Regulation/Legislation

Massachusetts Commissioner of Insurance Joseph G. Murphy has reached an agreement with Geico resolving what the DOI said were inconsistencies in Geicos reporting of accident information to state agencies and policyholders.

Stakeholders seeking reauthorization of the Terrorism Risk Insurance Act are holding an emergency meeting today to discuss next steps in the wake of an alarming draft House bill that would effectively phase out the program over three years.

Various legislative proposals to abolish the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, the housing finance giants commonly known as Fannie Mae and Freddie Mac, could establish a new federal presence in the oversight of private mortgage insurance.

Citizens Property Insurance Corp.'s board of governors approved a $3.1 billion risk transfer program for the 2014 hurricane season that, it said, capitalizes on favorable market conditions to increase reinsurance coverage at a lower price.

The House and Senate both introduced bills stipulating that federal regulators must use state-based metrics.

N.Y. State Supreme Court Justice granted the attorney general's office motion to reject the Ex-AIG chief's demand for a jury.