Regulation/Legislation

The Florida House on Friday night approved and sent to the Senate a measure designed to beef up the finances of the state-created home insurer of last resort and the Florida Hurricane Catastrophe Fund.

American International Group Chief Executive Officer Edward Liddy has been asked to testify before a House oversight committee May 6 on what caused the downfall of AIG.

N.Y. Insurance Superintendent Eric Dinallo has begun an inquiry into whether Allstate Corporation engaged in illegal participation in unregulated insurance markets, after the insurer's CEO wrote an opinion piece calling for federal regulation.

While comparisons to mold and asbestos are inevitable, liability insurance exposures arising from the installation of tainted Chinese drywall in Southeast homes will not grow to asbestos-like proportions, legal experts predicted recently.

The head of a Senate committee working on health care reform said details of a "public option" proposal utilizing Medicare and Medicaid resources to provide competition to private health insurers' products are still in the works.

In response to the New York insurance superintendent's inquiry into its possible illegal participation in unregulated insurance markets, Allstate has provided an affidavit that it is operating legally.