Insurance industry
California Insurance Commissioner John Garamendi has joined with regulators in Colorado and Washington in a multistate probe into alleged kickbacks in the title insurance industry. The investigation, which is focused on Fidelity National Financial Inc. and LandAmerica Financial Group Inc., claims that title insurers have entered into "phony"
Insurance industry
California's insurance commissioner, John Garamendi, is investigating several title insurance companies, including Fidelity National Financial and LandAmerica Financial Group, for allegedly overcharging home buyers and splitting the excessive fees with companies that have steered them the business. Garamendi's office became aware of the questionable payments when
Banking industry
China's financial market watchdogs have issued guidelines for insurance companies to invest in the domestic stock market, aimed at boosting the ailing stock market. The new guidelines, jointly published by the China Insurance Regulatory Commission (CIRC), the China Securities Regulatory Commission, and the China Banking Regulatory Commission, provide
Banking industry
California's long-standing lawsuit against a French government agency and Credit Lyonnais, a French bank, has finally reached a tentative $600 million settlement. The settlement stems from the 1991 sale of the Executive Life Insurance Company, which was declared insolvent by state insurance regulators. The state's lawsuit
Health care industry
Health insurers in Maryland plan to increase their rates to cover a 2% tax on Health Maintenance Organization (HMO) premiums, a contentious issue that was passed by the state legislature last December. The tax aims to raise an estimated $65 million in the first year, creating a fund to hold
Health care industry
Aetna has received approval from the U.S. Centers for Medicare and Medicaid Services to offer three Medicare Advantage HMO plans to individual Medicare beneficiaries in seven Maryland counties. This marks Aetna's return to the state's Medicare Advantage HMO market, offering a range of plan designs,
Insurance industry
John Hancock Preferred Income Fund, a closed-end diversified fund focused on providing high current income and preserving capital, has revised its monthly dividend rate in a move aimed at improving its long-term sustainability. The new dividend rate equates to an impressive 7.24% annualized yield, based on the fund'
Insurance industry
As of January 31, 2005, portfolio information for John Hancock's closed-end funds, including performance, top-ten holdings, and sector weightings, is now available on the company's website. This information is accessible via the John Hancock Funds website at http://www.jhfunds.com/. Investors can also obtain a
Insurance industry
Frank Knox has joined John Hancock Investment Company Operations as Vice President and Chief Compliance Officer, succeeding James D. Gallagher's announcement today. As of January 10, Knox will oversee all compliance responsibilities for the mutual fund, life insurance, and annuity product areas. Knox brings a wealth of experience
Insurance industry
John Hancock Patriot Premium Dividend Fund I declared its monthly dividend on January 31, 2005, with an annualized yield of 6.64 percent based on the fund's closing market price. The fund seeks to provide a high current income, consistent with modest growth of capital for holders of
Insurance industry
Over 100 General Practitioners are on the verge of launching a high-stakes legal challenge against Norwich Union, the UK's largest insurer, over punitive penalties on practice loans taken out more than a decade ago through the General Practice Finance Corporation (GPFC). The GPs, led by solicitor Satish Jakhu,
Insurance industry
Aviva yesterday reported a 9 per cent increase in worldwide sales of life and pension products in 2004, with chief executive Gary Withers anticipating a 5 per cent expansion of the UK life and pensions market in the current year. The market expansion is expected to accelerate after tax rule
