US Federal Reserve

• AIG Eyes New Director with Regulatory Experience

  By Nadia Damouni, Reuters, Paritosh Bansai, Reuters  |  May 23, 2013

  American International Group Inc's board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.

• Treasury Refuses to Give Timetable on Systemically Important Non-Bank Designations

  By Elizabeth Festa, PropertyCasualty360.com  |  May 21, 2013

  The Financial Stability Oversight Council expects to vote on proposed designations of an initial set of nonbank financial companies in the near term, according to Treasury Secretary Jacob Lew in prepared testimony today before the Senate Banking Committee.

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  Insurers Missing the Boat with Claims Technology

  By Steve Callahan  |  May 15, 2013

  Executives appear to be in agreement that improving combined ratios will be more easily achieved than increasing underwriting profits, at least until the economy returns to a more reasonable footing.

• House Subcommittee Chair Pushes Requirement that Lenders Accept Private Flood Policies

  By Arthur D. Postal, PropertyCasualty360.com  |  April 25, 2013

  demand by a House Financial Services subcommittee chairman that bank regulators move quickly to impose a rule requiring mortgage lenders to accept private flood insurance is prompting a split in the insurance industry.

• 2013: A Transformative Year in the Regulatory Revolution

  By Mark E. Ruquet, PropertyCasualty360.com  |  April 25, 2013

  Insurers are facing revolutionary changes in the regulatory environment--changes that are causing some U.S. insurers to reevaluate business strategies and structure, says KPMG.

• FSOC to Meet; Nears Designation of Nonbank SiFi

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth D. Festa, PropertyCasualty360.com  |  April 24, 2013

  The Financial Stability Oversight Council will meet Thursday amid signs that the first designation of an insurer as systemically significant is imminent.

• W.R. Berkley Sells Interest in InsurBanc to a Bank He Chairs

  By Mark E. Ruquet, PropertyCasualty360.com, Arthur D. Postal, PropertyCasualty360.com  |  April 8, 2013

  W. R. Berkley Corp. has sold its interest in InsurBanc as part of a trend by insurance companies to divest their thrifts in an effort to avoid federal regulation.

• Fed Issues Final Rule for Nonbank Supervision

  By Elizabeth D. Festa  |  April 4, 2013

  The Federal Reserve Board announced its approval of a final rule that defines the terms "significant nonbank financial company" and "significant bank holding company."

• AIG Makes Case for Its Ability to Sue Banks over MBS; Clashes with Fed

  By Arthur D. Postal, PropertyCasualty360.com  |  April 3, 2013

  American International Group contends it never forfeited its right to sue mortgage bankers that sold it virtually worthless mortgage-backed securities, and the insurer says a Federal Reserve official has made inconsistent statements to the court on the matter.

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  Congressman Presses McRaith, FIO on Key IAIS Initiatives

  By Elizabeth Festa, PropertyCasualty360.com  |  March 27, 2013

  Congress is taking one of its first steps toward oversight of Federal Insurance Office activities by questioning the FIO's stance on key international insurance regulatory proposals.

• Lawmakers Want More Transparency from FSOC

  By Reuters  |  March 15, 2013

  U.S. lawmakers on Thursday pressed a new financial risk council to release more details about closed-door meetings, saying the public needs to know more about what regulators are doing to prevent the next financial crisis.

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  The Expert Witness: Selecting and Managing A Vital Resource

  By Dennis J. Wall, Esq.  |  March 12, 2013

  Qualified experts are often instrumental in assessing liability and damages. During trial, insurers must manage such experts (and their testimony) wisely.

• FSOC Finalizing SIFI Designations; Former FDIC Chair Says Delays Show 'Lack of Spine'

  By Elizabeth Festa, PropertyCasualty360.com  |  March 4, 2013

  The Financial Stability Oversight Council is in the final stages of evaluating an initial set of nonbank financial companies for potential designation as SIFIs, or systemically important financial institutions, according to remarks made today by Mary Miller, U.S. Treasury Under Secretary for Domestic Finance.

• Lew Confirmation Could Clear Way for Delayed Federal Insurance Initiatives

  By Elizabeth Festa, PropertyCasualty360.com, Arthur D. Postal, PropertyCasualty360.com  |  February 28, 2013

  The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several insurance-related issues, including the release of a long-delayed report on insurance-regulation modernization.

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  Report: Insurers Must Adapt to Changing Landscape, Not Wait for Improvement

  By Phil Gusman, PropertyCasualty360.com  |  February 26, 2013

  With economic, interest-rate and competitive challenges expected to persist through 2013, the title of Conning’s latest report aptly sums up the firm’s recipe for insurance-industry success in a year marked by numerous headwinds: “Nothing to Be Gained by Waiting for Things to Get Better.”

• Insurance Reps Embrace Fed Gov. Tarullo's Comments on G-SII Designations

  By Elizabeth Festa, PropertyCasualty360.com  |  February 26, 2013

  Insurance interests embraced comments by Federal Reserve Gov. Daniel K. Tarullo urging careful consideration when designating insurers as non-bank systemically important financial institutions (SIFIs), even if it was unclear at whom the remarks were aimed.