G7 leaders come to agreement for new insurance fund for garment industry

International Insurance fund news

This new program is meant to help to prevent a recurrence of anything like the Rana Plaza disaster of 2013. In Bavaria, G7 leaders have agreed to put a new insurance fund into place in order to create meaningful improvements to the garment industry supply chain and to ensure that there will never again be a repeat of the disaster at Rana Plaza in Bangladesh in 2013, in which a building collapsed and killed 1,137 workers. Beyond prevention, this fund will also help to provide compensation to victims of disasters…

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Auto insurance fund proposal withdrawn in Maryland

Auto Insurance

MAIF is no longer moving forward on the effort to gain policy rights within the state. The Maryland Automobile Insurance Fund (MAIF) – which is considered to be the auto insurance market of last resort within that state – has withdrawn the proposal that it previously put forward in order to obtain “sole and exclusive property” rights for all of the policies in that market. That proposal had initially been presented by MAIF approximately two months ago. The decision made by MAIF to remove its auto insurance proposal has been…

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Insurance fund proposed by futures regulator

Insurance Fund

Government agency suggests insurance fund for the sake of consumers The Commodity Futures Trading Commission, an independent agency of the U.S. government that regulates the futures and options markets, has proposed the introduction of an insurance fund as a way to protect consumers. The proposition comes in the wake of the collapse of brokerages MF Global and Peregrine Financial Group, which has lost more than $1.8 billion of the funds that were provided to them by consumers. The plan, which is being lauded by agency Commissioner Bart Chilton, is expected…

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