The Federal Reserve Bank of New York came under intense fire at a congressional hearing this week for its decision to allow 100 percent payback for counterparties to AIG credit default swaps after it bailed out the firm in September 2008.

William Berkley, who heads a group of U.S. insurers working to close what they see as a tax loophole for foreign insurers, suggested that critics are launching empty threats to thwart his coalition's efforts.

Insurers plan to invest $84 million, on average, over the next three years to improve their multi-channel distribution strategies, according to findings of a global survey by Accenture.

Given the number natural and man-made catastrophes already omnipresent in today's news, it hardly seems fair to point out that tropical storm season is here, and by most predictions, will be a season to remember.