Insurance News

Posts Tagged ‘Financial

Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said Monday.

Richard Shelby, the top Republican on the powerful Senate Banking Committee, said lawmakers must revisit the legislation enacted this summer, which is the broadest overhaul of financial rules since the Great Depression.

“The Read the rest of this entry »

The Dodd-Frank Wall Street Reform and Consumer Protection Act could help U.S. insurers and reinsurers ?maintain their competitive positions in the global marketplace,? according to an analysis released Thursday by Standard & Poor’s Corp.

S&P cites the creation of a Federal Insurance Office within the Treasury Department as an example. S&P notes that the office will represent the United States in the International Assn. of Insurance Supervisors Read the rest of this entry »

(Banking News) Banking regulators have told Bank of Florida Corp. that is has until April 17 to solve the capital shortfall at each of its three bank subsidiaries.

The Naples-based bank holding company (NASDAQ: BOFL) disclosed the Federal Deposit Insurance Corp?s enforcement order in a Securities and Exchange Commission filing on Thursday.

The prompt corrective action directive, issued on March 18, gave the company?s three subsidiaries, Read the rest of this entry »

WASHINGTON?The Risk & Insurance Management Society Inc. on Tuesday praised the financial services regulatory reform bill approved by the Senate Banking Housing and Urban Affairs Committee.

While the Restoring American Financial Stability Act, which passed the committee Monday on a 13-10 party line vote, focuses mainly on banks and other noninsurance institutions, the measure contains several provisions supported by RIMS. These include Read the rest of this entry »

WASHINGTON?Insurance industry representatives had mixed reactions last week to the latest Senate financial services regulatory overhaul legislation, applauding some changes but vowing to seek further modifications to distance insurers from some of the proposed regulations.

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-Conn., un-veiled his latest version last week and said his committee would begin marking Read the rest of this entry »

A consulting firm is warning that financial firm risk managers face increasing peril from fraudulent claims on behalf of bankrupt companies.

The activity is detailed in a study ?Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims,? released by Navigant Consulting, Inc. (NCI), and the Economist Intelligence Unit (EIU).

According to the companies, there has been a ?dramatic uptick in the number of fraudulent Read the rest of this entry »

Directors and officers liability coverage for financial institutions may soften next year as more capacity enters the market, but few decreases are expected at the looming Jan. 1, 2010, renewals, brokerage Willis Ltd. said in a report released Monday.

Financial institution D&O coverage is one of the few areas of the D&O market where rates are still increasing. Some financial institutions may see even higher premiums at the beginning of Read the rest of this entry »

Directors and officers liability coverage for financial institutions may soften next year as more capacity enters the market, but few decreases are expected at the looming Jan. 1, 2010, renewals, brokerage Willis Ltd. said in a report released Monday.

Financial institution D&O coverage is one of the few areas of the D&O market where rates are still increasing. Some financial institutions may see even higher premiums at the beginning of Read the rest of this entry »

Credit rating agencies, accused of assigning top ratings to shoddy securities, would be exposed to greater liability under a wide-ranging financial services reform bill released by a leading U.S. senator.

The draft bill unveiled last Tuesday would give investors an easier way to sue firms like Moody’s Corp., Standard & Poor’s and Fitch Ratings, if they knowingly and recklessly failed to investigate or obtain analysis from an independent Read the rest of this entry »

WASHINGTON?The inclusion of surplus lines reform in a massive financial services regulatory reform bill released last week was welcomed by insurers and risk managers, although some fear other measures in the bill could have unintended consequences for the insurance industry.

The draft of the Restoring American Financial Stability Act, unveiled last week by Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, Read the rest of this entry »