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Posts Tagged ‘Obama

As the nation marks nine years since the 9/11 attacks, the Obama administration’s plans to cut a federal stop-loss program for terrorism insurance would reduce the availability and increase the cost of coverage for acts of terrorism, a property-casualty think tank said Friday.

The Terrorism Risk Insurance Act of 2002 was a result of the 9/11 terrorist attacks. The government functions as a reinsurer to private insurers that offer terrorism Read the rest of this entry »

WASHINGTON ? With the fate of his signature legislative initiative far from certain, President Barack Obama is taking his last-ditch push for health care reform on the road.

In a speech Monday in Philadelphia, Obama will try to persuade the public to back his plan to remake the nation’s health care system, while also urging uneasy lawmakers to cast a “final vote” for a massive reform bill in an election year.

Obama’s pitch in Philadelphia, Read the rest of this entry »

The Obama administration’s $50 billion proposed education budget adds $3 billion in funding to help schools meet these revised goals, with the possibility of an additional $1 billion if the overhaul plan passes Congress.

WASHINGTON (CNN) — The Obama administration plans to send a wide-ranging overhaul of the No Child Left Behind education law to Congress on Monday, arguing that the current legislation has pushed schools to lower their Read the rest of this entry »

WASHINGTON?Insurance industry representatives said President Obama?s new effort to tax insurers who cede premiums to overseas affiliates is far tougher than previous proposals aimed at low-tax offshore havens.

The Obama administration?s concept contained in the budget it released yesterday unleashed withering criticism from a spokesman for Bermuda insurers as well as officials of the Risk and Insurance Management Society Inc., which Read the rest of this entry »

WASHINGTON—Supporters and opponents of a new federal regulatory regime for the insurance sector all found something to like in the Obama administration’s white paper on financial services regulatory reform.

Among those reacting with positive comments were insurance trade groups that support retention of the current state-based regulatory system for insurance, the Independent Insurance Agents and Brokers of America, the Property Casualty Read the rest of this entry »

WASHINGTON—Obama administration officials met with representatives of the insurance industry to discuss regulatory reform and other matters.The White House, which already has held similar meetings with representatives of other financial services industries, met with insurance industry representatives late Thursday.“They were interested in hearing from the insurers,” said Jimi Grande, vp in the Washington office of the National Assn. of Mutual Read the rest of this entry »

The Obama administration on Monday will propose raising nearly $60 billion over 10 years through changes to the estate tax law and closing certain domestic tax loopholes, an administration official said.

Funds raised will go to beef up a health care reserve fund, a $634 billion pot of money President Barack Obama wants to use to revamp the health care system and expand insurance to tens of millions of Americans who lack it.

The White Read the rest of this entry »