Risk Management

Bills to ease rules for bringing "bad faith" lawsuits in claim disputes have been introduced in a growing number of state legislatures, but so far insurance interests have been winning.

Actions being taken today by state insurance regulators will deal with current inefficiencies and create a more effective, state-based regulatory system, the chief executive officer of the National Association of Insurance Commissioners said.

Even as some insurance industry bonuses draw criticism, Jack Windolf, the chief executive officer of Bollinger Insurance Solutions brokerage, is drawing national acclaim for dishing out $1,000 to all 434 company employees from his own pocket.

A bill introduced in Congress yesterday establishing some federal regulation over the insurance industry has drawn opposition from an insurance agents group while the two major insurers are supporting the move.

Elizabeth A. Monrad, the former chief financial officer for Gen Re, was sentenced today to 18 months in federal prison for her role in a sham insurance scheme involving American International Group.

The New York State Insurance Department and the Autoridade Monet?ria de Macau- Macau's insurance regulator - have reached a memorandum of understanding which will allow for closer cooperation between the two regulators.

Legislation was introduced in both the House and Senate yesterday aimed at expanding limits on heavy trucks' access to major roads.

A key congressman asked U.S. banking officials to investigate whether foreign institutions received preferential treatment by having their counterparty claims against AIG paid off while U.S. banks were asked to accept pennies on the dollar.