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Congress Faces Full Plate Of Financial Issues
by: ARTHUR D. POSTAL
published: Sep 04, 2009
Obscured by the intense debate over the shape of healthcare reform legislation, congressmen returning to work Sept. 8 must also deal promptly with the future of the estate tax; otherwise, without congressional action, the levy falls to zero in January before returning to 2001 levels in 2011.
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Consumers favor optional federal charter, survey finds
by: Bob Graham
published: Jul 31, 2009
Consumers favor an optional federal charter, according to a consumer advocacy group’s survey, because it would give them the ability to keep their insurance coverage and agent even if they change states.
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Can Obama's Plan Unite Insurers?
by: Bill Kenealy
published: Jun 18, 2009
Much as his recent speech in Cairo was widely deemed to have placated historically warring factions, the Obama administration's recent release of a blueprint for re-regulating the financial services industry is drawing plaudits from all sides of the insurance industry.
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US Insurers Press Case For Federal Regulation
by: Jessica Holzer
published: Jun 16, 2009
Proponents of creating an optional federal charter for the insurance industry, which is currently regulated by the states, were set to press their case Tuesday before a House panel.
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Life Insurance Industry: Let Us Choose State Or Federal Regulation
by: Frank Ahrens
published: Jun 09, 2009
As the Obama administration puts the finishing touches on a plan to overhaul financial regulation, the life insurance industry today issued a plea for one of its top priorities: giving insurers the ability to choose whether they are supervised by state or federal regulators, The Post's David Hilzenrath reports.
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Insurers squabble at US financial reform briefing
by: Kevin Drawbaugh and John Poirier
published: Jun 05, 2009
The Obama administration gave a briefing on financial regulation reform to insurance lobbyists on Thursday evening amid some expectations that a plan for national oversight of the industry is in the works.
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US admin. to brief lobbyists on insurance - sources
by: Reuters
published: Jun 04, 2009
Insurance industry reform will be the chief focus of a briefing scheduled for Thursday evening by Obama administration officials to financial industry lobbyists, said sources familiar with the agenda.
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Congress Gets Flurry Of Insurance Bills
by: Arthur D. Postal
published: Jun 01, 2009
Introduction of several bills before Congress departed for a short recess and recent comments by the Obama administration indicate the stage is set for a contentious, perhaps historic, and probably lengthy, debate on future regulation of the insurance industry.
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House Bill Submitted To Create Federal Insurance Charters
by: Nation Underwriter
published: Apr 06, 2009
Legislation to impose some federal regulation on insurers and create a federal insurance charter mechanism has been introduced by two House members who said the American International Group meltdown underscores the need for their measure.
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AIG Suing U.S. to Recover $306 Million Paid in Taxes
by: BestWire
published: Mar 20, 2009
American International Group Inc., which is trying to remain solvent under a $182.5 billion federal rescue plan, is suing the United States to recapture more than $306 million in taxes -- plus interest
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Paper Finds OFC Option Could Pose A Problem
by: Arthur D. Postal
published: Mar 20, 2009
In a paper that examines the concept of an optional federal insurance charter, an academic specializing in insurance and risk management has voiced a concern that once an insurer elects U.S. regulation they will find it cost prohibitive to go back to the state.
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How financial system should be overhauled?
by: Henry Paulson
published: Mar 19, 2009
In Tuesday article of the Financial Times former U.S. Treasury Secretary Henry Paulson stressed the urgency of altering the existent financial regulation reiterating his previous plan he proposed last March.
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Some Insurers Push for Optional Federal Charter
by: Jessica Holzer
published: Mar 17, 2009
Seizing on the collapse of troubled insurance giant American International Group Inc., some industry representatives argued before the U.S. Senate Banking Committee a federal insurance regulator is needed to contain risks to the financial system.
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Paulson renews financial rules reform push in FT
by: Kevin Drawbaugh, Phil Berlowitz
published: Mar 16, 2009
Former U.S. Treasury Secretary Henry Paulson called for an overhaul of financial regulation in an article in the Financial Times on Tuesday, largely reiterating a plan he proposed in March 2008.
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Industry group supports systemic risk regulator
by: Jeff Casale
published: Mar 05, 2009
A group of representatives of the insurance industry and other financial services companies told a House panel Thursday that they support the idea of a systemic risk regulator as a means of stabilizing the current financial market and to prevent future collapse.
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Frank calling in FBI for financial hearing
by: Silla Brush
published: Mar 05, 2009
House Financial Services Committee Chairman Barney Frank (D-Mass.) will press state and federal authorities this month to ratchet up their criminal and civil investigations in the ongoing financial crisis.
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Mandatory Federal Charter For Insurers?
by: insurancenetworking.com
published: Mar 05, 2009
Insurance industry interests fighting an optional federal charter for insurers may have a new foe to contend with—a mandatory federal charter for insurers.
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Grps Support Creation Of Systemic Risk Regulator
by: Sarah N. Lynch
published: Mar 05, 2009
(Second Update) Several financial-industry groups Thursday said they agreed that the U.S. needs to empower regulators with the authority to patrol the marketplace for widespread risks, but how to go about accomplishing that goal was still up for debate.
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Mutual fund industry calls for superregulator
by: Sara Hansard
published: Mar 03, 2009
The mutual fund industry today called for combining the Securities and Exchange Commission and the Commodity Futures Trading Commission into a one entity to regulate the capital markets.
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US fund group: Merge SEC, CFTC into markets regulator
by: Reuters
published: Mar 03, 2009
WASHINGTON, March 3 - Congress should create a new capital markets regulator to protect investors by combining the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, a group representing U.S. mutual funds said on Tuesday.
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Willis CEO Plumeri Supports Bernanke's Position on Optional Federal Charter
by: Business Wire
published: Feb 27, 2009
Joe Plumeri, Chairman and CEO of Willis Group Holdings, the global insurance broker, said today he endorses the concept of an optional federal charter for insurers, supporting the position of Federal Reserve Chairman Ben Bernanke who called the concept a ''useful idea'' during his appearance before the House Financial Services Committee on Wednesday.
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Coalition Presses Congress on Reform
by: Bill Kenealy
published: Feb 26, 2009
In letters to both houses of Congress, a newly formed coalition is asking lawmakers to bear in mind the concerns of smaller organizations as they seek to reform the regulatory process under which insurers operate.
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1-US Senate panel sets March 5 hearing on AIG-source
by: John Poirier
published: Feb 25, 2009
The U.S. Senate Banking Committee has scheduled a hearing on March 5 to examine government aid to insurer American International Group Inc(AIG.N), a source familiar with the hearing said on Wednesday.
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High standards predicted for OFC regulation
by: Mark A. Hofmann
published: Feb 23, 2009
Creation of a system of optional federal charters for insurers would be unlikely to set off a ''race to the bottom'' in terms of market conduct, according to a study released Monday.
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National Insurance Regulatory System Proposed
by: Mark A. Hofmann
published: Feb 17, 2009
Supporters of an optional federal charter for insurers are praising the latest proposal for a system of federal regulation, but detractors are saying the ''optional'' has been removed.
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NCOIL Leaders To Geithner: OFC Not A Good Option
by: CompNewsNetwork
published: Feb 17, 2009
The National Conference of Insurance Legislators (NCOIL) yesterday advised United States Department of the Treasury Secretary Tim Geithner against pursuing an optional federal charter (OFC) for insurance regulation as part of a broader reform strategy.
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Federal Insurance Regulatory Option Vital, ACLI Says
published: Feb 12, 2009
Frank Keating, president and CEO of the Washington-based American Council of Life Insurers (ACLI),issued the following statement in response to a letter sent by consumergroups to Treasury Secretary Timothy Geithner challenging insuranceregulatory reform efforts:
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OFC Sponsors Prepared to Introduce Beefed-Up Federal Insurance Regulator Bill
by: R.J. Lehmann, Washington bureau manager, tradingmarkets.com
published: Feb 11, 2009
Two U.S. House members who previously have sponsored bills offering insurers and producers the option to charter at the federal level are set to introduce new legislation that would grant a federal insurance regulator expanded powers, offices in all 50 states and the ability to compel oversight of firms deemed ''systemically important.''
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RIMS welcomes GAO report on regulation
by: Mark A. Hofmann
published: Feb 10, 2009
The Risk & Insurance Management Society Inc. Tuesday praised the Government Accountability Office's recent report on the state of the nation's financial regulatory system, which the society hopes may spark congressional consideration of federal insurance regulation.
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Insurers Want Connecticut To Join Compact
by: Greg Bordonaro
published: Feb 09, 2009
Insurance industry lobbyists are pushing hard for Connecticut to join 32 others states in an interstate compact aimed at streamlining the approval process for new insurance products.
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Sununu, Hensarling Call For OFC
by: Arthur D. Postal, NU Online News Service
published: Jan 29, 2009
Two Republicans on the Troubled Asset Relief Program Oversight Panel are recommending that Congress give insurers a choice between state and federal regulation.
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U.S. Insurance Info Office Notion Hit By 2 Insurance Groups
by: Arthur D. Postal, NU Online News Service
published: Jan 26, 2009
Two insurance groups lobbying against federal regulation of insurance said they have e-mailed members of Congress opposing the creation of an Office of Insurance Information within the Treasury and a third group said it has written President Obama supporting continued state regulation.
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NAIC supports consideration of optional federal insurance charter
by: Sara Hansard
published: Jan 25, 2009
Terri Vaughan, the incoming chief executive of the National Association of Insurance Commissioners, has backed a recent GAO report recommending that Congress consider an optional federal charter for insurance regulation. ''I agree [with the recommendation],'' she said at her introductory press conference Jan. 15.
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House members push for insurance info office
by: Sara Hansard
published: Jan 23, 2009
A bipartisan group of seven House members today sent a letter to Treasury secretary-designate Timothy Geithner, asking him to set up an office of insurance information if he is confirmed.
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Plans To Push New Treasury Boss To Create Information Office
by: Arthur D. Postal, NU Online News Service
published: Jan 21, 2009
Two members of the House Financial Services Committee will ask the Obama administration's new Treasury secretary to unilaterally create an Office of Insurance Information within that agency, it was learned.
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GAO: US Financial Regulatory System In Urgent Need Of Reform
by: Maya Jackson Randall of Dow Jones Newswires
published: Jan 08, 2009
The current U.S. financial regulatory system is outdated and ill-equipped to prevent future crisis and policy makers need to move urgently to modernize the system, the Government Accountability Office said in a report Thursday.
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2008: Top Stories of the Year
by: Andrew Simpson, Charles Boyle, Stephanie Jones, Kenneth St. Onge, Susan McKenna and Andrea Wells.
published: Jan 05, 2009
2008 can be described as a year like no other in the property/casualty insurance world. This year we saw the near death of the world's largest and most successful insurance company, AIG.
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State Lawmakers Plan Summit To Oppose OFC
by: National Underwriter P&C
published: Dec 10, 2008
A group of state legislators who focus on insurance said they are planning to hold a strategy summit with various official groups to plan opposition to any federal involvement with insurance regulation.
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State regulators set new agenda at annual meeting
by: Michelle Minton
published: Dec 03, 2008
The arguments presented at the annual meeting of the National conference of insurance legislators in Duck Key, Florida came from the ungrounded fear that an optional federal regulator for insurers would ultimately mean a mandatory federal regulator.
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NCOIL Members Hope to Hold Up Dam of State Regulation
by: R.J. Lehmann, Washington bureau manager, tradingmarkets.com
published: Dec 02, 2008
Participants in the National Conference of Insurance Legislators' annual meeting in Duck Key, Fla., discussed what those new efforts could look like, and whether it's too late to stop them.
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Feds could trigger insurance reform
by: Steve Pociask - Special to the Express-News
published: Nov 18, 2008
Once again, well-intentioned public policies are likely to produce serious adverse consequences on Texas insurance consumers.
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North Dakota Insurance Commissioner Race Down to the Wire
by: Midwest News
published: Nov 04, 2008
The race for the commissioner's spot in North Dakota has been a lively exchange from the beginning. Incumbent Adam Hamm, a Republican, is running for his first four-year term as insurance commissioner. He was appointed by the Governor Hoeven earlier this year to replace Jim Poolman who resigned 17 months early to launch his own business.
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The Era of Re-Regulation is Upon Us
by: Lawrence A. Hunter, Ph.D.
published: Oct 20, 2008
Although the nation's attention is focused on the financial crisis it is worth thinking about how this mess will affect attitudes toward government intervention.
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Regulating Insurance
by: Marc Racicot
published: Oct 18, 2008
Letter to the Editor RE: Re “Both Sides of the Aisle See More Regulation, and Not Just of Banks” (New York Times news article, Oct. 14)
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How To Regulate Insurers
by: Frank Keating, President and CEO, American Council of Life Insurers
published: Oct 12, 2008
''Rusbuldt: Insurance Regulation,'' Oct. 8, scatters some truths about the failure of the American International Group (AIG) but, overall, provides an inaccurate picture of the reasons for its troubles and its lessons for the upcoming debate on the optional federal charter for insurance.
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State Regulators Move Toward Greater Cooperation With Feds
by: Sean P. Carr, Senior Associate Editor, BestWeek
published: Oct 06, 2008
State insurance commissioners are not giving ground in maintaining they acted responsibly in dealing with American International Group Inc. while federal regulators fell down on the job.
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Insurance Rate Policy a Win
by: Drew Thornley, Texas Public Policy Foundation, Austin
published: Oct 03, 2008
Re: ''Big insurers beat back new rule - Requirement for prior approval of a rate increase turned down in tie vote,'' Thursday news story.
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N.Y. Insurance Chief: Greenberg Remains an AIG Suitor
published: Oct 01, 2008
Maurice R. Greenberg has not been ruled out as a possible buyer of American International Group's state-domiciled insurance companies, New York State Superintendent of Insurance Eric Dinallo said following a standing-ovation speech to a packed crowd of mutual insurers.
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Insurance Companies Need a Federal Regulator
by: John Sununu, Tim johnson, Melissa Bean and Ed Royce
published: Sep 23, 2008
Never before has the Federal Reserve felt compelled to commit tens of billions of taxpayer dollars to shore up a company it does not regulate.
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