Federal Insurance Act of 1977: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, First Session, on S. 1710 ... September 12, 13, and 14, 1977U.S. Government Printing Office, 1977 - 804 pages |
From inside the book
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Page 32
... areas of fraud , the principal fraud alleged in Fisco was the understatement of reserves for losses . As a result of the understatement , over a 3 - year period , Fisco , a casualty insurance company , was able to report increasing ...
... areas of fraud , the principal fraud alleged in Fisco was the understatement of reserves for losses . As a result of the understatement , over a 3 - year period , Fisco , a casualty insurance company , was able to report increasing ...
Page 33
... areas of abuse which have surfaced in our investigations are inadequate loan loss reserves and irregularities with respect to valu- ation of assets . These latter abuses appear to grow out of the desire of insurance companies to inflate ...
... areas of abuse which have surfaced in our investigations are inadequate loan loss reserves and irregularities with respect to valu- ation of assets . These latter abuses appear to grow out of the desire of insurance companies to inflate ...
Page 34
... area , and the difficulties faced by State regulators , with their limited jursidiction and resources , in attempting ... areas as to which their differing regulatory structures have been estab- lished . Accordingly , any comprehensive ...
... area , and the difficulties faced by State regulators , with their limited jursidiction and resources , in attempting ... areas as to which their differing regulatory structures have been estab- lished . Accordingly , any comprehensive ...
Page 39
... area . Of course , adverse selection could be prevented by Federal preemption of solvency regulation , but I would personally be very reluctant to take such a step . Is it not possible that the establishment of a well - run Federal 39.
... area . Of course , adverse selection could be prevented by Federal preemption of solvency regulation , but I would personally be very reluctant to take such a step . Is it not possible that the establishment of a well - run Federal 39.
Page 41
... area ( Transcript of Testimony at pp . 12 , 16 ) . The Commission has not yet had sufficient experience with the issues involved in your inquiry to be able to make definitive recommendations for amendments to the present exemptions for ...
... area ( Transcript of Testimony at pp . 12 , 16 ) . The Commission has not yet had sufficient experience with the issues involved in your inquiry to be able to make definitive recommendations for amendments to the present exemptions for ...
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Common terms and phrases
adjustment agency amount applicable areas assets banks bench mark bill business of insurance casualty insurance certificate CHAIRMAN claims clause Committee concern Congress consumer Contracting Officer Contractor Cost Accounting Standards coverage determine director effect established exemption Exhibit expenses FDIC federal antitrust laws Federal Insurance Act Federal Insurance Administration Federal Insurance Commission Federal regulation federally chartered insurer federally guaranteed insurer federally-chartered insurer GEICO Government Greater Idaho guaranty fund increase insolvency insurance business insurance companies insurance departments Insurance Guaranty Insurance Guaranty Fund insurance industry insurance regulation insurer's investment issue KINDER legislation liability liquidation losses McCarran Act McCarran-Ferguson Act ment NAIC National offeror paragraph percent Powder Mountain premium prior priority companies problems proposed protection pursuant rate regulation rating laws reinsurance reserve development risk Schedule 13D Section Senator BROOKE Sierra solvency subcontract surplus lines test results tion underwriting
Popular passages
Page 612 - The business of insurance, and every person engaged therein, shall be subject to the laws of the several States which relate to the regulation or taxation of such business.
Page 102 - Contractor shall not be liable for any excess costs if the failure to perform the contract arises out of causes beyond the control and without the fault or negligence of the Contractor. Such causes may include, but are not restricted to, acts of God or of the public enemy, acts of the Government in either its sovereign or contractual capacity, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes, and unusually severe weather...
Page 100 - Government under this contract may be assigned to a bank, trust company, or other financing institution, including any Federal lending agency, and may thereafter be further assigned and reassigned to any such institution. Any such assignment or reassignment shall cover all amounts payable under this contract and not already paid, and shall not be made to more than one party...
Page 612 - ... the business of insurance. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Congress hereby declares that the continued regulation and taxation by the several States of the business of insurance is in the public interest, and that silence on the part of the Congress shall not be construed to impose any barrier to the regulation or taxation of such business by the several States.
Page 105 - In connection with the terminated portion of this contract whenever In the opinion of the Contracting Officer the aggregate of such payments shall be within the amount to which the Contractor will be entitled hereunder. If the total of such payments Is In excess of the amount finally...
Page 100 - The Contractor agrees that the Administrator of General Services or any of his duly authorized representatives shall, until the expiration of 3 years after final payment under this contract, or of the time periods for the particular records specified in Part 1-20 of the Federal Procurement Regulations (41 CFR Part 1-20) , whichever expires earlier, have access to and the right to examine any books, documents, papers, and records of the Contractor involving transactions related to this contract or...
Page 102 - Government in accordance with this clause in whole, or from time to time in part, whenever the Contracting Officer shall determine that such termination is in the best interest of the Government. Any such termination shall be effected by delivery to the Contractor of a Notice of Termination...
Page 99 - The wages of every laborer and mechanic employed by the Contractor or any subcontractor engaged in the performance of this contract shall be computed on a basic day rate of...
Page 109 - If any such change causes an increase or decrease in the cost of, or the time required for, the performance of any part of the work under this contract, whether changed or not changed by any such order, an equitable adjustment shall be made in the contract price or delivery schedule, or both, and the contract shall be modified in writing accordingly.
Page 103 - And provided further, That the proceeds of any such transfer or disposition shall be applied in reduction of any payments to be made by the Government to the Contractor under this contract or shall otherwise be credited to the price or cost of the work covered by this contract or paid in such other manner as the Contracting Officer may direct...