Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…
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American insurance industry feeling the pinch of weak investments and catastrophes
A new report released by A.M. Best Co. Inc., has stated that the unprecedented number of natural disasters, poor returns from investments, and an economy that continued to struggle in 2011, has made it exceptionally difficult for the American property and casualty insurance industry’s commercial insurance and reinsurance sectors to grow and has caused notable hurt to their operating performances. It’s estimated by the rating agency, based in Oldwick, New Jersey, that last year’s underwriting losses from underwriters in the commercial property and casualty sector were approximately $15.2 billion. This…
Read MoreSamsung Life Insurance to invest in distressed assets from U.S. and Europe
As the economies of Europe and America continue to struggle, Asian insurers are seeing great opportunity for investments. Samsung Life Insurance, the largest insurance group in South Korea, has taken a keen interest in distressed assets that banks in Europe and the U.S. have put up for sale. The company had stepped back from investments when the recession of 2008 made a major impact on the global economy. Now, however, the opportunities seem to great to ignore. Samsung has more than $130 billion in assets and is willing to invest…
Read MoreChina Auto Logistics announces the addition of vehicle coverage to its available services
China Auto Logistics Inc. – one of the top website developers in the country for sellers and buyers of both domestic and imported vehicles, as well as being a leading seller of imported luxury cars in China, and a top auto service provider – has unveiled its intentions to begin offering automobile insurance following a number of agreements with some of the top insurers and banks in the country. China Auto Logistics has stated that it hopes this new offering will help it to broaden its business for services in…
Read MoreFederal Insurance Office anticipated report on modernizing insurance regulations delayed
The Federal Insurance Office was supposed to submit its much anticipated report on the modernization of insurance regulation to Congress in January, but the agency has missed that deadline. The U.S. Treasury Department, which oversees the Federal Insurance Office, claims that there must be more work done on the report before it can be released. This delay could mean that the report will not be released for week or months; news that insurers were not happy to hear. The report is meant to show Congress how the country’s insurance regulations…
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