Search for: "Office of Financial and Insurance Regulation"
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30 Mar 2:57 am
... an entity claiming to be a mortgage company, has been ordered to cease and desist from doing business. The Office of Financial and Insurance Regulation (OFIR) believes that Capita,
through its website, www.capitamanagementgroup.com, is posing as a legitimate mortgage company in an attempt to steal consumers' money and identity. The fraudulent company is
encouraging customers to apply for loans by providing personal information including social security … Read ...
21 Apr 7:47 am
Ban on Insurance Credit Scoring Earlier this month, the Michigan Office of Financial and Insurance Regulation ("OFIR") announced that it would
reject, on a case-by-case basis, all new homeowner's insurance rate filing that use insurance ... in
setting premium discounts. The OFIR has taken the position that basing rates on consumer credit scores is unfairly discriminatory and does not result in reasonably anticipated
reductions in losses or expenses. The OFIR points to the Michigan Insurance Code's ...
16 Jul 2:06 am
The Michigan Office of Financial and Insurance
Regulation (the "OFIR") announced on July 7th that all licensed agencies (resident and nonresident) must complete a new online survey by
July 23rd, with a threat of administrative action against licensees who fail to meet the deadline. The purpose of the survey is to ascertain compliance with the provisions of the
insurance laws of Michigan and to update the OFIR's database. To see a full copy of the data call memorandum, click here.
21 Jul, 2008 3:08 pm
... proposed by the U.S. Department of the Treasury earlier this year in the Department of the Treasury Blueprint for a Modernized Financial
Regulatory Structure (the "Blueprint"). To see our first report on the Blueprint, click here. Our most recent ... 5611, "We believe that this type of targeted federal legislation makes
the appropriate reforms to the marketplace and improves insurance regulation without having to
take the unprecedented path of creating a new federal regulator." Symington continued ...
24 Jul 7:13 am
... (2) recommend to the Board of Governors of the Federal Reserve System that it designate an insurer, including its affiliates, as an entity subject to regulation as a Tier 1 financial holding company; (3) assist the Treasury Secretary in administering the ...
Banking, Housing and Urban Affairs Committee will continue to debate and consider financial regulatory reform efforts, including
the proposed Office of National Insurance, when Congress returns from its month-long summer recess in
September. We ...
15 Jun, 2007 12:23 am
... burdensome. In New York State, for example, the financial services industry is regulated by the Insurance Department, the Department of State, the Banking Department and the Attorney General's Office. This
compartmentalized structure developed as a result ... are free to operate as "one-stop shops" offering banking, securities and insurance
services. It is in response to this growing complexity in the financial services industry that the Commission was established. Eric R. Dinallo,
New York State ...
24 Jul 2:24 am
... , July 21, 2009, the head of the Florida Office of Insurance Regulation ("FLOIR"), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding ("MoU") with the United Kingdom Financial Services Authority ("FSA"), the United Kingdom's ... market, a proactive approach to regulatory cooperation is critical for our responsibilities
regarding the monitoring of financial solvency and general policyholder protection." As we previously reported here, the FLOIR entered
into a similar ...
24 Jun 1:41 am
This week, the head of the Florida Office of Insurance Regulation ("FLOIR"), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding ("MoU") with the German Bundesanstalt für
Finanzdienstleistungsaufsicht ("BaFin"), Germany's integrated financial regulator responsible for regulatory oversight of the
insurance, banking and securities markets. The MoU provides (i) a formal basis for consultation, cooperation and coordination ...
8 Feb, 2008 6:38 pm
... CEO also told investors that Allstate has done extremely well on the financial front for many years. In little more than a decade, Allstate
has raised dividends ... $23 billion dollars to its shareholders (and officers) while complaining that its rates are too low and must be increased. Looks like
insurance regulators everywhere, including Alaska, ... much closer look at what Allstate's actual loss experience has been and
whether it has been allowed to charge excessive rates. Bear in mind that Alaska ...
10 Nov 10:17 am
... and Insurance is an excellent resource for most consumers. The department's main offices are located at Mary Roebling
Building at 20 West State Street in Trenton, New Jersey. The mission of the Department of Banking and Insurance is regulation of banking and insurance in the real estate industries, to protect and educate consumers
and promote growth and financial stability. The site provides a host of consumer information in the insurance ...
22 Sep 2:00 pm
... . APRA's remuneration requirements will also apply to Australian branches of foreign ADIs and eligible foreign life insurance
companies. How the standards will work The new standards will require the establishment of a Board Remuneration Committee and ... adjustments to performance-based remuneration
for two reasons. One is to protect the financial soundness of the regulated institution in adverse circumstances and the other is
in circumstances where formula-based bonus calculations create material ...
21 Oct, 2008 9:49 am
... , the head of the New York State Insurance Department ("NYSID"), Superintendent Eric Dinallo, announced the signing of a memorandum of
understanding ("MoU") with Hector Sants, Chief Executive Officer of the Financial Services Authority ("FSA") in the UK. ... here, the
NYSID has also recently entered into a similar MoU with the Bermuda Monetary Authority as well as with regulators in Germany and Taiwan. We will update this post with a
copy of the MoU once it becomes available. Click here to read the ...
9 Apr 7:59 am
... regarding "Fender Bender Insurance Agency" was issued by the Michigan Office of Financial and Insurance Regulation this week. It states: LANSING -
The Michigan Office of Financial and Insurance
Regulation (OFIR) is warning Michigan consumers that they may have unknowingly ... will contact you within one business day. We also encourage
you to purchase uninsured motorist (UM) and underinsured motorist (UIM) coverage to protect yourself in case of an accident with an uninsured driver. With UM and UIM, ...
11 Aug 9:00 am
... policies, and the Georgia Insurance Commission issued cease and desist orders to two organizations allegedly acting as
unlicensed insurers. The Michigan Office of Financial and Insurance Regulation ("MOFIR") ordered American Consumers Insurance
("ACI") and its partner agency, Real Benefits Association ("RBA"), to stop selling allegedly fake health insurance policies. The
allegedly fake policies, which were marketed through radio advertisements, were sold in Michigan, Arkansas, ...
26 Apr 4:36 pm
Wachovia Capital Markets LLC and Citigroup Global Markets Inc. will settle allegations by the Michigan Office of Financial and Insurance Regulation that the firms misled investors
who bought auction rate securities by paying a combined $880.3 million-$717 million for ... to Michigan to resolve the ARS charges. Citigroup will pay $1.72 million per an
administrative consent order and Wachovia will pay $654,000. According to OFIR, 90% of the funds will be placed in a general fund for the state, while ...
14 Jul 1:27 pm
... hire a lawyer for valid claims that should have been paid right away. Insurance companies in Michigan also put people "under
investigation," which has become ... jumped in 2008, according to a recent report from the Office of Financial and Insurance Regulation. Overall complaints to the
state's consumer hot line also increased from 2007 to 2008 ... 6442 to file a complaint. Michigan drivers are required by law to buy no-fault insurance, but without bad faith laws or punitive damages to deter bad behavior ...
23 Sep 9:16 am
... insurance companies cannot put set offs in their provisions. I wrote the letter below to the Michigan Office of Financial and Insurance Regulation after this happened to Amie, in efforts to expose the "set off" scam. State of Michigan ... four Republican Supreme Court justices as simply, "this
unambiguous statute to comport to [its] own preference on how the statute should be written and applied." This set off scam further highlights the illusory nature of uninsured
motorist coverage in Michigan: ...
16 Mar 2:55 am
The Michigan Office of Financial and Insurance
Regulation (the "OFIR") announced last week that it has begun disapproving insurance rate filings
made by automobile insurance companies that use insurance credit scoring as a factor ... 1 shall
remain in effective until Governor Granholm determines that the Michigan Legislature has enacted satisfactory comprehensive automobile insurance reform laws. As discussed in an earlier blog post here, the OFIR sought to implement a set of regulations barring the ...
22 Sep 9:07 am
... in Lansing before the Michigan Legislature about what happened to Amie. Our hopes are that the Michigan Office of Financial and Insurance Regulation will rule that insurance companies cannot put set offs in their provisions. As Amie's ... to Amie from happening to others. Hopefully the politicians in Lansing will be
listening. Please read the letter I wrote to the Michigan insurance commissioner about Amie's injustice. How to Protect Yourself In Michigan,
uninsured motorist coverage is an optional ...
4 Feb 7:44 am
... least partially the declining risk-free rate. Twenty years ago a pension fund or insurance company selling annuities could invest at 3.5%
real yield to maturity ... problems - problems which lie at the interface between macro-economic policy and financial system
regulation - will be vital. The FSA has been more open than I think ... assessed via quantitative scoring techniques, rather than by individual
bank officer judgement, and can therefore be turned into securities, the risk of which can be well ...
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