Author: Farkas Laura

Hartford Financial Services Group, Inc. is launching an initiative to tap into its national distribution channel—10,000 independent agents who sell property/casualty insurance—for sales of pension/retirement products, group benefits, and individual life insurance to business owners. “Serving as a primary source for a business customer’s multiple insurance and investment needs helps our agents sell more products… Continue reading Hartford to Use its Distribution System to Expand Products Sold to Businesses

In its semi-annual review of global financial issues, The International Monetary Fund (IMF) stated that although global economic fallout from the U.S. sub-prime mortgage meltdown is likely to be “protracted,” governments shouldn’t “rush to regulate everything.”       The IMF concluded that the “threat to financial stability increased” is in good measure because of the… Continue reading IMF Weighs in on US Sub-Prime Meltdown

With the Federal Reserve’s interest rate cut in the wake of the sub-prime and credit loan mess and economic downturn in the United States, Americans may have anticipated that the rate cut would translate into lower monthly mortgage payments and a revival of the housing market. Homeowners may be disappointed to find that the effect… Continue reading Fed Cut May Not Translate to Lower Mortgage Rates, Housing Upswing

Last Thursday, Cincinnati Financial Corp. asked the Florida court to restrict Florida regulators’ demands for reinsurance and other documents of Cincinnati subsidiaries. The Florida Office of Insurance Regulation (OIR) issued subpoenas in August for documents related to its subsidiaries’ reinsurance programs and communications with insurance trade groups, rating agencies and risk modeling firms. Cincinnati has… Continue reading Cincinnati Financial Asks FL Court to Limit Subpoenas

National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell, along with other members of the NAIC’s Southeastern Zone, is holding a public hearing to address insurance issues in coastal zones. Bell will be joined by state insurance regulators from Florida, Louisiana, Mississippi and South Carolina. “There are pressing needs in the… Continue reading Public Hearing on Coastal Insurance Scheduled Today in AL

The American Insurance Assocation (AIA) today provided testimony supporting Massachusetts’ move to a competitive auto insurance system, during the Department of Insurance’s (DOI) hearing on the auto insurance competitive rating regulation. “AIA recognizes that the evolution from a “fix and establish” system and culture to one where competition will be encouraged requires a measured approach.… Continue reading AIA Supports Move for Competitive Auto Rates in MA

In responding to critics who contend that the Federal Reserve’s low interest rates earlier this decade helped create a housing boom and bust, Federal Reserve Chairman Ben Bernanke, said global factors that held down long-term interest rates worldwide were a more important factor.    At a House hearing on the nation’s housing slump, Mr. Bernanke… Continue reading Fed Chairman Responds to Critics on Its Role in Housing Boom and Bust

While efforts to find common ground on reforming Florida’s no-fault auto insurance law intensified Wednesday, the debate focused on limiting medical costs after accidents.    Another meeting is set for Friday.    Since early this week, stakeholders in the negotiations over whether to revamp and extend the no-fault law or let it expire as planned… Continue reading PIP Debate in Florida Continues as Negotiations Ramp Up

Non-profit consumer group Families USA released a report based on data from last month’s U.S. Census Report, stating that more than one-third of the U.S. population under the age of 65 went without health insurance for all or part of the last two years.     The report found 47 million Americans went without health… Continue reading One-third of the Population under 65 Lack Health Coverage

Amidst one of the hot topics going on in the 2008 presidential campaign, the Administration and congressional Democrats are clashing over how much the government should help in providing coverage for uninsured children in the United States. At a news conference on Thursday, President Bush accused Democrats of playing politics with the 10-year-old State Children’s… Continue reading Administration Opposed to SCHIP, Bush Urges Democrats to Change Course