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The case of five former insurance executives who were sentenced to jail for a sham finite reinsurance transaction heads to an appeals court Nov. 17. U.S. vs. Ronald Ferguson, et al, will be argued before the U.S. Court of Appeals for the Second Circuit in New York, said Tom Carson, a spokesman in the Connecticut’s [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Despite AG’s Request, Anthem’s Connecticut Rate Hearing to Proceed as Planned
November 17th, 2010 
gary A Nov. 17 Connecticut public hearing on Anthem Blue Cross Blue Shield’s requested premium rate increases will proceed, despite requests by some state officials to delay the hearing. “The uncertainty resulting from delay of the…proceeding would not be beneficial” for consumers, wrote hearing officer Mark R. Franklin, of the state insurance department, in the Nov. [...]
CHINA’S CPIC JAN-OCT LIFE INSURANCE PREMIUMS REACH US$11.4 BLN
November 17th, 2010 gary China Pacific Insurance Co. (CPIC, SSE:601601, SEHK:02601) said on Tuesday that its life insurance premiums reached 75.9 billion yuan (US$11.4 billion) in the first ten months of this year. Its property insurance premiums hit 42.6 billion yuan from January to October. According to previous announcement, the company’s life insurance premiums hit 68.9 billion yuan in [...]
CHINESE INSURERS TO REPORT THEIR PROPERTY, EQUITIES INVESTMENTS
November 9th, 2010 gary The China Insurance Regulatory Commission (CIRC) on Friday issued a circular requiring insurance companies to report their investments in real-estate projects and equities of non-listed companies. The move aims to strengthen the supervision of insurers’ investments, said the CIRC. The insurance regulator also urged insurance companies to provide analysis reports on their real-estate investments, including [...]
INDONESIA’S BHAKRI CAPITAL ACQUIRES 99.9% OF UOB LIFE
November 9th, 2010 gary Investment holding PT Bhakti Capital Indonesia (JSX:BCAP) has taken over 99.9 per cent of PT UOB Life Assurance and changed the name of the life insurer to MNC Life Assurance. Bhakti Capital acquired the stake from PT Prudence Life Assurance Ltd, PT Bank UON Buana and PT Suna Antarnusa Investment with a deal signed on [...]
CHINA BLOCKS MIXED SALE OF INSURANCE, SAVING PRODUCTS BY BANKS
November 9th, 2010 gary China Banking Regulatory Commission (CBRC) recently required commercial Banks to stop allowing salespersons from insurance companies to promote insurance products at Banks’ outlets. Banks’ staff with qualification of insurance agent could promote insurance products at banks’ outlets, said the CBRC in a notice. The move aims to regulate banking-insurance cooperation and strengthen risk management over [...]
Korea Life Insurance reports fall in H1 net income to US$272mln
November 9th, 2010 gary KOREA life insurance CO. (KSE:088350), South Korea’s second-largest life insurer, said on Tuesday that its earnings surged 87.2 per cent in the first half of fiscal 2010 from a year earlier. Net income came to 303.4 billion won (US$272.5 million) in the April-September period, compared with 162.1 billion won a year earlier, said Korea life [...]
Insurance Intermediaries Busy with Listing
November 5th, 2010 gary Huakang financial Service, Inc. and China Meichen financial Group, two insurance intermediaries based in the southern Chinese province Guangdong, are planning to go public in 2011. The former prepares to get listed on the stock market of the United States, probably on the NASDAQ Global Market; and the latter intends to become publicly traded on [...]
