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In an effort to restore profit after a record loss, Citigroup will set up an independent credit- card unit and overhaul consumer banking along geographical lines.     Steven Freiberg, the current co-head of consumer banking, will run the card unit, according to a statement made Citigroup today. The rest of the consumer group, mainly… Continue reading Citigroup to Set Up Separate Credit Card Unit from Consumer Banking

Gov. Marc Racicot, president of the American Insurance Association (AIA), applauded the recommendation of establishing an optional federal charter (“OFC”) for insurers as outlined by the Dept. of the Treasury’s Regulatory Blueprint of Financial Regulation. Gov. Racicot’s statement follows: “The recent turmoil in financial markets has, in a dramatic way, called attention to the stability… Continue reading AIA Commends Proposed Plan for OFC in Treasury’s Regulation Plan

As word came out that U.S. Treasury Secretary Henry Paulson will unveil a blueprint to overhaul the regulation of markets today, state insurance commissioners are already opposing one of the items in the Treasury’s plans: calls for calls for the creation of a federal insurance regulator.    States currently have the authority to oversee insurers,… Continue reading Insurance Commissioners Will Oppose Plans for Federal Insurance Regulator

This morning Treasury Secretary Henry Paulson revealed new plans for the eventual creation of three regulatory agencies.     The plan designates the Fed as a “market stability regulator” and gives it the power to examine the books of any financial institution, not just banks, that might pose a threat to the stability of the… Continue reading BREAKING NEWS: Paulson Officially Unveils New Regulatory Overhaul Plans

The United States Court of Appeals for the Second Circuit today released its 58-page decision holding that the City of New York and its contractors are not immune from suit in the World Trade Center Disaster Site litigation. In the decision, the Second Circuit dismissed the defendants’ immunity claims arising from New York State Law,… Continue reading Court Ruling: NYC, Contractors Not Immune from WTC Suits

A proposal ostensibly designed to ensure that insurers are adequately addressing issues of climate change serves no purpose other than to appeal to special interest groups, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC’s comments came three days before the National Association of Insurance Commissioners is scheduled to discuss the plan at… Continue reading NAMIC Weighs In on NAIC Climate Change Proposal

For the second consecutive year Geico earned top honors among car insurance companies for its ability to create loyal customers in the 2008 Brand Keys Customer Loyalty Engagement Index. GEICO led auto insurers, ranking ahead of State Farm, Allstate, Nationwide, and Progressive.     The annual study examines consumer relationships with 382 brands in 57… Continue reading GEICO Leads in Customer Loyalty, According to Brand Index Study

On Friday home builder KB Home posted a quarterly loss with impairment and abandonment charges as the U.S. housing market continued its steep decline, and said it did not expect conditions to improve in the near term.    The number-five U.S. home builder reported a net loss of $268.2 million, or $3.47 per share, for… Continue reading KB Home Hit with Quarterly Loss as Housing Market Continues Decline

Today U.S. Treasury Secretary Henry Paulson announced that an economic stimulus program that puts $168 billion into consumers’ hands this year and in 2009 could help create hundreds of thousands of new jobs. “We know they’re going to be helpful,” Paulson said on CNN television. “These (tax rebate) checks should be a big part of… Continue reading Stimulus Package Could Create 600,000 Jobs According to Paulson

According to the Real Time/Download Campaign, which is supported by independent agents, trade associations, carriers, and technology providers, less than a year after the launch of an industry-wide campaign to improve the efficiency of communications between independent agents and carriers, several leading national and regional carriers are reporting that their real-time rating and policy inquiry… Continue reading Real Time Transactions Among Agencies and Carriers on the Rise