Regulation/Legislation

NAMIC Chair John T. Hill II discusses some of the critical issues confronting the industry in the first of a two-part exclusive video interview with National Underwriter at www.property-casualty.com.

Salaries of the 25 top executives at American International Group and other companies receiving government help must be cut on average by one-third from last year's levels, government pay czar Kenneth Feinberg said.

Insurers have secured key changes in financial services reform legislation easing a proposed financial requirement for large firms and eliminating tighter regulation of financial product sales.

Insurers with assets of more than $50 billion would not be subject to the pre-funding provisions of the resolution authority that would be created in Senate financial services reform legislation to deal with firms posing a systemic risk to the economy.

Rather than work to destroy the health reform bill passed by Congress, the insurance industry and Republican lawmakers should work to improve it over the next few years, suggests NU Editor Sam Friedman on his blog at www.NUSamSoapBox.com.

The Hartford has announced that it plans to repay the $3.4 billion it borrowed from the Treasury last year under the Troubled Asset Relief Program.