Regulation/Legislation

Michael McGavick, chief executive officer of XL Capital urged insurers who believe in American-style capitalism to take part in the "profound debate" about financial reform now underway in Washington.

Property and casualty insurance trade groups are lauding Senate Democrats' decision to include provisions modernizing and reforming the surplus lines industry in legislation they unveiled for financial services regulatory reform.

Senate majority leader Harry Reid, D-Nev., has set the stage for a key vote on the Senate version of health care reform legislation on Tuesday, a move indicating he is likely to unveil the bill Monday.

Auto insurance claim frequency is rising, in some cases precipitously, as gasoline prices have declined from the high levels seen in 2008, according to regulators and two large insurers.

Representatives from Citizens Property Insurance faced tough questioning from the Florida Office of Insurance Regulation over proposed rate increases for high-risk wind-only coverage, including a 7.5 percent increase for homeowners.

Consumer groups seeking financial help so representatives can attend meetings of the National Association of Insurance Commissioners can apply now for funding, the NAIC announced.