INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 11/14/06

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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com

INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 11/14/06  

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

 

1) Bank of America speeds up free online trading - Mon Nov 13, 2006 1:27pm ET - NEW YORK (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research), whose introduction of free online stock trading last month roiled the brokerage industry,, on Monday expanded the program to seven mid-Atlantic and Southeast states, and said it is speeding up the program's nationwide introduction.

 

2) Double Digit Increases in Medical Costs Anticipated in 2007 Reports PricewaterhouseCoopers LLP - Employers, Health Insurers Expect Consumer Directed Health Plans to Slow Growth Rate -- WASHINGTON, Nov. 13, 2006 ?Employers who do not make changes to their benefit packages are being told by carriers to expect double-digit increases in healthcare costs, according to PricewaterhouseCoopers, which today released the first reported projections of medical cost trends for 2007. The projections are used by insurance carriers and employers to set health insurance premiums levels and design benefit packages in 2007. Employers are expected to adjust their health benefit design to avoid double-digit increases in premiums.

 

3) ESCALATING COMPETITION SPURRING BREAKTHROUGHS IN ANALYTICS THAT ARE TRANSFORMING THE INSURANCE BUSINESS, ISO?S CHIEF SAYS   - KISSIMMEE, Fla., November 13, 2006 ? Spurred by intensifying competition, breakthroughs in analytics are transforming dynamics in insurance markets. Sophisticated insurers able to harness large volumes of high-quality data to drive decisioning all along the value creation chain can look forward to a long and prosperous future. But insurers unable to keep up in the intellectual and technological arms race face a grim prognosis, according to an industry leader.

 

4) ISO HomeValue Now Enables Insurers to Incorporate Catastrophe Risk Assessments for Improved Residential Underwriting  - BOSTON, Nov. 13, 2006 ? The latest release of ISO HomeValue?, a leading residential replacement cost estimator, now allows personal lines insurers to assess catastrophe risk for individual properties using AIR Worldwide Corporation?s (AIR) industry standard catastrophe models. By providing access to essential catastrophe risk data from a single web-based application, ISO HomeValue enables improved underwriting decisions.

 

5) IRS ANNOUNCES INCREASED DEDUCTIBILITY LIMITS FOR LONG-TERM CARE INSURANCE- Business Owners May Be Able To Deduct 100% Of Costs - The Internal Revenue Service (IRS) has announced increased deductibility levels for long-term care insurance policies purchased in 2007.   According to Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance, ?millions of Americans, especially those who own small and mid-sized businesses are unaware that the cost of long-term care insurance protection may be tax deductible."    In some cases 100 percent of the cost of coverage can be deducted.

 

6) LifeLock Identity Theft Prevention Service Announces $6 Million First Round Funding Investment from Leading Venture Capital Firm Bessemer Venture Partners Will Drive Growth Initiatives - TEMPE, AZ ? (November 13, 2006) ? LifeLock, the industry leader in the prevention of identity theft, today announced it has raised $6 million in a first round venture investment from one of the world?s leading venture capital firms, Bessemer Venture Partners.  Among other uses, the funding will be used to extend consumer awareness of LifeLock?s pioneering, guaranteed services?already the world?s most popular defense against identity theft.

 

7) AARP SERVICES SELECTS LEGAL SERVICES NETWORK BY GE TO MANAGE DIRECTORY USED BY AARP MEMBERS - Agreement provides directory of attorneys to 37 million people in 50+ demographic  -- SCHAUMBURG, Ill.  ? November 10, 2006 ? AARP Services, which manages the wide range of products and services that are offered as benefits to AARP?s 37 million members, announced today that it has agreed to have Legal Services Network by GE Benefit Solutions manage an online directory of attorneys available to AARP members across the country.  Administration of the AARP Legal Services Network is being transferred to GE this month.

 

8) Willis Webcast ? Marketplace Realities 2007: ?Adaptation, Innovation and the Insurance Marketplace? - In conjunction with the publication of Marketplace Realities and Risk Management Solutions 2007, Willis Group Holdings will conduct a Webcast with practice leaders:

 

9) MassMutual to Pay $1.25 Billion Dividend to Policyholders  - MassMutual to pay highest dividend in its 155-year history; Company performance continues to be strong  -- SPRINGFIELD, Mass., Nov. 13 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) announced today the distribution of approximately $1.25 billion to eligible participating policyholders under the estimated dividend payout for 2007 -- the highest ever in the company's 155-year history.

 

10) AXA Announces the Successful Completion of Its First Mortality Risk Securitization Transaction  - PARIS, Nov. 13 /PRNewswire-FirstCall/ -- AXA announces today the implementation through a special purpose vehicle, "OSIRIS Capital plc", of a Euro 1 billion shelf program to transfer mortality risk to the capital markets.

 

11) BestWeek: Coverage Spotlights Industry Impact of Dem Victories in House, Senate - OLDWICK, N.J.--(BUSINESS WIRE)--Exclusive coverage in the November 13 issue of BestWeek looks at the impact Democrats? victories in the Senate and the House will have on the insurance industry. Players will need time to get to know the dozens of new faces coming to Congress as part of the electoral surge November 7 that allowed Democrats to pick up 32 seats and control of the House of Representatives. But when control of the House officially is handed over early next year, the members expected to take the reins of those committees that most affect the industry already are familiar faces, according to one article in BestWeek.

 

12) INSURANCE NEWSLINK Articles - Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review.

 

13) BANK INSURANCE NEWS IN BRIEF - NOVEMBER 13, 2006

 

14) Whitehill Technologies and Mobius expand presence in Insurance sector with new partnership - Two leading vendors kick off their co-marketing efforts at ISOTech 2006 in Kissimmee, Florida, Nov. 12-14  -- ISOTech 2006, Kissimmee, FL - Nov. 13, 2006 - Whitehill Technologies, Inc. and Mobius Management Systems, Inc. (Nasdaq: MOBI) are pleased to announce a new partnership that will benefit insurance carriers looking for an end-to-end solution that manages the complete document lifecycle, from creation through archiving, presentation and disposition.

 

15) TransUnion Launches Rating Verification Platform To Help AutoInsurers - Chicago, November 13, 2006 - TransUnion launched Rating Verification Platform (RVP), a service that helps automobile insurance providers verify the identity and accuracy of an applicant's information before a policy is bound.  Providers subsequently retain premium revenues that are often lost through policyholder misrepresentation and fraud.  The announcement was made at the ISOTech 2006 Conference in Kissimmee, Fla.

 

16) Early Detection Could Preclude Trade Debt Losses - Warning signs could forecast buyer's financial difficulty  -- November 13, 2006 (OWINGS MILLS, MD) ? With a predicted rise in business bankruptcies for 2007, financial executives must continually weigh the cost of doing business with the risk of doing business. Protection of accounts receivable is a major consideration for most companies shipping goods domestically and/or internationally, and early detection of a buyer's waning financial status could prevent an unexpected bad debt loss according to a study by global trade credit insurer Euler Hermes ACI.

 

17) NHCAA to Award Those Who Fight and Expose the Deadly Side of Health Care Fraud - MARCO ISLAND, Fla., Nov. 13 /PRNewswire/ -- The National Health Care Anti-Fraud Association (NHCAA) will announce the winners of its prestigious Excellence in Public Awareness Award and Health Care Fraud Investigation of the Year Award on November 16 at a special Awards Luncheon.  The event is held in conjunction with The NHCAA Institute for Health Care Fraud Prevention 2006 Annual Training Conference being held November 14-17 at the Marco Island Marriott Resort on Marco Island, Florida.

 

18) The Retirement Setback: As 401(k) and Other Defined Contribution Plans Grow in Popularity U.S. Retirement Accounts are at Risk - Guardian Study Reveals, Nearly Half of U.S. Employees Would Discontinue Contributions to their Retirement Accounts in the Event of an Illness or Disability

 

19) Drinker Biddle & Reath and Gardner Carton & Douglas to Merge - Combination of Long-Established, Client-Focused Firms Would Cement National Footprint With More Than 650 Lawyers in 12 Offices  -- PHILADELPHIA and CHICAGO, Nov. 13 /PRNewswire/ -- In a move that creates significant new opportunities for service to clients, Drinker Biddle & Reath LLP and Gardner Carton & Douglas LLP announced today their plans to combine.  The combined firm would have more than 650 lawyers in 12 offices nationwide, making it one of the 70 largest law firms in the United States.  The combination would also expand the reach of the organization and strengthen a number of key practice areas while providing deeper resources to its clients.

 

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) Transamerica Corporation Launches Offer to Purchase USD 415 Million of Debt - Friday, November 10, 2006 - THE HAGUE, The Netherlands, November 10, 2006 /PRNewswire-FirstCall via COMTEX/ -- Transamerica Corporation, a US subsidiary of AEGON N.V., today launched a cash tender offer for up to USD 415 million (EUR 325 million) in outstanding legacy debt securities issued by two affiliated trusts, Transamerica Capital II and Transamerica Capital III.

 

22) Professional Insurance Marketing Association (PIMA) Annual Meeting Challenges Insurance Direct Marketers to ?Critically Assess and Respond to Change? - January 18-21, 2007 Boca Raton Resort & Club, Boca Raton, FL  - November 13, 2006 (Fort Worth, TX) ? The Professional Insurance Marketing Association (PIMA) will hold its Annual Meeting from January 18-21, 2007 at the Boca Raton Resort & Club in Florida. 

 

23) InsuranceNoodle, Inc. Announces ?Life Solutions¹ Term Life Agreement with BISYS® InsuranceNoodle to offer more than 2,500 independent commercial agents access to online, turnkey term life quoting and submission management system. - New York, NY (November 13, 2006) ­ InsuranceNoodle, Inc. (www.insurancenoodle.com <http://www.insurancenoodle.com>) today announced it has signed an agreement with BISYS, the nation¹s largest independent wholesale distributor of life insurance, to offer BISYS¹ Life Solutions online term life quoting system to more than 2,500 independent insurance agencies currently using InsuranceNoodle¹s proprietary, online technology platform to write and service small commercial business.

 

24) MAYOR PROCLAIMS NOVEMBER 29 INSURANCE FRAUD PREVENTION DAY - New York, NY , November 13, 2006 ? To help educate New Yorkers about the costs and consequences of insurance fraud, New York City Mayor Michael R. Bloomberg has proclaimed November 29, 2006 as Insurance Fraud Prevention Day.

 

25) NATION?S TOP LONG-TERM CARE INSURANCE PRODUCERS RECOGNIZED - Alan Stuart, of Encino California Ranked #1 In Nation - November 10, 2006 -  The nation?s top long-term care insurance producers were formally recognized this week before some 650 industry leaders attending the 2006 National LTCi Producers Summit held in Austin, TX

 

26) On Highways and Byways, Swiss Re and IIM Extend Coverage to More Trucking  Operations - Overland Park, KS ? November 13, 2006 ? Interstate Insurance Management (IIM) and Swiss Re's Commercial Insurance announce the immediate expansion  of their insurance program for the trucking industry into Virginia and  Indiana.  The program, which has been in operation since 1970, provides  coverage for the trucking industry and targets all size fleets with  distances that range from local to long haul.

 

27) Much Room for Improvement in Mutual Fund Firms Online Security, Says New Report from Corporate Insight - New York, NY ? November 13, 2006 ? As many financial services segments ? banking, brokerage and credit card ? continue to update their security requirements to meet hackers and other online predators head on, the mutual fund industry appears to be lagging behind, according to a new report from Corporate Insight. Despite the well-documented rise in online theft, for the most part, mutual funds firms continue to utilize the same protection barriers that existed when online account management first became a mainstream service, putting their clients at risk.

 

28) New Paper from Still River - Paper Looks At Why It's Important For Employers To Provide Their Employees And Retirees With Access To Financial Advice - (http://www.stillriverretire.com/SRRPS_FinancialTopics.asp). This paper looks at why it's important for employers to provide their employees and retirees with access to good, sound, financial advice that addresses all the problems that retirees face. With the move away from defined benefit plans to defined contribution plans, and in the wake of cutbacks in pensions and post-retirement medical benefits, good financial advice can help retirees use wisely what benefits they do have, and can help mitigate their panic at all the financial decisions they need to make.

 

29) As Benefit Costs Rise, Employee Retirement Savings Decline - Ameriprise Financial Survey Finds Increased Benefit Costs Continue to Drive Down Worker Retirement Savings  -- MINNEAPOLIS ? November 13, 2006 ? Ameriprise Financial (NYSE: AMP) today released the findings of its most recent study, Benefit Cost Increases: Impact on Worker Financial Health and Retirement Savings, to correspond with benefits open enrollment season for many employers. The study found a disturbing trend resulting from escalating health care benefit costs, with 46 percent of people indicating they have or plan to decrease their savings or investments. This finding represents an 8 percent increase over the three years of the study, showing the cumulative effect of growing benefit costs on personal savings. Additionally, 20 percent of people have or plan to contribute less to their employer-sponsored retirement plan.

 

30) Marine Insurance Subsidiary of C. V. Starr & Co., Inc. Changes Name to Starr Marine Agency, Inc. - NEW YORK, Nov. 13 /PRNewswire/ -- C. V. Starr & Co., Inc. today announced that its marine insurance subsidiaries have changed their name to Starr Marine. Effective immediately, American International Marine Agency of New York, Inc. (AIMA) will be known as Starr Marine Agency, Inc. The Starr Marine name enables the agency to further align itself with the heritage, values and expertise of the C. V. Starr brand, one of the most recognized and trusted names in the global insurance industry. 

 

31) Hotchkiss Insurance Agency, Inc. Announces Its Home Builders Workers? Comp Group Sees Marked Growth After Education Series  - DALLAS--(BUSINESS WIRE)--Hotchkiss Insurance Agency, Inc. (HIA), a leading provider of custom designed insurance programs and services to business, associations and franchise operations announced today that the workers? compensation educational series presented throughout metro areas of the state by Texas Mutual Insurance Company and HIA resulted in a sharp increase of purchasing group policyholders in recent months. The group, Texas Home Builders Workers? Compensation Group (THB-WC), includes home builders for whom specific protective legislation was established by the Texas Department of Insurance (TDI) in 1991. The legislation specifies that in Texas, a home builder may provide workers? compensation and employers? liability insurance for their employees without becoming unduly responsible for workers? compensation coverage for subcontractors or employees of subcontractors.

 

 

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