Regulation/Legislation

Louisiana Insurance Commissioner Jim Donelon said he has denied a request by State Farm, the state's largest home insurer, for an average 19.1 percent rate hike.

The Risk and Insurance Management Society, Inc. said New York State's final compensation disclosure regulation for agents and brokers is not stringent enough and called on officials to gather more information.

A New York independent agent's group said it is moving ahead with a lawsuit to block the state's insurance department from implementing new agent and broker compensation disclosure regulations

State Farm said it is considering subrogation action against Toyota for auto claims that occurred due to vehicle defects that have been the subject of a major recall of Toyota vehicles.

The New York Insurance Department, in advance of releasing its new disclosure rules for the state's agents and brokers tomorrow, announced that they are fair to producers while protecting consumers.

The tsunami set off by the election of a Republican senator from Massachusetts to take Ted Kennedy's place is likely to generate far stronger federal oversight of the insurance industry than would have otherwise been the case.