Live Insurance News

The Wells Fargo scandal continues to bite with 38,000 erroneous letters mailed

February 20, 2018February 17, 2018 Nordstrom

The auto insurance scam involved selling unnecessary coverage and now includes sending letters containing mistakes. The Wells Fargo scandal that rocked the financial services company in the second half of last year just became more unpleasant. As the bank attempts to recover from the latest damage to its reputation in which auto loan customers were sold insurance policies they didn’t need, they’ve now made another mistake they didn’t need. The bank accidentally sent out letters about the auto insurance scam containing erroneous information. The Wells Fargo scandal involved requiring car…

Two-tier insurance company capital standards proposed by Fed

June 6, 2016June 4, 2016 Marc

Insurance company capital standards business financial skyscrapers

The concept is to treat exceptionally large firms differently from others within the industry. The Federal Reserve proposed new insurance company capital standards as a part of a two tiered system that had already been expected for the industry and that is expected to provide significant protection for the American economy. Within this system, major insurers are going to have different capital requirements applied to them. Prudential Financial Inc. and American International Group Inc. will both have different insurance company capital standards applied to them due to their size and…

Open federal insurance regulations meeting to be held on June 3

May 30, 2016May 28, 2016 G. Turner

The U.S. Federal Reserve hopes that Friday will use this opportunity for proposals for capital and other rules for insurers. The U.S. Federal Reserve has announced that June 3, 2016 will be the date for its open meeting in which proposals will be discussed with regards to federal insurance regulations for rules including capital and other factors affecting insurers. This Friday’s meeting will be centered around changes in regulations that have been building for over five years. The announcement from the American central bank was made following the preview of…

Two-tier insurance company standards coming soon from Feds

May 23, 2016May 21, 2016 Julie Campbell

Insurance Company standards financial federal reserve

The Federal Reserve is going to be issuing a new requirements structure for firms labeled “too big to fail”. The Federal Reserve has now announced that a two-tier insurance company standards system will soon be created in addition to special liquidity requirements that will be meant for providers that have been called “too big to fail.” These changes are meant to help to mitigate risks to financial stability, said Fed Governor Daniel Tarullo. Tarullo made the announcement as a part of his speech to the National Association of Insurance Commissioners…

Insurance news from Congress shows repairs coming to capital rules

December 8, 2014December 6, 2014 Julie Campbell

There are a number of changes that are lined up to occur throughout this week to fix the current situation. Lawmakers from the U.S. Senate and House of Representatives are making insurance news as they prepare to tackle a law, this week, that will help to provide greater relief to large insurers against tight capital rules that had been designed with banks and other similar financial institutions in mind. This repair has been nicknamed the Collins Amendment to the reform law, 2010 Dodd-Frank Wall Street. This insurance news could mean…

US health insurance sector could be in for a shift

November 7, 2014November 6, 2014 Marc

Mid-term elections see Republican Party take majority of political power in the country Mid-term elections in the United States have come and passed and now the Republican Party is in control of Congress. This could have major implications for the health insurance sector, as many Republicans have been opposed to the Affordable Care Act and its various provisions. With control of Congress, Republican lawmakers may be able to introduce yet more reform to the health care system, and some may push to have certain provisions of the Affordable Care Act…

Federal Reserve requests information from the insurance industry

October 3, 2014October 2, 2014 Nordstrom

Federal agency is asking insurers to provide more data concerning postcrisis capital rules The U.S. Federal Reserve has begun reaching out to the insurance industry in order to obtain more data concerning postcrisis capital rules that could have a major impact on insurance companies. The agency has sent a request for information to 20 insurers. Companies that have received a request for information are considered to be “systematically important” to the country’s overall economy. Companies like American International Group and Prudential Financial Inc. fall within this designation. Data provided by…