Thursday, November 20, 2008

Treasury urged to turn to insurers to help deal with illiquid assets

The US Department of Treasury has been told that the insurance industry can play a big role in easing the global financial crisis.

This article appears courtesy of Reactions. Testifying before the House Committee on Financial Services in Washington, DC, Cameron Findlay, executive vice-president and general counsel of broker Aon, said he believed that the creation of an insurance pool would help financial institutions deal with illiquid assets. Findlay is keen to see the Treasury make greater use of section 102 of the Emergency Economic Stabilization Act – which refers to the insurance of troubled assets under the act – and establish a programme to insure the value of troubled assets. The crux of Findlay's...

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