Michael McRaith, the Illinois insurance director who will become the first head of the Federal Insurance Office, has told his staff that he will continue at his present job “through at least the end of May.”

Treasury Secretary Tim Geithner just announced at this afternoon’s FSOC meeting that Michael McRaith will be the first director of the Federal Insurance Office.

Legislation has been introduced in the House that would clarify industry reporting requirements under an existing controversial law that requires reimbursement to Medicare for payments made to people who are also paid later through workers' compensation or liability claims.

The Federal Deposit Insurance Corporation has issued an interim final regulation dealing with the liquidation of a troubled non-bank financial company, including an insurer.

Sen. Jay Rockefeller, D-West Va., called out the National Association of Health Underwriters and Florida Insurance Commissioner Kevin McCarty, saying their lobbying for agent exemptions from the medical loss ratio "will cost American consumers $1 billion in benefits."

Legislation will soon be re-introduced in both the House and Senate that will allow risk retention groups to sell commercial property insurance.

Reinsurers have let it be known that the reinsurance market would be prepared to take on some flood risk if Congress decides to pursue that option.

American International Group has offered to buy mortgage-backed securities held by the Federal Reserve Bank of New York for $15.7 billion.