CLEBURNE—Texans for Lawsuit Reform PAC recently presented State Representative Rob Orr with the TLR Civil Justice Leadership Award for his support of a fair and predictable civil justice system in Texas.
el lawsuit reforms that are boosting the Texas economy, creating jobs and bringing doctors to every community.
Speaking to a luncheon in Cleburne, TLR PAC Chairman Richard Trabulsi said, “Rep. Rob Orr’s strong commitment to lawsuit reform in Texas has helped boost our state’s economy, create jobs and ensure that doctors are not forced to flee the state because of high medical liability costs,” said TLR PAC Chairman Richard J. Trabulsi. “Rob stands up to the powerful trial lawyer lobby and is committed to a balanced and fair civil justice system.”
State Representative Orr is a member of the Business & Industry Committee, the Land & Resources Management Committee and the Local & Consent Calendars Committee. First elected in 2004, Orr is running for his fourth term. House District 58 includes Bosque and Johnson Counties.
NEW YORK—American International Group, Inc. (AIG) announced a definitive agreement for the sale of the AIA Group, Limited (AIA), one of the world’s largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
TLR PAC’s Civil Justice Leadership Award is presented to lawmakers who take a stand in support of the mod-
TLR PAC is the political arm of Texans for Lawsuit Reform, the state’s largest civil justice reform organization. TLR is a bipartisan, volunteer-led coalition with more than 17,000 supporters residing in 818 Texas communities and representing 1,266 different businesses, professions and trades.
WASHINGTON—On the night of March 3, 2010, the U.S. House of Representatives passed H.R. 2554, a.k.a.: the National Association of Registered Agents and Brokers Reform Act.
CEO of the Property Casualty In-
surers Association of America (PCI).
“We applaud Representatives Scott
and Neugebauer for their sponsorship
of the bill and urge the Senate to pass
the legislation.”
NARAB II, introduced by Rep. Da-
vid Scott (D-Ga.) and Rep. Randy
Neugebauer (R-Texas), would create
a streamlined system for nonresident
or reciprocal licensing of insurance
agents on a national basis.
The cash portion of the proceeds from the sale, the largest to date in AIG’s ongoing restructuring efforts, will be used to redeem preferred interests with a liquidation preference of approximately $16 billion held by the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle formed to hold the interests in AIA, and to repay approximately $9 billion under the FRBNY Credit Facility. AIG intends to monetize the $10.5 billion in face value of Prudential securities over time, subject to market conditions, following the lapse of agreed-upon minimum holding periods. All net cash proceeds from the monetization of these securities will be used to repay any outstanding debt under the FRBNY Credit Facility.
“This legislation will benefit consum-
ers by promoting competition in the
insurance marketplace through stream-
lined state insurance regulation,” said
David A. Sampson, president and
“Although the state insurance regulatory
system has worked effectively to ensure
insurer solvency and look after policy-
holders, the system does need improve-
ment in the area of agent licensing,” says
Robert Rusbuldt, Big “I” president &
CEO. “H.R. 2554 would reform and
improve the current system of insurance
regulation by providing one-stop, non-
resident licensing reciprocity.”
Call 214-343-9844 ; Fax 214-343-9847
INSURANCE RECORD
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H.R. 2554 passed by a voice vote on the House floor and moves to the Senate. The bill amends the Gramm-Leach-Bliley Act establishing NARAB as a nonprofit corporation that would set licensing requirements on a multi-state basis for insurance producers.
Speedier Pay-Back “In considering two viable, very attractive alternatives to successfully monetize AIA, including an initial public offering, we decided that a sale to Prudential enables AIG to realize value on a faster track to repay U.S. taxpayers,” said Bob Benmo-sche, AIG president and chief executive officer. “This transaction, the most significant milestone to date in our ongoing effort to repay taxpayers, also gives us greater flexibility to move forward with AIG’s restructuring and focus on enhancing the value of our key insurance businesses, which will benefit all stakeholders.”
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