Author: Farkas Laura

On Wednesday in a historic decision at its 2008 Convention and Career Conference, the National Association of Insurance and Financial Advisors’ (NAIFA) National Council has voted to support the concept of an Optional Federal Charter (OFC) for insurance, provided it meets several conditions. Those conditions include true agent choice, enhanced consumer protections, the preservation of… Continue reading NAIFA Votes to Support OFC Concept

Maurice “Hank” Greenberg, American International Group Inc.’s former chief executive officer, may have settled the Louisiana pension fund lawsuit on Thursday, but he spent the day in a Manhattan courthouse giving testimony in a separate case involving a New York lawsuit over an alleged multi-billion dollar fraud at the company.    Greenberg’s deposition was postponed… Continue reading Greenberg Gives Testimony in Fraud Lawsuit Brought by NY Attorney General

Maurice “Hank” Greenberg, and several other former executives of American International Group Inc (AIG), agreed on Thursday to settle a long-standing shareholder lawsuit for $115 million. AIG will receive proceeds from the settlement, less fees. The settlement prevents the case from going to trial, which was to slated to begin next week in Delaware.     … Continue reading Greenberg, Former AIG Execs Settle Shareholder Louisiana Pension Fund Lawsuit

Residents living in single-family homes in some parts of coastal Texas face “certain death” if they do not evacuate ahead of Hurricane Ike, the National Weather Service said Thursday night. Ike is forecast to make landfall, possibly near Galveston Island, as early as Saturday morning.      The unusually strong wording came in a weather advisory… Continue reading Coastal Texans Receive Urgent Ike Advisory

Florida Insurance Commissioner Kevin McCarty ordered State Farm to issue $120 million worth of credits or refunds to policyholders who did not receive state-mandated discounts for strengthening their homes against wind damage. Additionally, the carrier must pay a $1 million penalty to the Florida Insurance Regulatory Trust Fund, according to McCarty.    A state law… Continue reading FL to State Farm: Pay Up on Homeowners Policyholder Credits, Refunds

The third-largest U.S. auto insurer, Progressive Corp., said it lost $135.2 million in August, its first monthly loss since at least 2002, as it wrote down the value of its Fannie Mae and Freddie Mac holdings. The loss of 20 cents a share compares to a profit of $76.9 million, or 11 cents a share,… Continue reading Fannie and Freddie Cause Progressive to Lose $135M+ in August

CEO Robert Willumstad of AIG may sell consumer-finance and reinsurance units as he slowly changes the face of the company Maurice “Hank” Greenberg built over 38 years. Investors must be convinced that there’s an end in sight to the write-downs that caused the largest U.S. insurer to post three quarterly losses totaling $18.5 billion, analysts… Continue reading AIG CEO Changing the Company that Greenberg Built

After four analysts said they cut their recommendations because the firm’s credit rating may be lowered, Lehman Brothers Holdings Inc., this year’s worst-performer on the Standard & Poor’s 500 Index, fell as much as 46 percent.        Lehman fell $3.25 to $4 in composite trading on the New York Stock Exchange. Shares of the New… Continue reading Lehman’s Shares Tumble as Analysts Recommend Rating Cut, Confidence Shaky

Special-needs residents in the city of Houston and Harris County will begin evacuating this morning as Hurricane Ike headed for the Texas coast, officials said. A mandatory evacuation for residents in surrounding low-lying areas of Houston will begin Thursday afternoon, officials said. “We strongly urge you to evacuate before tomorrow,” said Judge Ed Emmett, Harris… Continue reading Evacuation Begins in Parts of Texas Ahead of Ike

New York paused this morning to remember the collapse of the World Trade Center on September 11, 2001 – an attack that killed nearly 3,000 people. Four moments of silence have been held to mark the times when four hijacked passenger planes hit the Twin Towers, the Pentagon and a Pennsylvania field. President George W.… Continue reading 9/11: A Day of Remembering, Honoring