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
Coverage for golf clubs and golf equipment on an all risks basis subject to exclusions of wear and tear, war, and nuclear disaster. Location of coverage is a clubhouse locker or any other ...
Basis for calculating life insurance premiums and benefits using current interest and mortality rates, rather than historic rates. Current assumptions are critical to interest-sensitive ...
Insured whose rights against a third party are transferred to an insurance company (the subrosee) according to the process required by the subrogation clause in the policy. ...
Policy similar to that of an individual universal life insurance policy except that the coverage is provided (up to a limit) without the requirement of the submission of evidence of ...
Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that ...
Explicit liability reserve, required by the national association of insurance commissioners (naic), established for all invested asset classes. Specific reserves are established for real ...
Defined contribution pension plan in which employer contributions are set under a collective bargaining agreement. It usually covers the employees of a number of firms and is administered ...
Device that connects a computer to a telephone line. This device permits the computer to communicate with other computers through the telephone system. ...
Net cost of insurance with no markup to cover an intermediary's profit or expenses. An intermediary, such as a broker, sells an insurance product net; that is, there is no loading for his ...
Have a question or comment?
We're here to help.