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The UK Financial Reporting Council imposes the financial penalty and orders improvements. -
Houston-based Valic Financial Advisors was earlier charged with failing to disclose key information to investment clients.
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Data harnessed from a new litigation tracking product suggests the cruise and care home industry are prime targets.
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Brokers and underwriters say a reinsurance backstop scheme could increase the availability of cover for small businesses decimated by Covid-19.
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Representative Cleaver says the Federal Insurance Office must work closely with the industry to understand the availability of such cover.
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The company has a December deadline to increase market cap.
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The hearing relates to a regulatory investigation into the sale of Carry Guard policies.
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The industry can avert costly conflict by showing it understands the challenges facing policyholders.
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The trade association will hold dialogue about the BCPP scheme with members of the US House Committee on Financial Services.
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Insurance bodies including APCIA and NAMIC strongly oppose the draft legislation.
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Regulators have remained responsive despite the Covid-19 pandemic, according to the Obsidian CEO.
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The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.
