claims manuals might void policy exclusion provisions insurers have used to deny Chinese drywall homeowners claims, according to an insurance law expert.

A change in statutory accounting rules by the National Association of Insurance Commissioners could help insurers' financial flexibility, but it will not impact their ratings, said an analyst with Moody's Investors Service.

The House passed the wide-ranging Wall Street Reform and Consumer Protection Act of 2009, drawing an immediate and generally favorable reaction from one insurance trade group and a lukewarm response from another.

Under a new Treasury ruling, American International Group's highest paid executives have a cash salary limit of $500,000.

The New York Liquidation Bureau held a celebratory breakfast today to market its 100th anniversary, a spokesman said.

A New York Workers' Compensation Board (WCB) spokesman said WCB's $405 million civil fraud lawsuit against Bermuda-based CRM Holdings Ltd., as the administrator of six self-insured trusts is not affected by N.Y. Attorney General's action.