Regulation/Legislation

The chairman of a key subcommittee of the House Financial Services Committee today said he intends to move quickly to impose direct federal oversight of insurance, starting with a system to regulate systemic risk.

The Treasury Department said last night it had approved Allstate Corporation and five other insurers to get taxpayer rescue money under its multibillion-dollar Capital Purchase Program.

The bidding war between Max Capital Group and Validus Holdings over Bermuda-based property-catastrophe reinsurer IPC Re continued this week, with Max announcing its deal has regulators' approvals.

Insurance prices are not likely to begin rising until early 2010, but federal government actions before then could mean abrupt price spikes rather than gradual shifts, an economist suggested yesterday.

Michael G. Cherkasky, former Marsh & McLennan Companies chief executive, was appointed yesterday to take over as chairman of the scandal-scarred New York State Commission on Public Integrity.

Don't create a health care insurance program that cuts us out of the market, insurance agents' and brokers' trade groups have written congressional leaders.