Legislation giving the federal government broad authority to deal with troubled financial institutions--including insurers--passed the House Financial Services Committee last week on a tight 31-27 vote.

Federal Reserve officials woefully underestimated the potential cost of bailing out American International Group, according to a report issued by the Office of the Special Inspector General for the Troubled Asset Relief Program.

Thanks to changes supported by carriers and agents, most industry groups are now satisfied with legislation creating a Federal Insurance Office within the Treasury Department that was passed last week.

The National Association of Mutual Insurance Companies is voicing strong criticism of a model audit rule for insurance companies proposed by New Mexico Insurance Department officials.

The House passed estate tax legislation that an insurance agents' trade group said they hoped could be modified to provide a higher exemption level for small businesses.

Legislation creating a Federal Insurance Office within the Treasury Department was passed today by the House Financial Services Committee.

Legislation creating a Federal Insurance Office within the Treasury Department was passed by the House Financial Services Committee.

Legislation giving the government broad authority to deal with troubled financial institutions, including insurers, passed the House Financial Services Committee.