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
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
One that combines the two forms of ownership, stock and mutual. A stock insurance company is owned by stockholders, whereas a mutual insurance company is owned by its policyholders. A mixed ...
Liability insurance that provides coverage for the insured in the event the insured's negligent acts and/or omissions result in libel, slander, invasion of privacy, or false arrest suit. ...
Coverage of the employer for all employees on a blanket basis, with the maximum limit of coverage applied to any one loss without regard for the number of employees involved. Both ...
Same as term Buy-Back Deductible: deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...
Liability or loss resulting from an accident. Such liability or losses are covered under such policies as the following: business automobile policy (BAP), business property and liability ...
Clause in some current ASSUMPTION WHOLE LIFE INSURANCE policies Such as UNIVERSAL LIFE insurance that allows unscheduled premiums to be paid at any time prior to the policy's maturity date, ...
Contract first written in 1918 that provided the basis for modern-day property insurance, both personal and commercial. Forms and endorsements must be added to complete the policy and ...
Have a question or comment?
We're here to help.