Regulation & Compliance
Troubled Tower Ends Relationship with PwC; Fitch Announces Downgrade, Rating Withdrawal
Tower Group International has fired PricewaterhouseCoopers as its accounting firm, six months after announcing it would restate previously filed financial statements for 2011 and 2012 due to ...
Madoff Victims Seek $40B from Compensation Fund
The overseer of a U.S. fund to compensate victims of Bernard Madoff's Ponzi scheme on Tuesday said he has received roughly 51,700 claims seeking to recoup more than $40 billion, both totals far ...AIG Says Whistleblower Suit Alleging Unlicensed Life Ins. Sales Without Merit
American International Group Inc. defrauded the U.S. by failing to disclose it was selling insurance without a license during negotiations with the government over a bailout in the financial crisis, ...
Motorists Mutual to Acquire Southeast, Midwest Insurer
Ohio-based Motorists Mutual Insurance Co. has agreed to buy the stock of Consumers Insurance USA, which is based in Murfreesboro, Tenn. Consumers Insurance will become a wholly owned subsidiary of ...
House Republicans Call for Opening Black Box on Systemic Risk Designations
A group of Republican lawmakers demanded documents on Friday from U.S. regulators, voicing concerns that decisions about whether to designate large financial companies as systemically risky are ...
NRC Requiring Quake Assessments of Nuclear Plants; NY Plant Among First
A nuclear plant in the New York City suburbs will be among the first to do an in-depth analysis of its risk from earthquakes. The Nuclear Regulatory Commission said Friday that the Indian Point plant ...
Class Action Threat: Corp. Bylaws Can Make Suing and Losing Investors Pay Legal Costs, Says Delaware Supreme Ct.
Delaware's Supreme Court has ruled that corporations can adopt bylaws requiring an investor who sues and loses to pay the company's legal costs, potentially upending the economics of a booming type ...
A.M. Best Slashes Tower’s Financial Strength Ratings
Bad news for Tower Group International and its subsidiaries: A.M. Best has downgraded the insurer's financial strength ratings, as the carrier works through the steps of a planned merger with ACP Re. ...