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A.M. Best Company has made the following rating update: Company: Ameriprise Insurance Company AMB Number: 13104 Current Rating: A Previous Rating: A Ameriprise offers a full range of high-quality insurance products through our affiliates, RiverSource life insurance Company, RiverSource life insurance Co. of New York and Ameriprise Auto and Home. Collectively, RiverSource life insurance Company [...]
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. [...]
Iowa Charges Insurers $4 Million for Second Injury Fund.
August 31st, 2010 
gary In the Iowa Insurance Division’s routine evaluation of the state’s Second Injury Fund, the agency determined that the fund’s projected claims liabilities couldn’t be met. So, insurers in the state are being assessed $4 million, due by Sept. 30. Notices were mailed to the companies — including self-insured employers — to explain the 2010 assessments. [...]
GNY Insurance Names President and COO
August 31st, 2010 gary GNY Insurance Cos. said it’s promoted Elizabeth Heck to president and chief operating officer. Heck, who’s been in the insurance industry for more than 20 years, joined GNY Cos. in 2001 as controller. She was promoted to senior vice president, chief financial officer and treasurer in 2005, and promoted again in 2008 to executive vice [...]
Second-Quarter US Sales of Fixed Annuities Drop 30%, but Rate Advantage Over Treasuries Improved
August 31st, 2010 gary Total second-quarter U.S. sales of individual fixed annuities, including equity-indexed, declined 30% from the same period a year ago, to about $19.4 billion, according to Beacon Research and the Insured Retirement Institute. The second quarter marks the fourth consecutive quarter that sales dropped year over year. For the first six months of this year, sales [...]
FDIC Issues Fourth Quarter 2010 CRA Examination Schedule
August 31st, 2010 gary The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter of 2010. This list is published pursuant to revised CRA regulations published in May 1995 that require each federal bank and thrift regulator to publish a quarterly [...]
Lawmaker bares more benefits for senior citizens
August 31st, 2010 gary A lawmaker has bared more benefits for the country’s senior citizens with the allocation of a total of P871 million in the proposed 2011 national budget to provide a P500 monthly pension to some 145,150 poverty-stricken senior citizens who are 80 years old and above. Cavite Rep. Elpidio Barzaga Jr., chairman of the committee on [...]
TP offers insurance plans via mobile phone
August 27th, 2010 gary Polish national operator Telekomunikacja Polska (TP) has teamed with insurance company PZU to allow customers to take out insurance plans using their mobile phones. Two versions of insurance are being offered – either PLN 11 or PLN 16 per month with death payments of PLN 50,000 or PLN 100,000. The service will initially be offered [...]
AIG Edision Life Insurance to overhaul pay for sales staff
August 27th, 2010 gary In a rare step for a life insurer, AMERICAN INTERNATIONAL GROUP INC’s Japanese subsidiary AIG EDISON life insurance CO. is changing how it compensates some of its legions of salespeople. In the life insurance business, large numbers of people are hired to sell policies with the understanding that large numbers will also quit, because the [...]
