Financial Institutions Reform, Recovery, And Enforcement Act Of 1989 (firrea)
Definition of "Financial institutions reform, recovery, and enforcement act of 1989 (firrea)"
Legislation designed to provide the structural reform necessary to strengthen the thrift industry after the bailout of the insolvent Federal Savings and Loan Insurance Corporation (FSLIC) in 1989. The Act is designed to accomplish the following through regulatory reform: to establish a stable system for affordable housing financing; to place the FSLIC insurance funds on a sound financial basis; to manage and resolve failed savings associations and, if necessary, to provide the funds required to deal expeditiously with failed savings associations; to improve the supervision of savings associations; and to strengthen the enforcement powers of federal regulators of savings associations. If the preceding aims are accomplished, the federal regulators will have the necessary power and capital to terminate insolvent savings associations in an effective and efficient manner before the crisis stage is reached.
Popular Insurance Terms
High severity loss that does not lend itself to accurate prediction and thus should be transferred by the individual or business to an insurance company. ...
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. ...
Elements within a group under study that have the same characteristic (s), have the same expectation of loss, are very much alike with respect to the variable under consideration, and do ...
Same as term Accidental Death and Dismemberment Insurance: form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily ...
Frequency of death. ...
Individuals who inherit assets as the result of being named in a will. ...
Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposite of manual rates. Here the premiums ...
Provision of federal legislation that prohibits an employer from making contributions (premium payments) directly to a union for the purchase of employee benefits; instead the contributions ...
Hazard covered under catastrophe reinsurance. This form of excess of loss reinsurance protects the ceding company for loss above the retention limit caused by multiple catastrophic events. ...
Have a question or comment?
We're here to help.