State Farm Mutual Insurance Company said it plans to stop handling claims for the National Flood Insurance Program but will continue writing policies.

An industry official will testify before Congress Wednesday that a steep hike in the damage limits from an offshore drilling accident could drive offshore drillers out of U.S. waters.

State Farm Mutual Insurance Company said it plans to stop handling claims for the National Flood Insurance Program but will continue writing policies.

The battle by congressional Democrats to limit the damage from major cuts imposed through the health care reform law to the politically popular Medicare Advantage program has started.

Proposed tax legislation aimed at offshore reinsurers "will distort the playing field" to the advantage of U.S. insurers and increase costs for consumers, a lobbyist for Bermuda companies said.

Several property and casualty insurance trade groups are asking congressional conferees on financial services reform legislation to limit the scope of federal oversight on state-regulated insurers in any final bill.

Two former state insurance commissioners are among four people named to head a new agency within the Department of Health and Human Services that will oversee implementation of the health care reform law.

Standard & Poor's said property and casualty insurers will not be able to sustain the current pace of reserve takedowns in the face of deteriorating business conditions in an announcement today.