Affordable Car & Home Insurance
Industry observers say damage payouts shouldn't pose any difficulty, but the weak global economy could lead to eventual premium increases.
Doug Heller, executive director of Consumer Watchdog, believes insurance companies are understating their investment
loses after the subprime meltdown and will eventually try to recover
those losses by raising rates.
Today's report in the Wall Street Journal that the Treasury Department may let insurance companies tap into the $700 billion bailout fund is more proof that the state of insurers' investment portfolios drive a lot of their corporate decisions.
A new LA Times/Bloomberg poll says Americans believe that we need more regulation of industry in order to protect against the type of financial disaster that has led to the massive government intervention in the American banking system.
"Situated high on a bluff overlooking the majestic Pacific Ocean, stands a landmark resort of legendary proportions."
Days after receiving an $85 billion taxpayer bailout, AIG...
The Federal Reserve Bank of New York added another $38 billion to the AIG bailout pot today, bringing the total taxpayer infusion into AIG to nearly $125 Billion. But today's bailout offers another thing to worry about...At some point, AIG might have to use money reserved for paying claims to, instead, repay hedge funds and, potentially, policyholders might not be able to count on AIG when they make a claim..
The National Conference of Insurance Legislators wrote to Speaker Pelosi about HR 5840 today. Here's the news release:
For Immediate Release
NCOIL THANKS SPEAKER...
On Sept. 17, Consumer Watchdog, a California-based consumer advocacy
group, sent a letter to Kanjorski asking him to withdraw the bill in
light of the federal government's $85 billion bailout of AIG, the
nation's largest insurer.
CW's founder Harvey Rosenfield recounts in his new blog Honest Answers an interesting conversation not long ago with a retired judge who told Harvey that then-AIG CEO Hank Greenberg was complaining to judges about Harvey and his Prop 103's regulation. Greenberg argued, of course, that the government shouldn't be meddling in AIG's business. Well, as Harvey points out, yesterday the goverment had to buy out AIG's business to save it and preserve Greenberg's own wealth, which is still tied up in shares of AIG.
AIG’s near collapse has at least one silver lining: the US House took HR 5840 (Kanjorski, D-PA) off the floor yesterday. The bill would allow the treasury department to override state regulation of the insurance industry. (...
