An advocate for medical liability reform contended at a congressional hearing Thursday that there is “no question” that medical lawsuit abuse is “undermining both our health care system and the doctor-patient relationship.”

The tug-of-war over changes to the health care reform legislation was formally launched Thursday, as several Senate Democrats made clear that while they would support repealing a widely criticized tax-reporting provision, they would only accept a “clean bill” doing so from the House.

The GAO has issued a report stating that the government’s ability to make a profit on its investment in American International Group now depends on the economy and the ability of AIG’s management to grow the business.

The House voted late Wednesday mostly along party lines to repeal the health care reform law enacted last April.

The National Association of Professional Insurance Agents is calling on Congress to strip the Obama administration of its authority to make recommendations to Congress regarding future oversight of the insurance industry.

An insurance trade group is urging the Obama administration to promptly nominate the insurance voting member of the Financial Stability Oversight Council.

Insurance agents who support creation of a federal charter for insurance lashed out at the National Conference of Insurance Legislators for being misleading when it told members of Congress that premium taxes would be lost if a federal insurance charter is created.

The Federal Reserve Board said it earned $3.4 billion in 2010 on its investments in American International Group.