| State want to suspend American General over life insurance
Florida insurance regulators moved Wednesday to suspend American General Life Insurance from doing business in the state, in part as a result of a congressional member having her application rejected. U.S. Rep. Debbie Wasserman Schultz of Pembroke Pines indicated on her application for an increased amount of life insurance in 2005 that she intended to travel internationally. American General then called her husband and learned she wanted to visit Israel. "Our legal travel choices should not adversely impact our ability to purchase life insurance," Wasserman Schultz said in a statement Wednesday. That inquiry alone violates a state statute that prevents insurers from asking potential customers what their future travel plans might include. "Given that these actions are in clear violation of the law, the office is left with little choice," said Steve Parton, general counsel for the Office of Insurance Regulation.
(AFX UK Focus) 2008-03-26 09:30 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 GMT
2008-03-26 09:04:57 UK's FSA admits Northern Rock regulation was not of acceptable standard LONDON (Thomson Financial) - The UK's financial services watchdog has admitted its supervision of Northern Rock was not of an acceptable standard, in a highly anticipated internal review that includes a series of recommendations for change. 2008-03-26 09:03:01 Granite Global raises GGV III fund to 600 mln usd, sharpens China consumer focus SHANGHAI (XFN-ASIA) - Granite Global Ventures, an expansion-stage venture III fund has increased to 600 mln usd from the original 400 mln and will focus more closely on China's consumer sector. 2008-03-26 08:57:39 UTEK Corp says completes technology transfer to Rim Semiconductor Co LONDON (Thomson Financial) - UTEK Corp said it has completed a technology transfer in a stock-for-stock transaction with Rim Semiconductor Co, a company that develops technology for telecommunications service providers.
Congressman Blunt Tours Flood Damaged Areas
Forty families were forced from their homes and eleven businesses were severely damaged or destroyed in last week's flooding. Congressman Roy Blunt toured some of the more devastated areas along with local and state disaster management. FEMA was also part of the group. In a place where so much has gone wrong, folks are hoping the government might be able to help set things right. The rains came and went, but not before taking with it the only life John Turner's ever known. He says his place is "a total loss. Everything, coolers, deep freezers, groceries, fishing tackle, everything's gone. You can't sleep, you know. Every time you wake up, you think about it. It's terrible. I've never been through anything like this."Congressman Roy Blunt wants to make sure FEMA sees everything.
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