Regulation/Legislation

Both Florida and New York are reporting that their respective workers compensation reforms are having an impact, but officials in both states indicated that further changes, likely through additional legislation, are necessary.

A state appeals court upheld reforms contained within HB 119legislation signed into law by Gov. Rick Scott more than a year ago.

The protracted talks on new European Union capital adequacy rules for insurers are likely to be concluded next month, two sources involved said on Thursday.

Efforts by the Financial Accounting Standards Board to change accounting for insurance contracts deviate from an established, well-tested and reasonable norm, and essentially amount to a solution in search of a problem, according to comments by ACE Chairman and CEO Evan Greenberg.

As regulation has prompted banks to move toward consolidation, one insurance executive here at the PCI Annual Meeting is calling for the same in his industry.

State Auto Chairman and CEO Robert P. Restrepo has been elected Board Chair of the Property Casualty Insurers Association of America.