Regulation/Legislation

Eliot Spitzer the former New York governor and attorney general, who used to blister American International Group in press releases, is now hitting the company as a member of the press over a "scandal."

Two Democrats in the House introduced legislation today that would repeal the antitrust exemption afforded the insurance industry by the McCarran-Ferguson Act, but would retain the authority of states to regulate insurance.

The National Association of Insurance Commissioners gave final approval yesterday to a climate risk disclosure survey that has received mixed support among the insurance industry.

The Florida home insurance startup company People's Trust, which sells products from a call center, has signed a consent order to pay $155,000 in penalties and to stop writing policies until it meets certain regulatory criteria.

AIG Chairman and Chief Executive Officer Edward Liddy said today he agreed to pay bonuses to employees at its troubled Financial Products unit only because "I am trying to prevent an uncontrolled collapse of that business."

Maurice "Hank" Greenberg, the former chief executive of American International Group, said the executives who recently received bonuses do not deserve them because they lost money for the company.