Regulation/Legislation

Despite the economic downturn, Bermuda remains a major player in the global captive marketplace. That was the message delivered by officials at the Bermuda Captive Conference.

American regulators must put into place "better, not simply more" financial services rules and regulators, London insurance market leaders warned.

Besides the financial market crisis, the top business risks multinational insurers face this year are failures to recognize model shortcomings and possible impacts from sweeping regulatory reforms, a report found.

Competitive Enterprise Institute, the Washington-based conservative think tank, said it has launched a Web site centered on government regulation in the insurance industry.

California Gov. Arnold Schwarzenegger is seeking authorization to sell off a portion of the state's workers' compensation insurer of last resort, a spokesperson for the governor said.

New federal protections administered by any new federal consumer protection agency would create "a duplicative inefficient system," a property and casualty industry official told the House Financial Services Committee.