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
Present value of future benefits. This type of reserve would be applicable for single premium life insurance, paid-up insurance, single premium annuity, and a paid-up annuity. ...
Amount, not in excess of $10,000 per year, given to each of an unlimited number of donees free of federal estate tax and gift tax. Each individual can give up to $10,000 to any one donee, ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Type of hold-harmless agreement made by a property owner as a condition for being served by a railroad spur. If the owner wants a special sidetrack, the railroad requires the owner to ...
Dividend paid to policy-holder according to the time period in which the policy was sold and the investment return the insurance company made on that policy during that time period. ...
In property insurance policy, clause that stipulates that if legislative acts or acts of the insurance commissioner's office expand the coverage of an insurance policy or endorsement forms ...
Coverage for motorized vehicles, each of which requires separate policies for property damage and liability exposures. Motorized vehicles are not covered under a homeowners insurance policy ...
Coverage to indemnify an owner for whom work was done if the completed work is not free of worker's liens for labor and material. ...
Pension plan that allows an employee to contribute by electing to have money deducted from each paycheck. Some qualified plans such as 401 (k) allow employees to contribute pre-tax dollars, ...
Have a question or comment?
We're here to help.