Author: Farkas Laura

Morgan Stanley to Help Assess Fannie/Freddie Risks

The Treasury Department announced it has hired investment firm Morgan Stanley, the nation’s second-largest securities firm, to help the government assess the risks facing companies-in-crisis, Fannie Mae and Freddie Mac. For a fee of $95,000, Morgan Stanley will analyze the state of the mortgage market and provide the Treasury Department with a financial profile of… Continue reading Morgan Stanley to Help Assess Fannie/Freddie Risks

Insurance Commissioner Strikes Deal with Allstate in CA

Steve Poizner, California’s insurance commissioner, announced he has scrapped an attempt to gain refunds for Allstate Corp policyholders who might have paid excessive amounts for their homeowners’ coverage in recent years. Last month, Poizner said Allstate must lower rates on California homeowner policies by 28 percent. Allstate agreed not to contest Poizner’s rate cut order,… Continue reading Insurance Commissioner Strikes Deal with Allstate in CA

21st Edition of State Insurance Dept. Report Issued by NAIC

State insurance departments effectively manage their available resources in order to meet the challenge of regulating an increasingly complex and competitive industry. For the past 21 years, the National Association of Insurance Commissioners (NAIC) has published the Insurance Department Resources Report (IDRR) to help the states assess these resources in comparison to other states. The… Continue reading 21st Edition of State Insurance Dept. Report Issued by NAIC

Some Rates Up, Others Down in Ohio Market

Ohio state insurance director Mary Jo Hudson forecasts that Ohio is expecting to see slight increases in auto insurance rates through the end of 2008 and larger increases in homeowners premiums.    However, Hudson noted that average rates charged by the state’s top ten car insurers declined 2.6 percent in 2007, while rates for homeowners… Continue reading Some Rates Up, Others Down in Ohio Market

Swiss Re Buys Barclay’s Life Arm

Swiss Re, the world’s largest reinsurer, announced it has agreed to purchase Barclays‘ life insurance arm for 753 million pounds ($1.48 billion). The purchase is intended to boost the reinsurer’s Admin Re business in England. Swiss Re also reported a mark-to-market loss on structured credit default swaps of 362 million Swiss francs ($345.7 million) in… Continue reading Swiss Re Buys Barclay’s Life Arm

Senate to Examine Bill to Broaden ADA

The Senate may take up legislation that could broaden the coverage of the Americans with Disabilities Act. The ADA Amendments Act of 2008, introduced by Sen. Tom Harkin (D-Iowa), would instruct courts to interpret broadly the definition of disability under the ADA. Following suit with similar legislation that has already won House approval, the bill… Continue reading Senate to Examine Bill to Broaden ADA

In Face of Uncertain Growth, Fed Expected to Keep Rates on Steady as She Goes

The word on Wall Street says that the U.S. Federal Reserve is expected to keep short-term benchmark interest rates steady as the lackluster housing market, higher prices and tight credit woes weigh heavy on the faltering U.S. economy. While the federal funds rate will likely stay at 2 percent, more than one voting member of… Continue reading In Face of Uncertain Growth, Fed Expected to Keep Rates on Steady as She Goes

Batten Down the Hatches: Storm Gaining Strength

Tropical Storm Edouard is picking up strength as it whirls its way across the Gulf of Mexico. U.S. weather forecasters are expecting the storm to hit the Texas coast with near-hurricane strength by midday today. Edouard is the fifth tropical storm of this year’s Atlantic hurricane season. Thus far it has maximum sustained winds near… Continue reading Batten Down the Hatches: Storm Gaining Strength