Regulation/Legislation

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.

Insurance industry representatives were optimistic that some type of action will be taken this year to remedy flaws in New York's no-fault auto insurance system after a State Senate Insurance Committee hearing.

Thanks to the Senate rule requiring 60-votes to get any bill to a vote, making the country almost ungovernable, perhaps it's time to do away with or modify the fillibuster rules, suggests NU Editor Sam Friedman on his blog at www.NUSamSoapBox.com.