Regulation/Legislation

President Barack Obama declared that reforms will be passed this year to prevent the financial industry from relapsing into the habits that almost collapsed financial institutions like American International Group.

Allstate Insurance Company has agreed to settle a government age discrimination suit by paying $4.5 million to 90 older agents impacted by a company reorganization, it was announced

Legislation passed by the U.S. House of Representatives this month reforming regulation of the surplus lines and reinsurance markets should be part of a more comprehensive measure modernizing oversight of the entire industry.

Eight years after the terrorist attacks of 9/11 caused untold human tragedy and shocked the underwriting world, insurers are seeing a much calmer environment, an industry expert said.

New York's new Insurance Superintendent James J. Wrynn announced that medical malpractice, bond insurers and the life settlement industry will be "must" items for his department.

Former New York Insurance Superintendent Eric Dinallo, speaking at an industry conference, said he believes producers' acceptance of contingent commissions from insurers is "a clear conflict."