Regulation/Legislation

The Louisiana State Senate has passed a bill banning insurers from canceling homeowners and commercial property coverage because of Chinese drywall claims.

A House panel has reported out flood insurance legislation and two other bills dealing with natural catastrophes, but only the flood program has unanimous industry backing.

American International Group is "stable," primarily as a result of a huge infusion of government financial aid, the Government Accountability Office said in a new report.

CFO Alex Sink has released a letter to Insurance Commissioner Kevin McCarty, noting recent actions by the OIR and seeking comments on upcoming activity regarding property insurers.

State legislators and regulators are sparring with large insurance companies over whether Congress should create an office within the Treasury Department to monitor insurance activities.

The Council of Insurance Brokers of Greater New York said it will join the legal effort to defeat New York's compensation disclosure rule for producers.