Regulation/Legislation

Only one American sport utility vehicle secured a "good" evaluation in the new strength rating system that the Insurance Institute for Highway Safety has adopted in a push for a tougher standard from manufacturers.

New York Attorney General Andrew Cuomo announced yesterday that employees of American International Group have agreed to return $50 million of the $165 million controversial bonus money the company paid out.

Treasury Secretary Tim Geithner and Federal Reserve Board Chairman Ben Bernanke today both told Congress their agencies examined suits to stop payment of the bonuses to American International Group's Financial Products Group but backed off.

The NAIC moved forward on a pair of controversial issues last week, voting to revisit the use of consumer credit information to determine insurance rates, as well as approving a modified survey to assess climate risks facing carriers.

AIG last week revealed the institutions to which it paid some $120 billion in taxpayer bailout money to settle controversial derivatives trades, announcing it now sees use of such money should be public.

AIG struggled to respond to a firestorm of criticism last week, generated by a brouhaha over retention bonuses and other payments.