The Obama administration's plans to seek legislation giving it the authority to take over a troubled non-bank financial services company like an insurer is a move to "usurp" the state regulatory and guaranty fund system, an industry lawyer said today.

The market has been buzzing about AIG's insurers alleged under-pricing, but two officials gave the carrier a clean bill of health--of sorts. Did they miss the boat, wonders NU Editor In Chief Sam Friedman in his blog at www.NUSamSoapbox.com.

AccuWeather.com Chief Long-Range and Hurricane Forecaster Joe Bastardi has released a preliminary forecast that suggests fewer landfalls in the United States as well as fewer named storms in the 2009 hurricane season compared to that of last year.

Standard & Poor's Ratings Services, citing reduced capital levels, said yesterday that it has revised its outlook on Berkshire Hathaway Inc. to negative from stable.

According to the U.S. Justice Department, more than $1 billion in scheduled insured jewelry is lost every year. In a weakening economy, questionable and fraudulent claims will probably rise.

Earlier this year, the president of a major carrier casually noted he did not buy personal lines coverage from his own company for fear of raising ethical conflicts. Check what readers had to say.

Treasury Secretary Tim Geithner told a congressional committee today he will ask Congress Thursday to okay a federal receiver for "systemically important" nonbank financial firms like American International Group.

Lloyd's reported today that its 2008 profit plunged to $2.7 billion from $5.66 billion in 2007, but its chief executive said the amount was "a pretty good result," given the current financial market.