Regulation/Legislation

The insurance industry has traditionally been ahead of the curve when it comes to anticipating important trends, getting out in front of large-scale behavioral shifts and rapidly adapting to evolving societal realities.

The chairman of a key House Financial Services panel last night unveiled draft legislation creating a federal insurance regulatory office that tracks with minor omissions legislation submitted to Congress by the Obama administration.

The Senate Finance Committee completed work on health care reform legislation early today without action on the "24 hour amendment," which would have merged medical components of workers' compensation and auto insurance with health insurance.

AIG currently owes the U.S. government $83.6 billion, the company said in a statement designed to clear up what it said is "continuing confusion regarding the amount of assistance AIG has received" and what it still owes.

At a September meeting with the Florida Cabinet, Insurance Commissioner Kevin McCarty said what the insurance industry has been saying for some time -- homeowners' insurers doing business in Florida are losing money.

Proposed bill language would require members of Congress and congressional staff to get their health insurance through health exchange providers that would be authorized by legislation being considered by a Senate panel.