NBC Evening News for Saturday, Jul 27, 1991
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(Studio: Mary Alice Williams) States of California and New Jersey recalled having to take over insurance companies. Report introduced.
(Studio: Jeff Madrick) Question of how safe is Americans' insurance in light of the industry's financial problems growing out of risky investments in real estate examined; case of Mutual Benefit's shaky investments in Miami development that led to an old-fashioned run cited. [New Jersey insurance commissioner Samuel FORTUNATO, Weiss Research, Incorporated, Martin WEISS - comment.] Lowering of insurance companies' ratings by ratings agencies such as Moody's detailed. [Executive director Consumer Federation of America Steve BROBECK - talks about switching of companies by consumers.] Cost of switching and need for state and/or federal regulation of insurance industry discussed.
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