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A reevaluation of insurance regulators' use of rating agencies is needed because their poor performance helped prompt the financial crisis, a regulator and consumer advocate testified.

A reevaluation of insurance regulators' use of rating agencies is needed because their poor performance helped prompt the financial crisis, a regulator and consumer advocate testified today.

Credit rating agencies, which are set to answer questions before insurance regulators next week, are being investigated by the California Attorney General's Office, it was announced.

Despite poor financial results, competition among insurers continued to be intense in the second quarter, but depletion of capital signals rising commercial insurance rates ahead.

Liberty Mutual Group reported net income dropped 9 percent in the second quarter of this year, which the company's chief executive said was acceptable under present market conditions.

Creating a new federal consumer protection agency for insurance would result in "a duplicative, inefficient system that would add even more costs" for buyers, a top property and casualty industry official warned Congress last week.

New federal protections administered by any new federal consumer protection agency would create "a duplicative inefficient system," a property and casualty industry official told the House Financial Services Committee.

Liberty Mutual Group reported first-quarter net income of $28 million, a 92.2 percent decrease from the $360 million in net income reported in the 2008 first quarter.