A rising tide lifts all

Article Abstract:

Office of the Comptroller of the Currency (OCC) Eugene A. Ludwig is encouraging insurers to create new commercial opportunities for banks. Many insurance industry members criticize Ludwig for promoting the 3,300 banks overseen by the OCC, at the expense of insurance companies. A particular example is the recent Rule 5, or the "operating subsidiary" rule, under which national banks may apply for an array of powers from the OCC. These powers include every kind of insurance sales and perhaps underwriting.

Commercial Banks, Commercial Banking, Public Finance Activities, Comptroller of the Currency, Banking industry, Interview, United States. Office of the Comptroller of the Currency, Ludwig, Eugene A.

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Struggling to find a common voice

Article Abstract:

Results of a study conducted by McKinsey & Co recommended that the Ad Hoc Property/Casualty Working Group should centralize the activities of major trade advocacy groups in the property and casualty insurance industry to save money. The advocacy groups have different operating styles, due and service structures, and viewpoints on political and regulatory matters. The study also forecasted a possible cut of 35% in total costs for up to $30 million in industrywide savings.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Management, Property and casualty insurance industry, Ad Hoc Property/Casualty Working Group

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Privatizing crop coverage opens insurance market

Article Abstract:

The US Dept of Agriculture (USDA) will no longer sell subsidized catastrophic insurance policies to farms in markets which are adequately served by private firms offering similar policies. This privatization is part of the 1996 farm bill, and will allow farmers to buy higher levels of coverage and establish more complex forms of risk management. The USDA will still act in a reinsurance capacity, subsidizing some policies and 'buy-ups.'

Crop Production, Farms, Agricultural industry, Laws, regulations and rules, Column, United States. Department of Agriculture, Insurance

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