National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …
New York State’s financial regulators issued a report today that found a widespread use of captive, reinsurance entities by New York-based life insurance companies. Calling these arrangements “shadow insurance,” the report said life insurers used their captive entities, often based …
A woman has filed a lawsuit against a northern Idaho Costco contending that the company should pay out the life insurance policy of her brother, a former Costco employee who died two years after being fired. The Idaho Business Review …
American International Group may raise as much as $6.5 billion from the sale of its remaining stake in AIA Group Ltd in Asia’s second-largest block sale ever, exiting a business the U.S. insurer started nearly 100 years ago. The sale …
Taiwan’s government will pay Transglobe Life Insurance T$88.4 billion ($3 billion) to take over ailing rival Kuo Hua Life after Transglobe beat out other competitors in the biggest taxpayer-funded bailout ever by the island state. Taiwan’s overcrowded life insurance industry …
Zurich has announced the appointment of Mark Hartigan (49, British citizen), currently Head of Strategic Business Development Global Life, to the position of CEO Global Life Asia Pacific & Middle East, effective December 31, 2012. He succeeds Dan Bardin who …
Prudential Financial Inc. is close to a deal to acquire the individual life insurance business of Hartford Financial Services Group Inc, and a deal could be struck as soon as Thursday, the Wall Street Journal reported. The paper, citing a …
Insurers doing business in New York are now required to regularly search a government list of recent deaths to identify policyholders, then find and pay beneficiaries even when no claims are made. New York State Department of Financial Services says …
A federal jury in Virginia convicted a former Costa Rican insurance executive on Monday of all counts in a $485 million fraud scheme in which he was accused of lying to clients and investors about the financial stability of his …
New York Gov. Andrew Cuomo said this week that a regulatory investigation into how insurers tracked life insurance policyholders resulted in 32,715 payments to consumers nationwide. The overall amount paid by insurers is $262.2 million, including 7,525 payments totaling $95.9 …
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