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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 Those limits were largely repealed in 1999, a high-water mark for deregulation.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 »

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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 Those limits were largely repealed in 1999, a high-water mark for deregulation.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 Those limits were largely repealed in 1999, a high-water mark for deregulation.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 »

Michigan voters could decide whether to reduce automobile, home and business insurance premiums by 20 percent if a proposal qualifies for the 2010 statewide ballot.

The form of a legislative initiative submitted by a group called Fair Affordable Insurance Rates was approved Monday by the Board of State Canvassers. Supporters still must collect more than 304,000 valid voter signatures and clear other procedural hurdles to put the measure Read the rest of this entry »

Producer group representatives said changes made to the proposed New York compensation regulation have improved the rule, but aspects of it could still burden their members.

Several points need to be addressed before the regulation announced yesterday is made permanent, they said.

Michael Barrett, legislative representative for the Valley Stream, N.Y.-based Independent Insurance Agents & Brokers of New York said the association continues Read the rest of this entry »

A proposal ostensibly aimed at ramping up consumer protections for New Jersey insurance consumers would likely lead to higher costs instead, according to the National Association of Mutual Insurance Companies (NAMIC). NAMIC said the measure to expand the state’s “bad faith” law is unnecessary.

S-132, An Act Concerning Unfair Claim Practices in the Settlement of Certain Uninsured and Underinsured Motorist Coverage Claims, would negatively Read the rest of this entry »

WASHINGTON ? The National Association of Mutual Insurance Companies (NAMIC) voiced its opposition to new legislation creating a federal Office of National Insurance introduced today by Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif.

The proposal would create within the U.S. Treasury Department an ONI with the authority to organize, incorporate, operate, regulate, and supervise national insurers, agencies, and producers. This new office Read the rest of this entry »