Author: Farkas Laura

A bill pending in Congress could create a significant estate-planning opportunity for family members other than spouses, creating “an opportunity for estate planning throughout the U.S. that didn’t exist before,” says Sy Goldberg, a New York-based attorney and expert in retirement-plan distributions. Currently, someone other than a spouse who is the beneficiary of a retirement… Continue reading New Bill Calls for a Stretch in Estate Planning Distributions

California State Insurance Commissioner Steve Poizner, multimillionaire entrepreneur turned politician, announced he will lead the charge against Proposition 93 by chairing a new campaign committee, serving as its state spokesman and pouring $1.5 million of his personal fortune into its kitty immediately, with more to come if necessary. An identical $1.5 million from U.S. Term… Continue reading Insurance Commissioner Leads Fight Against Term-limit Changes

Last week, wildfires burned through 517,450 acres of Southern California, destroying 2,923 structures and damaging an additional 504. The fires, spurred by the Santa Anna winds, spread across seven counties, leaving many people homeless and many independent agents working overtime to assist customers.    Southern California is picking up the pieces after the worst wildfire… Continue reading In the Line of Fire: California’s Aftermath

Banks such as Washington Mutual, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, making it harder for consumers to walk away from paying credit card debt, according to the… Continue reading New Bankruptcy Laws Help Drive Foreclosures

AIG’s losses were not as severe as the billions of dollars in write-downs announced by Citigroup Inc., Merrill Lynch & Co Inc. and Morgan Stanley, all of which felt the sting of losses on subprime mortgage-related assets as the outlook for credit markets appeared even bleaker than it did in September. New York-based Morgan Stanley,… Continue reading Lossses, Losses, Everywhere

The world’s largest insurer, American International Group Inc., announced that third-quarter profit fell 27 percent to $3.09 billion amid the worst U.S. housing recession in 16 years. The New York-based company recorded $864 million in losses on investments before taxes and marked down other holdings by $3.49 billion. Shares of AIG, the world’s largest insurer… Continue reading AIG Posts Decline in Profits

After months of refusal, Democratic leaders have agreed to key elements of California Governor Arnold Schwarzenegger’s health care reform plan, including a mandatory rule that all Californians have insurance.      The shift in the Democratic leaders’ position may indicate a growing willingness to oppose their allies in organized labor, who have long been against mandatory… Continue reading Democrats Say Yes to California Insurance for All – Sort Of

While many investors express concern about the health of American International Group Inc. as it relates to exposure in the rocky subprime mortgage market, some say there may be other areas of concern that warrant just as much attention.    AIG is a major participant in the business as a mortgage investor and lender, and… Continue reading Threats to World’s Largest Insurer Exist Beyond Subprime Market

Toronto-based ING Canada Inc., the country’s largest P/C insurer and a division of ING Groep NV, reported another drop in profit for the sixth straight quarter, due to an increase in automobile claims.     Third-quarter net income fell 41 percent to C$92 million ($101 million), or 74 cents a share, from C$156.8 million, or C$1.17,… Continue reading ING Canada Results, Not So Good

ING Groep NV, the Netherlands’ largest financial-services firm, posted a third-quarter profit gain of 47 percent, plumped by one-time gains from a divestment and the sale of ABN Amro Holding NV shares.     Net income increased to 2.31 billion euros ($3.38 billion), or 1.08 euros a share, from 1.57 billion euros, or 73 cents, a… Continue reading ING Posts Third-Quarter Profit, Still Earnings Fall