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Office of Insurance Oversight | Advantage ‘zyaada’

See the final reconciliation stmt here

When Hank Paulson’s office first proposed the new Insurance regulator in March 2008 (here) he had suggested that the same be within the control of the Treasury. While the FSA in the UK is being stripped down with the Bank of England taking concomitant powers of superregulation, Death panel intervention and more as the investor and the Central Bank, in the US each of these regulators is an independent one. It doesn’t matter really, except when there is a crisis right now, we do not have an answer for the woes of Freddie Mac and Fannie Mae or for any required Death panel intervention which ‘allows’ the government to take over the failing institutions. In the new make up, news will take even farther to travel and there will be no saving any of us or the government from the market sense that decides when any of these institutions is again near failing.

Again the Office of Consumer Information & Insurance Oversight within the confines of Department of Health and human Services is much likely just the Office of Federal Oversight, with the bankrupt states putting up intermediate barriers that can absorb a little of the still mammoth Healthcare pie. States may be good allies for enterprising health insurers and again the new emerging structures would be as confusing as this regulation. In its current form however the new regulation does establish a first level of control on everything that sped away out of control on the pike in 2008, especially the Consumer Protection agency CFPRA.

The G-20 is unlikely to clear the new bank tax, having decided to let it be optional and US and UK already collect the asset based tax for the superfund when banks come near to another break down. From reports it is also not clear if the situation on 3% investment in PE and Hedge funds is a long lasting one, being a last minute compromise. Without any slur on the Obama government, it is likely that all this regulation and Basel 3 have a new form in 2012 again.

Again the Office of Consumer Information & Insurance Oversight within the confines of Department of Health and human Services is much likely just the Office of Federal Oversight, with the bankrupt states putting up intermediate barriers that can absorb a little of the still mammoth Healthcare pie. States may be good allies for enterprising health insurers and again the new emerging structures would be as confusing as this regulation. In its current form however the new regulation does establish a first level of control on everything that sped away out of control on the pike in 2008, especially the Consumer Protection agency CFPRA.

The G-20 is unlikely to clear the new bank tax, having decided to let it be optional and US and UK already collect the asset based tax for the superfund when banks come near to another break down. From reports it is also not clear if the situation on 3% investment in PE and Hedge funds is a long lasting one, being a last minute compromise. Without any slur on the Obama government, it is likely that all this regulation and Basel 3 have a new form in 2012 again.

..And full employment for lawyers

Well, WSJ got to this story on the weekend as regulations need to be flushed out for the new rules cleared by policymakers. On debit card capping of fees needs to define the actual dollar / percentage amount, on which retailers and bankers are already divided for the tug of war. Most of the others, consumers have an increasingly lesser role to play, the legal games decided by the industry groups holding information at ransom. On the derivatives front 2 out of 3 derivatives in the market are intact, with banks hedging bonds, profits after having played out the mortgage book from their books

..that Insurance oversight thing

While all regulators are taking it easy, busy slicing and dicing troubles and morphing them into law, Obama administration has been able to kickstart his public projects in healthcare.

The Obama administration is poised to award contracts worth hundreds of millions of dollars to about 20 states to run new insurance pools for people with serious medical problems.

In another 20 states, where local officials chose not to participate, the federal government will run the pools through a private nonprofit entity.

Applications will be available to the public in many states on Thursday, and coverage could start as early as August, said Richard A. Popper, deputy director of the new federal Office of Consumer Information and Insurance Oversight.

2 comments on “Office of Insurance Oversight | Advantage ‘zyaada’

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    June 29, 2010

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This entry was posted on June 27, 2010 by in Banking, Financial Markets, Financial Services, Global, Retail Lifestyle and tagged , , , .

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