What’s New: In Brief (May 18, 2007)

The Autorit des marches financiers (AMF) has imposed new registration conditions on the brokerage firm Centre de courtage Assep inc.
The firm is required to replace its officer in charge, Martin Beaul, and to provide AMF, within 5 days after its proposed decision, the name of the officer in charge it intends to appoint to replace Martin Beaul, an AMF release says.
In addition, the appointment of a new officer in charge will have to be approved in advance by the AMF in order for the firm to pursue its activities and Beaul will no longer be able to act, directly or indirectly, as the officer in charge at the firm.
In its decision the AMF noted a number of reasons for imposing these conditions, including the fact that Beaul has not been registered with the AMF since January 31, 2007 because he failed to pay $11,653 owed to the financial services compensation fund.

A repeat of the 1927 Great Mississippi flood the largest flood disaster in U.S. history could cost up to $160 billion in economic damages if it were to recur today, according to Risk Management Solutions (RMS).
The RMS study, published on the 80th anniversary of the Mississippi flood, shows that if the event were to recur almost two-thirds of the total would be residential damage, with another third from damage to industrial and commercial properties.
Based on existing NFIP [National Flood Insurance Program] take-up, around 80-85% of the loss would be uninsured, noted Dr. Patricia Grossi, senior researcher at RMS.
Consequently, private insurers would face significant pressure to pay part of the flood loss under the terms of fire insurance coverage, and they could be confronted with lawsuits claiming that damage was caused by levee failure, debris damage, or contamination rather than simply flood inundation, an RMS statement says.