Insurers Urged to Reinvest in Community.Insurers are not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by the federal Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. , but consumer advocates gave a presentation on a similar, but voluntary, program in Massachusetts in which 25 insurers participate. Backers of the program want state regulators to consider attaching investment requirements to their initiatives aimed at streamlining regulation. "We're on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of proving to the insurance industry that community reinvestment is good for communities and for the industry," said Tom Callahan Tom Callahan (born June 2, 1921) is a retired American basketball player. He played collegiately for the Rockhurst University. He played for the Providence Steamrollers (1946-47) in the BAA for 13 games. , executive director of the Massachusetts Affordable Housing Alliance, a 15-year-old coalition that works to increase public and private investment in affordable housing. Callahan said the life industry participated 30 years ago in an urban program that was an "unmitigated un·mit·i·gat·ed adj. 1. Not diminished or moderated in intensity or severity; unrelieved: unmitigated suffering. 2. disaster." Many insurers lost money when loans were not repaid. But since passage of a state law in 1998, insurers have committed more than $66 million to community development in exchange for a permanent tax credit. Another plus for insurers is that they don't face much paperwork or regulatory scrutiny; said Linda Ruthardt, Massachusetts commissioner. The insurance department urged that insurers be given full latitude to act. "If problems develop in the future, that's when we'll step in and regulate," she said. |
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