Regulation/Legislation

The debate over wind-versus-water homeowner claims is not quite as cut and dried thanks to a ruling yesterday by the Mississippi Supreme Court in a Hurricane Katrina case.

W Maurice Greenberg, AIG's former chief executive, said rating agencies need government supervision, while credit default swaps should be regulated as insurance.

No matter how many regulations or internal fail-safe systems an organization or a government puts in place, preventing systemic economic collapses means challenging peoples' worst instincts, an enterprise risk management conference was warned this week.

The Florida medical malpractice market is continuing a recovery that began when the state's legislature enacted reforms in 2003, a recent report by the Florida Office of Insurance Regulation states.

A group of nine property and casualty industry trade groups today charged that legislation proposed in Congress, to end the exemption under antitrust laws for healthcare insurers, had a hidden agenda.

While warning against imposing additional laws and new federal overseers on the insurance industry, Maurice Greenberg says rating agencies need government supervision, while credit default swaps should be regulated as insurance.