INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 12/12/06

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

INSURANCE NEWSCAST "Headlines Only Edition" for: Tuesday, 12/12/06  

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

 

1) InsuranceBroadcasting.com Launches An Audio Version Of INSURANCE NEWSCAST - Twinsburg, OH ? 12/11/06 -- InsuranceBroadcasting.com announced today that they are launching an audio version of INSURANCE NEWSCAST. The audio will be available to either listen to online or it may be downloaded and listened to on an I-pod or other MP3 player. As is the case with the newsletter, there will be no charges or fees of any kind associated with accessing the content.

 

2) Experts Warn Insurance Regulators of Catastrophic Consequences of Mid-America Earthquake Along New Madrid Fault - ProtectingAmerica.org Urges NAIC to Support Proactive Solution to Better Prepare for Potential Earthquake  -- WASHINGTON, Dec. 11 /PRNewswire/ -- Earthquake, insurance and building code experts from across the country today warned state insurance regulators of the catastrophic consequences when middle America experiences a replay of the 1811 and 1812 New Madrid series of earthquakes, and recommended that the regulators support a comprehensive solution that includes financial protections, public education, stronger building codes and strengthening first responders to better prepare for such an event.

 

3) Forecaster predicts busy 2007 US hurricane season - LONDON, Dec 7 (Reuters) - The United States, which has emerged from this year's hurricane season largely unscathed, should brace itself for a potentially devastating hurricane season in 2007, a leading windstorm forecaster warned.

 

4) Ernst & Young Issues 2007 US Industry Outlook for Property/Casualty Insurance Industry - NEW YORK--(BUSINESS WIRE)--In 2007 two themes will prevail in the property/casualty insurance industry: the need for better capital management and a drive for innovation, according to Ernst & Young?s Global Insurance Center. In 2006 we saw the convergence of favorable factors and the prospect of strong profitability, barring unforeseen events. The industry has exhibited strong resiliency in 2006 with advances in the form of stronger balance sheets, better controls, improvements in risk management and continued advances in pricing techniques.

 

5) Lead Plaintiff Pennsylvania State Employees' Retirement System Announces a $93 Million Settlement of a Securities Class Action Lawsuit Against CIGNA Corp. - HARRISBURG, Pa., Dec. 8 /PRNewswire/ -- Lead Plaintiff Pennsylvania State Employees' Retirement System ("SERS"), the Pennsylvania Attorney General, Tom Corbett, and the Pennsylvania Governor's General Counsel, Barbara Adams, announce a $93 million settlement on behalf of a class of all purchasers of the common stock of CIGNA Corp. (NYSE: CI) from November 2, 2001 through October 24, 2002.    

 

6) BestWeek: Cover Helps Food-Service Businesses Such as Taco Bell Cleanse Tainted Reputations - OLDWICK, N.J.--(BUSINESS WIRE)--The E. coli outbreak linked to Taco Bell restaurants has left more than four dozen people sick in at least three states, creating a major damage-control crisis for the fast-food chain, according to an article in the Dec. 11 issue of BestWeek.

 

7) NAVA Reports Third Quarter Variable Annuity Industry Data - RESTON, Va.--(BUSINESS WIRE)--NAVA? announced today third quarter results for the variable annuity industry. The combined net assets of U.S. variable annuities increased 2.4% to $1.3 trillion at the end of the third quarter, as compared to the end of the second quarter of 2006. Net assets increased by 9.8 percent relative to the third quarter one year ago.

 

8) New Law Makes Mortgage Insurance Tax Deductible - Traditional Mortgage Solution Now Even More Affordable  -- RALEIGH, N.C., Dec. 9 /PRNewswire/ -- Home affordability and the housing industry received a big boost today from Congress, which approved a measure that would for the first time allow lower- and moderate-income  homebuyers to deduct the full cost of mortgage insurance from their federal taxes in 2007. The provision was included in the omnibus tax bill approved by Congress early Saturday morning.

 

9) MICA: New Tax Deduction Will Make Housing More Affordable - WASHINGTON--(BUSINESS WIRE)--A new tax deduction will make homes more affordable next year by allowing many American home buyers to write-off premiums for private and government mortgage insurance.

 

10) Peachtree Announces Financing Deal for $1.5 Billion of Life Settlements - BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Life Settlements (?Peachtree?) has announced that it has arranged for a credit facility allowing it to purchase over $1.5 billion of Life Settlements. Peachtree expects to close on the purchase of several billion dollars worth of life insurance contracts in 2007 and is working closely with major capital markets banks to augment this new facility.

 

11) 109th Congress Expands Health Savings Accounts in Final Days - Lake Geneva, WI (PRWEB) December 12, 2006 ? The U.S. Congress gave final approval on Friday 12/08/06 to H.R. 6111, the ?Tax Relief and Health Care Act of 2006? which included provisions expanding Health Savings Accounts (HSAs).  The legislation incorporates provisions from H.R. 6134, the ?Health Opportunity Patient Empowerment Act of 2006?, introduced by Reps. Eric Cantor (R-VA) and Paul Ryan (R-WI), and approved on September 27, 2006 by the House Ways and Means Committee. 

 

12) Retirement Income Industry Association (RIIA) Launches One-of-A-Kind Research Series into the Retirement Security Needs of Americans - Boston, MA (December 6, 2006) The Retirement Income Industry Association (RIIA) has launched the first in a series of reports providing cutting-edge research that gets to the heart of the retirement income challenges facing millions of Baby Boomers.

 

13) Loss of Wealth Calculators Quantify Employee?s Financial Losses due to Extended Medical, Disability and Family Leaves -- Working-Age Adults Gain Foresight; Employers Cut Costs - MADISON, Wis.--(BUSINESS WIRE)--NavGate Technologies (www.NavGate.org), a pioneering industry leader and developer of technology-based care solutions has created tools to help employees quantify the financial impact of an extended disability, family or medical leave. The loss of wealth calculators, a component of CareOptionsOnLine? or COOL?, go beyond demonstrating the need for financial planning to show employees and employers the real costs of a reduced work schedule or prolonged a leave of absence.

14) New Dynamics in Reinsurance Transactions - Custom and Practice in the Property and Casualty Insurance and Reinsurance Risk Taking Business  -- RANCHO SANTA FE, Calif., Dec. 11 /PRNewswire/ -- The following press release is being issued by Andrew Barile Consulting Corporation, Inc.: New Dynamics in Reinsurance Transactions

 

15) Global Insurance Association Ensures End-User Continuity With Neverfail - AUSTIN, Texas, Dec. 11 /PRNewswire-FirstCall/ -- The Neverfail Group (Neverfail), a leading global software company providing high availability and disaster recovery solutions, today announced the Association for Cooperative Operations Research and Development (ACORD) has implemented Neverfail's high availability and disaster recovery software. ACORD, a New-York-based global, non-profit insurance association, will utilize Neverfail's software to ensure global availability of the organization's Exchange and File Server applications.

 

16) AIG Companies® Launch ''c-Claim'' to Service Financial Lines Clients More Efficiently - ?c-Claim? Gives Clients a Single Point of Contact for Financial Lines Claims and Provides for More Efficient Processing of Claims. -- NEW YORK--(BUSINESS WIRE)--The AIG Companies®, today announced the formation of ?c-Claim? (centralized - Customer Link And Information Management) to process Financial Lines claims more quickly and efficiently.

 

17) NAMIC: Regulatory Restrictions Can Only Harm Connecticut Property Market - INDIANAPOLIS (Dec. 8, 2006)­?The regulatory restrictions outlined in a recent report by the Connecticut Insurance Department will hurt rather than help the functioning of the state?s homeowners insurance market, according to the National Association of Mutual Insurance Companies (NAMIC).

 

18) NAIC EMPHASIZES IMPORTANCE OF SBS IN STATE?BASED INSURANCE REGULATION - State Based Systems Tools Streamline Insurance Regulation, Enhance Efficiency  -- SAN ANTONIO (Dec. 9, 2006) ? The National Association of Insurance Commissioners (NAIC) announced its increased support for one of its strongest tools for state regulators, State Based Systems (SBS), today during the Association?s Winter National Meeting in San Antonio.

 

19) NAIC APPROVES 2007 BUDGET - State Regulators Remain Committed to Modernization, Solvency and Consumer Protections -- SAN ANTONIO (Dec. 10, 2006) ? Members of the National Association of Insurance Commissioners (NAIC) approved the Association?s 2007 operating budget today during its Winter National Meeting in San Antonio.

20) INSURANCE NEWSCAST ?Pictures Of The Day?

 

21) FOUR STATES RECEIVE NAIC ACCREDITATION HONORS AT NATIONAL MEETING - Forty-Nine States and Washington, D.C. are Accredited through Program -- SAN ANTONIO (Dec. 10, 2006) ? Four state insurance departments received Accreditation Awards today as part of the National Association of Insurance Commissioners (NAIC) Financial Regulation Standards and Accreditation Program.

 

22) Forward focus for Lloyd?s - The focus of Lloyd?s has turned firmly forward following the announcement of the Equitas deal according to the latest ?Lloyd?s Update? report published by Benfield?s Industry Analysis and Research team entitled ?Venturing Forward.? 

 

23) Investors Capital Offers Comprehensive Group Health Benefit Options - Independent Broker-Dealer Among Industry?s First to Offer Comprehensive Group Health, Dental, Vision, Life and Disability Insurance to Financial Professionals  -- LYNNFIELD, Mass.--(BUSINESS WIRE)--Investors Capital Corporation, the independent broker-dealer of Investors Capital Holdings, Ltd. (AMEX: ICH), today became one of the industry?s first independent broker-dealers to offer comprehensive group health, dental, vision, life & disability insurance for its registered representatives.

 

24) 28.5 MILLION PARTY HOSTS LIKELY UNDERINSURED - New Trusted Choice® Survey Finds Hosts Grossly Unprepared for their Liability -- ALEXANDRIA, Va., Dec. 11, 2006?Most of the 28.5 million Americans who plan to host a party between Thanksgiving and the Super Bowl are underinsured, according to a new study by Trusted Choice®.

 

25) Still River Releases New Paper in Series on Comprehensive Retirement Income Planning - December 11, 2006, Harvard, MA ? Still River has just posted its new paper, "Retirement Income Planning, Part 14: Are We Missing the Boat on Retiree Expenses?". This paper begins with the premise that if we don?t understand what the retiree?s expenses are, and if we cannot project with reasonable accuracy what they will be in the future, then no amount of sophisticated manipulation on the income side is worth much. 

 

26) 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.

 

27) BANK INSURANCE NEWS IN BRIEF - DECEMBER 11, 2006

 

28) Dubai Ports to sell U.S. operations to AIG unit - Mon Dec 11, 2006 10:14am ET -By Dayan Candappa  -- DUBAI (Reuters) - State-owned Dubai Ports World said on Monday it had agreed to sell its U.S. port operations to an American International Group (AIG.N: Quote, Profile , Research) unit after relinquishing control of them to allay concerns about U.S. national security.

 

29) Swiss Re to buy 26 percent of India's TTK Healthcare - ZURICH, Dec 11 (Reuters) - Swiss Re (RUKN.VX: Quote, Profile, Research) said it is to acquire a 26-percent stake in TTK Healthcare Services Pvt Ltd

 

30) Six National Employers Working With The Blues To Address Large Disparity Between Employee Behavior And Perception Of Personal Health - AutoZone, CVS, Lozier, Staples, Vetter Health Services and Visant are participating in research-based initiative to identify ?what works? for health and wellness programs

 

31) StoneTapert Insurance Agency selected by Aging Services of California as their Approved Vendor for Health and Retirement Programs. - PASADENA, CA ? December 8, 2006 ? StoneTapert Insurance and Financial Services Agency a leading provider of custom designed insurance programs and services to businesses, associations and non-profit organizations announced today that the Aging Services of California has decided to renew their relationship with StoneTapert as their insurance broker for the Aging Services of California association as well as granting StoneTapert an ongoing status as the Associations Approved Vendor for Health Insurance and Retirement Plans.

 

32) NIPR ANNOUNCES NEW WEB ADDRESS - www.NIPR.com Redesigned to Enhance Licensing Process -- SAN ANTONIO (Dec. 11, 2006) ? The National Insurance Producer Registry (NIPR) will usher in 2007 with a new Web address, www.NIPR.com. The site currently is undergoing a major redesign and, when launched early next year, will be more user?friendly.

 

33) NCCI Proposes Increase for Workers? Compensation Loss Cost Rates - (Carson City) - Nevada Insurance Commissioner Alice A. Molasky-Arman announced that the National Council on Compensation Insurance (NCCI) has submitted a filing for an average increase of 3.4 percent for workers? compensation voluntary insurance loss costs.  The NCCI has also filed for an average increase of 5.0 percent for workers? compensation insurance assigned risk rates. The changes vary by classification.  By industry group, the proposed average changes are as follows:

 

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