Regulation/Legislation

Republican takeover of the House will likely put an end to efforts to curb use of credit scoring as an underwriting tool by property and casualty insurers, according to an industry official.

Robert H. Benmosche, president and chief executive officer of American International Group, now predicts that AIG's repayment of a line of credit

Property and casualty insurance companies do not pose a systemic risk to the U.S. financial system and should not be subject to federal supervision, the American Insurance Association said in a comment letter to the Financial Stability Oversight Council.

American International Group posted a $2.4 billion third-quarter loss on restructuring-related charges of $4.5 billion, as its chief executive boasted of solid insurance operating results.

Prima Solutions announces the release of Prima Re, an insurance application entirely built using the ACORD Information Model.

The chances that the National Flood Insurance Program will be reauthorized for a long period by the next Congress have risen considerably through the Republican takeover of the House, according to industry officials and outside analysts.