Regulation/Legislation

The board of directors of the Bermuda Monetary Authority has announced that Jeremy Cox was appointed chief executive officer of the Authority, effective Jan. 1, 2010.

No matter how many regulations or internal fail-safe systems an organization or a government puts in place, preventing systemic economic collapses means challenging peoples' worst instincts.

State regulators, possibly within days, will approve the hiring of a firm to reassess the evaluations of 17,600 residential mortgage-backed securities downgraded by the major credit rating firms, an official said.

Medical malpractice insurance trade groups said they are gearing up to fight a proposal to cancel the antitrust exemption they are now afforded under the McCarran-Ferguson Act.

National Association of Insurance Commissioners' moves to obtain revised ratings and reassessment of capital requirements for residential-backed mortgage securities (RMBS) could give insurers more financial flexibility, said Moody's Investors Service.

Legislation that would repeal the antitrust exemption provided health insurers and medical malpractice carriers through the McCarran-Ferguson Act is being pushed by two powerhouse lawmakers.