Article Abstract:
The year 1997 saw a wave of mergers and acquisitions as well as contentious regulatory issues for the life and health insurance industry. It will also be remembered as the industry's most robust yet most turbulent year. Life and health insurance posted an almost double-digit gain in premium volume during the year's first half, as well as good capital gains that led to improvements in net income and capital and surplus. Ten key issues were highlighted during the year, including the financial services reform bill, the growth of demutualization, the Year 2000 date change problem and the remarkable turnaround of the once-beleaguered Lloyd's of London.
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Article Abstract:
Under a new National Assn of Insurance Commissioners regulation, insurers are now required to provide narrative discussion of their financial performance in addition to their annual statement. This discussion must cover the insurer's financial condition for the past two years, and must explain any changes in line items, events that may have impacted financial results and significant changes in assets. The Securities and Exchange Commission has a similar requirement, but its rule requires greater emphasis on liquidity, capital resources and operating results.
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Article Abstract:
The US insurance industry must plan overseas expansion, according to Gordon Cloney, president of the International Insurance Council. He predicts that international regulation of the industry will change dramatically in 1992. Also , a report issued by the International Trade Commission predicts that US companies will do well in Europe and Asia, despite restrictions on foreign companies operating in these areas.
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