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AIG Settles for $725M in Ohio Securities Case

>American International Group Inc. has agreed to pay $725 million to settle an ongoing legal dispute with Ohio public pension funds, which accused the insurance giant in 2004 of anti-competitive activity, accounting violations and manipulating stock price. This deal represents one of the largest securities class-action lawsuit payouts in U.S. history.

“Ohio is determined to send a strong message to the marketplace that companies who don’t play by the rules will pay a steep price,” said the state’s Attorney General Richard Cordray, in a statement announcing the settlement.

Aug 04, 2010

Posted by Michael Perez | No Comments »
Tags: Ohio, Ohio Securities

Anthem Blue Cross CEO To Step Down

>July 20–The chief executive officer of the embattled insurer Anthem Blue Cross announced today that she would be stepping down to help launch a coalition of groups aimed at transforming the state’s health care system.

As CEO of the state’s largest health insurer, Leslie Margolin came under fire for defending controversial rate hikes that would substantially increased premiums for more than 700,000 Californians who buy coverage on their own. Some subscribers could have seen rates surge by as much as 39 percent.

But the rate hikes were later rescinded after the state Department of Insurance found flaws in the company’s calculations.

Aug 04, 2010

Posted by Michael Perez | No Comments »
Tags: Anthem Blue, Anthem Blue Cross, Blue Cross, Step

Financial Regulatory Rewrite Becomes Law

>The Dodd-Frank bill is now the Dodd-Frank Act, after President Barack Obama signed the 2,300-page financial reform package into law.

Nearly two years after the events that began the dramatic failures and near-failures of the U.S. financial crisis, Congress and the White House have now set down their attempt to prevent another such crisis. And in his speech, Obama was quick to again raise the specter of American International Group Inc.’s financial products division. “Firms like AIG placed massive risky bets with borrowed money,” he said, adding that this act will “put a stop to taxpayer bailouts, once and for all.”

In those same two years, the wider insurance industry has struggled steadily to get out from under the shadow of AIG’s infamous investment arm.

Aug 04, 2010

Posted by Michael Perez | No Comments »
Tags: Law

Are 1035 Exchanges Always the Best Option?

> Cory Chmelka, CFP, is a managing partner with Capstone Wealth Management in New York, NY.
ABSTRACT

CPAs and estate planning attorneys are often asked to review individuals’ life insurance portfolios. In the event they act as trustees, this evaluation is required by the Uniform Prudent Investor Act (UPIA). The UPIA, adopted by many states in 1994, was intended to replace the “prudent man” rule, moving trustees from the safety of principal and administrative functions to regular management and monitoring of all trust assets.

Aug 04, 2010

Posted by Michael Perez | No Comments »

LISA Applauds GAO, SEC Life Settlement Studies

>ORLANDO, FL — (MARKET WIRE) — 07/22/10 — Today the US Government Accountability Office (GAO) and the US Securities and Exchange Commission (SEC) both released large studies of the Life Settlement Industry, on which they had each worked for the last year, recognizing the growth of the life settlement market and, importantly, that life settlements are a valuable alternative to the lapse or surrender of a life insurance policy for American consumers.

The 120-page GAO report released today documents the emergence of the life settlement market, and the concomitant growth of regulation of the market.

Aug 04, 2010

Posted by Michael Perez | No Comments »
Tags: Life Settlement, Studies

Bloomberg: Life Insurers ‘Duping’ Families of Fallen Soldiers

>Bereaved Receive Non-Insured “Checkbooks” That Accrue Tiny Interest; Insurance Companies Keep Policy Money in Their Own Corporate Accounts and Reap Millions in Profits

NEW YORK–(BUSINESS WIRE)– Millions of Americans are being duped by life insurance companies that have figured out a way to hold onto death benefits owed to families, according to a six-month investigation appearing in the September 2010 issue of BLOOMBERG MARKETS® magazine, on newsstands worldwide starting August 16, 2010.

MetLife and Prudential lead the way in making hundreds of millions of dollars in secret profits every year on money that belongs to relatives of those who die. Amon

Aug 04, 2010

Posted by Michael Perez | No Comments »

Insurance Info Store

AIG Settles for $725M in Ohio Securities Case

Anthem Blue Cross CEO To Step Down

Financial Regulatory Rewrite Becomes Law

Are 1035 Exchanges Always the Best Option?

LISA Applauds GAO, SEC Life Settlement Studies

Bloomberg: Life Insurers ‘Duping’ Families of Fallen Soldiers

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