News

Congress should launch federal regulation of the insurance industry with oversight of bond insurers, mortgage insurers, and reinsurers, the chairman of a House subcommittee said yesterday.

The New York Insurance Department, after more than a year of consideration and a hearing, formally proposed a regulation today expanding the list of difficult risks that can be insured by other than New York- licensed carriers.

The Arizona Captive Insurance Association (AzCIA), said Christopher S. Murray of Midwest Insurance Group, Inc., RRG, has been elected the group's new president for 2009-2010.

Fitch Ratings said it will take no rating action on Max Capital Group Ltd. after the Bermuda reinsurer withdrew its bid for a merger with IPC Holdings Ltd.

Insurance regulation would remain primarily at the state level under President Obama's new financial services regulatory regime.

John Houldsworth, who turned government witness in the securities fraud case involving American International Group and General Reinsurance Group, was sentenced to probation yesterday.