U.S. regulators failed to spot how much risk insurer AIG was piling on, and by the time they understood, they had no choice but to pour in tens of billions of public dollars, officials said Thursday. At a Senate Banking …
Testimony by New York Insurance Superintendent Eric Dinallo to the United States Senate Committee on Banking, Housing and Urban Affairs Hearing on “American International Group: Examining What Went Wrong, Government Intervention, and Implications for Future regulaltion.” I would like to …
Congressional candidates from the Western states of Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming pulled in donations from a variety of insurance industry interests in 2008, according to the Center for Responsive …
Have the free-wheeling, capitalism-at-all-cost titans of business who maintain the market will fix all ills had their day — at least for now? For the last 30 years deregulation has been all the rage — from the airline industry to …
The Securities and Exchange Commission should get more power to police credit derivatives even though it failed to use its existing authority to rein in risky behavior that contributed to a global financial crisis, a former SEC chief told Congress …
Goldman Sachs and Morgan Stanley sought shelter with the Federal Reserve to survive a financial storm that destroyed their rivals as Wall Street braced for a week of political wrangling over a proposed $700 billion bailout for troubled banks. Morgan …
As Losses Mount for Insurers, More Proposals for a National Solution Emerge Neither Gustav nor Ike walloped the property/casualty insurance industry the way Katrina did but there is still concern in insurance and reinsurance circles over the cumulative effect of …
Both leaders of the U.S. Senate Banking Committee Tuesday expressed reservations about the federal government intervening to help insurer American International Group Inc. Connecticut Democratic Sen. Christopher Dodd, chairman of the financial market oversight panel, said he is generally “skeptical” …
The U.S. regulatory structure for the insurance industry puts companies at a disadvantage overseas and stifles innovation and competition for consumers, the industry told U.S. lawmakers Tuesday. At a Senate Banking Committee hearing to consider creating an optional federal charter …
The U.S. Senate officially rejected a bid by Gulf state senators to add wind coverage to the financially strapped federal flood insurance program. Lawmakers from Louisiana and Mississippi cited problems that occurred after Hurricane Katrina and other big 2005 storms …
