Though much of the attention to the recently enacted regulatory reform law has focused on its creation of a consumer protection bureau, the Dodd-Frank Act also created an Office of Financial Research with an ambitious mandate — one many doubt it can accomplish.
The office is tasked with collecting data on behalf of the Financial Stability Oversight Board and analyzing it to spot risks to the economy. Though observers praise the effort, many pointed to challenges, including who the agency will target, how much information it will collect and whether it can successfully analyze the data.
“We have no reason to believe they would succeed where others have failed,” said Wayne Abernathy, the executive director of financial institutions policy and regulatory affairs at the American Bankers Association. ” Full Article…
Direct life insurance is a fairly new idea for insurance buyers. I wonder why it took so long and why other companies have not followed suit? It makes everything easier for life insurance buyers. I think what they should do is make one state license good for every state, then you will really see the sale of direct life insurance take off. It is not as simple as that though. To understand clearly what it takes let us look at what is involved in the sale of a life insurance policy.
- What Is Important To The Buyer
Okay, you have decided to buy a life insurance policy.
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The National Academy of Social Insurance (NASI) finds that workers’ compensations payments for medical care and cash benefits for U.S. workers injured on the job is increasing. In its 13th report providing comprehensive data on workers’ compensation cash and medical payments for the nation as well as each state, the District of Columbia and federal programs, NASI says that payments increased 4.4% to $57.6 billion in 2008. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. A Full Article…
In August 2010, New York Attorney General Andrew Cuomo subpoenaed multiple insurance companies under the suspicion that they were using what are known as life insurance retained asset accounts to increase their profits at the expense of beneficiaries.
Instead of paying out benefits in lump sums, recipients were advised to keep their money in these accounts with access via a checkbook so the companies could continue to draw interest.
Cuomo called in a number of life insurance companies to take a closer look at the process by which they were handling these accounts.
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American International Group Inc. (AIG) still plans to sell its Asian life insurance company, according to published reports.
Life insurance can be a valuable tool for ensuring your loved ones will be financially secure after you pass on. However, not everyone is eligible for a policy. Certain risk factors make obtaining life insurance much more expensive, and sometimes even impossible.
Given the most common risk factors that make insurance policy underwriters cringe, there are a few people that may have an incredibly difficult time obtaining a policy and likely experience life insurance denial.
Life Insurance Risk Factors
According to Insure.com, certain medical conditions are especially “expensive” life insurance risks in determining rates. Thi
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While the pace is slowing, the insurance industry continues to shed workers, new data from the U.S. Bureau of Labor Statistics finds. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. The report, the Employment Situation—August 2010, indicates total employment for “insurance carriers and related activities” fell by 1,300 positions on a seasonally adjusted basis. Total employment in the sector was 2,177,700 in August 2010 compared to 2,179,000 reported in July. Th Full Article…
Following new rules means creating a new kind of IT department, one which deploys and manages platforms for quicker response and enables the bank to prove its fiscal fitness. Ernst & Young’s Donald Vangel and Dan Higgins recently discussed the scalpel and the hatchet that await.
Bank Technology News: How extensive is the new legislation for IT shops? Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. Full Article…