Regulation/Legislation

The Senate Commerce, Science and Transportation Committee approved legislation that would offer grants to states that enact laws prohibiting texting and using a handheld device while driving.

The U.S. government's decision to bail out American International Group poses an "extraordinary risk to taxpayers," according to a new Congressional Oversight Panel report that questions whether the government will ever get all its money back.

Congress Thursday afternoon launched its effort to reconcile different versions of financial services reform legislation, with the goal of putting a final bill on President Barack Obama's desk before Independence Day.

Peter Raymond, director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will leave his regulatory position to take a job outside the captive insurance sector, BISHCA said.

California Insurance Commissioner Steve Poizner lost his bid to become the state's next governor, as former eBay CEO Meg Whitman defeated him in the gubernatorial Republican primary Tuesday night.

Hawaii Insurance Commissioner J.P. Schmidt will leave his position on July 1 to join a Honolulu law firm, according to a Department of Commerce and Consumer Affairs statement.