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Thursday
07/10/08
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Your Insurance News "Strategic
Relationship"
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Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
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© Copyright Notice
- the information on this page is protected by the copyright
laws - all rights reserved.
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2008 TPA Licensing Manual
Compliance Tool Available for Purchase! |
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The Professional Insurance Marketing
Association (PIMA) is the premier forum for the leading Agents/TPAs/Brokers
and Companies in the sponsored insurance and direct marketing arenas.
This 2008 CD-ROM Publication, a benefit of PIMA membership, is now
available to non-members for only $695. The CD contains a guide to state
statutes and regulations and is efficiently indexed with active
hyperlinks to resource sources.
To order or for a content preview,
go to
www.pima-assn.org or call
817-569-PIMA (7462).
At PIMA…Business Development is the ROI
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For more than 30 years the Professional Insurance Marketing Association
(PIMA) has been the premier networking, educational and resource forum
for leaders in the insurance direct marketing industry - serving
associations, employers, financial
institutions and other groups. |
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Daily Quote:
"A culture of
discipline is not a principle of business; it is a principle of
greatness." - - Jim Collins |
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M&A
/ ALLIANCES / EARNINGS / CAPITALIZATION |
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Get away this summer
to sunny and exciting Las Vegas!! |
| 4 hours of
open
exhibit hall time
where you can meet with the voluntary benefits
industry's leading providers of products and
services to build your voluntary benefits
revenue stream. |
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3 hours with
Marshall Sylver who will teach you how to do a
better job of influencing yourself and others. |
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10 1/2 hours of
presentations for industry experts over two
agenda tracks including special 3 hour workshops
on selling auto & home at the workplace and
positioning your benefits agency for sale. |
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Spend your
evenings in the most exciting city in the world. |
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Vendors
-
arrange for
private meetings and invitation-only
dinners and shows with your distribution
partners and prospects. |
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Receive a complimentary copy of “Double Your Voluntary Benefits Revenue Stream”
- -
20 Workplace Benefit Marketing Secrets
with an
added bonus of
“200 Power Thoughts &
Scripts For Quantum-Leap Performance Results. |
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Hedge your benefits
practice and build a voluntary benefits revenue stream!
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Workplace Benefits Mania
2008
July 28, 29 & 30 - Caesars Palace, Las Vegas, NV
Build your voluntary benefits revenue stream!
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Industry "Movers & Shakers" Attendees |
90 Leading Industry Exhibitors |
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Worksite Marketing Hall-Of-Fame Inductions
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Field Proven Expert Speakers |
Special "Auto & Home"
Payroll Deduction Workshop |
Special 4-hour
"Influence" workshop |
Registration Fees
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Three-Day Meeting /
Exhibit Hall /
Reception
/ Luncheon Pass
(This
registration includes: all general session, break-out and
exhibit hall sessions, the Monday
reception and Marshall Sylver show, the Tuesday Hall-Of-Fame
Luncheon, the Tuesday Reception, and the Wednesday Buffet Breakfast
with Exhibitors.) -
Licensed Agent
- $199.00 - Non-Agent -
$249.00 -
See Agenda -
www.workplacebenefits.org |
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1.
Insurance industry
loses $13 bln to disasters in H1 |
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FRANKFURT, July
9 (Reuters) - The insurance industry's bill for losses due to
natural catastrophes in the first six months of the year was
around $13 billion, above average for the last 10 years, Munich
Re (MUVGn.DE: ) said on Wednesday.
Overall losses,
including about $20 billion due to the earthquake in Sichuan,
China, were roughly $50 billion, with insured losses coming to
about $13 billion, the world's second-biggest reinsurance
company after Swiss Re (RUKN.VX: ) said in a statement.
"In 2007 as a
whole, natural catastrophes generated overall losses of $82
billion , of which the insurance industry carried about $30
billion," Munich Re said, noting there were 960 catastrophe
events last year.
In giving
estimates for overall economic losses and insurance industry
losses, Munich Re declined to give an update of its own share of
natural catastrophe damage claims so far this year.
The reinsurer
told Reuters in late May it expected its share of the damage
from the Sichuan earthquake to be in the low to middle tens of
millions of euros. [ID:nL28780303]
Some 150,000
people have died in natural catastrophes so far this year, such
as the Sichuan earthquake and the cyclone in Myanmar, a higher
number of deaths than in the full years since 2004, when a
tsunami hit South Asia.
Munich Re said
it had analysed about 400 natural catastrophes through June this
year, of which 300 were attributable to weather extremes.
"The year is
following the long-term trend towards more weather catastrophes,
which is influenced by climate change," Munich Re board member
Torsten Jeworrek said in the statement.
The United
States was hit by a large number of extreme weather events in
the first half of the year, with a record number of tornadoes,
heavy rain, hail and flooding in Iowa and other Midwest states.
"The overall
loss caused by the floods on the Mississippi and elsewhere is
likely to be around $10 billion, with an insured loss in the
upper three-digit million dollar range," Munich Re said.
(Reporting by Jonathan Gould; editing by Sue Thomas)
© Thomson
Reuters 2008 All rights reserved |
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2.
Coalition To Lobby For
Health-Care Reform |
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WASHINGTON (Reuters) - A coalition of unions, think tanks and other
groups launched an advertising campaign on Tuesday saying they want to
ensure that health-care reform tops the U.S. political agenda after the
November elections.
The group, Health Care for America Now, said it had the backing of 100
labor groups, community organizations, medical groups and activists.
The non-profit group is headquartered on Washington's K Street, known
for its high-powered lobbyists, and said it was immediately starting a
$1.5 million advertising campaign on television, newspapers and online,
with an eventual spending goal of $40 million.
"This is the human rights movement of our time," said Jeff Blum,
executive director of USAction, a non-profit that campaigns for
strengthening of Medicare, Social Security and other entitlements.
"If there is one thing that our government should be guaranteeing each
one of us, it is the basic, fundamental right to affordable and quality
health care. This must be the birthright of every American."
Some of the groups backing the organization include the National
Education Association, the National Women's Law Center, Planned
Parenthood Federation of America, and the Service Employees
International Union, which represents health-care workers among others.
By
any measure, health-care reform is among the top issues concerning
American voters.
Republican presidential candidate Sen. John McCain of Arizona and
Democratic candidate Sen. Barack Obama of Illinois say they are putting
together health-care reform plans.
Other groups have too, including retailers, employers and labor unions.
The United States has no single health-care system but relies on a
patchwork of private, public and employer-sponsored insurance plans --
and 47 million Americans lack any coverage.
The new group says it wants to keep the best of what already exists,
without moving to a fully nationalized system.
"Americans can keep the private insurance they have, join a new private
insurance plan, or choose a public health insurance plan," the group
said in a statement.
"The campaign also calls for a government role in setting and enforcing
rules on the insurance industry which consistently charges whatever it
wants, sets high deductibles, denies coverage based on pre-existing
conditions, and drops coverage when people get sick."
(Reporting by Maggie Fox, editing by Will Dunham and Eric Beech)
©
Thomson Reuters 2008 All rights reserved |
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3.
“Going Global With
Voluntary Benefits” - Look Before You Leap |
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Twinsburg, Oh - -7/09/08
The Workplace Benefits Association is pleased to announce that Bill
Velto, Vice President – Worldwide, Voluntary Employee Benefits, AIG/AIU
will present at Workplace Benefits Mania 2008, July 29, at Caesars
Palace, Las Vegas, NV.
Mr. Velto will discuss “Why Enter The Global Market” and the fundamental
issues to consider (including);
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Market analysis
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Products / Services
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Distribution approaches
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Process / Strategy
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Implementation
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Requirements to Operate
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Strategic Partnering
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Why
Enter the Global Market?
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Conclusions
- Opportunities for All
- First in
the Market
- Market
Share
- Limited
Competition
- Higher
Margins
“This is a timely
presentation” said Walt Podgurski of the Workplace Benefits Association.
“We just saw a report released this week from Eastbridge Consulting
Group that Since 2000, voluntary sales have increased from $3.1 billion
to $5.038 billion a year (in 2007).*”
“We expect the
growth in voluntary benefits to continue to grow in the U.S. and the
international market has many of the same fundamental core factors that make them solid
markets to enter.” Mr. Podgurski continued. “Carriers and Brokers will
learn of not only of the international opportunities presented by
voluntary plans, but also the comparable perspectives that can be
applied domestically.”
Complete meeting
details for Workplace Benefits Mania can be found at the
www.workplacebenefits.org website. The meeting registration fee for
licensed agents is $199.00 and $249.00 for non-licensed attendees.
* Eastbridge
Consulting Group, Inc. |
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4.
U.S. Regulators Probe 2
Ex-Credit Suisse Brokers: Report |
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(Reuters) - Federal prosecutors are investigating whether two former
Credit Suisse (CSGN.VX: ) brokers lied to investors about how they
placed their money into short-term securities, the Wall Street Journal
reported, citing people familiar with the matter.
The investigation involves the $330 billion market for auction rate
securities, including municipal bonds, corporate bonds, and preferred
stocks whose rates are reset periodically, which broke down following
auction failures caused by the credit crunch.
The probe by the Justice Department's U.S. attorney's office for New
York's Eastern District represents the first known criminal matter
stemming from the crumbling auction-rate securities market, the paper
said.
(Reporting by Pratish Narayanan in Bangalore; Editing by Erica
Billingham)
©
Thomson Reuters 2008 All rights reserved |
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5.
Hewitt Research Shows
Women Much Less Prepared to Retire Than Men |
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Longer Life Spans, Lower Salaries and Conservative Saving Habits Key
Factors in Gap Between How Much Women Need for Retirement and Their
Actual Saving Behaviors
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Despite having a more powerful
presence in shaping today’s workforce, women continue to be less
prepared for retirement than men, according to a new study by Hewitt
Associates, a global human resources consulting and outsourcing company.
In fact, Hewitt’s study not only found that women need to save more for
retirement than men, but it also highlighted that the gap between the
amount women need to save and the amount they are actually saving is
larger than the gap for men. Moreover, this gap will continue to grow
due to lower salaries, conservative investing, longer life expectancies
and higher retiree medical needs.
The study, which examined the projected retirement levels of nearly 2
million employees at 72 large U.S. companies, found that both men and
women are on track to replace 85 percent of pay at retirement, assuming
average life expectancy. However, women, on average, need to replace
nearly 130 percent of their final pay at retirement—7 percentage points
more than men. When factoring in differences in longevity, that
disparity jumps to 10 percentage points. In other words, the average
woman will need to save 2 percent of pay more per year than the average
man, over 30 years, to achieve the same standard of living.
“There are multiple barriers women face that automatically put them at a
disadvantage when it comes to meeting adequate retirement income
levels—some of which are preventable and some of which are not,” said
Alison Borland, defined contribution consulting practice leader at
Hewitt Associates. “But despite these challenges, it is possible for
women to make a significant impact on the amount they amass in their
retirement nest eggs if they are willing to understand the challenges
they face and take a few small steps toward improving their saving and
investing behaviors.”
Factors Affecting Women’s Retirement Readiness
www.hewitt.com |
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6.
AHIP: Country Is Eager
for a Uniquely American Approach to Health Care Reform |
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WASHINGTON, July 8, 2008 / PRNewswire - For decades, health care reform
discussions have left those without health care coverage empty handed
and those struggling with the high cost of coverage disappointed. Next
year there is an opportunity for the nation to try again.
The Board of Directors of America's Health Insurance Plans (AHIP) has
offered four detailed proposals to provide coverage to all Americans, to
improve quality, to reduce the cost of care, and to ensure that no one
purchasing individual coverage falls through the cracks.
"We welcome and intend to make a significant contribution to the
national discussion of how to blend public and private strategies to
achieve a uniquely American solution that can work and be enacted," said
Karen Ignagni, President and CEO of AHIP. "We advocate providing
coverage for all Americans by repairing the safety net and providing a
helping hand to working families and small business owners who are
struggling to afford coverage. To accomplish this goal, we must address
the core medical cost drivers that are driving up the cost of coverage."
Ignagni noted that the rising cost of health care treatments is driving
up the cost of coverage due to wide variations in care; overuse,
underuse, and misuse of services; and proliferation of new technologies
without evidence to compare their effectiveness.
To
learn more about AHIP's health care reform proposals, visit
www.AHIPBelieves.com.
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7.
Wells Fargo Grows in
Indiana With Purchase of American Med-Scan, Inc. |
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CHICAGO, Jul 08, 2008 (BUSINESS WIRE) -- Wells Fargo Insurance
Services, Inc. - America's largest bank-owned insurance brokerage and a
subsidiary of Wells Fargo & Company (WFC) - said today that it has
acquired Carmel, Indiana-based American Med-Scan, Inc. The acquisition
adds to Wells Fargo's diversified Indiana presence: 38 banking stores,
10 mortgage stores, 15 consumer finance stores, a regional commercial
banking office and 5 insurance brokerage offices.
Company shareholder Fred Day and four American Med-Scan team members
will continue their responsibilities with Wells Fargo Insurance
Services, folding their existing operations into the Wells Fargo
Indianapolis office. Terms of the transaction were not disclosed.
www.wellsfargo.com/wfis |
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9.
INSURANCE NEWSLINK
Articles |
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Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic
concise intelligence database of over 30,000 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.
THE TIME EFFECTIVE WAY TO STAY AHEAD
- Equitable Life bombshell to hit government next week?
- IAG reveals major job losses and cut backs
- BIBA and IIB at one in approach on remuneration transparency
- Catastrophe claims hit $13bn in the first half
- KMG chooses Innovation Group as its preferred supplier of
outsourced claims services
- Face-to-face financial advice will build public confidence says
CII
- Four more reports from Research and Markets
- Bangladesh looks at insurance regulation
- Lloyd's cuts back Indian representation
- Matthews will have early decisions to make at Friends Provident
- Bermuda stays ahead on captives
- P & I Clubs to
raise capital to meet Solvency II requirements
- Hub acquires in Long Island
- ISO selects SAS to help build more accurate analytical models
- US P & C rates
drop less
- AIG to open branch in Beijing
- ACR Retakaful spreads its wings
- Groupama consolidates position in Turkey
- Fortis launches life operation in the UK
- Giles keeps up acquisition pace
- LOMA selects CSC to conduct insurance exams in India
- Equity acquires another broker
- Horizon Casualty Services selects @Global's business
intelligence portal
- Hyland Software acquires Liberty Information Management Systems
- Swiss Re to look at pensions buyout market
- ING gets life nod in Ukraine
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10.
Mesirow Financial Chief
Economist Diane Swonk Releases Latest Commentary: Decelerating
Growth/Accelerating Inflation: A Global Economic Quagmire |
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CHICAGO, July 8, 2008 /PRNewswire -- "The general sense is that the
world economy is already in the process of slowing, even among the
emerging markets of Asia. The only exceptions are parts of the Middle
East, which continue to benefit from skyrocketing energy prices," says
Diane Swonk, chief economist of Mesirow Financial, in her July issue of
Themes on the Economy.
http://www.mesirowfinancial.com/economics/swonk/themes/themes_0708.pdf
"The arguments for a 'decoupling' or major divergence in growth between
the U.S. and its major trading partners, in particular, are being
discredited. Europe's economic slowdown is lagging the U.S. one by
two-to-three quarters. Moreover, that slowdown will eventually affect
the emerging markets of Asia, as much of Asia has shifted its reliance
on exports from the U.S. to Europe. Indeed, one could argue that our
economies are now more, rather than less, connected via trade and
financial flows than in the past," notes Swonk.
In
her July newsletter, Swonk highlights topics discussed by worldwide
economists, who attended the 2008 International Conference of Commercial
Bank Economists, June 23-27 in Melbourne, and risks to the forecast,
which include:
--
Global real estate boom. It is only a matter of time before rising rates
and a slowdown in growth abroad trigger a bust in other countries. The
housing markets of the U.K. and Spain are already suffering and playing
a drag on overall economic activity.
--
Europe is widely expected to feel the secondary effects of the credit
crisis, although with a lag. European banks were among the most
aggressive foreign buyers of U.S. mortgage debt in recent years, but
because of different accounting rules, have not had to write much of
that debt down.
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Japan, which surged in the first quarter, is expected to come to a
virtual standstill during the balance of the year-exports are the
primary reason behind the weakness.
--
Denmark has already entered a statistical recession and the risk is high
that the U.K. and Spain could soon follow. Germany is holding its own,
but it is unclear how long that can last given the strength in the Euro
and its dependence on exports.
--
The only true optimists are the developing nations, which expect to slow
but continue to post quite substantial gains. This includes everyone
from developing Asia (with the exception of Vietnam) to Central Europe
(with the exception of Hungary) to much of Latin America.
A
Medium-Term Turnaround?
"Over the next two-to-five years, the outlook for the U.S. relative to
the rest of world is somewhat better, with an overwhelming majority of
foreign economists expecting the U.S. to regain its title as the
"fastest growing industrial block. It is unclear, however, what that
accomplishment really means. Growth in the developing world is expected
to continue outperforming growth in the developed world over the next
decade or so, predicts Swonk."
"On net, the world appears to be entering a slower phase of growth with
some of the more developed economies slipping into recession. The
developing economies are expected to hold up better, but not fully
escape the troubles of the developing world."
The July issue of Themes on the Economy as well as archived issues can
be found at
http://www.mesirowfinancial.com. |
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11.
Economist Finds
Highmark/IBC Merger Would Result in 70 Percent Share in Pennsylvania,
Far Higher Than Initial Reports |
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HARRISBURG, Pa., July 8, 2008 / PRNewswire - An economist examining the
proposed merger of Highmark, Inc. and Independence Blue Cross testified
today that the combined companies would have a market share far greater
than has been represented so far. According to testimony presented to
the Pennsylvania Insurance Department today in Pittsburgh by a prominent
economist, Dr. Monica Noether of CRA International, the proposed merger
would result in a combined entity with more than 70 percent of the
statewide health insurance market, even more than the substantial 53
percent share frequently cited in press reports and elsewhere.
The 53 percent share figure incorrectly includes a variety of insurance
products that consumers do not view as substitutes for commercial
medical insurance, such as Vision, Medicare, and Dental, and fails to
include Highmark and IBC's sizable self-insured health business, which
consumers do regard as substitutes, according to Dr. Noether, whose
study was commissioned by Capital BlueCross. Focusing on both
fully-insured and self-insured commercial health business in
Pennsylvania, the merger would result in a combined entity with more
than 70 percent of the statewide market. In other words, seven out of
every 10 commercially insured Pennsylvanians would be covered by the
merged company.
"When competitive entry is difficult, as appears to be the case in
Pennsylvania, a single company with more than 70 percent of the market
is likely to have the ability to exert market power, which means they
possess the ability to profitably raise price or reduce quality,
innovation or choice in ways that can harm consumers," Dr. Noether
testified.
Additionally, Dr. Noether disagreed with the assertion by Highmark and
IBC that their merger would not impact competition because they do not
compete today. She noted that Highmark and IBC do not compete because
they have chosen not to do so through a 10-year non-compete agreement
that expired on the eve of their announced plan to combine -- and
further that Highmark likely would compete with IBC, and thus enhance
competition in Pennsylvania's health insurance marketplace, if the
merger did not proceed.
"This proposed merger would mean a fundamental, long-term change in
Pennsylvania's health care landscape, one that requires careful
examination of its long-term impacts on consumers, providers and
competition," said Anita M. Smith, president & CEO of Capital BlueCross.
"That is why Capital BlueCross has commissioned CRA International to
fully examine this important issue. As a noted economist who specializes
in health care, Dr. Noether's findings will enhance this essential
public dialogue and help public policymakers to determine appropriate
conditions to assure a fair and level playing field in any post-merger
environment."
A
full copy of Dr. Noether's written testimony, along with all other
publicly available documents from the consolidation proceedings, can be
obtained from the Department's Web site at the following link --
http://www.ins.state.pa.us/ins/cwp/view.asp?a=1347&Q=547942&PM=1.
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12.
Highmark and
Independence Blue Cross CEOs Say Combination of Highmark and
Independence Blue Cross will Provide $1 Billion in New Resources Over
Six Years |
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Will Not Reduce Competition and Will Help to Lower Health Care Costs,
Increase Access and Strengthen the Pennsylvania Economy
PITTSBURGH, July 8, 2008 /PRNewswire -- The chief executives of
Highmark and Independence Blue Cross (IBC) testified here today at the
first Pennsylvania Insurance Department public hearing about the
combination of the two companies, saying that it will be good for
customers, health care providers, and the communities the two
organizations serve -- and would not reduce competition.
Kenneth R. Melani, M.D., president and chief executive officer of
Highmark, said, in part, "The proposed transaction will not reduce
competition or choice in any market in Pennsylvania. Simply put, the two
companies and their Pennsylvania insurance subsidiaries do not compete
with each other."
"Highmark
offers commercial health insurance products in western and central
Pennsylvania and IBC serves the five southeastern Pennsylvania
counties," Joseph A. Frick, IBC's president and chief executive officer
said, in part. "However, in our separate markets, the two companies
today compete against a wide range of other health insurers, but not
against each other."
Dr. Melani said, "We believe this transaction will allow us to build on
our history and lay a foundation for significant, tangible impact in the
way health care is delivered and paid for in Pennsylvania." www.highmark.com |
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13.
Prudential Debuts New
Retirement Workbook |
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Customized enrollment guide outlines individual retirement realities
NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU)
has debuted its Retirement Workbook, a newly designed personalized
enrollment guide that delivers simplified, reader-friendly content for
participants in defined contribution plans who are transitioning to
Prudential Retirement or for new hires joining existing plans.
“It’s no secret that American workers are overwhelmed and need help
understanding their workplace benefits,” said James Cornell, chief
marketing officer, Prudential Retirement. “They welcome simple,
easy-to-understand material that engages their interest, encourages plan
participation and helps them understand their defined contribution plans
and personal situation. We’ve enhanced the workbook with this in mind,
creating a personalized enrollment and resource guide that generates
enthusiasm for the plan even as it helps participants make appropriate
choices for building a secure retirement.”
Uniquely structured by plan type for participants in 401(k); 403(b),
457, 401 (a) and Multi-employer plans, the format of the
visually-oriented Retirement Workbook introduces participants to all
aspects of their retirement plan, with a specific emphasis on the
following features:
*
Personalized, targeted information based on the options available in
their plan;
*
Retirement income projections to ease participants’ retirement planning
decisions; and
*
Support for ‘auto-plan solutions’ such as automatic enrollment,
contribution accelerator and asset allocation tools, if these options
are available as part of their plan.
The flexibility of the workbook also allows sponsors to create a custom
look and feel, including tailored cover designs, and is available in
Spanish upon request.
The workbook also drives readers to Prudential’s Online Retirement
Center where they can access the award-winning Retirement Income
Calculator, which allows participants to incorporate outside assets into
their retirement planning calculations and review if they are on track
toward a secure retirement.
http://www.news.prudential.com/ |
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14.
New Guide Gives
Financial Professionals an Edge with Boomers |
|
Retirement Readiness Reviews from The Principal builds book of business
DES MOINES, Iowa--(BUSINESS WIRE)--The competition is intense to help
some 78 million baby boomers get ready to retire over the next decade.
Financial professionals can differentiate themselves and tap into an
estimated $8.4 trillion dollar1 opportunity with yet another retirement
income tool from the Principal Financial Group®.
“Retirement Readiness Reviews” is a guide that helps financial
professionals walk their clients through retirement planning. Using the
guide, financial professional can help clients
*
Define how they want to spend their retirement
*
Set their retirement timeline
*
Understand the risks they may face in retirement
*
Take steps toward managing those risks
The “Retirement Readiness Reviews” guide is the latest addition to a
program The Principal® launched last year that helps financial
professionals expand their existing book of business through
cross-selling and referrals.
www.principal.com |
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|
15.
MIB Life Index Reports
North American Life Insurance Activity Flat in June |
|
BRAINTREE, Maine, July 9 /PRNewswire/ -- North American application
activity for individually underwritten life insurance was off slightly
in June, down -0.9% year-over-year, according to the MIB Life Index(SM).
Second quarter activity trailed that of Q2 2007 by -2.5%. Year-to-date (YTD)
life insurance application activity has declined -1.9%, compared to the
same period last year.
U.S. application activity was off -0.9% in June year-over-year, all ages
combined. Second quarter activity trailed that of Q2 2007 by -2.9% with
quarterly declines principally attributed to lost ground in the 0-44 and
45-59 age groups, down -4.4% and -2.5% respectively. Ages 60+ showed a
quarterly increase of +4.2%, Q2 2008 over Q2 2007. June's activity by
age group followed suit: ages 0-44 and 45-59 off -2.3% and -0.5%
year-over-year, respectively with a +5.1% jump, ages 60+. YTD, U.S.
application activity is off -2.5% versus the same six months 2007.
http://www.mib.com/lifeindex |
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16.
Insurance Commissioner
Poizner Orders Company To Pay $60,000 Fine For Selling Insurance Without
A License
|
|
Commissioner Poizner urges all consumers to verify the license status of
any agent, broker or insurance company before doing business with them
SACRAMENTO Insurance Commissioner Steve Poizner today ordered Dent
Defense Group, Inc., a Concord-based company, to pay $60,000 in fines
for transacting insurance in California without a proper license.
Commissioner Poizner encourages all Californians to check the status of
any agent, broker or insurance company with the Department of
Insurance.
“Selling insurance in California without a proper license is illegal,”
said Commissioner Poizner. “Consumers should not give an insurance
agent, broker or company a dime before verifying their license status
with the Department of Insurance. This settlement is a reminder to any
business attempting to compete in California – play by the rules or you
will pay.”
Dent Defense Group, Inc. illegally sold pre-paid paintless dent repair
contracts from 2005 through 2007. Under these contracts, Dent Defense
Group agreed to repair small dents and dings for covered vehicles. The
contracts were considered insurance policies, and only legally allowed
to be sold in California by a licensed insurance company. Dent Defense
failed to obtain a license from the Department of Insurance before
selling their products.
Electronic copies of the Commissioner’s complaint, settlement, and
related order for Dent Defense are available on the Department of
Insurance website.
http://www.insurance.ca.gov/license-status |
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17.
Insurance Agents Are
the New Resource for Home Mortgages |
|
LOS ANGELES, July 9 /PRNewswire/ -- This is a terrible time for home
buyers and the mortgage industry. Interest rates are lower than they
have been in years. Home prices are lower than they have been in years.
People holding substandard ARM's must refinance now. It is a buyers'
market out there yet no one is buying. The public is understandably
scared to death of mortgages and the brokers, banks and loan companies
that sell them.
Beginning July '08, a potential borrower will be able to call their
trusted life, health or casualty insurance agent for their next new home
loan, refinancing or reverse mortgage. Most Americans have an insurance
agent and very often the relationship with that agent is 5, 10 or even
20 years long.
THE WEALTHBRIDGE NETWORK was founded by insurance agents for insurance
agents. Wealthbridge works exclusively with only the finest, highest
quality, financially stable mortgage originators in the United States. |
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|
18.
DTCC and SWIFT to
Collaborate on Global Message Standards for the Alternative Investments
Market |
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NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC)
and SWIFT today announced an initiative to expand options for
communicating with DTCC’s new Alternative Investment Products (AIP)
suite of services. This collaboration on global message standards will
provide market participants the enhanced ability to connect to the AIP
service suite using ISO 20022-compliant XML messages and the SWIFT
network, in addition to the proprietary message formats and direct link
to DTCC that is currently available today.
www.dtcc.com |
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Iran tests missiles, heightening tension with
West. A video grab from Al Alam television shows three of nine long- and
medium-range missiles being fired during a test in Iran July 9, 2008.
REUTERS/Iran tv via Reuters TV
Read Entire Story!!!
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Rice gets medal for helping to free HIV medics.
Secretary of State Condoleezza Rice listens to Bulgarian President
Georgi Parvanov (unseen) in Sofia July 9, 2008 after she was awarded
with the Bulgarian "Stara Planina" medal. REUTERS/Oleg Popov
Read Entire Story!!!
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Broadcasters free to go live from Beijing during
Games. Chinese President Hu Jintao raises the Olympic torch during the
"Welcome Ceremony for the Olympic Flame and the Launching Ceremony of
the Beijing 2008 Olympic Torch Relay" at Tiananmen Square in Beijing,
March 31, 2008. REUTERS/Claro Cortes IV
Read Entire Story!!!
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Fans line-up in Asia 2 days before new iPhone
launch. College student Tetsuya Umeda, reading a book by Apple
Corporation Chief Executive Officer Steve Jobs, rests as he lines up to
buy an iPhone in front of the Softbank Corp flagship store in Tokyo July
9, 2008, two days ahead of the mobile phone's July 11 launch.
REUTERS/Toru Hanai
Read Entire Story!!!
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Albania's Foreign Minister Lulzim Basha (L), NATO
Secretary General Jaap de Hoop Scheffer (C) and Croatia's Foreign
Minister Gordan Jandrokovic shake hands after a signing ceremony at the
Alliance's headquarters in Brussels July 9, 2008. NATO states signed
accession protocols for Albania and Croatia on Wednesday, setting them
on the path to entry into the Western military pact early next year.
REUTERS/Yves Herman (BELGIUM)
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Rare California condors threatened by huge fires.
An adult California condor is seen in an undated photo. REUTERS/Fish and
Wildlife Service/Handout
Read Entire Story!!!
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Runners are chased by a pack of Cebada Gago
fighting bulls on the second day of the running of the bulls at the San
Fermin festival in Pamplona July 8, 2008. REUTERS/Eloy Alonso (SPAIN)
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A child belonging to a family of pavement
dwellers, sleeps in a cradle at a street in Mumbai July 8, 2008.
REUTERS/Arko Datta
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China's People's Liberation Army (PLA) soldiers
listen to a speech during the "Beijing Olympics and Paralympics
Games-time Work Mobilisation Rally" at the Great Hall of the People in
Beijing July 9, 2008. Security is the most important factor in hosting a
successful Olympic Games, China's Vice-President Xi Jinping told a
mobilisation rally on Wednesday, 30 days before the Beijing Games open.
China has identified terrorism as the biggest threat to the Games and
state media on Wednesday said police had shot dead five people who
wanted to wage "holy war" in the troubled western region of Xinjiang.
REUTERS/Claro Cortes IV (CHINA) (BEIJING OLYMPICS 2008 PREVIEW)
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A zoo keeper holds a one-week-old African leopard
cub at Ghamadan zoo near Amman July 2, 2008.REUTERS/Ali Jarekji (JORDAN)
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