News

Creating a new federal consumer protection agency for insurance would result in "a duplicative, inefficient system that would add even more costs" for buyers, a top property and casualty industry official warned Congress last week.

In its latest divestiture move, American International Group Inc. announced today that it has agreed to sell 98 percent of the shares in its consumer finance operations in Russia to Banque PSA Finance SA.

Four anti-fraud groups have written California Gov. Arnold Schwarzenegger, criticizing his budget proposal to downgrade most insurance crimes from felonies to misdemeanors.

Expressly, race-based employment decisions are illegal, the Supreme Court ruled today in a closely watched discrimination case brought by white and Hispanic firefighters.

Maurice R. Greenberg spent last week on the witness stand sparring with the attorney for American International Group over competing claims to AIG stock held by Starr International Company.

American regulators must put into place "better, not simply more" financial services rules and regulators, while making sure reform efforts sustain, rather than kill the capitalist goose laying all of the economy's golden eggs.