Life insurance: new tax increases for

This is a new social niche in which the government is addressing: the tax exemptions enjoyed by certain social contracts of life insurance. The Executive will introduce a measure to eliminate this benefit in the bill financing of Social Security, which will be presented Thursday. It expects a revenue of some EUR 270 million. The measure applies to contracts expressed in units of account, or multichannel, products whose capital is not guaranteed. Monosupports contracts in euros, for which samples have already been carried out annually over the water, are not affected.
Currently, contracts in units of account are subject to payroll taxes of 12.1% for the outcome, but not in case of death of the insured. The idea of government is to end that exception.
Contracts of life insurance are extremely popular - households invest more than 50 billion euros every year since 1997, with peaks at over 100 billion in 2006 and 2008. Monosupports contracts in euros - which are not affected by this new measure - are by far the majority, they represent nearly 85% of new contracts signed in 2008 by the French Federation of Insurance Companies. On contracts in units of account, deaths represent 20% of endings.
Towards lively debates

The new measure will affect only a small part so the contracts, which explains why its performance is moderate (in terms of investments in life insurance), but nevertheless represent a significant additional revenue for Social Security, whose deficit will approach 30 billion euros next year. It should generate lively debate in Parliament. "Every time we take a measure like this, it does not measure the impact it will have on the behavior of investors, critic Yves Censi, Vice-President of the Finance Committee of the Assembly. The reports on other products are never anticipated, as they generally tend to neutralize the expected return. "

Several other social niches are in the viewfinder of the government. The draft law on financing of social security include the doubling of payroll taxes that weigh on pensions hats, and the first euro payment to the CSG on securities gains.

Life insurance taxable: Afer the protests from Sarkozy

The largest association of life insurance Afer released on Tuesday an open letter to Nicolas Sarkozy signed by its president, Gerard Bekerman. It reacts to the project, including this morning revealed by the Tribune, the taxation of insurance-life multi-media for death and inheritance.

He writes: "it is intended to strike the death benefit social security contributions (12.1% to date). This is disregarding the law and the nature of contracts
life insurance. The death benefit is payable. His base is not susceptible to a levy. The subject would be to distort the contract. The real treasure of France, is confidence. We can not attack this treasure. You are personally committed to keeping your promises. Do not change the rules of the game en route. Do not revert to the permanent tax and social insurance life. "
The owner of Afer concludes: "Life insurance is popular! 12 million French are sure to be a retirement capital, and they contribute to the financing of the economy. They will have confidence. They trust you. They will trust you. Just, President of the Republic, to maintain this treasure that trust by respecting the commitments you have made. " A previous attempt several months ago, to trim some tax advantages of life insurance, had already provoked an outcry associations and professional and had ultimately failed.

The reform of the health insurance debate in the Senate

The Committee on Finance United States Senate opposed the introduction of a "public option" of creating a health insurance federal funds in reforming the health system. (Reuters)
The Committee on Finance U.S. Senate rejected Tuesday, September 29 the creation of a new public health insurance in competition with private insurance, which currently rely on the main system of health coverage in the United States. With this defeat for the left wing of the Democratic senators, Barack Obama can still hope for a bipartisan agreement in Congress on health reform. It in fact leaves open the possibility that at least one Republican ranks behind the reform, a key objective of the White House.

First decline

This "public option" is the measure that makes the most debate at the time that Congress is working on reforming the U.S. health care system which Barack Obama made his priority in domestic policy. The U.S. president had initially defended the measure, saying it would allow a healthy competition with the private sector before seem ready to give up to get the reform.

Race to benefit

The wing Progressive Democrats still argue that it is crucial to propose an alternative to private insurers refuse to acknowledge they regularly covers health in a race for profits. But Republicans and some moderate Democrats, are fiercely opposed. They warned they would not support a law with a public option they see as an overly intrusive and potentially dangerous state in the U.S. system. The senators have rejected the public option by 15 votes against eight. Five Democratic members of the committee, including its chairman Max Baucus, joined Tuesday the ten Republicans on the Finance Committee to reject the proposal.

Last chance

The vote suggests a rejection of this proposal in the Senate, but does not mean the end of the debate. The issue is far from being buried in the Senate and if both Houses adopt separate pieces of legislation, it could also return to the joint committees. The three texts being considered in the House of Representatives includes a "public option" and the chairman of the House Nancy Pelosi has promised that she would appear in the final text adopted by the Representatives.

The reign of private insurers

The United States is the only developed country in the world do not have with a public health system overall, leaving some 50 million Americans without health coverage. The U.S. government provides public health insurance only to poor families through Medicaid and the elderly through Medicare. But most Americans are turning to private insurers, usually through employers to be covered.

A controversial advertising

Before the debate, the Committee Chairman, Sen. Max Baucus, was already under fire for its position reserved if not openly hostile to the public option. Two progressive groups have decided to launch a hard-hitting advertising on television and the internet showing a young father in Montana. Facing the camera, Bing Perrine, 26, who needs a heart operation, and is without health insurance and heavily indebted, for launch of Max Baucus: "Which side are you?" The advertisement is sponsored by the groups Democracy for America and the Campaign Committee for progressive change, who think Baucus too close to lobbyists for insurers and health opposed to the public option. Tyler Matsdorf, an aide to Baucus, accuses the advertising to suggest that the Senator does not care about people like Bing Perrine. He explained that the parliamentary advocates a different approach, namely the establishment of cooperative nonprofit to compete with private insurers, who are also opposed to these cooperatives.

Hope for a compromise

Max Baucus hopes to pass his compromise proposal by the end of the week in committee by the end of the week. "My job is to draft a law that gets 60 votes" in the Senate

Employment Insurance benefits first decline in 11 months

According to figures released Monday by Statistics Canada, 787 700 people received benefits last July, is 31 500 or 3.8% less than the month before.

The largest drops occurred in Ontario (-5.9%), Quebec (-5.3%) and Alberta (-4.4%). The only province which has registered a significant increase was Newfoundland and Labrador, with 6.5% higher benefits in July. Despite the general reduction of insurance providers jobs in July, there were still 287 400 more than in October 2008.

Liberal Democrats after Baucus over public insurance option

Senator Max Baucus is taking a bashing from liberal Democrats for leaving public insurance out of the Senate Finance Committee's healthcare reform bill.

With the committee Chaired by Baucus headed for a showdown on the issue Tuesday, a new ad taken out by the liberal wing of his own Democratic party notes he took millions in contributions from the health and insurance industries and asks: "Whose side are you on ?
Baucus is a target Because he kept a public option out of his healthcare bill in order to try to fashion a measure that could win both Republican and Democratic support.
President Barack Obama favors a public option. Under the system he proposes, people who do not get health insurance through their use could go to a government-sponsored marketplace to buy insurance. The marketplace would be Comprised mainly of private insurers, but Obama also favors a public option to make sure there is enough competition to push down prices.

Republicans firmly opposes a public insurance option, arguing it will drive Ultimately private firms out of business and lead to a government takeover of the $ 2.5 trillion health system.
The Senate Finance Committee Tuesday will debate amendments that would put a public insurance option into the Baucus bill. Baucus' efforts to win bipartisan support Gained have little ground so far. Even the Republicans that negotiated for months with him have not yet committed to Endorsing the final bill.

The Republican National Committee circulated a new Web ad Monday charging Obama and the Democrats will require seven different kinds of taxes to pay for healthcare reform.

ECONOMICS AND FINANCE

The company Haitian Alternative Insurance Company has won the 2nd prize in the regional "Pioneers of Prosperity" for the Caribbean region. The ceremony awards took place in Jamaica, Friday, September 11 passed.

For the second stage of the competition, the first two companies winners of the Haitian national competition, Alternative Insurance Company and Solution SA, were to compete among eight other winning companies of the Caribbean region.

The insurance company AIC is ranked 2nd among the three winners for the Caribbean alongside Bulkan company Guyanese wood works and construction and TML Jamaica. The first prize pocketed the sum of $ 100 000 dollars U.S..

The ceremony awards held in the presence of several great personalities like the Prime Minister of Jamaica, Mr Bruce Golding, and the Director General of group that runs the program overall, Kenneth Hynes. In his speech for the occasion, confirmed that these entrepreneurs represent important models for the Caribbean.

"Each of the finalists represent the best in entrepreneurship in the Caribbean. Each has demonstrated the level of excellence, leadership and vision required to raise their business regionally and internationally. These entrepreneurs are important role models for other companies that want to succeed in business in the Caribbean. "

Altenative Insurance Company has received the sum of $ 75,000 U.S. dollars. According to the CEO of the insurance company, the model chosen for the AIC is the leadership of competitiveness.

At the awards in the national competition of "Pioneers of Prosperity" in Haiti in July, revealed that his dream is now becoming a competitor in size throughout the Caribbean region "through the work and good governance. "

Recall that the CIA had already won 1st prize in national competition, followed Solutions chaired by Kurt Jean Charles and GAMA directed by Peter Mathias
The contest "Pioneers of Prosperity is funded by several partners such as the Interamerican Development Bank the Working Group for Competitiveness and the .

"Pioneers of Prosperity"is an initiative to stimulate a new generation of entrepreneurs in emerging economies by identifying, rewarding and promoting outstanding and exemplary companies that can serve as models for their contemporaries

The Columbia RSA eyeing Fortis Insurance International

British insurer Royal & Sun Alliance (RSA) would be interested in a resumption of international insurance holding company of Fortis, says the Sunday Telegraph, based on sources "well placed". According to British newspaper, RSA also covet the assets of U.S. insurance group AIG. Asked by
The Sunday Telegraph, RIAA declined to respond.

The British insurer, which feeds on international expansion plans, probe continental Europe and Latin America. RSA plans to raise $ 1 billion on capital markets to finance its appetite.

According to the Sunday Telegraph RSA would be interested in the international insurance activities of Fortis. Fortis Insurance International is particularly active in France, Portugal, Turkey, Russia, Ukraine, China, Hong Kong, India and Great Britain.

The FDIC could apply for loans to banks

The U.S. agency responsible for guaranteeing bank deposits could use loans to build. For the full year, the bank failures should cost him 32 billion dollars.

Multiple bankruptcies will they endanger the Federal Deposit Insurance Corporation (FDIC)? The New York Times, the U.S. agency responsible for guaranteeing bank deposits, "is seriously considering a project to lend to banks by healthy country billions of dollars to save the fund".
With 94 bank failures since the start of the year on American soil (in addition to the 25 recorded last year), the FDIC reserves have fallen sharply. In total, these failures are expected to cost 32 billion dollars this year.

The organization receives no money from the federal government but is funded only with commissions paid by banks to which it provides $ 250,000 for each investor. But the FDIC has the option to claim state federal bailout, says New York Times.

Sinochem has received approval for operation in Tianjin, China

Manulife-Sinochem Life Insurance, a joint venture which is associated with Manulife Financial won approval Friday allowing it to expand its presence in China.

This subsidiary of the largest insurance company in Canada has received from the China Insurance Regulatory Commission for permission to operate its business in Tianjin, a province south of Beijing and live where 11.8 million people. Manulife-Sinochem, which combines Manulife and China Foreign Economic and Trade Trust & Investment, and may offer its services in 11 Chinese provinces. The joint venture will meet the needs of 450 000 customers using the 11 500 officers and agents.

"While we are leveraging our expertise and products to meet the needs of our Chinese customers on savings, protection and investments, we continue to take note of other excellent opportunities to strengthen our presence," said Friday by press release the president and CEO of Manulife, Donald Guloien. In addition, Manulife also announced Friday it completed the acquisition of the Canadian mutual fund retail AIC. The acquisition brings the total assets managed by Manulife on behalf of Canadians $ 13.9 billion, an increase of 38 percent.

"We now have an opportunity to increase the presence of Manulife's Canadian market for asset management, while enabling customers to AIC to have access to many products and banking services, insurance and management Manulife's wealth, "he said in a statement separate the chairman and CEO of Manulife Canada, Paul Rooney.

General Insurance Corporation strengthens its presence in SerbieCOMMUNIQUES

General Insurance Corporation strengthens its presence in Serbia
Sogécap, the life insurance company of Société Générale, recently received the supervisory authorities, all necessary approvals to launch its insurance activities on life in Serbia.
Owned jointly with Societe Generale Srbija, retail banking subsidiary of Societe Generale, Societe Generale Osiguranje (51% Sogécap, 49% SG Srbija) markets a variety of insurance protection and savings specially con ceived for customers of the 92 agencies of the bank .
The new subsidiary complements the system of health insurer of Sogécap in Serbia, where it already holds, jointly with Societe Generale Srbija, a company pension fund, Societe Generale Penzije. The business line of personal insurance group Societe Generale is now located in fifteen countries.

Societe Generale is one of the largest financial services groups in the euro area. With 163 000 people worldwide, his work focuses on three core businesses: - Retail Banking & Financial Services serves more than 30 million individual customers in France and abroad. - Management & Investor Services, where the Group is among the largest banks in the euro area with 2 906 billion of assets under custody and 333 billion euros under management at end June 2009. - Accompanying clients in many sectors, the Corporate & Investment Banking: Corporate & Investment Banking offers customized solutions based on its global expertise in investment banking, financing and of market activities.

General Insurance Company
General Insurance Corporation, which includes all activities Sogécap International Group, operates in four areas, creditor insurance, individual insurance and collective insurance savings and pension savings. It has offices in fifteen countries: Luxembourg, Lebanon, Morocco, Egypt, Czech Republic, Greece, Bulgaria, Russia, Germany, Romania, Serbia, Croatia, China s e as a representative office in Brazil with a firm brokerage and finally in India in partnership with a major local player.