News

Legislation to impose some federal regulation on insurers and create a federal insurance charter mechanism has been introduced by two House members who said the American International Group meltdown underscores the need for their measure.

Homeowner health complaints related to Chinese drywall products point up a need for contractors to obtain enhanced insurance coverage, but such protection may not be available according to a brokerage expert.

The federal government is undertaking a multipronged probe of the bonuses paid American International Group executives, including an initiative by the Department of Justice of the options available to recover the funds.

Regulators for 50 states investigating American International Group's (AIG) reporting of workers' compensation premiums between 1985 and 1996 will seek to reach an agreement with the insurer in June, an attorney for one of the lead states said.

Seattle-based insurance technology solutions provider Vertafore said it has reached a reseller agreement with RatchetSoft that will allow users of ImageRight to integrate the product with a variety of browsers. Terms of the deal were not released.

State Farm Florida has until April 14 to submit an amended petition for an administrative hearing regarding its plans to withdraw the company's property insurance business from the state, and the insurer said it plans to meet that deadline.