Insurers Want U.S. to Curb Competitorsâ Fund Transfers to Bermuda
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Some of the nationâs biggest insurance companies want to change rules that enable some of their competitors to avoid billions of dollars in federal taxes by sending money to themselves in tax havens.
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The state attorney general, consumer groups, and several insurance companies yesterday urged Insurance Commissioner Nonnie S. Burnes to prohibit automobile insurers from using a driver's credit history to directly or indirectly set what he or she pays for coverage.
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While Patriots beg for their billions While the jurisdiction of the United States government over BETonSPORTS is questionable, by virtue of being the holder of an Interactive Gaming and Interactive Wagering license issued by the Antiguan and Barbudan authorities, BETonSPORTS has acquiesced to our International jurisdiction over the company and its assets. It is important for the protection of consumers that whatever assets BETonSPORTS has remaining be properly available to depositors and other creditors and not be dissipated on fines or penalties or otherwise improperly disposed - Kaye McDonald, the Director of Gaming for the Financial Services Regulatory Commission of Antigua - Caribbean360.comâ¦
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Bill Ackman, founder of hedge fund  group Pershing Square Capital Management, told regulators on  Wednesday the two biggest U.S. bond insurers face combined  losses of over $22 billion from from bonds they've insured, and  should be forced to stop paying dividends.
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Campaigners threaten legal action over fears insurers' plans to use surplus assets will penalise policyholders.
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Commercial and investment banks could  see their credit ratings cut if the bond insurers which hedge  some of their assets were themselves downgraded, Standard &  Poor's said on Tuesday, as billionaire investor Wilbur Ross  mulled whether to invest $1 billion or more in the sector.
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A fine levied against Bear Stearns for failing to detect fraud in a hedge fund customer has struck fear in the heart of Wall Street.
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Brokers required to provide competing bids have been taking payoffs from insurance companies, New York's attorney general charged today.
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The Securities and Exchange Commission ordered mutual funds to stop paying higher commissions to brokers who promote the companies' funds and required portfolio managers to reveal investments in funds they supervise.
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WASHINGTON -- The Bush administration asked the Supreme Court on Wednesday to push aside Michigan regulators in a confrontation of state versus federal authority in the financial sector.
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The pressure on bond insurers increased on Wednesday after Fitch Ratings downgraded FGIC Corp's credit rating and Standard &amp; Poor's reviewed the ratings on $529 billion worth of U.S. mortgage-backed securities and collateralized debt obligations.
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The world&#39;s largest insurer by market value is the target of a criminal investigation by the US Justice Department. American International (AIG) is accused of helping a banking client commit fraud and keep
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The move by Standard & Poorâs could force Merrill Lynch, CIBC and other investment banks to write down the value of securities they had bought insurance on by billions of dollars.
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UBS is reportedly facing shareholder opposition to a huge injection of funds from Singapore and the Middle East to help the Swiss banking giant overcome the US subprime mortgage meltdown.
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Global finance chiefs on Saturday called for a more broad-based effort to calm financial markets, including tighter scrutiny by the International Monetary Fund and other institutions of increasingly powerful state-owned investment funds.
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Rivals of the No. 1 insurance broker are desperate to replace the highly profitable contingent commission revenue they were forced to jettison in the wake of the probe by New York Attorney General Eliot Spitzer.
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Investors are wary of insurance guarantees for some bonds issued by cities to fund capital projects.