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Friday
07/18/08 |
Your Insurance News "Strategic
Relationship"
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Read online at
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1.
U.S. Still Flunks
Healthcare Test, Group Says |
|
By Maggie Fox,
Health and Science Editor
WASHINGTON
(Reuters) - The United States fails on most measures of health
care quality, with Americans waiting longer to see doctors and
more likely to die of preventable or treatable illnesses than
people in other industrialized countries, a report released on
Thursday said.
Americans
squander money on wasteful administrative costs, illnesses
caused by medical error and inefficient use of time, the report
from the nonprofit Commonwealth Fund concluded.
"We lead the
world in spending. We should be expecting much more in return,"
Commonwealth Fund senior vice president Cathy Schoen told
reporters.
The
Commonwealth Fund, a private foundation, created a 100-point
scorecard using 37 indicators such as health outcomes, quality,
access and efficiency.
They compare
the U.S. average on these to the best performing states,
counties or hospitals, and to other countries. The United States
scored 65 -- two points lower than in 2006.
One key measure
is prevention of premature deaths from easily treated conditions
such as asthma and heart attacks.
The United
States fell from 15th to last among 19 industrialized nations on
this measure from 2006 to 2008. The report estimated the U.S.
health care system could save 100,000 lives if it matched Japan
or France, the top performers.
Infant
mortality remains high in the United States, with a rate of 7
infant deaths per 1,000 live births, compared to 2.8 per 1,000
in Japan and 3.1 in Sweden.
WASTEFUL CARE
Efficiency
received a score of 53 "in part because of widespread delivery
of inappropriate and wasteful care throughout the United States,
including potentially avoidable hospital admissions, minimal use
of information technology, and high insurance administrative
costs," the report added.
The United
States spent 7.5 percent of national health expenditures on
insurance administration in 2005, compared to 6.9 percent in
France, the next highest spending nation, 2.3 percent in Japan
and 1.9 percent in Finland.
While 98
percent of doctors in the Netherlands and 89 percent in Britain
use electronic medical records, only 28 percent do in the United
States.
Some 47 million
Americans have no health insurance and another 28 million are
underinsured.
On the plus
side, control of high blood pressure increased from 31 percent
in 2000 to 41 percent of patients in 2004.
The
researchers, who used data and recommendations from the
Institute of Medicine, the U.S. Department of Health and Human
Services and elsewhere, said U.S. adults are significantly less
likely than patients in five other countries surveyed to get an
appointment with a doctor the same or the next day. (Editing by
Akan Elsner)
© Thomson
Reuters 2008 All rights reserved |
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2.
More Time Needed To
Audit Some Taxpayers: IRS |
|
WASHINGTON (Reuters) - The Internal Revenue Service urged Congress on
Thursday to give authorities more time to audit taxpayers who have used
foreign entities and bank accounts to avoid or evade federal taxes.
"Because of the complexity of many of the cases, we often need
additional time," IRS Commissioner Douglas Shulman said in prepared
testimony to be delivered to a Senate subcommittee on investigations
hearing. Currently the statute of limitations is three years.
The Congressional panel is holding a hearing on practices by some
foreign banks, including Switzerland's UBS AG, that the subcommittee
says have helped wealthy Americans skirt taxes.
(Reporting by Rachelle Younglai)
©
Thomson Reuters 2008 All rights reserved |
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3.
Bernanke: Economy In
"Rough Time" |
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By
Mark Felsenthal
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke told a
House of Representatives panel on Wednesday the U.S. economy is going
through a "rough time" and urged lawmakers to approve Treasury
Department proposals to back up mortgage markets.
"I
think the housing market is really the central element of this crisis,"
Bernanke told the House Financial Services Committee. "And anything we
can do to strengthen the housing market, to strengthen mortgage finance,
would be beneficial."
On
the second day of two days of congressional testimony, the Fed chairman
painted a gloomier economic picture than in recent weeks, suggesting the
U.S. central bank is unlikely to raise benchmark rates from the current
2 percent at its next meeting on August 5.
Underscoring the recent economic deterioration, minutes of the Fed's
last meeting on June 24-25, released on Wednesday, showed officials
thought at the time they might be able to begin raising benchmark
interest rates from 2 percent as soon as August.
PUBLIC PAIN, PRIVATE GAIN
For the second day in a row, Bernanke sought to convince sometimes
skeptical members of Congress to send a strong signal to financial
markets that the U.S. government stands behind embattled mortgage
finance companies Fannie Mae (FNM.N: ) and Freddie Mac (FRE.N: ) by
approving a backstop package proposed on Sunday.
Treasury Secretary Henry Paulson also returned to Capitol Hill in a bid
to win backing for his plan to extend unlimited credit and the
possibility of equity purchases to the companies.
The mortgage enterprises' share prices slid abruptly last week amid
worry they may lack sufficient capital to weather crumbling housing
markets. Policy-makers consider them vital to any recovery of the
beleaguered housing market, and Paulson's plan had backing from the Fed,
the White House, and congressional leaders.
The Fed chairman said the two companies, with small exceptions, are now
the only companies securitizing mortgages.
"I
would advise prompt action on housing issues, including Fannie and
Freddie," he said.
But Rep. Spencer Bachus, the highest ranking Republican on the House
Financial Services Committee, told Bernanke that taxpayers should not be
on the hook for losses incurred by publicly traded companies.
Bachus said he was concerned about an approach "where investors reap
market gains and taxpayers are stuck with the losses."
His concerns echoed those expressed by several Senators on Tuesday,
raising questions about how quickly the administration can push its
package of confidence-boosting measures through Congress.
Shares of the two companies jumped on Wednesday after big mortgage
lender Wells Fargo reported stronger-than-expected earnings, countering
a trend of bleak news in the financial sectors.
TOUGH CONDITIONS
Speaking about economic conditions, Bernanke acknowledged that rising
unemployment, tight credit and higher prices are pinching many people,
even though the economy continues to grow.
"This is clearly a rough time," he said in response to questions from
lawmakers. "Conditions are tough on average families," he added.
But the Fed is also increasingly worried that inflation may be flaring,
as the minutes of the June meeting emphasized.
Bernanke is under pressure both within and outside the Fed for not
fighting inflation more aggressively with higher benchmark interest
rates.
Fresh evidence of inflationary pressures surfaced in a government report
on Wednesday showing consumer prices rose in June by the biggest amount
since September 2005 in the aftermath of Hurricane Katrina, as gasoline
prices surged.
Even when volatile food and energy costs were stripped out, consumer
prices rose more than expected.
Bernanke assured lawmakers that inflation is a concern for the central
bank.
"Inflation is currently too high," Bernanke said. "And it's a top
priority of the Federal Reserve to run a policy that is going to bring
inflation to a acceptable level consistent with price stability," he
said in response to questions from the committee.
(Reporting by Mark Felsenthal; Editing by Neil Stempleman)
© Thomson Reuters 2008 All rights reserved |
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4.
New England Patriots Sues Ambac Over Fees - Report |
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NEW YORK, July 16 (Reuters) - The New England Patriots football team,
whose debt included auction rate securities, have filed a law suit to
recover fees from bond insurer Ambac Financial Group (ABK.N: ), the
Boston Globe reported on Wednesday.
The newspaper said an affiliate of the team, NPS LLC, refinanced the
debt but is suing Ambac over $2.8 million in fees.
Spokesmen for the team and for Ambac were not immediately available.
Auction rate securities are long-term securities whose rates are reset
at periodic short-term auctions. The auction rate market began freezing
in late January amid the credit crunch, and issuers faced unexpectedly
high interest rates demanded by investors.
In
February, a market source told Reuters the football team had $71 million
in taxable auction rate debt.
The Patriots were forced pay a 20 percent interest rate until they
switched to more frequent auctions. There was no information available
on what the financing paid for.
The Boston Globe in 2001 had reported that Patriots owner Robert Kraft
had financed a $300 million stadium in Foxborough, Massachusetts, via
the 28-day auction rate security market, after buying insurance from
Ambac that lifted the deal to "AAA." (Reporting by Joan Gralla; editing
by Leslie Adler)
©
Thomson Reuters 2008 All rights reserved |
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5.
Guy Carpenter Publishes
July 1, 2008 Reinsurance Renewals Briefing |
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Soft Market Conditions Prevail, Reflecting Excess Capital
New York, July 17, 2008
Guy Carpenter & Company, LLC, the leading global risk and reinsurance
specialist, today announced the publication of a briefing on
property-catastrophe market conditions at the July 1, 2008 reinsurance
renewals period. The briefing finds a soft market continuing, with
property and liability renewal rates declining. For property-catastrophe
covers, risk-adjusted pricing dropped between 10 percent and 20 percent
relative to July 1, 2007.
According to the briefing, both lower and higher layers declined by
double digits relative to July 1, 2007 renewals, with quotes and firm
order terms (FOTs) down relative to the previous year. FOTs for higher
layers were down between 15 percent and 20 percent year-over-year, while
for lower layers, they sustained declines of 10 percent to 15 percent.
In addition, quote ranges narrowed, as reinsurers responded to the
realities of the market.
“Even as we see this continued decline in rates, there are a number of
factors adding some stability to the reinsurance markets,” said Chris
Klein, Global Head of Business Intelligence, Guy Carpenter. “As time
passes, the absence of a mega-catastrophe has made carriers wary of
being caught unprepared. Furthermore, global economic conditions have
reduced equity valuations, putting pressure on carriers to increase the
profitability of their underwriting.”
Outside of the United States, price drops were below the market average
because of recent increases in the frequency of smaller catastrophes. In
Caribbean markets, programs were significantly oversubscribed,
reflecting the overcapacity in the marketplace and the need for
reinsurers to post revenue gains.
A
full copy of the report can be downloaded at
www.guycarp.com. |
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6.
New Fed Mortgage Rules
– What Consumers Need to Know |
|
Ann Arbor, MI July 17, 2008 – On Monday, July 14, 2008, the Federal
Reserve issued rules that are designed to combat predatory lending
practices. “The final version of the rules incorporated many of the
changes we suggested to the Fed when we commented on these rules a few
months ago,” said Gibran Nicholas, Chairman of the CMPS Institute, an
organization that certifies mortgage bankers and brokers. “Some of the
rules apply only to higher cost non-conventional mortgages such as many
jumbo loans and those in the sub-prime category, while other rules apply
across the board and affect all mortgage originations,” said Nicholas.
Here are two examples of how the new rules will affect consumers:
Documenting Income and Assets:
For higher-cost loans, borrowers must document income and assets in
order to qualify for the mortgage, and “stated income” loans are no
longer allowed. “The good news is that the Fed changed the final rule
from the proposal they originally made a few months ago,” said Nicholas.
Under the Fed’s original proposed rules, lenders could have faced huge
legal liability if they made loans to borrowers in unique circumstances
- such as self-employed individuals, borrowers new on their jobs and
borrowers who lived in areas where the employment outlook was
deteriorating. This would have greatly restricted lending and caused
lenders to shy away from working with borrowers in unique situations.
“The final version of the rules are not as ambiguous as the Fed’s
original proposal, and lenders are presumed innocent so long as they
follow certain requirements that have been outlined by the Fed,” said
Nicholas. “This means that lenders can start creating loan programs to
address the unique needs of borrowers in the marketplace. This is great
news for home owners and buyers who have been shut out of the market
recently due to the unwillingness of lenders to take risks when lending
to borrowers who have unique financial circumstances.”
Appraisals
The Fed is making it a violation for anyone to coerce, influence or
otherwise encourage appraisers to misstate or misrepresent home values.
“The great news here is that the Fed’s rules are a lot better than the
guidelines proposed by Fannie Mae and the New York Attorney General a
few months back,” said Nicholas. Under the previous proposed guidelines
that are still being considered by Fannie Mae, consumers, lenders and
brokers would have been completely prohibited from even having
conversations with appraisers about their opinion of value. The proposed
guidelines even went so far as to prohibit the ordering of a second
appraisal to get another opinion. “This would have been like telling a
cancer patient that it’s against the law for them to get a second
opinion from another equally qualified doctor unless they could somehow
prove the original doctor was incompetent,” said Nicholas.
“On the other hand, the Fed’s rules allow lenders to consider second
opinions from other appraisers without these stringent and unnecessary
restrictions.” The Fed also allows lenders, brokers and consumers to
have open communication with appraisers so long as the communication
does not involve coercion or pressure to misstate the home’s value.
“This is fantastic news for home owners, buyers and the entire
industry,” said Nicholas. “The Fed is properly addressing the issue of
appraisal fraud while not overreacting to the situation. Now it simply
remains to be seen whether Fannie Mae and the New York Attorney General
revisit their proposed guidelines in light of the Fed’s new rules.”
Other mortgage rule changes that affect consumers include:
· Changes to the advertising rules that lenders must follow -
such as not allowing lenders to over-emphasize teaser rates and payments
· Changes to the customer-service procedures that loan servicers
must follow - such as providing pay-off statements in a timely manner
· Changes to the way that pre-payment penalties are allowed to
be used
· Changes to the disclosures, process and timeframe for lenders
to collect up-front fees
“Although the new rules don’t go into effect until October, 2009,
lenders will probably start changing their procedures later on this year
to start bringing themselves into compliance,” said Nicholas. Members of
the press can learn more about the Fed’s rules and other current events
in the mortgage industry by attending the upcoming CMPS event in New
York City on July 28-30. The main presenter will be CMPS Institute
Chairman Gibran Nicholas, and there will be a special real estate market
forecast delivered by Dr. Lawrence Yun, chief economist of the National
Association of Realtors. www.CMPSInstitute.org |
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7.
Moody's: Rating Actions
Show Credit Quality Weakening In 2008 |
|
New York, July 16, 2008 -- Credit quality trends remained fairly
negative in the second quarter with an upgrade-downgrade ratio of only
0.33, reported Moody's Investors Service. Although the upgrade-downgrade
ratio increased slightly in the second quarter as compared to the
previous quarter, there was an increase in both the absolute number of
issuers downgraded and issuers holding negative outlooks, says Moody's.
"Despite the recent decline in credit quality and increase in negative
outlooks, the distribution of rating reviews and outlooks has been
fairly stable over the previous two years," says Moody's Analyst
Jennifer Tennant.
Looking ahead, Tennant says the environment continues to be cautious,
with a greater percentage of debt issuers on review for downgrade than
upgrade, as well as more issuers holding negative outlooks than positive
ones.
In
all, watch for downgrades have hovered around 4% of all issuers while
watch for upgrades have consistently been in the range of 1%-2.5% of
issuers. About 6%-7% of issuers currently hold positive outlooks.
Specifically, for the second quarter, Moody's reported that 4.2% of
rated issuers were on review for downgrade, compared with 1.9% on review
for upgrade. Similarly, 13.9% of rated issuers were given negative
outlooks, compared with 5.6% with positive outlooks.
Continuing the trend from the previous quarter, the credit outlook for
investment-grade issuers was slightly more positive than for
speculative-grade issuers. Both categories, however, had more issuers on
review for downgrade than for upgrade.
"Investment-grade issuers show more stability, while speculative-grade
issuers were more likely than investment-grade issuers to experience
downgrades and upgrades in the second quarter of 2008. Speculative-grade
issuers were also much more likely to hold negative outlooks," adds
Tennant.
Regardless of the region, there are more issuers on review for downgrade
than for upgrade, although the US and Canada have the largest disparity,
says Moody's. The US and Canada also have the largest percentage of
issuers with negative outlooks. On a positive note, Europe, Asia-Pacific
and Middle East and Africa have the largest percentages of issuers with
positive outlooks and the Asia-Pacific and Latin American regions had
approximately the same number of upgrades and downgrades in the second
quarter of 2008.
The quality of ratings actions and outlooks differed by industry and
underscore the economic impact of recent events that include rising gas
prices, downgrades of financial guarantors, and continued problems in
residential real estate markets.
During the second quarter Airlines, Non-Life Insurance, Real Estate &
Construction and Media and Entertainment had the largest percentages of
issuers experiencing downgrades. The Airline and Building Materials
industries have substantially more issuers with negative outlooks than
positive ones.
The title of this Moody's Special Comment is "Moody's Rating Actions,
Reviews and Outlooks: Quarterly Update -- Second Quarter 2008."
www.moodys.com |
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8.
Russian Banks Continue
Poaching Top Personnel |
|
Thu Jul 17, 2008 11:08am EDT
MOSCOW, July 17 (Reuters) - Russian banks Troika Dialog and VTB (VTBR.MM:
) said on Thursday they have hired senior personnel from various Western
counterparts, including Deutsche Bank, UBS, Citigroup, Merrill Lynch and
JP Morgan.
Troika said it had hired six new managers, including three who will
reinforce the investment bank's global markets platform. They are former
Citigroup (C.N: ) heads Nick Harwood and Douglass Welch, as well
Philippe Jordan, formerly with UBS (UBSN.VX: ).
It
has hired two from JP Morgan (JPM.N: ) and a director from Merrill Lynch
(MER.N: ), James Turnbull, who will become Troika's Chief Executive
Officer of its Kazakhstan operation.
VTB said they have chosen long-time Deutsche Bank (DBKGn.DE: ) manager
Sergei Baranov to create a global investment platform, and have hired
two others from Deutsche and UBS.
©
Thomson Reuters 2008 All rights reserved |
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9.
Florida Insurance
Commissioner McCarty Joins Gov. Crist in Meeting with Lloyd’s of London |
|
Tuesday, July 15, 2008
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today
in London joined Gov. Charlie Crist and House Speaker Designate Ray
Sansom in a meeting with Lord Levene, the chairman of Lloyd’s of London,
as part of the governor’s Team Florida Trade and Business Development
Mission.
Commissioner McCarty talked about the importance of modernizing our
reinsurance framework and Florida’s leadership role in that capacity. He
also discussed the role of global reinsurance and the consequences of
global warming.
"The market for insurance against large scale natural disasters has
evolved into a highly competitive marketplace,” said Commissioner
McCarty, “and it is imperative that Florida remains out front as the
market continues to evolve. The time for inefficient and potentially
obstructive regulation has passed. We remain committed to developing
efficient regulation that will stabilize these markets while still
ensuring that the promise of available and affordable insurance made to
Florida policyholders remains our primary focus.
“The threat of continuing global warming is an issue that all
Floridians need to be thinking about, because unless we all take action
to help reduce its effects, the frequency and severity of future storms
that strike Florida could bring about devastation greater than we ever
have seen. “I am honored to have been asked by Gov. Crist to accompany him and
other key officials on this important mission for Team Florida.”
www.floir.com |
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10.
Report calls for Equitable apology |
|
Thu Jul 17, 2008 6:20am EDT
By Clara Ferreira-Marques
LONDON (Reuters) - The government should apologise to more than a
million policyholders in Equitable Life and offer them compensation, a
long-awaited report by the parliamentary ombudsman said on Thursday,
almost a decade after the insurer's near demise.
The country's oldest mutual insurer, with 1.5 million policyholders at
its peak, almost collapsed in 2000 after being forced to honour
unsustainable guarantees stretching back 30 years. It eventually closed
to new business in one of the country's most dramatic financial
scandals.
Thursday's report by parliamentary ombudsman Ann Abraham, who has been
investigating the case for four years, will not guarantee a payout for
all policyholders and further delays are expected but it should hearten
those who have campaigned for years for government compensation.
"(Those) responsible for undertaking financial regulation should act in
a way that is compatible with the duties and powers which parliament has
conferred on them," she said.
"Those responsible for the prudential regulation of Equitable Life
failed to do so throughout the period covered in my report," Abraham
said on Thursday.
The Treasury said it would not rush into a decision on the
recommendations. The Financial Times said policyholders' claims amounted
to around 4 billion pounds.
"The length and complexity of the report mean that the government will
need to consider the report carefully before giving its response in the
autumn," economic secretary to the Treasury Kitty Ussher said.
© Thomson Reuters 2008 All rights reserved |
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11.
Medical Electronic
Attachment, Inc. and ClaimLogic announce strategic relationship |
|
Atlanta, GA, July 17, 2008: Medical Electronic Attachment, Inc. (MEA),
The Recognized Leader In Electronic Attachments and ClaimLogic, an
Industry leader in EDI and Revenue Cycle Management products and
services to many of the largest medical provider groups in the US, today
announced they have entered into an alliance that will allow ClaimLogic
to offer its clients FastAttach™, a streamlined electronic medical
attachment solution.
MEA’s FastAttach™ system enables healthcare offices to transmit
healthcare attachments – including vision, workers compensation,
professional and institutional attachments, and other documents required
to process clams – to MEA’s repository, where payors will be able to
view them. FastAttach™ offers a secure and reliable method to submit
all documents required to support a claim. FastAttach™ is the most
efficient paperless process for sending attachments; it reduces postage
costs, eliminates lost attachments and improves revenue cycles.
https://www.claimlogic.com/start/start.php
http://www.mea-fast.com/ |
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12.
The 21st Century
Retiree Points, Clicks, and Lives – MyRetirementShop.com to Offer Access
to Lifestyle Services
|
|
NEW YORK, NY – July 16, 2008 – AXA Equitable Life Insurance Company
today launched My Retirement Shop (www.MyRetirementShop.com),
a first-of-its- kind retirement lifestyle website created by a financial
services company.
Applying a comprehensive, education-based approach to the proven vibrant
lifestyle of the "At Retirement" generation, the site combines access to
a plethora of resources and services specifically designed for people
near or at retirement, with information and tools on how to use those
resources. The announcement was made by Barbara Goodstein, Executive
Vice President of AXA Equitable and the company's Chief Marketing
Officer and Chief Innovation Officer.
MyRetirementShop.com includes easy-to-navigate sections that provide a
one-stop shop for information and resources to help individuals refresh,
reinvent and reinvigorate themselves in retirement. Anyone can sign up
to use the site at no cost or obligation and get information about and
resources for Home & Family; Finance; Health & Fitness; Volunteering;
Travel; Entertainment; Self Improvement; Community; Brain Teasers;
Financial Products & Services; and a Concierge Service.
"AXA
Equitable takes a comprehensive, education-based approach to addressing
the at retirement needs of our customers. Financial services isn't just
about products or investment advice but understanding the individual's
needs, wants and desires for retirement living," said Christopher "Kip"
Condron, Chairman and CEO of AXA Equitable.
To
access all of the information and resources on MyRetirementShop.com, log
on and enroll at
www.MyRetirementShop.com. There is no cost or obligation. |
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13.
Assurant Company
“Stands the Test of Time” - Only One Percent Of Life/Health Carriers
Receive Recognition |
|
KANSAS CITY, Mo. — (July 7, 2008) One of the underwriting entities of
Assurant Employee Benefits, Union Security Insurance Company, was
recognized in the monthly magazine of A.M. Best Co. as one of only 15
life/health insurers to maintain an “A” or higher financial strength
rating for 75 years. Only one percent of the nation’s life/health
insurance carriers received the recognition.1
“I’m proud of our sound financial history,” said John Roberts, interim
president, Assurant Employee Benefits. “Each day we strive to not only
continue this financial stability, but also provide the small business
focus, flexibility and service our customers have come to know and
deserve.”
Union Security Insurance Company’s first rating year was 1928. Union
Security Insurance Company, which underwrites some of the products and
services marketed by Assurant Employee Benefits, has undergone some name
changes over the years, most recently on Sept. 6, 2005. Headquartered in
Kansas City, Mo., the company is a leading provider of group disability,
life and dental coverages for small to mid-size businesses.
Best’s Review is the monthly magazine published by A.M. Best Co. Founded
in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health
care system providers. A.M. Best ratings range from A++ to F.
As
an independent third party, A.M. Best neither endorses nor is affiliated
with any of the companies it rates.
For more information visit
www.assurantemployeebenefits.com |
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14.
Moody's says Fannie and
Freddie threat to Asian banks and insurers exaggerated |
|
Singapore,
July 17, 2008 -- Moody's Investors Service says that despite the
problems afflicting the two US government sponsored mortgage finance
enterprises, Asian banks generally face little risk from their holdings
of securities issued by the Federal National Mortgage Association
(Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).
"While some regional banks and insurers hold substantial amounts of
paper issued or guaranteed by either of the two institutions, the risk
of interim mark-to-market income statement losses is low and of actual
principal or interest payment loss miniscule," says Deborah Schuler, a
Moody's Senior Vice President.
"In addition, possible foreign exchange-driven losses, given the decline
in the US dollar and the fact that Fannie Mae and Freddie Mac securities
are USD-denominated, are mitigated by offsetting exposures at the
banks," adds Schuler.
Schuler made her remarks in conjunction with the release of a special
comment she has authored on the risk posed by the problems afflicting
Fannie Mae and Freddie Mac to Asian banks and insurers. |
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15.
AIG ContinUL Extend®
Offers Increased Flexibility and Guarantees |
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Guaranteed Death Benefits to Any Age or Duration, Unmatched Product
Customization
HOUSTON--(BUSINESS WIRE)--AIG American General announced today new
features to its popular AIG ContinUL Extend®, a universal life insurance
product underwritten by American General Life Insurance Company and The
United States Life Insurance Company in the City of New York,
subsidiaries of American International Group, Inc. (AIG).
AIG American General has lowered premiums across most ages and
underwriting classes and has added a fourth no-tobacco underwriting
class: Standard Plus NT. These additional features provide increased
flexibility to AIG ContinUL Extend, which offers guaranteed and
customizable death benefit coverage.
“Because of life’s changing needs, and the resulting flexibility that is
required, AIG ContinUL Extend continues to be a very popular universal
life insurance product for customers that are looking for customization
as well as a guaranteed death benefit,” said Rod Rishel, vice president
and universal life business leader for AIG American General. “Our new
rates and underwriting enhancements make this popular product even more
attractive to producers and consumers.”
For more information about AIG ContinUL Extend visit
www.aigag.com/continULextend.
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16.
MetLife Launches
Enhanced Variable Universal Life Policy |
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Product Offers Greater Potential for Cash Value Accumulation and Income
Distribution
NEW YORK--(BUSINESS WIRE)--MetLife announced the launch of its enhanced
variable universal life policy, Equity Advantage Variable Universal
Life, based on the 2001 Commissioners’ Standard Ordinary (CSO) Mortality
Table. In addition to providing affordable life insurance coverage, the
new product offers the potential for long-term cash value accumulation
and income distribution through improved features and also provides
policyholders with guaranteed life insurance protection options.
The new Equity Advantage VUL is a permanent life insurance policy that
offers individuals a vehicle to set aside additional money on a
tax-deferred basis, as well as the opportunity to help manage the risks
of volatile investment markets, with guaranteed insurance protection.
The base policy offers Guaranteed Minimum Death Benefit (GMDB) options
that provide a guaranteed death benefit for 5 years, 20 years or until
age 65 regardless of investment performance. With the policy’s new
Guaranteed Minimum Death Benefit (GMDB) Rider, which is available for an
additional charge, clients can select additional guarantees until age 85
or for their lifetime. www.metlife.com |
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17.
Identity Theft 911
Introduces New Data Breach Program for Growing Threat |
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“Total 911” Provides Commercial Insurers and Businesses Protection and
Resolution
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Identity Theft 911, a leading
identity management and consumer education company, today announced a
new data breach crisis resolution service called “Total 911” that helps
businesses respond better to identity theft compromise. This
cutting-edge program includes pro-active measures to help reduce the
risk of exposure to a data breach and will quickly contain a crisis
should one arise.
The service is a response to the various state breach notification
requirements already in effect in 43 states, the District of Columbia
and Puerto Rico. It also provides assistance to business owners for
compliance with new federal requirements in the "Red Flag Provisions" of
the FACT Act that will take effect in November. This new program will
provide expert advocacy to help react to data breach incidents and
mitigate the potential losses and risks associated with identity theft.
www.identitytheft911.com |
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18.
CIGNA Launches National
“It’s Time to Feel Better” Advertising Campaign to Support Health
Service Mission |
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PHILADELPHIA--(BUSINESS WIRE)--CIGNA, the health service company,
launched its new national marketing campaign today with advertisements
in the Wall Street Journal. Supported by Doremus, the global
communications network, the campaign will be the largest in CIGNA’s
history, and recognizes that while the current health care system is not
perfect, CIGNA is committed to doing everything in its power to make it
better.
Advertisements debuted today in spreads in the Wall Street Journal and
will continue into September. Print ads also are appearing in consumer
and trade publications nationwide, as well as online. Television
commercials are slated to roll out in 15- and 60-second spots in
selected markets around the country. Both the print and the television
ads direct consumers to an online site,
www.itstimetofeelbetter.com,
which includes educational programs and tips on making the most of
physician appointments, managing stress, child safety and many other
topics. The multi-million-dollar campaign will span several years. |
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19.
Allstate Survey Offers
Surprises, Insight into Who’s Behind the Helmet |
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Hardcore riders more willing to curb spouse/significant other before
motorcycle
NORTHBROOK, Ill., JULY 15, 2008 – Virtually all hardcore riders answered
they would give up their spouse or significant other before their
motorcycle, according to the recent results of a consumer study
commissioned by Allstate Insurance Company. Also, riders across all
classifications were twice as likely to give up their television sets
before their motorcycles – a testament to the passion many Americans
feel for their bikes and riding.
These and other insights were revealed in an online survey of 500 male
bikers nationwide, weighted to represent the total population and
commissioned by the Northbrook, Illinois-based insurer earlier this
year. Allstate developed the study to stay current about changing
demographics and interests of those who ride motorcycles.
To
learn more or to locate an agent near you, visit
www.allstategarage.com or
call 877-BIKE-303.
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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Actor Heath Ledger is shown in a scene in his role as The
Joker in "The Dark Knight" in this undated publicity photo released to
Reuters July 16, 2008. When the film began early screenings last month
ahead of its U.S. debut on Friday, some moviegoers saw Ledger as an
instant Oscar candidate. But Oscar watchers and veteran critics say the
joke may be on fans who are creating what is mostly Internet-based buzz,
because a posthumous Academy Award nomination would be a rare event.
REUTERS/Warner Bros Studio/Handout |
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NYC speeds transformation of yellow cabs to
green. A New York City cab driver fills his taxi up with gas at a Hess
station in New York, July 2, 2008. REUTERS/Shannon Stapleton
Read Entire Story!!!
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San Francisco most walkable U.S. city, website
says. The skyline of San Francisco, California showing the Transamerica
Building framed by the north tower of the Golden Gate Bridge is pictured
at sunset February 27, 2008. REUTERS/Robert Galbraith (UNITED STATES)
Read Entire Story!!!
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The sun lights the exterior of the New York Stock
Exchange, as people walk past on the shadowed street, July 16, 2008.
REUTERS/Chip East
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The released Lebanese prisoners (L-R) Maher
Qorani, Samir Qantar, Khodr Zeidan, Hussein Suleiman and Mohammad Srour
wave National and Hezbollah flags at a rally in the southern suburbs of
Beirut to celebrate their release July 16, 2008. Hezbollah leader Sayyed
Hassan Nasrallah, in a rare public appearance, welcomed five Lebanese
freed from captivity in Israel on Wednesday after his guerrilla group
returned the bodies of two captured Israeli soldiers. REUTERS/Khalil
Hassan
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Performers pose for photos ahead of the rehearsal
for the opening ceremony of the 2008 Beijing Olympic Games in front of
the National Stadium, also know as the Bird's Nest, in Beijing, July 16,
2008. REUTERS/Joe Chan
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Albania's Prime Minister Sali Berisha (L) and
Defence Minister Gazment Oketa review Albanian elite commando troops in
Tirana Airport July 17, 2008, prior to the troops leaving on a
peace-keeping missions in Chad. Albania, which recently got an
invitation to join NATO, is deploying 62 troops to serve as part of the
3,700 strong European peacekeeping force EUFOR/Chad. The 62-person
contingent will protect the N'Djamena base. REUTERS/Arben Celi (ALBANIA)
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Pope Benedict XVI waves aboard a harbour cruise
in Sydney, Australia, July 17, 2008. REUTERS/Osservatore Romano/Pool
(AUSTRALIA)
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New crop of cable shows break through at Emmys.
Actress Kristin Chenoweth (L), Academy Chairman and CEO John Shaffner
(C) and actor Neil Patrick Harris conclude the announcement of nominees
for the 60th Prime Time Emmy Awards at the Academy of Television Arts
and Sciences in Los Angeles July 17, 2008. REUTERS/Phil McCarten
Read Entire Story!!!
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Boats attend the Brest-Douarnenez regatta in
Brittany, western France, July 17, 2008 during the Brest 2008
international maritime festival. REUTERS/Stephane Mahe (FRANCE)
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