Insurance News

Posts Tagged ‘firms

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 »

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WASHINGTON (Reuters) – Financial giants such as Goldman Sachs Group could be broken up under two bills introduced in Congress Wednesday, one with the backing of former Republican presidential nominee John McCain.

Both would reinstate the 1930s-era Glass-Steagall laws that barred large banks from affiliating with securities firms and engaging in the insurance business. Those limits were largely repealed in 1999, a high-water mark for deregulation. Read the rest of this entry »

WASHINGTON (Reuters) – Financial giants such as Goldman Sachs Group could be broken up under two bills introduced in Congress Wednesday, one with the backing of former Republican presidential nominee John McCain.

Both would reinstate the 1930s-era Glass-Steagall laws that barred large banks from affiliating with securities firms and engaging in the insurance business. Those limits were largely repealed in 1999, a high-water mark for deregulation. Read the rest of this entry »

WASHINGTON (Reuters)?Financial giants such as Goldman Sachs Group could be broken up under two bills introduced in Congress Wednesday, one with the backing of former Republican presidential nominee John McCain.

Both would reinstate the 1930s-era Glass-Steagall laws that barred large banks from affiliating with securities firms and engaging in the insurance business. Those limits were largely repealed in 1999, a high-water mark for deregulation. Read the rest of this entry »

SAN FRANCISCO ?A National Association of Insurance Commissioners working group has drafted recommendations as to how the organization should deal with its reliance on national rating agencies to evaluate insurers? investments.

Although the NAIC Valuation of Securities Task Force has moved forward with its own rating agency initiatives regarding residential mortgage backed securities, the Rating Agency Working Group has continued 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 »

True to her word, Gov. Jennifer Granholm is cracking down on Michigan insurance companies that didn’t go along with her call for a year-long rate freeze. Proposed rate hikes sought by noncomplying insurers — most of the firms writing auto insurance policies here — have been fly-specked as never before.

This pressure from the Office of Financial and Insurance Regulation is ill-conceived and certain to further alienate one of the few Michigan Read the rest of this entry »