Regulation/Legislation

It is essential that the Terrorism Risk Insurance Act be extended before it expires at the end of 2014, an official of the Hartford Insurance Group said today before a House Committee.

The latest sale of American International Group stock now underway by the U.S. Treasury means that the federal government has now fully recouped its investment in the company and has already made $15.1 billion on its investment, AIG and Treasury officials said last night.

American International Group is on the verge of becoming the first insurance holding company ever regulated by the federal government as the Treasury Department launches a public offering of $18 billion of AIG stock.

Losses from Hurricane Isaac will not be as severe as they were from Hurricane Gustav for Louisiana residents, says the states insurance commissioner.

Two property and casualty insurance trade groups contend proposed international supervisory standards must be rethought because they would impose an unjustified additional layer of regulatory restrictions on global insurance companies.

Floridas insurance department says it has approved a plan by the states Citizens Property Insurance Corp. to remove 150,000 homeowners policies to four private-sector companies.