Word: renewal
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Dates: during 1970-1979
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...amendments that threaten to wreck the Republican Governor's plan. One amendment extends the compulsory 15% rate cut to all sectors of auto insurance, including collision, fire and theft, without any change in the coverage to justify the reduction. Another forces insurers, with few exceptions, to guarantee lifetime renewal of liability policies. Says Sargent's legislative assistant, Christopher Armstrong: "I can be convicted of manslaughter, be caught speeding ten times in one year, get in seven serious accidents resulting in claims of $125,000, and the company still has to renew my policy." Insurers protest that writing policies...
Last week the Governor also sent to the legislature an emergency bill to repeal the compulsory-renewal provision. If it passes and insurers can overturn the 15% across-the-board rate cut in the courts, the no-fault plan has a chance to work. The legislature's insurance committee did agree last week to let insurers refuse to renew policies for some bad drivers, but insurers regard the change as inadequate. If the deadlock persists, Armstrong fears, there will be "a domino effect." Some auto insurers will pull out of the state; other companies, unhappy at the prospect...
However, the near collapse of the U.S. (and Japanese) stock market together with a steady continuing deterioration in the liquidity position of the dollar, plus the reluctant relative militance of labor leaders under fire from the rank and file, inspired anxious financiers collected in Brussels last month to renew demands for stiffer doses of the control medicine in the U.S. itself. Indeed, given the institutionalized vacillation in Washington on tax and spending austerity measures (the Congressional cave-in summarized in the tax reform collage of last year and the Nixon Administration's surrender to cost-plus defense contractors) leading financial...
...hastened when the board of the First National Bank in Dallas, of which he is chairman, became nervous that his association with troubled LTV could damage the bank. During his short tenure, Stewart managed to repay $35 million of LTV's $110 million short-term debt and renew all of its subsidiaries' lines of bank credit. To accomplish that, he had to assure LTV's bankers that Ling was no longer in control of the company. Last week the company made an $11 million interest payment on its 5% debentures. Part of the money was cash...
...Soviet Union last week expelled Correspondent Stanley Cloud, a member of TIME'S Moscow Bureau for nearly a year. Despite repeated inquiries by Time Inc. in both Washington and Moscow, Soviet officials have given no explanation for the ouster, which they accomplished simply by refusing to renew Cloud's visa and accreditation...