Regulation/Legislation

Three pension funds are asking the government trustees overseeing the U.S. loan to American International Group to withhold their support for one of the AIG board members who served on the company's compensation committee.

Less than a month after Max Capital and IPC Re announced their boards approved a merger deal valued at roughly $900 million, Validus Holdings has presented the IPC board with a rival bid valued at $1.68 billion.

Insurance Services Office in Jersey City, N.J., announced they are offering a new facility so insurers can report title data for total loss vehicles to comply with federal law aimed at preventing sales of stolen and salvaged motor vehicles.

Insurer associations disagreed today on the extent of insurer assessment increases contained in the New York State budget agreed upon over the weekend.

The chairmen of key Senate and House committees promised President Obama they will work together to have legislation on his desk by year's end creating a "new, more robust regulatory framework" for financial services firms.

Two House Democrats last week introduced legislation that would repeal the antitrust exemption afforded insurers under the McCarran-Ferguson Act, but would retain the authority of states to regulate the industry.