Captives

With companies laying off employees by the millions, closing up facilities or going out of business altogether, fueling a soft commercial insurance market, these are challenging times indeed for workers' compensation carriers.

As debate continues on financial services reform legislation in the Senate, insurance industry representatives said they will work to eliminate regulatory provisions they consider too "bank-centric."

CFO Alex Sink has released a letter to Insurance Commissioner Kevin McCarty, noting recent actions by the OIR and seeking comments on upcoming activity regarding property insurers.

State legislators and regulators are sparring with large insurance companies over whether Congress should create an office within the Treasury Department to monitor insurance activities.

Legislation the House Financial Services Committee will take up Tuesday would, among other provisions, reauthorize the National Flood Insurance Program for five years.

The global insurance industry, which has seen several years of pricing increases and profitability, has entered what can best be described as a soft market.

Enactment of the new health care reform law has already spawned fraud schemes by which individuals are seeking to sell bogus policies through 1-800 numbers and by going door-to-door, federal regulators are warning.

At first glance, Senate Banking Committee Chair Christopher Dodd's plan to create an Office of National Insurance, incorporated in his financial regulatory reform bill, might seem harmless.