Regulation/Legislation

Insurers that venture into bank-like business activities in search of higher returns must realize they will be regulated like banks, the head of the European Union's insurance watchdog said on Wednesday.

President Barack Obama's administration on Tuesday formally proposed new rules requiring insurers to cover people with preexisting conditions and set minimum health benefits to millions of others under U.S. healthcare reform law.

While a recent report on executive compensation shows companies are seeking to limit increases for their top officers, a compensation consultant to the insurance industry says carriers had already adopted leaner increases before the Great Recession struck.

With the latest round of take-outs, Louisianas last-resort insurer has reduced its policy count 43 percent since it reached an all-time high early in 2008.

The National Association of Insurance Commissioners announced late Friday that its CEO, Therese M. (Terri) Vaughan, would be leaving earlier than expected, on Nov. 30 rather than in 2013's first quarter, and that Andrew Beal would become acting CEO until a leader is hired.

Europe's insurers may get a single supervisor, mirroring a plan to centralize banking regulation under the European Central Bank, the head of the EU's insurance rule-making body said on Tuesday.