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Friday, July 30, 2010
United States: Impact of the New Federal Financial Regulatory Reform Law on Life Insurance
On July 21, 2010, after several weeks of deliberations in the Senate and the House of Representatives, President Obama signed HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.Of most importance to life insurers, HR 4173 does not alter the current state-based insurance regulatory scheme. However, it: (1) creates the Federal Insurance Office within the Treasury Department; (2) streamlines regulation of reinsurance; and (3) directs the preparation of studies on three topics: (a) the current state regulatory system; (b) the viability and utility of federal regulatory intervention as an alternative or adjunct to the current state-based system; and (c) the state of the surplus lines marketplace. Other insurance-related provisions or exclusions relate to the Consumer Financial Protection Bureau, Financial Stability Oversight Council, Orderly Liquidation Authority, Rule 151A elimination, and Corporate Governance and Executive Compensation requirements for publicly traded insurance companies. Read more... posted by Charles Monat Associates at 9:49 AM | 0 comments
Tuesday, July 27, 2010
HNWIs emigrating to Hong Kong under entrant scheme now may use insurance products
Hong Kong has expanded a scheme aimed at encouraging wealthy people to move there to allow the inclusion of so-called investment-linked assurance scheme products (ILAS) – a category which includes offshore bonds – in the investments they are obliged to make to qualify. Read more... posted by Charles Monat Associates at 4:37 PM | 0 commentsMonday, July 19, 2010
World’s rich are hording $10trillion in cash
How afraid are the wealthy right now? According to a report from Scorpio Partnership, the world’s high-net-worth investors (with US$1 million or more) have an extra US$10 trillion lying around that they refuse to turn over to their wealth managers, the Wealth Report.Granted, these investors have US$16.5 trillion invested with private banks and wealth-management firms–up from US$14.5 trillion at the end of 2008, largely reflecting market gains. Read more... posted by Charles Monat Associates at 10:34 AM | 0 comments
Thursday, July 15, 2010
Wealth Preservation
I recently wrote an article commenting on the merits of considering financial investments a diversification away from business risks for the HNW clients our firm serves. Today I had the opportunity to expand on this in an interview on CNBC's Protect Your Wealth segment.To read the article, you can go to IFC Review's website or email us for a copy.
Article link at IFC Review's website (registration required)
posted by Charles Monat Associates at 2:49 PM | 0 comments
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