Hamilton Vs Hamilton

1) What financial issues tended to divide Hamilton from his Democrat Republican opponents?
The break up with Great Britain in 1776 left American finance in a mess with no central bank or a proper taxation system. This left many states with significant debt burden and a country with high inflation and poor credit reputation. Alexander Hamilton, one of the founding fathers of the United States and the first Secretary of the Treasury, came up with a financial plan hoping to bring America out of the mess that they were in. This plan involved giving federal government taxing authority over imports, consolidating state and national debt, having a clear national definition of the dollar in terms of specie, and creating a central bank. All these approaches

(Both life and property-casualty)
As business became more complex and consequences to natural disaster more prevalent, risk management became more important than ever. Insurance therefore became one of the most popular sectors in North American economy.

Different from banking, Canadian insurance sector share more similarities than differences with the United States. Both American and Canadian insurance began with maritime insurance as ocean trade was a prominent part of both countries’ trade with the European nations. After the Civil War, new forms of insurance such as fire insurance were developed. Many foreign companies also began to provide various insurance services because they were eager to have a share in such a profitable business. In fact, both nation’s first fire insurance was originated from Great Britain. Shifting from property-casualty, life insurance industry really took off in the 1840s as demand for life insurance grew rapidly with medical advancements and knowledge in consequences of premature death and natural disasters. How the insurance sector was regulated were also similar for both countries. Like their banking system, American regulation for insurance was also a mixture of state and national law. Canadian regulations regarding to insurance were also a combination of federal and provincial laws. The federal government

American insurance companies were only allowed to issue monoline insurance. This means that a company can only provide on kind of service. For example, if a company wrote maritime insurance they will not be able to write fire insurance as well. Canada on the other side can provide various services at the same time. However, Canadian insurance companies were mainly developed into joint-stock companies rather than mutual companies as in the United States. Mutual companies were created for providing insurance to all members of a community while joint-stock companies were viewed as statistical businesses that exploit human suffering for economic gains. This difference was a major source of conflict within America as insurance sector grew to become more joint-stock. Canadian legislation was also stricter on the disclosure of financial statements and has a higher requirement for asset-liability matching. This caused many foreign life insurers to flee Canada for better investment opportunities elsewhere. Thus, Canadian insurance companies obtained a chance to takeover and began to expand their coverage internationally and to Western Canada real estate sector due to mortgage and loan companies’ failure to capitalize on the market. The opportunities in the real estate sector was also why Canadian companies balanced their investments between stocks, bonds, and loans on real