Law, Regulation, Tax

Moody’s predicts consolidation ahead for UK Mutual insurers

Fri, Feb, 5 2010

(Free) Following a recent increase in regulatory scrutiny by the UK’s Financial Services Authority (FSA), mutual insurers and friendly societies face “consolidative pressures”, believes David Masters, an analyst at rating agency Moody’s Investors Service.

UK’s Standard Life makes costly error

Fri, Feb, 5 2010

(Free) The new year got off to a bad start for UK insurer Standard Life when it became the recipient of the first significant fine handed down by the Financial Services Authority (FSA) in 2010.

A substitute for banking secrecy?

Fri, Feb, 5 2010

In a post-secrecy private banking industry, bankers are looking at new ways of preserving client confidentiality and privacy. This suggests an increasing role for insurance structures and, for some US clients, even the renunciation of their citizenship. Will Cain looks at some of the options.

AIG took financial system to ‘brink of collapse’

Fri, Feb, 5 2010

(Free) Countering criticism of the Federal Reserve’s $85 billion bailout of the American International Group (AIG) in September 2008, US Treasury Secretary Timothy Geithner has told the Congressional Oversight and Government Reform Committee of inaction’s dire consequences.

Lloyd’s chairman heaps praise on former AIG chief

Fri, Feb, 5 2010

(Free) Maurice ‘Hank’ Greenberg found himself the focus of praise at the St John’s University School of Risk Management Insurance and Actuarial Science’s 15th ‘Insurance Leader of the Year’ award dinner held in New York last month.

AIG’s outstanding debt-mountain

Wed, Dec, 2 2009

(Free) Precisely how much does American International Group (AIG) still have to repay the US government? It’s a question that is the source of much confusion which the beleaguered insurer has acted to put to an end with the release of up-to-date Government Accountability Office (GOA) data.

Californian insurers orders to sell Iranian-related investments

Wed, Dec, 2 2009

(Free) Steve Poizner, California’s insurance commissioner, has ordered 341 insurance companies licensed in the state to dispose of all shares they hold in companies that have connections with Iran. Poizner’s demand follows an instruction he issued six months ago to all California-licensed insurers to declare their interests in Iran-related companies.

Easing the multi-state licensing burden

Tue, Nov, 3 2009

State-level regulation of US insurers results in significant duplication, not the least being multi-state product licensing. A solution, the Interstate Insurance Product Regulation Commission, has been in place since 2006 and though results achieved have been satisfactory they are not completely convincing

US to clamp down on rating agencies

Tue, Nov, 3 2009

(Free) Standing accused of playing a key role in fueling the global financial crisis, rating agencies have come under close scrutiny by legislators in the US culminating in the House of Representatives’ Financial Services Committee’s passing of the Accountability and Transparency in Rating Agencies Act in October.

SEC to focus on retirement products retirees can ‘understand’

Tue, Nov, 3 2009

(Free) The US Securities and Exchange Commission (SEC) is on the hunt for “newly emerging risks” Mary Schapiro, the regulatory body’s chairman told delegates to the Securities Industry and Financial Markets Association's annual conference held in New York in late-October. In this hunt a focus will be on new products, particularly those related to retirement investing, she stressed.