The News Review:
- China Life sees weak industry premiums buys equities
- Cap Wrap – Unemployment Insurance & Another House Deadline
- Two Illinois Banks Fail
- Florida State Senator Urges Insurance Chief McCarty to Resign
- Flood insurance information
China Life sees weak industry premiums buys equities
Reuters
China Life the world’s largest life insurer by marketvalue also said it had raised its investment in equities inthe first quarter but reaffirmed that fixed-income would remainthe core of its investment portfolio despite a surge in stockmarkets. Wan Feng the company’s president said the reason for thesubdued outlook was new Ministry of Finance rules coming intoforce in 2009 that bar insurers from counting income frominvestment-linked or universal insurance products as premiums. Many Chinese insurers will have to adjust by shifting theirbusiness focus to so-called “participating insurance” products. “As a consequence the competitive landscape of theinsurance industry will undergo a profound change” Wan told ashareholders’ meeting. He said China Life was better positioned than itscompetitors to respond to the new regulations becauseparticipating insurance is the core of its business. In 2008 China Life collected total premiums of 295. 6billion yuan of which only 10 billion yuan or so came fromuniversal insurance and a minimal amount from investment-linkedinsurance.
Cap Wrap – Unemployment Insurance & Another House Deadline
Dallas Morning News
- A bill refuting Gov. Rick Perry’s rejection of $555 million in.
Two Illinois Banks Fail
BankInfoSecurity.com
Two banks were closed by Illinois and federal banking regulators on Friday May 22 bringing the total number of failed banks thus far to 36 in 2009. Strategic Capital Bank Champaign IL was closed by the Illinois Department of Financial and Professional Regulation Division of Banking. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver and the Midland States Bank Effingham IL will assume all the deposits of the failed bank. The bank was to reopen today as a branch of Midland States Bank. At the time of its closing Strategic Capital Bank had total assets of $537 million and total deposits of approximately $471 million. Midland States Bank will also buy $536 million of the failed bank’s assets. FDIC and Midland States Bank have agreed to a loss-share transaction on approximately $420 million of Strategic Capital Bank’s assets.
Florida State Senator Urges Insurance Chief McCarty to Resign
Insurance Journal
Mike Bennett R-Bradenton wrote Insurance Commissioner Kevin McCarty a lengthy letter demanding that he resign because lawmakers can no longer trust his word. That’s after McCarty wrote a letter to Crist “essentially asking the governor to veto” a bill which could result in higher property insurance rates for consumers who are willing to pay more Bennett wrote.
Related from Horsepowergraphics: Florida’s gambling industry holds political sway
Flood insurance information
Holmes County Times Advertiser
– Since 1978 Santa Rosa County and its residents and businesses have received more than $417 million from flood insurance settlements. What would this and other north Florida counties look like today if they didn’t have flood insurance?Flood insurance which is issued through the National Flood Insurance Program (NFIP) has helped hundreds of thousands of north Florida residents repair and rebuild after devastating floods. Hurricane season begins June 1 and the Federal Emergency Management Agency (FEMA) and the State Emergency Response Team would like everyone living in north Florida to ask themselves this very important question: Can I afford to be without flood insurance?“Many Floridians already know how important flood insurance is because more people in our state have flood insurance policies than in any other state” said State Coordinating fficer Doug Wright. “But I think the more people know about flood insurance the more likely they are to buy a policy. Some risks just aren’t worth it.