Regulation/Legislation

Elizabeth A. Monrad, the former chief financial officer for Gen Re, was sentenced today to 18 months in federal prison for her role in a sham insurance scheme involving American International Group.

The New York State Insurance Department and the Autoridade Monet?ria de Macau- Macau's insurance regulator - have reached a memorandum of understanding which will allow for closer cooperation between the two regulators.

Legislation was introduced in both the House and Senate yesterday aimed at expanding limits on heavy trucks' access to major roads.

Bermuda has launched an effort called Bermuda First to help jump-start the island's economy in light of the global financial crisis, said the co-chairman of the initiative.

A key congressman asked U.S. banking officials to investigate whether foreign institutions received preferential treatment by having their counterparty claims against AIG paid off while U.S. banks were asked to accept pennies on the dollar.

Former American International Group Chief Executive Officer Maurice Greenberg arrived here to tell a House panel how the government should fix AIG and heard a congressman call him the wrong witness because of his legal problems.