A new bill seeks to amend the McCarran-Ferguson Act.

Using disputed AIG bonuses as the rationale, two House Democrats introduced another bill this week seeking repeal of the McCarran-Ferguson Act insurance industry antitrust exemption.

The National Association of Insurance Commissioners (NAIC) released an update of its 2008 assessment of state producer-licensing laws, practices and processes.The 2008 report — which provided a comprehensive national assessment of state producer-licensing regulation — identified areas where the states’ reciprocity and uniformity initiatives need improvement, along with areas where such efforts have been successful.“The updates demonstrate that the NAIC’s producer-licensing reform strategy is working, showing significant progress in the past year,” said Alaska Insurance Director Linda Hall, who is chair of the NAIC Producer Licensing Task Force. “The 2008 assessment report outlined where we stood last year in terms of compliance with the Gramm-Leach-Bliley Act’s reciprocity requirements and uniform resident-licensing standards. It also provided an independent legal review and on-site peer assessment of our licensing laws, regulations, practices and processes.”Outreach efforts were conducted in teams consisting of volunteer regulators and industry members of the NAIC/Industry Producer Licensing Coalition. These teams held meetings with state commissioners, directors, superintendents, senior regulatory staff and licensing directors who were actively engaged in the 2008 assessment process. The teams then provided updates on each state’s compliance with NAIC reciprocity and uniform resident-licensing standards.The outreach effort afforded industry members with the opportunity to engage in the assessment and discussions of key reforms. It was also an opportunity for the regulators to hear directly from the national and local trade associations regarding issues that matter most to insurance producers.“This process continues to arm us with a wealth of valuable and comprehensive information,” said Tennessee Insurance Commissioner Leslie Newman, who is chair of the NAIC/Industry Producer Licensing Coalition. “I am most pleased with the 98 instances of states achieving compliance with NAIC uniform resident licensing standards since February 2008 — reaching 84% compliance overall — which means the process is working as designed.”

The congressional backlash against American International Group Inc. continued to affect the banking industry Thursday, as the House passed a bill only hours after it had been introduced to constrain executive compensation at firms receiving government assistance.

Workforce reduction is part of data center deal with IBM.

Citing financial crisis, NAVA reports a slide in variable annuities compared to previous year.

A new study reveals that insurers paid out $52.5 billion in global property claims.

In testimony before Senate, Illinois insurance director says state regulators are capable of addressing systemic risk.

NAIC reports 84% overall compliance with resident licensing standards since February 2008.

Spurred by the President's pledge of reform, the House Judiciary Committee wasted no time in passing a bill to give the government resolution power over systemically important financial firms.

The deal may create a powerhouse of open-source Linux and Java software, just in time for Cisco to enter the server market.

Federal Chief Technology Officer Vivek Kundra returned to his job today, White House officials report.

In a prepared statement to Congress, AIG’s CEO Edward Liddy attributed the "cold realities of competition" to the insurer’s decision to pay $165 million in bonuses.

When implementing IT initiatives, carriers can see benefits by tapping outside help.

Senators Shelby and Dodd raised concerns over insufficient state oversight at a Senate Banking Committee hearing on Tuesday.

Celent Senior Analyst Donald Light offers a no-holds-barred commentary regarding the AIG bonus payments controversy.

The “state of the regulators’ report uses seafaring metaphors in describing the group’s progress in 2008, and updates the public on its membership and financials.

The administration plans to attach new conditions to an upcoming bailout infusion that would recover the bonuses already paid, though not from the executives who received them.

The FASB's proposals are designed to reduce the scale of other-than-temporary impairment charges, and help institutions comply with mark-to-market accounting rules for illiquid assets.

The global professional services firm reports a slight decline of 3% during the fourth quarter of 2008 compared to the same quarter a year ago.