An Illinois law that set caps on medical malpractice awards for "pain and suffering" has been ruled unconstitutional by the state's high court, which found legislators had overreached in attempting to restrict the judicial process.

The tsunami set off by the election of a Republican senator from Massachusetts to take Ted Kennedy's place is likely to generate far stronger federal oversight of the insurance industry than would have otherwise been the case.

Steven Udvar-Hazy, the founder of American International Group's troubled International Lease Finance Corporation, has resigned as chief executive and member of its board, AIG said.

Federal lawmakers may cut a provision of proposed legislation that seeks to end the antitrust exemption for medical malpractice insurers afforded by the McCarran-Ferguson Act exemption, according to insurance industry sources.

Negotiations have broken down over a bipartisan financial services reform package in the Senate, leaving Democrats to unveil their own proposal by the end of the month, Sen. Chris Dodd, D-Conn., said today.

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, wants another House committee to take jurisdiction over the troubled and controversial National Flood Insurance Program.

Too many issues remain undecided for the federal government to ask workers' comp providers to start reporting on April 1 under the Medicare Secondary Payer mandatory reporting requirements, insurer trade groups said in a letter.

An Illinois law that set caps on medical malpractice awards for "pain and suffering," has been ruled unconstitutional by the state's high court, which found legislators had overreached in attempting to restrict the judicial process.