A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state's planned producer compensation regulation.

A five-year National Flood Insurance Program extension bill passed by the House in July is unlikely to pass the Senate before the program's next scheduled expiration on Sept. 30, representatives for two Washington-based agent groups said.

The New York State Insurance Department (NYSID) has distributed an advance copy of a draft circular letter on its planned producer compensation disclosure rule to agent groups but excluded

Once again, the storm in the Gulf of Mexico called "Tropical Depression Five" has moved onshore and now has a "near 0 percent" chance of forming into a tropical storm over the next 48 hours.

July property and casualty rates declined an average of 3 percent compared to last year at the same time, due in part to favorable midyear reinsurance terms, according to the latest survey by MarketScout.

The California Workers' Compensation Insurance Rating Bureau will likely recommend an average rate increase of around 30 percent to the state's insurance department later this year.

A controversial New York producer compensation disclosure regulation complies with the law and is necessary to inform consumers about possible conflicts of interest, the state's attorney general and leading candidate for governor argued in a court filing.

Property and casualty results at AIG deteriorated slightly in a competitive market, while overall the company reported a second-quarter net loss of $2.7 billion, primarily due to a $3.3 billion goodwill impairment charge on the sale of a life subsidiary.