The Pennsylvania Department of Insurance has determined that a carrier's reduction of an insurance agency's compensation to zero is an act of termination and illegal under state law.

Under a new Treasury ruling, American International Group's highest paid executives have a cash salary limit of $500,000.

The property/casualty insurance industry is expected to see an underwriting loss this year, with no let-up in the soft market through 2010 barring a substantial market shift, according to Fitch Ratings.

Four consumer groups blasted the Independent Insurance Agents & Brokers of New York for their threat to sue the New York State Insurance Department over proposed compensation disclosure regulations.

Hub International Ltd. said it has acquired the assets of Glendive, Mont.-based insurance brokerage firm Associated Insurance Managers, Ltd. Financial terms were not released.

The property and casualty insurance industry is expected to see an underwriting loss this year, with no let-up in the soft market through 2010 barring a substantial market shift, according to Fitch Ratings.

Primary property and casualty insurers will need to increase rates in 2010 as they will continue to see poor returns on their investments next year, Swiss Re's top economist predicts.

Property and casualty insurance market capacity is expected to remain strong and broad coverage should remain available for most industry sectors through this year and into 2010, according to an industry report from Aon.