Author: Farkas Laura

The following are statements from Bob Rusbuldt, President & CEO of the Independent Insurance Agents & Brokers of America (the Big “I”), and Charles Symington, Senior Vice President of Government Affairs, on H.R. 5840. “The Big ‘I’ is very concerned with H.R. 5840, legislation that would create an Office of Insurance Information (OII) within the… Continue reading IIAA Comments on Legislation to Create Insurance Information Office in Treasury

Last month’s release of the U.S. Treasury Department’s Blueprint for Financial Regulatory Reform, which included a plan to set up an optional federal charter (OFC) to regulate insurance, has caused many in the industry to draw clear lines on each side of the issue. The National Association of Insurance Commissioners (NAIC) clearly opposes the establishment… Continue reading NAIC Responds to NAIFA’s Support of Insurance OFC

According to a new A.M. Best special report, “U.S. Property/Casualty 2007 Financial Review”, last year saw the U.S. property/casualty industry experience its first decline in net premiums written since the World War II era.    Driven by across-the-board softening in personal and commercial lines pricing, leakage of premium and a growing interest in alternative forms… Continue reading BestWeek: A.M. Best Report Finds P/C Insurers Post First Drop in Net Premiums Since WWII

William Gilman and Edward McNenney, former managing directors at Marsh, were sentenced to 16 weekends in jail after being found guilty of restraint of trade in the first bid-rigging trial from a probe of anticompetitive insurance sales practices. They had faced as many as four years in prison for controlling the sale of excess casualty… Continue reading Two Ex-Marsh Execs Sentenced to 16 Weekends of Jail Time

In the wake of increased foreclosures and the subprime mess, a bill establishing an insurance fund guaranteeing up to $300 billion in refinanced mortgages has been proposed by House Democrats in an effort to give the federal government more of a central role in stemming the crisis. Representative and Chairman of the House Financial Services… Continue reading House Dems Propose Bill to Create Mortgage Insurance Fund

Creating a federal insurance regulatory agency could be a slippery slope to dual regulation that would ultimately hurt consumers, warned the National Association of Mutual Insurance Companies (NAMIC). NAMIC urges those who support federal regulation of insurance to proceed with caution. During a hearing before the House Financial Service Committee’s Capital Markets Subcommittee on Wednesday,… Continue reading NAMIC Voices Concern Over Federal Insurance Regulatory Agency

On behalf of the National Association of Insurance Commissioners (NAIC), New York State Insurance Superintendent Eric Dinallo testified this week before the U.S. House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises about the states’ ongoing, successful efforts to improve insurance supervision. “The state-based regulatory regime has been very effective for more than 150… Continue reading Congress Hears from Dinallo: State-Based Insurance Regulation Effective

Citigroup has reported a loss of $5.11B in the first quarter, its second massive loss as the credit crisis continues to take its toll on the biggest US bank. This loss, however, was smaller than the $9.8B loss reported in the final three months of 2007.     The results included about $12B of write-downs… Continue reading A Second Round of Massive Losses Reported at Citigroup

The world’s largest brokerage, Merrill Lynch, reported today a nearly $2 billion first-quarter loss and stated its plans to cut 4,000 jobs after suffering several billion dollars of write-downs for subprime mortgages and other risky assets.     The job cuts represent roughly 10 percent of Merrill Lynch’s staff, excluding financial advisers and investment associates.… Continue reading More Losses, Job Cuts Reported at Merrill Lynch

The European Commission is in discussions regarding whether the multi-trillion-euro insurance industry within the European Union should remain exempt from certain antitrust rules. The union’s current insurance block exemption (BER) will expire in just two years, and EU Competition Commissioner Neelie Kroes is faced with deciding to extend the BER as the industry would like,… Continue reading European Commission Meets to Discuss Antitrust Rules