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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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New Paper on Optional Federal Chartering
by: Daniel M. Rothschild
published: Jun 18, 2009
David Marlett has a new working paper discussing how an optional federal charter (OFC) for insurers would impact community resilience to natural disasters. Here’s the abstract:
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Treasury won't pitch new insurance regulations: sources
by: Patrick Rucker and Kevin Drawbaugh
published: Jun 17, 2009
The U.S. Treasury Department will not propose a new regulatory framework for the insurance industry when it outlines sweeping new rules for the financial services sector, sources familiar with the plans said on Tuesday.
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Obama to merge bank agencies in reform plan-source
by: Kevin Drawbaugh
published: Jun 16, 2009
The Obama administration plans to merge two banking regulators and create a federal watchdog on consumer financial products as part of a sweeping reform plan to be formally unveiled on Wednesday.
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UPDATE 2-Obama to urge U.S. insurance office, not regulator
by: Kevin Drawbaugh and Patrick Rucker
published: Jun 16, 2009
The Obama administration will call for a new U.S. Treasury Department office on insurance but won't propose federal regulation of the industry in the sweeping financial reform plan it will unveil on Wednesday.
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Regulatory Plan Would Create New Insurance Office
by: Jessica Holzer and Michael Crittenden
published: Jun 16, 2009
The Obama administration is proposing the creation of a new office within the Treasury Department to coordinate policy in the state-regulated insurance sector, according to a near-final draft of the plan.
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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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US Insurers Press Case For Federal Regulation
by: Wall Street Journal
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. The issue has split the industry, pitting life insurers and large property and casualty insurers against small and medium-sized P&C and mutually-owned companies.
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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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Is Now the Time for the Optional Federal Charter?
by: Lori Widmer
published: Jun 07, 2009
The arguments are simple. Proponents believe that optional federal regulations would free up closed markets, allow for innovative market offerings, and benefit insurers and consumers alike. On the other hand, opponents charge that any federal insurance charter would stifle competitiveness, increase federal controls and create a burdensome system of regulations.
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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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Insurance regulations: Federal control would be foolish
by: Steven M. Goldman, Commissioner of the New Jersey Department of Banking and Insurance
published: May 21, 2009
The current call in some quarters of Washington for an optional federal charter for insurance companies in light of the current financial crisis is misguided at best and opportunistic at worst.
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Regulator Shopping
by: NY Times Editorial
published: May 20, 2009
The financial crisis had no single cause. But everyone knows that regulatory failure played a role and that one of the biggest mistakes was to allow ''regulatory shopping'' — in which banks and other financial firms were permitted to choose their own regulator.
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Treat California Just Like G.M.
by: Jeff Segal and Dwight Cass
published: May 18, 2009
Voters in California will decide Tuesday on six proposals aimed at curbing its $42 billion deficit. Polls indicate that all will fail.
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NY Insurance Supt sees room for federal regulator
by: Reuters
published: Apr 28, 2009
New York Insurance Superintendent Eric Dinallo said he expects a federal regulation package being put together in Washington to include some form of insurance oversight, but it would go too far if it entirely replaced the current system of state supervision.
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Congress to examine federal insurance charter
by: Rachelle Younglai
published: Apr 28, 2009
A congressional panel will examine whether an optional federal charter for insurance companies is needed, the chairman of the U.S. House Financial Services Committee said on Tuesday.
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Riding Ahead on the Rough Regulatory Road
by: Matthew Brodsky
published: Apr 28, 2009
Industry regulatory experts share their insights into the potential changes ahead for the P/C industry, including the federal regulator and national catastrophe funds.
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The Debate Over Federal Insurance Regulation
by: ichard J. Sandler, Davis Polk & Wardwell
published: Apr 22, 2009
In March 2008, the Paulson Treasury issued its Blueprint for a Modernized Financial Regulatory Structure, in which Treasury recommended the establishment of a federal insurance regulatory structure to provide for the creation of an optional federal charter.
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The Influence Game: Insurers eye new regulator
by: Julie Hirschfeld Davis, Associated Press Writer
published: Apr 22, 2009
Large insurers are lobbying Congress to free them from a web of state rules by adding a new federal insurance regulator and letting the companies choose which rules to obey.
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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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Senators hope for ‘cramdown’ compromise
by: Silla Brush
published: Mar 16, 2009
Senate Democrats on Monday moved to cut off a key lobbying angle that the financial-services industry had hoped to use to limit the effect of controversial legislation that would empower bankruptcy judges to modify mortgages.
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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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We Are All Fiduciaries; Citi Q1 Starts Strong; Glass-Steagall Comeback?; Meredith Whitney Says Credit Card Crunch Next
by: Kristen French
published: Mar 10, 2009
Are Wall Street financial advisors ready to be held to a fiduciary standard in all of their dealings with clients? Maybe they should be. In a Tuesday testimony about regulatory reform before the Senate Committee on banking, Housing and Urban Affairs, Paul Schott Stevens, President and CEO of the Investment Company Institute, recommended the creation of a single regulatory framework for investment advisers and broker/dealers (under the oversight of a Capital Markets Regulator), whereby both financial advisors and brokers would be held to a fiduciary standard.
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OFC: For Life Insurers Only?
by: Bill Kenealy
published: Mar 09, 2009
House Financial Services Committee Chairman Barney Frank says an optional federal charter solely for life insurers is a possibility.
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Federal Regulator For Insurance Firms? Barney Frank says Yes.
published: Mar 06, 2009
House Financial Services Committee Chairman Barney Frank, D-Mass., gave insurance lobbying groups something to argue about yesterday. In a press conference about financial regulatory reform, Frank said he wants lawmakers to create an optional federal charter (OFC) for insurance companies.
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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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Regulating Insurance After the Crisis
by: Brookings Institution
published: Mar 04, 2009
Despite a long-standing policy debate, insurance remains the only major financial industry not to be regulated at the federal level, a tradition dating from the 19th century. However, recent financial turmoil has fundamentally changed the terms of this important discussion.
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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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OFC gets a boost from Bernanke statement
by: businessinsurance.com
published: Mar 02, 2009
Federal Reserve Chairmen often speak in oracular terms, as former Fed Chair Alan Greenspan demonstrated repeatedly. Fortunately, successor Ben Bernanke sounded a bit more straightforward last week when asked his opinion on optional federal charters for insurers.
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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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Move afoot at federal level that could gut California’s Prop. 103
by: John Howard
published: Feb 26, 2009
A move toward federal regulation of the insurance industry is being developed by an Orange County Republican and an Illinois Democrat, who hope to establish an Office of National Insurance. Ultimately, the proposed legislation could allow insurers to choose between state or federal regulation, experts say. A similar attempt was blocked earlier.
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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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Agents Blast Insurance Bill
by: Bill Kenealy
published: Feb 17, 2009
The president of the National Association of Professional Insurance Agents (PIA) charges the proposed Consumer Protection and Regulatory Modernization Act is deregulation in the guise of regulation.
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Better Protection Through State Banking Regulators
by: Steven M. Goldman
published: Feb 16, 2009
When Congress passed the National Bank Act in 1863 to retire some of the paper currency used to finance the North’s effort in the Civil War, it also opened the door to the dual banking system — a system in which banks have the option to be chartered and regulated either by the federal government or their state of domestication.
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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 Opponents Unlikely Swayed by 'New-and-Improved' Bill
by: R.J. Lehmann, Washington bureau manager, tradingmarkets.com
published: Feb 12, 2009
It isn't yet even introduced, but early reviews would suggest consumer-focused enhancements to legislation calling for creation of a federal insurance regulator are unlikely to sway opponents of the concept.
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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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The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation
by: Peter J. Wallison
published: Jan 30, 2009
Given the recent recommendations by the Group of Thirty that the government regulate all institutions deemed to be ''systemically significant,'' it seems highly likely, indeed almost inevitable, that property-and-casualty insurance companies will fall victim to this type of regulation.
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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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House Panel Members Urge Geithner to Create Insurance Office
by: Andrew Ackerman, The Bond Buyer
published: Jan 27, 2009
A bipartisan group of seven House Financial Services Committee members urged Treasury Secretary-designee Timothy Geithner Friday to administratively create an office within the Treasury Department that will address the lack of insurance oversight and expertise at the federal level.
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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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