European Stars and Stripes (Newspaper) - July 17, 1991, Darmstadt, Hesse                                Wednesday july 17, 1991 the stars and stripes c Page 17money matters today a tip in the clearest hint yet that the Cost of a first class letter will Rise again this year the . Postal service has told its fat Printer to produce this years Christmas Stamps with no Price on them. This Means that if the rates go up the Stamps can be sold at the new rates when they Are issued in october. The current 29-cent rate set by an Independent government panel went into effect feb. 3 but has been protested by the postal service. Conversion rates London up tuesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $368.50 an ounce Silver at $4.32. July 15 july 16 British pound.1.6495 1.6465 German mark.1.7925 1.797 French franc.6.098 6,087 dutch Guilder .2.019 2.02 belgian franc.36.9725 36.90 italian lira.1,336.70 1,334.75 Swiss franc .1.5525 1.562 greek drachma.195.70 i95 turkish lira.4,366.40 4,371.50 saudi arabian riyal.3.7503 3.7503 Spanish peseta.112.30 112.51 portuguese escudo.154.50 153.60 Canadian dollar.1.1459 1.146 austrian Schilling .12.615 12.6225 norwegian krone.6.98 6.935 danish krone.6.937 6.935 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.75 through wednesday based on tuesdays noontime Price fixing. New York Exchange new York up Chang York Stock Exchange Stock chemical Bank manuf Hanover waste mgt inc Pepsico inc Tel Fonos de my Chase Manhattan Rwjr Nabisco hid Philip Morris Triton Energy Westinghouse Al blockbuster ent Warner Lambert Citicorp adv Micro docs Wal Mart stores a the 15 most Active stocks in new sales 5.156.000 3.671.900 2.731.000 2.395.100 2.304.500 2,242,400 2.231.100 2.009.700 1,844,800 1.625.700 1,561,300 1.431.200 1.414.900 1.344.200 1.246.500 last Nat chg. 26% up 3 % 29% up 5 % 35% up 29% up 31 % up 1 % 19% up 1 % 11 % up 68% up 1 25 up 1 % 24% 0 1% 9% up % 70 0 13% 14% up 13% up % 47% up american Exchange new York up american Stock exch Stock Echo Bay mines Nabors Industry Dow chemical it Wang labs inc b Energy service tax corp Hasbro inc first Aust pm Graham fid hath tubes de Acero a the 10 most Active stocks in Lange composite trading monday. Sales 514,800 367,400 335,500 212.700 204,600 201,200 185,100 184.700 183,200 176,300 last 10 5% 7% 3�?T/-i 2% 30% 29% 10% 8% 10% net chg. Up up of off vib off Vuk up 1 % off % unch up unch Dow Jones new York up Dow Jones dosing Range of averages tuesday a a High Low close change 30 industrials 3012.52 2962.88 2983.90 Down 6.71 20 transports 1216.33 1199.22 1205.57 Down 2.12 15 utilities 199.13 196.99 198.50 Down 0.26 65 stocks 1070.30 1054.25 1061.25down 2.09opec production up Nicosia Cyprus a open Oil production increased sharply to june to 23.1 million barrels a Day nearly 1 million barrels More than the previous month the Middle East economic Survey said. New Jersey to take Over insurer staggered by run from wire and staff reports new Jersey insurance regulators and the Mutual Benefit life insurance co. Agreed monday on a plan for the state to take Over the troubled insurer choking off a policyholder run. The troubles of the nations 18th largest life insurance company led to renewed Calls for Federal intervention in insurance regulation a function now in the hands of the states. Rep. John d. Dingell d-mich., chairman of the House Energy and Commerce committee said the Case raises questions about the banking Reform package in Congress especially a provision that would allow holding companies of Banks to enter the insurance business. A if there is a run on an insurance company will the Bank loan Money to it will there be adequate protections to make sure that insured deposits Are not at risk a Dingell asked. Such issues must be discussed before the legislation is passed he Sai d. At the same time Industry executives said Mutual benefits plight was accelerating a move among agents and customers to take their business to the biggest and strongest insurers. One Mutual Benefit life customer that May take its business elsewhere is the 102,500-member uniformed services Benefit association a group insurance plan that Sells Low Cost term insurance to Active duty and retired military personnel and reservists. Mutual benefits group division underwrites the us a plan which Means it pays claims. Us a president Larry n. Tibbetts a retired air Force general said there so a High potential of his groups searching for another underwriter Over the next several months. Tibbetts however said he is confident holders of term life insurance policies with us a wont be Hurt by Mutual benefits current troubles. Us a collects $36 million in premiums annually and Money is available to pay claims and dividends he said. The Mutual Benefit proposal was to be presented to a state court judge for approval tuesday morning and state officials sought to reassure Panicky policyholders saying that a fall parties involved Are working very hard to protect their  state officials said there would be a moratorium on the surrendering of policies and the making of Loans on policies. But death benefits annuities and health claims would continue to be paid in full they said. However an Industry official said it was optimistic to say the company would be Able to pay All its obligations. A the shortfall is pretty significant Between the company a assets and its obligations the official said. New Jersey regulators and Industry officials said monday that they continue to a believe that Newark based Mutual Benefit remains solvent despite declining real estate values and defaults in its commercial mortgage portfolio. However downgrades of its financial ratings and reports of its troubles caused frightened policyholders to cancel their policies and demand refunds. Mutual Benefit president Stephen Carlotti said in Newark that cancellation requests totalled More than $1 billion the Reuter news service reported. The company has about $13.5 billion in assets and $124 billion of insurance in Force. About $5 billion of its assets was in real estate. It had about 400,000 policies in Force but Many of them were group policies making the number of individuals covered much larger. About 200,000 people Are covered by Mutual Benefit pension annuity plans. Experts said the two biggest unknowns Are How much the company a real estate and mortgage portfolio is Worth and How much of its assets were drained by the run. Typically an insurer tries to match its assets and liabilities acquiring Long term assets to match Long term liabilities such As death benefits that must be paid in future years. However if it is forced to sell assets prematurely to meet unexpected demands losses can be severe. Insurance agents in Europe expect overseas clients to be More wary by Randy Mcclain financial writer insurance agents in Europe say the takeover of Mutual Benefit life insurance co. By new Jersey state regulators is Likely to make Consumers overseas More jittery about the companies they buy life and health insurance from in the future. A discriminating customers will be looking at the financial strength of the company they do business with even if its a very Large company a said Scott Anders general manager for new York life in Europe. A this will increase the trend we have already seen. People Are More concerned about making sure they Are dealing with a Quality  Anders and other insurance Sellers Active in the military Market overseas said a string of insurance company failures in the states has Consumers on Edge. _ a when we talk with clients you know one of the Early questions will be a where does your company rank financially a a Anders said. Other insurance agents said they Are trying to combat Consumers increased nervousness by stressing their Firth so performance in insurance publications such As the Standard amp poor a insurance rating service or . Bests annual rankings. A a in be been volunteering More information to people to make them feel More comfortable a said e. Lee Pierangeli office administrator with american National insurance a company based in Galveston Texas that has numerous military clients in Europe. . Best ranks our company a plus excellent a he added. Some insurance specialists say the High profile troubles of Mutual Benefit life will convince Consumers to buy insurance policies from Only giant companies that they perceive As stable. For companies such As new York life which is Large and highly rated a this could be All to our Good a Anders said. A people Are looking a Little bit deeper when they invest their  Anders said service members in Europe Are As much or More in tune with insurance Industry troubles As Consumers in the United states. A we have a brochure just out on our company a financial strength and we re finding that our agents Are really using that a lot a he said. A people Over Here arc on top of the  Alison Coutts the european representative for Sunset life insurance co. Of Olympia wash., said her firm is a Small one but also highly rated. She said developments in the Mutual Benefit Case  cause people to steer Clear of Small or midsize companies in All cases. A bigger Isnit necessary better. All big companies done to have Good ratings a she said. Not All insurance experts in Europe see the Industry a woes As something that service members should worry about. A the insurance crisis is overblown in the states said John Herbert european general manager for american general corp. Of Houston. The firm markets insurance policies in Europe under several names including american amicable life insurance and Pioneer american. Most states have insurance funds from which death and health claims Are paid in the event that a company collapses he said. A someone with a $100,000 policy overseas wont lose out but that a the kind of impression that a being created Quot Herbert said. A a it a  seminars on car emission rules planned Kelterbach Germany a import Trade services trans car of Kelterbach will hold a series of seminars starting later this month on environmental Protection Agency standards for car emissions and How service members can import vehicles into the United states. Seminars will be held in Germany As follows a in Frankfurt at 7 30 . July 30 in the Terrace club of the Abrams Complex. A in Kaiserslautern at 7 30 . July 31 in the see hotel gelt Erswood on German Highway b-270. A in Stuttgart at 7 30 . Aug. 1 at the Robinson Barracks Community club. A in Firth at 7 30 . Aug. 6 at the Novosel motor Lodge on Lauben Weg 6. A in Wurzburg at 7 30 . Aug. 7 in the top of the Marne club building 5, on Leighton Barracks. A in Heidelberg at 7 30 . Aug. 8 at Patrick Henry Village s Dominion club. The seminars will review All aspects of import rules Federal regulations and Epa waivers issued in connection with operations desert shield and storm. For More information Call 06107-8051