Regulation/Legislation

American International Group's use of affiliate reinsurance is "proper and properly accounted for in accordance with applicable statutory guidance," the company said in response to a critical New York Times article.

Through these last six months, we've sat back and watched as major American companies, icons and brand-names like Washington Mutual, General Motors and Lehman Brothers, entered a downward spiral and filed bankruptcy.

Robert Benmosche, a former chairman and chief executive officer at Metropolitan Life, has been named to head American International Group, replacing CEO Edward Liddy.

The U.S. House of Representatives passed legislation last week extending the expiring National Flood Insurance Program yet again--this time until March 31, 2010.

The Florida Office of Insurance Regulation (OIR) has signed separate Memorandums of Understanding with the German Bundesanstalt f?r Finanzdienstleistungsaufsicht (BaFin) and the the United Kingdom's Financial Services Authority.

While acting New York State Insurance Commissioner Kermitt Brooks has hailed the passage of health insurance bills in the state, one advocacy association called them "exactly the wrong approach."