Regulation/Legislation

Obama administration officials denied that American International Group had "outmaneuvered" them on bonus payment issues, and said if a proposed tax on large banks is enacted, it will ensure the bonus payments are recouped.

A New York insurers' group plans to tell a legislative panel that bogus medical mills and unscrupulous medical providers, mostly in the New York City area, are inflating no-fault auto insurance costs.

The Florida Supreme Court has ruled that insurers can be liable for unsolicited blast faxes that violate the Telephone Consumer Protection Act (TCPA) under a commercial general liability insurance policy.

Florida Gov. Charlie Crist announced he would veto legislation that would allow specified insurers to use rates for homeowners insurance not subject to approval from the Office of Insurance Regulation (OIR).

Big auto insurers will be examining past auto accident claims involving Toyota vehicles for possible subrogation action, an insurance arbitration executive predicted, as Allstate said it has a case review underway.

Insurance industry representatives said President Obama's new effort to tax insurers who cede premiums to overseas affiliates is far tougher than previous proposals aimed at low-tax offshore havens.