Two major loan facilities that enabled American International Group to ride through a Force 5 financial typhoon have been fully repaid, the Federal Reserve Bank of New York announced late Thursday.

Hawaii has withdrawn from the Nonadmitted Insurance Multistate Agreement, leaving that coalition with only seven members.

With President Obama signing a 60-day National Flood Insurance Program (NFIP) extension bill on May 31, a lapse in the program has been avoidedbut industry officials are wasting no time looking to the next phase and calling on the Senate to act on a five-year extension.

Lawyers for Maurice Hank Greenberg, the former chairman and CEO of AIG, argue in a court filing that the Federal Reserve Board did not have unlimited powers when it moved to aid AIG in late 2008 and that some of its actions breached its duty to AIG shareholders.

Predictably, large lobbying expenditures by property and casualty insurance companies in 2011 focused on catastrophe issues and on pursuing legal reform.

Former regulators and legislators have created a new committee aimed at putting pressure on Washington officials to continue to focus on rules and laws aimed at reducing systemic risk in financial markets.

State Farm Mutual Insurance Co. spent more on lobbying than any other property and casualty insurance company in 2011, according to data released today by SNL Financial.

The House passed a bill on May 30 under expedited procedures that extends the National Flood Insurance Program (NFIP) until July 31.