Regulation/Legislation

An agents group in Pennsylvania is hoping the state Legislature will pass a tort reform measure that it said would make the state a friendlier place to do business.

Treasury Secretary Tim Geithner just announced at this afternoon’s FSOC meeting that Michael McRaith will be the first director of the Federal Insurance Office.

Legislation has been introduced in the House that would clarify industry reporting requirements under an existing controversial law that requires reimbursement to Medicare for payments made to people who are also paid later through workers' compensation or liability claims.

New federal regulations related to the Dodd-Frank Act are currently being rolled out across the financial services industry, affecting not only banks but insurance companies as well. The goal of these new regulations is to increase consumer protection by increasing transparency.

The Federal Deposit Insurance Corporation has issued an interim final regulation dealing with the liquidation of a troubled non-bank financial company, including an insurer.

Legislation clamping down on widespread sham medical clinics and staged crash rings that are looting Florida’s no-fault insurers was introduced in the state legislature on March 16.