Personal Lines

Legislation to impose some federal regulation on insurers and create a federal insurance charter mechanism has been introduced by two House members who said the American International Group meltdown underscores the need for their measure.

The federal government is undertaking a multipronged probe of the bonuses paid American International Group executives, including an initiative by the Department of Justice of the options available to recover the funds.

State Farm Florida has until April 14 to submit an amended petition for an administrative hearing regarding its plans to withdraw the company's property insurance business from the state, and the insurer said it plans to meet that deadline.

The Florida House of Representatives voted approval yesterday for legislation to restore the attorneys' fee cap in workers' compensation cases that was ruled unenforceable by the State Supreme Court.

Officials of a House panel have asked federal agencies to deliver reports today from an independent monitor retained to oversee American International Group in 2005.

An insurance executives' think tank in advance of tomorrow's London G-20 meeting has written finance leaders advising them that any regulatory moves to fix the economic crisis should recognize the difference between banks and insurers.