Two insurance industry trade groups voices satisfaction with the U.s. Senate’s confirmation of former Kentucky insurance commissioner S. Roy Woodall to the Financial Stability Oversight Council because of his insurance expertise.

Standard & Poor’s Ratings Services lowered to “AA+” from “AAA” its long-term counterparty credit and financial strength ratings on the member companies of five U.S. insurance groups, following its lowering of the U.S.’s credit rating last week.

American International Group, the global insurer close to paying back the $182 billion in federal bailout assistance it received, has entered into three bank credit facilities.

Federal officials say they issued a new regulation designed to give market flexibility and stability to health insurance coverage as reform takes hold.

Philadelphia-based Lincoln National Corp. plans to buy back $950 million worth of preferred stock to pay back the U.S. Treasury for money it received from the government last year.

Another lawsuit challenging the constitutionality of the mandate that individuals buy health insurance has been filed, this time arguing the law violates people’s religious rights.

The president and CEO of American International Group told a congressional panel that not only would the insurer repay the more than $132 billion it was loaned by taxpayers, but would pay more than it received.

The U.S. Senate’s passage of financial services reform May 20 has drawn the praise of two insurance industry trade groups, both pleased to see that senators deemed property-casualty insurance different than other financial service sectors.

Touting the nearly $3 billion federal anti-fraud efforts brought into federal coffers last year, government officials say the Patient Protection and Affordable Care Act will do even more to assist in fighting additional fraud and waste.

A life insurance trade group is telling federal officials the vital role that guaranteed lifetime income options can have in workplace retirement plans.