Regulation/Legislation

AIG confirmed last night that it has been designated systemically significant by the Financial Stability Oversight Council, paving the way for possible federal regulation at the holding-company level. Prudential Financial and GE Capital were also designated at an afternoon meeting of FSOC members yesterday.

Florida has enjoyed a record run of seven years without a hurricane making landfall, but industry experts question whether Florida's state-controlled insurance system is able to cope in the long term.

Supporters and opponents of Obamacare might go one more round: It has been 3 years since Congress passed the law that has become known as Obamacare. Implementation of the Patient Protection and Affordable Care Act has been underway since the ink dried on the bill.

However, this snagand the potential it raises that the sale could fall throughis unlikely to delay designation of AIG as a systemically significant nonbank by the governmenta step that could occur as early as June 3.

All force-placed insurance firms doing business in New York have now agreed to put in place reforms that will substantively reduce cost of the coverage to homeowners.

Companies doing business within state are now authorized to self-insure, or provide reinsurance for, its own and its affiliates operational risks such as employee benefit plans, liability insurance and workers compensation insurance.