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A House of Representatives subcommittee on Wednesday approved legislation that would create an Office of Insurance Information in the Treasury Department. Under the Insurance Information Act of 2008—which the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises approved Wednesday afternoon—the new office would collect insurance data and information, analyze it… Continue reading House Panel Also Approves Creation of Office of Insurance

Gov. Marc Racicot, president, American Insurance Association (AIA), today applauded a U.S. House subcommittee for advancing legislation (H.R. 5840) that would establish an Office of Insurance Information within the Federal Government.    Gov. Racicot’s statement follows:    “Today’s vote by the House Subcommittee on Capitol Markets is a recognition that an immediate need exists for… Continue reading AIA: Bill Establishing Federal Insurance Office Critical

Moody’s Investors Service downgraded the insurance financial-strength ratings of the mortgage-insurance operations of two companies.     It downgraded to A3 from Aa2 the ratings of PMI Group’s U.S. mortgage-insurance subsidiaries, including PMI Mortgage Insurance Co. and PMI Insurance Co. It also downgraded to A3 from Aa3 the ratings of PMI Mortgage Insurance Co. Ltd.,… Continue reading Moody’s Downgrades PMI’s and AIG’s Mortgage Operations

According to the National Insurance Crime Bureau’s (NICB) “Hot Wheels 2008” study, the 1995 Honda Civic was the car stolen the most in 2007. Additionally, the report indicates of the cars stolen in 2007, older model vehicles are a target for thieves because the market for stolen vehicle parts is ripe.    However, the FBI… Continue reading Crime Study Shows 1995 Honda Civic Tops the List of Hot Cars

Foreclosure filings in the U.S. rose 53 percent in June from a year earlier and bank repossessions increased the most since RealtyTrac Inc. began collecting data in January 2005 as deteriorating property values forced more people to give up their homes.     Irvine-based RealtyTrac said today in a statement that one in every 501… Continue reading Foreclosures Up 53% in June from One Year Ago

Congress should give a single federal regulator enhanced power to set standards for the capital, liquidity and risk management of investment banks, according to Federal Reserve Chairman Ben S. Bernanke.     “Reforms in the oversight of these firms must recognize the distinctive features of investment banking,” Bernanke said today in remarks prepared for testimony… Continue reading Bernanke Testifies Before Congress on Banking Regulatory Reforms

With Senator Ted Kennedy back in the Senate, his crucial vote got legislation approved on Wednesday that would void a 10.6% pay cut for doctors treating Medicare patients.     The House already has overwhelmingly approved the measure, but a Senate vote two weeks ago fell one vote short of the 60 votes needed to… Continue reading Medicare Bill Voiding Physician Fee Cut Passes in the Senate

The National Association of Registered Agents & Brokers could become reality under legislation approved by the U.S. House Financial Services Subcommittee on Capital Markets and Insurance. It was first proposed a decade ago as part of what became known as the Gramm-Leach-Bliley Act. The panel moved by voice vote to advance H.R. 5611, the NARAB… Continue reading NARAB Measure Earns Subcommittee Support

Thanks to a new law, the Mortgage Property Insurance Coverage Act, that Pennsylvania Governor Rendell signed on July 4, the state’s homeowners may be entitled to a reduction in their homeowners’ insurance premiums. The law, which was spurred by the trade association Insurance Agents & Brokers, prohibits mortgage lenders from requiring borrowers to insure their… Continue reading New Law in PA May See Residents Getting a Reduction in Homeowners Premiums

Today the leaders of the world’s biggest economies, who have gathered at the G-8 summit, said that they would fight global warming, but couldn’t agree how, in a sign of the difficulty of managing an increasingly diverse and polarized world.     Poorer nations said they wouldn’t sign up to greenhouse-gas reduction targets until richer… Continue reading At the G-8 Summit: Disagreement on How to Address Global Warming