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Regulators Concerned About Risks in $75 Trillion Shadow Banking Sector

Authorities are nowhere near to fully understanding “shadow banking” as the $75 trillion sector morphs and grows under the influence of new technology and regulation, a top markets supervisor said on Wednesday. Shadow banking refers to the supply of credit …

EU, US Insurers Lost $400 Billion from Continued Low Interest Rates: Swiss Re

A study, – “Financial repression: The unintended consequences -” released by Swiss Re, notes that “seven years after the financial crisis, central banks are still keeping interest rates at historically low levels.” They keep them low as the policy helps …

Lloyd’s Reports US$4.9 Billion (£3.2 Billion) Profit for 2014, Level With 2013

Lloyd’s announced a pre-tax profit of US$4.9 billion (£3.2 billion) for 2014, which is unchanged from the profit figure reported in 2013. The 2014 profit was driven by a relatively benign year for major natural catastrophes, favorable prior year development, and …

Co-Pilot Likely Crashed Germanwings A320 Deliberately: French Prosecutor

The co-pilot of the Germanwings airliner that crashed in the French Alps killing all 150 people aboard appears to have brought the A320 Airbus down deliberately, the Marseille prosecutor said on Thursday. German Andreas Lubitz, 28, left in sole control …

A.M. Best Downgrades Ratings of Southern General Insurance Co.

A.M. Best has downgraded the financial strength rating to B- (Fair) from B (Fair) and the issuer credit rating to “bb-” from “bb” of Southern General Insurance Co. (SGIC) of Marietta, Ga. The outlook for both ratings is negative. The …

Texting While Driving Officially Banned in Mississippi

Mississippi has become the 45th state to ban texting while driving after Governor Phil Bryant signed the bill into law this past week. House Bill 389 prohibits drivers from writing, sending or reading text messages, emails or social media messages. …

Retooled Medical Marijuana Bill Gets OK from Georgia Senate

After two rancorous years of squabbling, confusion and heated debate, Georgia appears on the verge of having a medical marijuana law after the state Senate passed a sweeping bill Tuesday that would allow cannabis oil to be used to treat …

NHL Loses Bid to Block Players’ Concussion Lawsuits

The National Hockey League lost its bid to throw out retired players’ claims it glorified violence and failed to protect them from repeated head injuries and concussions. Wednesday’s ruling by a federal judge in St. Paul, Minnesota, comes as the …

House Committee Approves Bill to Repeal Estate Tax

The 99-year-old U.S. estate tax would disappear under a bill approved Wednesday by the House Ways and Means Committee. The legislation, backed on a 22-10 party-line vote, would benefit about 5,500 families who pay the tax each year plus thousands …

Progressive to Risk Raising Rates on Risky Snapshot Drivers

Progressive Corp., the fourth-largest U.S. auto insurer, said it will begin increasing rates for some risky customers who participate in a program that allows the company to electronically monitor driving habits. The decision to lift premiums is a shift for …

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