INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 11/08/06

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INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 11/08/06  

Here is a quick look at the stories that will be in TuesWednesday's INSURANCE NEWSCAST.

 

1) Letter from Independent Insurance Agents, Brokers of NY Urge Insurance Execs to Review Policy - Without change, businesses could suffer the consequences. - (DeWitt, New York, Nov. 7, 2006) ? In a strong show of support for the business community, the Independent Insurance Agents & Brokers of New York, Inc. has asked insurance company executives to change the way they view a business?s claims history.

 

2) MetLife and Wachovia Securities Build on Alliance to Offer Variable Annuities  - NEW YORK--(BUSINESS WIRE)--MetLife Investors Distribution Company (MetLife Investors) announced today its expanded partnership with Wachovia Securities, LLC to offer certain MetLife Investors variable annuities and its suite of optional living benefits in Wachovia bank locations across the U.S. The products are made available to customers through approved Wachovia Securities financial advisors in the firm?s Investment Services Group.

 

3) Citigroup to freeze pension plan, expand 401(K) - Fri Nov 3, 2006 4:17pm ET - NEW YORK, Nov 3 (Reuters) - Citigroup (C.N: Quote, Profile, Research) plans to stop contributing to its main pension plan beginning in 2008, and will instead bolster plans that employees contribute to, according to an internal memo obtained by Reuters.

 

4) Ford cutting U.S. white-collar benefits - DETROIT, Nov 2 (Reuters) - Ford Motor Co. (F.N: Quote, Profile, Research) is cutting benefits for U.S. salaried employees as it struggles to conserve cash after a $7.2 billion loss so far this year.

 

5) Meet a tycoon at the finance museum - Tue Nov 7, 2006 9:33am ET By Kenneth Barry - NEW YORK (Reuters) - Imagine you could walk up to Bill Gates or even a historical figure like financier J.P. Morgan and ask them what was the secret to their success. -- The Museum of American Finance, which is readying new, larger quarters on Wall Street for next year, will allow you to do just that in a "Great Entrepreneurs" interactive exhibit.

 

6) A.M. Best Special Report: Underwriting Discipline Continues; Rating Upgrades Outpace Downgrades - OLDWICK, N.J.--(BUSINESS WIRE)--Despite the magnitude of the record hurricane losses generated in 2005, the financial strength of the U.S. property/casualty insurance industry remained fundamentally strong over the past year, maintaining the operating momentum achieved from the prior 12 months

 

7) AmeriFlex/IRS Bulletin: 2006-31 - Updated Ruling Enhances Convenience (Notice 2006-69) - October 2006 / Mount Laurel, New Jersey -- On July 31st the IRS issued Ruling 2006-69, an extension of Revenue Ruling 2003-43, which sanctioned the use of debit cards in conjunction with healthcare benefit accounts such as Flexible Spending Accounts (FSA) and Healthcare Reimbursement Accounts (HRA). This latest ruling focuses around issues involving substantiation requirements of electronic payments and claims adjudication and significantly enhances one of the most popular attributes of the card: Convenience!

 

8) Medical Specialists Alarmed by Medicare Physician Payment Rule  - Statement of Dr. Dirk M. Elston on Behalf of the Alliance of Specialty Medicine -- WASHINGTON, Nov. 7 /PRNewswire/ -- The following press statement is attributable to Dirk M. Elston, MD, FAAD, on behalf of the Alliance of Specialty Medicine:

 

9) UPMC Health Plan Newest Insurance Company to Offer CHIP  - PITTSBURGH, Nov. 7 /PRNewswire/ -- UPMC Health Plan is the newest insurance company in the state to offer coverage for the Pennsylvania Children's Health Insurance Program, also known as CHIP.    

 

10) Euclid Insurance Services, Inc. to Acquire Environmental Insurance Specialists  - ITASCA, Ill., Nov. 7 /PRNewswire/ -- Euclid Insurance Services, Inc. (http://www.euclidinsurance.com/), the thirteenth-largest insurance agency in the Chicagoland area, has announced plans to acquire Melbourne, Florida-based Environmental Insurance Specialists (http://www.eis-ins.com/), a leading commercial insurance agency that specializes in serving the waste-hauling and transportation industries.

 

11) Urbanhound Introduces Comprehensive Pet Health Insurance Guide  - NEW YORK, Nov. 7 /PRNewswire/ -- Responding to the surging costs of veterinary care, Urbanhound: The City Dog's Ultimate Survival Guide today announced the publication of the Urbanhound Pet Insurance Guide, a new, indispensable guide to pet health insurance. The guide is designed to help pet parents make sense of the tangle of available options when choosing the insurance plan that is right for their pet.

 

12) National Business Coalition on Health Honors Health Plan Initiatives Delivering Value for Health Care Consumers  - eValue8 Award Winners Use Health Information Technology to Save Dollars and Drive Quality of Care Improvements -- NEW ORLEANS, Nov. 6 /PRNewswire/ -- Health care consumers are benefiting from the latest efforts of health plans to integrate health information technology and develop high-quality health care programs. Four plans were honored today by the National Business Coalition on Health (NBCH), a non- profit organization of employer-based health coalitions, during its annual employer conference held this week in New Orleans. The 2006 eValue8 Innovation Awards identify and recognize the innovative and creative work of health plans.

 

13) Pacific Life Insurance Company Selects Versata's Distribution Channel Management(TM) for Enterprise Incentive Management  - Versata's Solution Offers the Most Comprehensive Insurance Functionality With the Lowest Total Cost of Ownership -- AUSTIN, Texas, Nov. 6 /PRNewswire/ -- Versata, the leading provider of enterprise software solutions with the lowest total cost of ownership, today announced the Life Insurance division of Pacific Life Insurance Company has selected Versata's Distribution Channel Management(TM) solution for its comprehensive distribution administration, credential management, and compensation capabilities. Pacific Life's Life Insurance division chose Versata's solution based on the depth of insurance-industry specific functionality, coupled with proven lowest total cost of ownership.    

 

14) Versata Offers 50% cut in Distribution Management Costs With One-stop Solution for Insurance & Brokerage industry - With New ASP or On-premise Hosting, Versata Commits to Industry's Lowest Cost -- AUSTIN, Texas, Nov. 6 /PRNewswire/ -- Versata announced today release of the Insurance and Brokerage industry's first complete Distribution Channel Management(TM) (DCM) solution for large companies. Versata simultaneously introduced a hosted offering for the solution that covers all applicable hardware, software, application servers, and databases. With this combination, Versata's new offerings transcend any other Insurance and Brokerage industry solution in features, benefits and costs.

 

15) Comprehensive Testing Confirms High Performance of Fiserv Policy Administration System - Benchmark Testing Results and a New Release Demonstrate Strength and Scalability for Tier 1 Insurers -- Chicago, Ill., Nov. 6, 2006 ? Fiserv Insurance Solutions, a unit of Fiserv Inc. (Nasdaq: FISV), today announced that comprehensive benchmark testing has reinforced the superior performance and scalability of its ID3 life and health policy administration system for Tier 1 insurers. The company also announced the release of ID3 version 9.0, one of the largest releases of the ID3 system.

 

16) CPCU Society Insurance Workshops Coming To Pasadena - MALVERN, PA, NOVEMBER 7, 2006?On November 14, the CPCU Society and the Society?s California El Camino, Los Angeles, and San Gabriel Chapters will be hosting two CPCU Society workshops: Tips, Tricks, and Traps of the CGL and Hidden Coverages?Surprises in Court.

 

17) NAILBA Charitable Foundation Receives Over $150,000 in Three Days - (Fairfax, Va.) During NAILBA 25, held November 2-4 in Dallas, Texas, member agencies and company partners of the National Association of Independent Life Brokerage Agencies (NAILBA) demonstrated their commitment to the NAILBA Charitable Foundation in grand style.

 

18) NAILBA Charitable Foundation Announces 2006 Grant Recipients - (Fairfax, Va.) The National Association of Independent Life Brokerage Agencies (NAILBA) Charitable Foundation announced the following grant award recipients during NAILBA?s annual meeting held November 2-4 in Dallas, Texas: 

 

19) RMS ANNOUNCES ORGANIZATIONAL RESTRUCTURING OF OYORMS IN RESPONSE TO GROWING JAPAN MARKET DEMAND - Newly Launched RMS Japan to Serve Japanese Insurance Market; Restructured OYORMS to Focus Exclusively on Risk Management Needs of Corporate Japan     -- Newark, Calif. - November 7, 2006 - Risk Management Solutions (RMS), today announced that OYORMS has reorganized into two companies to more efficiently align products and services along the evolving demands of its market segments in Japan.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Why Do I Need Disability Insurance? By Andy Puls - http://www.doctordisability.com  - Your career is a direct result of hard work and a substantial investment of time and money.  Doesn?t it make sense to fully protect it?  A disability could render you helpless by taking away the one thing that you need to safeguard all of your assets: your income. 

 

22) Special Edition -- Zalma's Insurance Fraud Letter - Two Insurance Fraud Failures  -- ClaimSchool, Inc., the publisher of training and educational materials for the insurance industry published a special edition of  Zalma's Insurance Fraud Letter at http://www.zalma.com/zifl.htm.

 

23) ACE USA to Offer Continuing Education Course in Va. -- Provides Valuable Insight Into Global Accident & Sickness Insurance Coverage for International Corporate Travel  - --(BUSINESS WIRE)--ACE USA: WHO Susan Osborne, Instructor, representing ACE USA's Accident & Health Division 

WHAT The topic is "Global Accident & Sickness Insurance Coverage for International Corporate Travel"* 

WHEN Wednesday, November 8, from 1:00 p.m. to 3:00 p.m. - EST**

WHERE Holiday Inn Rosslyn at Key Bridge  1900 North Fort Myer Drive  Arlington, Virginia  (703) 807-2000  

 

24) Farmers Insurance Group Co-Sponsors Largest One-Day Motorcycle Fundraiser Event in the World - LOS ANGELES--(BUSINESS WIRE)--?The Love Ride,? the largest one-day motorcycle event in the world, rolls from Glendale to Castaic Lake recreation area November 12, 2006. Farmers Insurance Group of Companies CEO Paul Hopkins will be among the motorcycle riders.

 

25) American Red Cross Contracts with QualCare to Process Claims for a New Mental Health Benefit - PISCATAWAY, N.J.--(BUSINESS WIRE)--The American Red Cross Hurricane Recovery Program has contracted with QualCare, Inc. to process claims and invoices for their new program Access to Care.

 

26) Nasdaq Confirms NationsHealth?s Compliance with Marketplace Rule 4450(b)(1)(A) - SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (Nasdaq: NHRX, NHRXW, NHRXU) announced that it was advised today by the Nasdaq Listing Qualifications Department that the Company had demonstrated compliance with the continued listing requirements for inclusion on The NASDAQ Global Market under Marketplace Rule 4450(b)(1)(A), which requires a minimum $50,000,000 market value of listed securities for at least 10 consecutive trading days, and, as a result, the staff had closed its review of the Company?s eligibility under Marketplace Rule 4450(b)(1)(A). The Company had previously announced this review on October 18, 2006.

 

27) Financial Services Leaders Promote Minority Outside Council Network - NEW YORK--(BUSINESS WIRE)--The National Association of Minority and Women Owned Law Firms (NAMWOLF) commends the legal departments of Citigroup, Merrill Lynch, Prudential Financial and TIAA-CREF (Corporate Hosts) for hosting the 2006 Minority Outside Counsel Networking Conference that was held on Thursday, October 26, 2006 in New York City.

 

28) A.M. Best?s Methodology: Perspective on Operating Leverage - OLDWICK, N.J.--(BUSINESS WIRE)--In forming an overall opinion of a company?s balance sheet strength?the most important area in determining a company?s ability to meet its current and ongoing obligations to policyholders?A.M. Best Co. reviews the organization?s financial leverage. Financial leverage, through debt or debt-like instruments, may place a call on an insurer?s earnings and strain its cash flow. Also, excessive financial leverage at the operating or holding company can lead to financial instability.

 

29) New Phoenix Life Insurance Program Rewards Clients for Healthy Lifestyle - Policyholders Get Discounts for Favorable BMI  -- How Fit Are You? A BMI (body mass index) in the healthy range of 19 to 25 can help you save up to 20% on your life insurance costs under the new Healthy Measure Reward program announced by The Phoenix Cos., Inc.

 

 

 

 

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