General Re Settles Fraud Charges Over AIG, Pru Financials
Posted on January 19th, 2010
The Securities and Exchange Commission today charged General Re Corp. for its involvement in separate schemes by American International Group (AIG) and Prudential Financial, Inc. to manipulate and falsify their reported financial results.
The SEC said Gen Re agreed to pay $12.2 million to settle the charges.
In addition, in a non-prosecution agreement with the Department of Justice in connection with a related criminal investigation of Gen Re’s transactions with AIG, Gen Re agreed to pay $19.5 million to the U.S. P
Tags: General Re, Pru
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Letters: Claimants will lose out, not lawyers
Posted on January 18th, 2010
It is claimants and not lawyers who will be the losers from Lord Justice Jackson’s recommendations (Writ large: A blow for justice – and only the lawyers lose, 18 January). Implementation of Jackson’s review of civil costs will rob injured people of up to 50% of their compensation while insurers get extra profits.
The Jackson report appears to have forgotten the furore (often reported in the Guardian) about no-win, no-fee lawyers taking money from compensation. I
Tags: Lawyers
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Brit bolsters Global Markets business
Posted on January 18th, 2010
International general insurance and reinsurance group Brit Insurance is bolstering its Global Markets business unit with the addition of Neil Russell and Joachim Tolle as underwriters.
Russell brings a decade and a half of experience to the firm, including a long stint at Lexington Underwriting Company managing the Lloyd’s North American Property accounts.
Russell will continue to concentrate on North America with Brit Insurance, and will report directly to Tom Rowley, North American Open Market Class Underwriter.
Tolle leaves behind AIG UK Ltd, where he was responsible for major financial institutions accounts, to join Brit and will report to Neil Beaton, Financial Institutions Class Underwriter.
Brit Global Markets CEO Matthew Wilson has warmly welcomed the two appointments and expressed his delight at Russell and Tolle’s joining the firm.
Tags: Business, Global Markets, Global Markets Business, Markets Business
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Investing in Canada with Exchange Traded Funds
Posted on January 17th, 2010
If you are interested in trading exchange traded funds, Canada could be a place to consider. While not generally thought of as an economic power, Canada does have some efficient industries that could contribute to an ETF. ETFs actually first started out in Canada shortly before they came to the United States. Therefore, they have been trading ETFs longer than anywhere else in the world. Here are a few things to consider about ETF investing in Canada.
ETF Benefits
Investing in an ETF in Canada can present you with several advantages as an investor. For one thing, ETFs are very diversified. The ETF will have many shares of different underlying assets within it. T
Tags: Exchange Traded, Exchange Traded Funds, Funds, Traded Funds
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Consumer Group Fields California Car Insurance Law as Model
Posted on January 16th, 2010
One of the leading and most influential consumer advocacy groups in the state of California called on the federal government and the Obama administration to adopt one of the state’s auto insurance laws in tackling health insurance issues. According to representatives from Consumer Watchdog, government officials can learn lessons from the success of Proposition 103, one of the most effective provisions created to protect the rights of policyholders in California.
Insurance experts say that advocates of consumer rights are calling on the Congress and government regulators to implement a similar system of insurance rate regulation already present in California. T
Tags: Insurance, Insurance Law
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Insure & Go wants details which my parents won’t disclose
Posted on January 16th, 2010
While I was on holiday in Madrid I was robbed of my camera, iPod and wallet. I submitted a claim for £537 to Insure & Go. It asked for a number of documents which I supplied, apart from the details of my parents’ household insurance policy. My parents insist this matter is between me and the insurance company and refuse to give me the information. Consequently, Insure & Go refuses to consider my claim. MH, Epsom, Surrey
Your father spoke to his own insurance company who told him that if you claimed on his policy it might affect his no-claims discount.
Tags: Details, Details Parents
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Safety, Security, Guarantees
Posted on January 16th, 2010
We have just experienced one of the most turbulent financial times in our economy, and while the economy may be recovering, consumers are still scared and concerned about their personal financial condition. As they look back at 2009, they have a better appreciation for the products the life insurance industry providesâ??products with safety, security and guarantees.
Many companies have revised their marketing materials and consumer education pieces to emphasize these features to consumers. The LIFE Foundation has numerous educational pieces designed just for this purpose.