Staying out of the rogues gallery

Article Abstract:

A growing number of insurers are marketing the new insurance product, the unauthorized-trading insurance policy. The product is designed to protect companies from exposure when the dismal results of a trading is hidden by a trader or falsely recorded in company records. The product is differentiated from fidelity insurance since fraud for personal gain is not covered in such products. The product is not only marketed at financial services companies but also large companies having many trading instruments, such as futures.

Security brokers and dealers, Securities Brokerage, Securities Trading, Product development, Prevention, Securities industry, Securities fraud, Manipulation (Securities)

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Is Bermuda's haven status in jeopardy?

Article Abstract:

The change in Bermuda's government will not adversely affect the insurance business community. The transition from a pro-business to a public-supportive government is not likely to affect the island's position on foreign businesses. Insurers will continue to enjoy lax employment policies and exemption from income, profit or capital gains taxes. Moreover, the establishment of low-frequency, high-severity risk investments guarantees the survival of insurers in the island despite a new government.

Industrial policy, Bermuda

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Last-ditch ERISA victory

Article Abstract:

The ERISA Clarification Act (ECA) clarifies pension asset investments in group annuities or other pooled insurance products with insurance firms. Last-minute lobbying efforts revised the original ECA which had proposed for the exclusion of over $500 billion insurance firm managed assets, from ERISA protection. The newly enacted ECA applies ERISA's strict fiduciary standards to all pooled accounts until Jan. 1, 1999.

Laws, regulations and rules

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