Several insurance providers are attempting to address the causes of climate change and increased weather-related losses, but more needs to be done to minimize those losses and to make the most of the business opportunities presented by the need to address global warming, a report concludes.

SACRAMENTO, Calif.—California Gov. Arnold Schwarzenegger and Insurance Commissioner John Garamendi announced an agreement Tuesday that will allow the commissioner to regulate California’s State Compensation Insurance Fund.

In a move that has been rumored for months, Senate President Pro Tem Don Perata introduced amendments this week that would double the weeks of permanent disability awarded to injured workers, to be phased in over a three-year period. Senator Perata stripped the language out of SB 815, which previously addressed the issue of insurer service of process, and inserted the new language and became the author of the bill previously carried by Senator Deborah Ortiz.

The outlook for the global reinsurance sector is negative, as the industry continues to struggle to understand the complexity of its exposure to Hurricane Katrina, said Oldwick, N.J.-based A.M. Best Co. Inc. in its 2006 annual global reinsurance report.

"While there are few negative ratings outlooks on specific reinsurance companies at this time, the underlying stability of the current market remains tenuous," according to the report.

Major reform, forcing companies to fully honor pension obligations, is sent to the President's desk.

By an overwhelming 95 to 5 majority vote, the U.S. Senate passed a major piece of pension legislation on Thursday night. The legislation strengthens pension-funding rules by mandating that companies fully honor pension obligations within seven years, without shifting the financial burden to U.S. taxpayers.