Regulation/Legislation

With a health care reform bill already passed by the House earlier this month, and with the Senate giving the green light to debate its own very different proposal after Thanksgiving, it looks like legislation might yet be passed after all.

Bernard Madoff could not be convinced to buy professional liability insurance for his investment services, but legal requirements did force him to purchase a fidelity bond, a specialty broker revealed at an industry conference.

With fewer hurdles to face in bringing lawsuits against employee benefit plan fiduciaries than against directors and officers, more victims of Ponzi schemes will file pension liability suits, a legal expert predicted recently.

The National Association of Insurance Commissioners has posted a discussion draft outlining the economic assumptions regulators will use to reevaluate residential mortgage backed securities.

American International Group Chief Executive Officer Robert Benmosche has signed a non-compete agreement, a company spokesman said.

New York State Insurance Superintendent James Wrynn has proposed regulatory changes to help combat phony auto injury claims that plague the state's no-fault system.