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.

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 American International Group bonus payments' controversy is continuing with Sen. Charles Grassley, R-Iowa, expanding his demands for information from the Treasury Department.

Legislation will be introduced in the House repealing the antitrust exemption afforded health and medical liability insurers through the McCarran-Ferguson Act.

Obama administration officials denied that American International Group had "outmaneuvered" them on bonus payment issues, and said if a proposed tax on large banks is enacted, it will ensure the bonus payments are recouped.

Insurance trade groups are asking the House to reject proposed legislation that would end the antitrust exemption afforded health and medical malpractice insurers by the McCarran-Ferguson Act.

State regulators have told Congress the Treasury's assessment of how American International Group holding company problems could have impacted AIG's ability to pay insurance claims is wrong.

Insurance industry representatives said President Obama's new effort to tax insurers who cede premiums to overseas affiliates is far tougher than previous proposals aimed at low-tax offshore havens.