Regulation/Legislation

The New York Insurance Department expressed "disappointment" at the decision by two producer groups to file suit last week to stop implementation of a compensation disclosure regulation.

A New York agents' association defended its lawsuit opposing a producer compensation regulation after a New York State Insurance Department representative questioned the group's motive in opposing disclosure and asked what the association has to hide.

Massachusetts Attorney General Martha Coakley has proposed new auto regulations that, she said, offer consumer protections by increasing transparency and enhancing policyholders' ability to shop effectively for coverage.

The National Flood Insurance Program will lapse June 1 because of congressional inaction, meaning insurance agents will not be able to provide new or renewed insurance policies under the Federal Emergency Management Agency's Write Your Own Program.

William Berkley, who heads a group of U.S. insurers working to close what they see as a tax loophole for foreign insurers, suggested that critics are launching empty threats to thwart his coalition's efforts.

The Federal Reserve Bank of New York came under intense fire at a congressional hearing this week for its decision to allow 100 percent payback for counterparties to AIG credit default swaps after it bailed out the firm in September 2008.