Tuesday, March 3, 2009
Monday, March 2, 2009
Passed in 2006 and codified into law at Section 626.9541(1)(dd), Florida Statutes, the legislation placed strict limitations on insurance companies' ability to deny or increase premiums for life insurance based on foreign travel.
The meeting, described by IIABNY Chair Neal Sullivan, as "open and positive," tackled the department’s compensation proposal on Feb. 19. Sullivan and Kermit Brooks, first deputy superintendent, NYSID, led their respective teams during the discussions aimed at conveying IIABNY’s concerns about the controversial draft regulation.
During the NYSID-IIABNY meeting, Brooks indicated that a working group representing industry stakeholders would begin its review of the proposal in March. “It appears that the department is not in support of simply a voluntary disclosure, and IIABNY is engaged with them to rework the language,” says Sullivan.
“As a result of our conversation, we have been asked to develop an alternate proposal and submit it to the department for consideration,” states IIABNY President & CEO Richard Poppa, in a Feb. 26 e-mail broadcast to its member agencies and posted at www.iiabny.org.
However, the e-mail message pointed out that, “It is quite apparent that the department intends to issue a regulation requiring mandatory disclosure.” IIABNY’s intent is to create an alternate proposal whose “requirements are general in nature and don’t impose unnecessary costs or burdens upon agents or brokers and, ultimately, consumers.”
Although the Insurance Department’s draft does not restrict profit sharing or other compensation, IIABNY and others are particularly concerned with the broad definition of compensation and the form and method of disclosure.
IIABNY is also working with a broad range of life, health and property and casualty industry groups on this issue, which includes the Professional Insurance Agents of New York State Inc., New York Insurance Association Inc. and the American Insurance Association, to name a few.
The establishment of AIU Holdings Inc. will reportedly assist AIG in preparing for the potential sale of a minority stake in the business, which ultimately may include a public offering of shares, depending on market conditions.
When formed, AIU Holdings Inc. will be a franchise with more than 44,000 employees and 500 products and services serving 40 million commercial and individual customers in 130 countries and jurisdictions.
After previously receiving a commitment from the government for $150 billion, the insurer will reportedly receive up to a $30 billion equity line in the latest round of assistance.
This news come after the fact that AIG reported Monday a $62 billion quarterly loss. The company blamed the losses on the continued deterioration in the credit markets and charges related to its restructuring.
The company's loss for the full year rings in at $99 billion. That is after the company reported a profit in 2007 of more than $9 billion.
One of the goals of the reworked bailout plan is to assist AIG's financial position by, among other things, decreasing the interest it gives the government on its loans.
The Treasury Department in turn will exchange its existing $40 billion preferred shares stake for shares that more closely look like common stock.
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