Regulation & Compliance
U.S. Regulator Wants Auditors to Add Commentary, Not Analysis
Auditors know a lot about what lurks between the extremes of "pass" or "fail" - the only grades they are now permitted to assign to corporate financial statements - and the U.S. board that oversees ...A.M. Best Puts Tower Ratings Under Review
On Monday, A.M. Best Co. placed the "A-minus" financial strength rating of pooled and reinsured members of the Tower US Pool under review with negative implications. The Oldwick, N.J.-based rating ...
G20’s Regulator Extends Systemically Important Bank Rule to Biggest Insurers
The Financial Stability Board said an extended version of its guidance on the resolution of systemically important banks will apply to non-bank financial institutions, such as Allianz SE, AIG and ...Downgraded Meadowbrook Delays Filing to Weigh Goodwill Impairment
Meadowbrook Insurance Group Inc., the insurer whose rating was cut by A.M. Best Co. last week, delayed filing a quarterly report to the U.S. Securities and Exchange Commission as the company reviews ...
Commentary: Does FSOC Understand the Business of Insurance?
The Financial Stability Oversight Council (FSOC) designated AIG as a Systemically Important Financial Institution (SIFI) after determining that "material financial distress at AIG could pose a threat ...
U.S. Railway in Quebec Disaster Gets Canada Bankruptcy Protection
The U.S. railway whose runaway train killed 47 people in a tiny Quebec town last month was granted bankruptcy protection from a Canadian court on Thursday and took steps in that direction in a U.S. ...Third Point Re With No U.S. Staff Claims Eligibility for JOBS Act Disclosure Limits
Billionaire hedge-fund manager Daniel Loeb's Third Point Reinsurance Ltd., which has no staff in the U.S., said it can limit financial disclosure after a public offering because of rules promoting ...
Nuveen Investments Sues AIG, Former Executives Alleging Securities Fraud
Twenty-five Nuveen Investments Inc. funds sued American International Group Inc., claiming the company committed securities fraud in the months leading up to the U.S. financial crisis in 2008. Also ...