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Subject: INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 12/13/06
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INSURANCE NEWSCAST can be read online at www.insurancebroadcasting.com INSURANCE NEWSCAST "Headlines Only Edition" for: Wednesday, 12/13/06 Here is a quick look at the stories that will be in Wednesday's INSURANCE NEWSCAST.
1) Prudential Financial settles group insurance probe for $19 mln - Tue Dec 12, 2006 10:29am ET -- Dec 12 (Reuters) - Prudential Financial Inc. (PRU.N: Quote, Profile , Research) said its Prudential Insurance Company of America unit agreed to pay $19 million as settlement for an investigation into its group insurance business and change its business practices.
2) New York's Spitzer raps UBS over high-fee accounts - Tue Dec 12, 2006 1:00pm ET - NEW YORK, Dec 12 (Reuters) - New York Attorney General Eliot Spitzer sued UBS Financial Services on Tuesday, accusing the brokerage of defrauding thousands of customers by steering them into fee-based accounts.
3) Health system not yet ready for disaster: study - Tue Dec 12, 2006 12:48pm ET - By Maggie Fox, Health and Science Editor - WASHINGTON (Reuters) - Half of all U.S. states would run out of hospital beds within the first two weeks of a moderate flu pandemic and 47 states would run out if a bad one hit, according to a report issued on Tuesday.
4) Federal Agencies Finalize Rules on Health Nondiscrimination - WASHINGTON, Dec. 12 /U.S. Newswire/ -- The U. S. Department of Labor's Employee Benefits Security Administration (EBSA), Internal Revenue Service and Department of Health and Human Services today announced the publication of final rules that provide guidance in complying with the nondiscrimination provisions of the Health Insurance Portability and Accountability Act (HIPAA). The final rules also provide guidance on the implementation of wellness programs.
5) I.I.I. PAPER OFFERS ANALYSIS OF INDEXED ANNUITY PRODUCT PROS AND CONS - Created in 1995, Indexed Annuities Now Account for 33 Percent of Entire Fixed Annuities Market -- NEW YORK, December 12, 2006 ? U.S. indexed annuities (IAs) investors are benefiting from the current performance of the Standard & Poor?s 500 (S&P 500), to which most IAs are tied, while at the same time being protected from downside risk, an Insurance Information Institute (I.I.I.) report found.
6) Majority of Pension Experts Worldwide Believe Multinational Companies, Not Governments, Will Develop Cross-Border Pension Arrangements - First-Ever Global Survey of Pension Experts Reveals U.S. Leads International Business Community in the Migration from Defined Benefit Plans to Defined Contribution Plans
7) Groups target medical mistakes to save lives - Tue Dec 12, 2006 1:40pm ET By Kim Dixon -- CHICAGO (Reuters) - A group of health-care leaders are banding together to make hospitals a less dangerous place to get well. -- The nonprofit Institute for Healthcare Improvement, with support from the American Hospital Association trade group and the U.S. Centers for Disease Control and Prevention, launched a campaign on Tuesday, seeking hospital participation to prevent 5 million medical mistakes over two years.
8) Ameriprise to hire consultant over stolen laptop - Mon Dec 11, 2006 4:58pm ET - NEW YORK, Dec 11 (Reuters) - Ameriprise Financial Inc. (AMP.N: Quote, Profile , Research) has agreed to hire a consultant to review its laptop policies after the theft of one of its computers exposed the personal data of more than 150,000 clients.
9) BNP, Pudong Bank plan China insurance JV ?sources - SHANGHAI, Dec 12 (Reuters) - France's BNP Paribas (BNPP.PA: Quote, Profile , Research) has signed a memorandum of understanding with Shanghai Pudong Development Bank (600000.SS: Quote, Profile , Research) to establish an insurance joint venture in China, sources close to the deal said.
10) NAIC COMMITTEE ADOPTS AMENDMENTS TO VIATICAL SETTLEMENTS MODEL REGULATION - SAN ANTONIO (Dec. 11, 2006) ? The Life Insurance and Annuities (A) Committee of the National Association of Insurance Commissioners (NAIC) today adopted highly debated amendments to the Viatical Settlements Model Regulation during the Association?s Winter National Meeting in San Antonio.
11) Venture Launches New Professional Liability Program - New professional and management liability solution is Venture Insurance Programs' first heterogeneous program -- West Chester, Pa. ? Dec. 12, 2006 ? Venture Insurance Programs (www.ventureprograms.com <http://www.ventureprograms.com> ), a national program administrator and leader in the design and underwriting of select industry-focused insurance packages, today announced that it has launched Venture Professional, a professional and management liability solution featuring Directors & Officers (D&O), Errors & Omissions (E&O) and Employment Practices Liability Insurance (EPLI) coverage.
12) THE COUNCIL HAILS LAST MINUTE WIN ON HSAs BEFORE ADJOURNMENT OF 109th CONGRESS - ?Tax Relief and Health Care Act of 2006? Passes -- WASHINGTON ? After a vigorous two-year effort by The Council of Insurance Agents & Brokers (The Council) for key Health Savings Accounts (HSA) provisions, the Senate approved the Tax Relief and Health Care Act of 2006 very early Saturday morning by an overwhelming majority vote, 79 to 9. The House had passed the contentious tax extenders bill the previous day by a vote of 367- 45. The bill now goes before President Bush for signature, which is fully anticipated.
13) ABA/ABIA HSA COUNCIL APPLAUDS PASSAGE OF IMPORTANT HEALTH SAVINGS ACCOUNT FIXES - WASHINGTON, Dec. 11?The HSA Council, a joint project of the American Bankers Association and the American Bankers Insurance Association, today applauded Congress? passage of legislation that will increase the availability and attractiveness of health savings accounts.
14) HSAs Receive a Major Opportunity From Congress - WASHINGTON, DC USA 01/10/2006 - New Improvements Allow Consumers to Plan for Future Health Care and Long-term Care Needs -- WASHINGTON, Dec. 11 /PRNewswire/ -- Millions of consumers will have access to a more flexible health savings account (HSA) as part of their health insurance coverage in 2007 thanks to key legislative improvements enacted at the end of the 109th Congress. The passage of the legislation marks the successful conclusion of a two-year campaign by America's Health Insurance Plans (AHIP) to encourage policymakers to build on the success of HSAs with common-sense improvements.
15) Brokerage Firms Courting Personal Trust Business from Affluent Baby Boomers, Says New Report from Corporate Insight - New York, NY ? December 4, 2006 ? As many affluent Baby Boomers near retirement age, many are looking to protect their assets by establishing personal trusts. This phenomenon has not gone unnoticed by the brokerage industry, as it continually looks for ways to generate fee-based vs. transaction-based income. In a recent report entitled, ?In Brokers We Trust? Corporate Insight looked at the trust offerings of major brokerage firms and their associated marketing materials.
16) Women who work with financial advisors more confident, involved in finances - Survey by Securian Financial Group shows benefits of working with an advisor, demand for female advisors -- St. Paul, MN, December 1, 2006 ? Women who work with financial advisors are more likely to participate in all financial decisions than those without advisors (62 percent versus 47 percent) and are more informed about their finances, according to a survey by Securian Financial Group and Opinion Research Corporation.
17) The Midland Company Announces Inclusion in the NASDAQ Financial-100 Index - CINCINNATI, Dec. 11 /PRNewswire-FirstCall/ -- The Midland Company (Nasdaq: MLAN), a highly focused provider of specialty insurance products and services, today announced that effective November 30, 2006, it was added to the NASDAQ Financial-100 Index (IXFIN). The NASDAQ Financial-100 Index includes 100 of the largest domestic and international financial securities listed on the NASDAQ Stock Market based on market capitalization. Midland is also included in the Mergent Dividend Achievers Index (DAA) as well as the Russell 2000 (RUT) and Russell 3000 (RUA) indices.
18) InsureZone/AgentSecure Partners With IMMS/Group 500 to Offer Online Quoting and Lead Generation - FORT WORTH, Texas, Dec. 12 /PRNewswire/ -- AgentSecure announced a strategic marketing and technology partnership with Los Angeles-based IMMS/Group 500. This alliance brings to 2,600, the number of independent agencies that can combine the marketing and agency management expertise of IMMS with the innovative quoting, sales tools, and insurance carrier access of InsureZone/AgentSecure.
19) CyberLink PowerDVD, PowerDirector, and MagicSports Optimized on Intel Core 2 Duo Processors - Major performance gains enable rich video experiences on PCs and notebooks -- Taipei, Taiwan----December 12, 2006----CyberLink Corp. (5203.TW), a world leader in digital home solutions, announced significant performance gains for playing, analyzing, and producing high-quality video content using CyberLink?s leading applications on systems featuring the Intel® Core? 2 Duo processors.
20) INSURANCE NEWSCAST ?Pictures Of The Day?
21) The Hartford Creates Expert Team to Serve America?s Growing Ultra-High-Net-Worth Market - New Private Wealth Management initiative includes life insurance planning, underwriting and service professionals to meet the needs of Americans with significant wealth -- SIMSBURY, Conn. ? The number of Americans with significant wealth -- $5 million or more of liquid net worth ? is growing faster than the overall population. The ?ultra-high-net-worth? market in the United States nearly doubled in the past three years to 930,000 households, according to a 2006 report by Spectrem Group, a financial services consulting firm.
22) New Best?s State Rate Filings® Feature Highlights Latest Approved Filings - OLDWICK, N.J., December 11, 2006?A new online feature has been added to Best?s State Rate Filings that highlights the most recently approved and significant rate filings on the product home page. This convenient ?Recent Rate Filings? feature is updated frequently, giving subscribers information on the latest significant rate filings.
23) Brown & Brown West Palm Beach Announces Success With Artizan Internet Services on Three Key Business Goals - WINDSOR, CT - Brown & Brown (B&B) West Palm Beach, one of Florida?s leading technology insurance agencies, today detailed three areas where their partnership with Artizan Internet Services has improved their agency in a very short time:
24) The Hartford Announces 2007 Financial Outlook and Additional $500 Million Share Repurchase - Company Narrows 2006 Guidance Range - HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation?s largest financial services and insurance companies, announced today that it expects 2007 core earnings per diluted share to be in the range of $9.35 to $9.65. In addition, the company announced that it now expects 2006 core earnings per diluted share in the range of $8.85 to $9.00. This compares to the previously forecasted 2006 core earnings per diluted share in the range of $8.75 to $8.95.
25) Brooke Corporation and First American Capital Corporation Close Stock Transaction - OVERLAND PARK, Kan. and TOPEKA, Kan., Dec. 8 /PRNewswire-FirstCall/ -- Brooke Corporation (Nasdaq: BXXX), and First American Capital Corporation today announced the closing of Brooke's acquisition of approximately 46.8 percent of FACC's outstanding common stock and a warrant to purchase additional FACC common stock that, when exercised, will increase Brooke's aggregate ownership to approximately 55 percent of FACC common stock on a fully diluted basis.
26) Genworth Financial Announces Stock Repurchase Program - Company Authorized to Purchase Up to $500 Million of Its Common Stock -- RICHMOND, Va., Dec. 8 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) today announced that its Board of Directors has approved a stock repurchase program, authorizing Genworth to repurchase up to $500 million of its common stock during 2007. The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions. During 2006, Genworth completed a similar program and repurchased a total of $1 billion of common stock.
27) OdysseyRe Announces Completion of Offering by Fairfax of OdysseyRe Common Shares - STAMFORD, Conn.--(BUSINESS WIRE)--Odyssey Re Holdings Corp. (NYSE: ORH) announced today the completion of an underwritten public offering by Fairfax Financial Holdings Limited (?Fairfax?) of 9,000,000 ORH common shares, at a price of US$34.60 per share, resulting in net proceeds to Fairfax of approximately US$300 million. Fairfax has granted the underwriters an option to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any. The offering was jointly led by Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC.
28) CareGuide Announces Completion of Acquisition of Haelan Corporation - Doctors Meek and Barber Join CareGuide Leadership Team - CORAL SPRINGS, Fla.--(BUSINESS WIRE)--CareGuide, Inc. (OTCBB:CGDE), a national disease and healthcare management company, today announced that it has completed its previously announced acquisition of Haelan Corporation, a privately held health improvement solutions company based in Indianapolis, Indiana, for $1.5 million in cash and the issuance of three-year convertible promissory notes to Haelan securityholders in the aggregate principal amount of up to $6.5 million. In addition, CareGuide will pay to Haelan?s securityholders up to an additional $3.0 million, a portion of which may be paid by CareGuide in shares of its common stock, in the event that certain revenue targets are achieved in connection with Haelan?s business in calendar year 2007.
29) Phoenix Companies Selects McCamish Systems for Executive Benefits Support and Administration - ATLANTA--(BUSINESS WIRE)--McCamish Systems, LLC has been chosen to provide 409A Technical Support and Plan Administration for The Phoenix Companies Inc.?s strategic effort in the executive benefits market. Phoenix will be utilizing three McCamish platforms to pursue the market. Deferral+® and Advisorfolio? will provide 409A compliant plan design, documents and 409A plan implementation. McCamish?s BPO services will provide plan administration and recordkeeping services.
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