Law, Regulation, Tax

News digest

Mon, Mar, 15 2010

Worldwide news coverage of the life insurance industry in the past month.

Californian insurers told to sell Iran-related shares or be shamed

Mon, Mar, 15 2010

Pursuing his objective of purging portfolios of insurers licensed in California of any Iran-related investments, the state’s insurance commissioner Steve Poizner has released the names of 50 companies doing business with Iranian nuclear, energy and defence sectors. The release follows an instruction issued by Poizner in June 2009 to the 1,327 insurance companies licensed in the state to report all shares they hold in companies that have connections with Iran.

Obama sets out to milk insurers

Mon, Mar, 15 2010

(Free) Already weary from the toils of the health care reform debate, US insurers are gearing up for a handful of fresh skirmishes over new proposals to rein in the industry.

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.