There has been an advertisement run in the print editions of the Sun Herald on Gene Taylor conducting an Issues + Answers lecture sponsored by the University of Southern Mississippi Gulf Park Campus on Friday, February 29, 2008 at the Advanced Education Center auditorium.
Thanks to one of our readers, I was emailed a link to the University press release and I am happy to pass it along to all so interested. Considering the other recipients listed in the address header I am honored Ida thought enough of this blog to pass me the good word.
I will be in attendance and hope we pack the house on the 29th.
NAIC President Questions Motives of OFC Supporters
KANSAS CITY, Mo. (Feb. 15, 2008) — Sandy Praeger, President of the National Association of Insurance Commissioners (NAIC) and Kansas Insurance Commissioner, in a letter yesterday, reiterated the strengths of state-based regulation and reasserted opposition to federal legislation that would establish an optional federal charter (OFC).
A few relevant parts of the letter: Continue reading “The Insurance Industry’s GREAT ESCAPE”
I’ve noticed that when solutions to this insurance mess are offered it is one political party that is doing the offering. Outside of a few Democrats like US Senator Christopher Dodd the Republican party is the overwhelming choice for discriminating big business and insurance political donors.
Such must certainly be the case here in Mississippi as we found this Clarion-Ledger story concerning Phil Bryant’s State Senate Insurance Committee most disturbing. Lt. Governor’s Bryant stated campaign goal of continuing the coastal rebuilding efforts certainly are taking a back seat to his service to monied insurance interests. Continue reading “The Mississippi “R” Factor Part 2″
We have more insurance news out most of it involving the State of Mississippi. As I noted yesterday the contrast between Commissioner McCarty and the Republican Party in Florida and Commissioner Chaney and the Republican leadership in Mississippi is striking and very unfavorable to our leadership here. Today we are greeted with this news story in the Sun Herald on the Mississippi Windstorm Underwriting Association: Continue reading “The Mississippi “R” Factor Part 1″
There are two news stories in today’s Sun Herald that are well worth pointing out. The first deals with the House Insurance Committee’s passage of a Policyholder’s Bill of Rights, prompted by the treatment of consumers here on the coast after Hurricane Katrina. Continue reading “Insurance News Today”
Any company that would screw an old lady certainly has no problems messin’ with younger folks. Keep that chair pulled up as these videos illustrate why folks like Senator Chris Dodd and Richard Shelby live by “Show me the Money”. If you is common folk and got no money then you don’t count like their friends in big insurance.
Pardners when this Cowboy says big insurance will go to great lengths to screw the elderly for a buck he means it! Pull up a chair and listen to this poor ole woman’s nightmare dealing with her own insurance company Nationwide Insurance. I hope insurance industry waterboys like Senators Chris Dodd and Richard Shelby are proud of themselves and their service to big insurance. Bless their hearts their mommas must not have taught them right from wrong when they was growin’ up.
I occasionally run across “fans” of Nassim Taleb, a philosopher/visionary who is changing the way people view world events. His black swan concept, which is the name sake for his latest book, is understood and often repeated as the totality of his theory when in reality it is just a small part of his body of work. Russell and I share an interest in Taleb’s work, an interest that derives from actually reading his two books rather than simply embracing the pop culture lite version repeated in the popular media.
This subject of insurance is akin to understanding Taleb and his theories; one can get a slight flavor for the concepts of subjects like wind claims dumping from the media but the nuance and complexities of the subject escape the vast majority of the popular reporting just as Taleb’s theories are revealed completely only by reading his books. Taleb’s Black Swan is an important concept but his central thesis is far more involved. Taleb’s website, named for his first book gives a better clue the larger theory he espouses.
Such is the case with the recently issued GAO report and the concepts surrounding the Continue reading “Insurance Complexities: The Myth of State Farm’s Financial Insolvency and Conflicts of Interests.”
Bill creates insurance oversight
Plan audits firms in flood program
Tuesday, February 05, 2008
By Rebecca Mowbray
On the heels of a federal report that found “an inherent conflict of interest” in having private insurance companies determine how much the government should pay on flood claims, Sen. Mary Landrieu, D-La., plans to introduce legislation creating an ombudsman to strengthen financial oversight of the National Flood Insurance Program. Continue reading “Landrieu Legislation to Extract FEMA’s Head Out of Their Ass…..”
One insurance suit settled, one begun
The Desmoines Register
February 7, 2008
By S.P. DINNENREGISTER BUSINESS WRITER
Another Des Moines area insurance company has run afoul of Minnesota’s attorney general over the sale of equity-indexed annuities, and now Iowa regulators say they’ll look to see whether any similar action is warranted here.Minnesota Attorney General Lori Swanson on Thursday accused AmerUs Group and American Investors, both business units of what is now Aviva USA, of misrepresenting terms of annuities that it sells to senior citizens. She sued them in Minnesota state court for allegedly failing to disclose key terms and conditions of equity-indexed annuities that they market.
This type of thing has been going on for some time. The 2001 downturn brought a rash of problems with oversold variable annuities (whose accumulations were tied to stock market performance). Annuities are essentially reverse life insurance once the payout stage is reached. They have their good points, but their fees are often very high.