Regulation/Legislation

An Illinois law that set caps on medical malpractice awards for "pain and suffering" has been ruled unconstitutional by the state's high court, which found legislators had overreached in attempting to restrict the judicial process.

A New York independent agent's association said last week that it plans to make good on a prior threat to file a lawsuit to block Empire State regulators from implementing new producer disclosure compensation rules.

Negotiations have broken down over a bipartisan financial services reform package in the Senate, leaving Democrats to unveil their own proposal by the end of the month, Sen. Chris Dodd, D-Conn., said today.

The Independent Insurance Agents and Brokers of New York said its negotiations with the New York State Insurance Department have resulted in some revisions to a proposed producer compensation disclosure rule.

Too many issues remain undecided for the federal government to ask workers' comp providers to start reporting on April 1 under the Medicare Secondary Payer mandatory reporting requirements, insurer trade groups said in a letter.

A man falsely claiming to be a licensed insurance agent sold bogus life insurance policies to two senior citizens in Hillsborough County.