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Ed Buss doesn’t look like a revolutionary. The low-key Midwesterner has taken the state Department of Corrections by storm as he sets about reforming and revitalizing the nation’s third-largest prison system, a place long hostile to change and where outsiders are viewed with suspicion. Gov. Rick Scott promised to shake things up, and nobody on [...]
Archive for March, 2011
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Ping An Releases Single-Premium Participating Product
Posted by gary on March 21st, 2011
Ping An Insurance (Group) Company of China, Ltd. (601318.SH; 2318.HK), the second biggest Chinese insurance group in terms of market share and premiums, has launched a single-premium participating insurance product this month. Last month, the settlement rate of universal insurance of Ping An was merely 4.00%, lower than the five-year deposit rate after the central [...]
Pacific Investment Sponsored Taizhou Bridge Equity Plan
Posted by gary on March 15th, 2011
China Pacific Insurance (Group) Co. Ltd. (SHSE: 601601) showed that its subsidiary Pacific Investment Management sponsored the establishment of “Pacific-Taizhou Yangtze River Bridge equity investment plan”, with a total investment of CNY 3 billion. The investment plan, which was recorded by the China Insurance Regulatory Commission last December 27, has won nearly CNY 4 billion [...]
Ping An Insurance Reaps CNY57.896bn Premiums in Jan-Feb
Posted by gary on March 15th, 2011
Ping An Insurance (Group) Company of China, Ltd. said its subsidiaries Ping An life insurance Co., Ping An Property Insurance Co., Ping An health insurance Co. and Ping An Pension Insurance Co. got premiums of CNY 43.801 billion, CNY 13.095 billion, CNY 51.56 million and CNY 949 million in the first two months of 2011, [...]
QUEENSLAND UNLIKELY TO FIND AFFORD NATURAL DISASTER INSURANCE
Posted by gary on March 10th, 2011
Queensland is unlikely to find affordable natural disaster insurance for its infrastructure, but will jump through hoops anyway to meet the requirements of the flood levy, state Treasurer Andrew Fraser says. Under a deal struck with independent senator Nick Xenophon to pass the proposed flood levy bill, the federal government agreed to cut funding to [...]
JAPAN’S MEIJI YASUDA LIFE INSURANCE TO KEEP MULLING IPO
Posted by gary on March 10th, 2011
Japan’s Meiji Yasuda life insurance Co. is still considering whether to convert to a stock company, according to a business plan released Wednesday for the three years starting in fiscal 2011. Last year, rival Dai-ichi life insurance Co. (TSE:8750) went public. And while Meiji Yasuda has been deliberating such a move for some time, it [...]
Leads Votes to Repeal the IRS Form 1099 Requirements
Posted by gary on March 5th, 2011
Congressman Bobby Schilling voted “Yes” on H.R. 4, The Small Business Paperwork Mandate Elimination Act of 2011. The bill was passed in the House of Representatives with a bipartisan vote of 314-112. This legislation will repeal the burdensome IRS Form 1099 requirements created under Obamacare. The repeal of the Form 1099 reporting requirements are paired [...]
COSTELLO REINTRODUCES BILL TO FREEZE FLOOD INSURANCE RATES
Posted by gary on March 5th, 2011
U.S. Congressman Jerry Costello (D-IL) today introduced H.R. 898, legislation that would prevent changes to the current Federal Emergency Management Agency (FEMA) flood insurance rate maps from being implemented in areas where there is an active effort underway to fix levees. The bill contains the same provisions as H.R. 3415, legislation introduced by Costello in [...]
China Life Mulls Acquisition of Foreign Mineral Resources
Posted by gary on March 5th, 2011
China life insurance Group Co., Ltd., the country’s largest life insurer, intends to make equity investment in overseas mineral resource companies, said president Yang Chao. The exact investment scheme is subject to approval of related regulators, added Yang Chao. The insurance group’s business covers life insurance, property insurance, pension insurance, asset management, industrial investment and [...]
Insurance Intermediaries Contributed Most Premiums
Posted by gary on March 5th, 2011
China’s insurance intermediary institutions in 2010 contributed 72.01% of the total premiums. According to the regulatory department China Insurance Regulatory Commission, the insurance intermediary channel of the country realized the premium revenues of CNY 1.04 trillion last year, going up 13.98% year over year. Of these, up to CNY 84.5 billion premiums were made by [...]
