|
 |
Thursday
07/24/08 |
Your Insurance News "Strategic
Relationship"
|
|
|
|
|
|
|
Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
|
|
|
© Copyright Notice
- the information on this page is protected by the copyright
laws - all rights reserved.
 |
|
We are Chipping Away at the
Limited Nature of Mini-Med Plans!
Telephone Medical Consultation from CallMD —
A new value-added benefit to all Foundation One plans
effective September 1st!
- CallMD provides a nationwide network of medical doctors
available for four free telephone consultations and, if
appropriate,
for the issuing of non-narcotic prescription drugs.*
- Members have access to doctors for routine medical needs
without having to take the time to go to a doctor’s office.
- Employers have found this to be a popular employee benefit,
and
a substantial advantage for the company. By enabling
employees
to connect to a doctor from home or work, absenteeism and
sick
leaves are reduced, and overall productivity improves.
- Service is available 24 hours a day, 7 days a week.
|
|
Call us today for
more information: 877-712-4004, ext. 3
website: www.found1ins.com
email: info@found1ins.com
|
|
 |
|
Limited
Benefit Healthcare Solutions Since 1999 |
Foundation One Security is
underwritten by: American Fidelity Assurance Company,
Oklahoma City, OK.
Policy limitations and exclusions apply.
CallMD is not part of the fully insured benefits provided by
American Fidelity Assurance Company.
*Some states do not allow CallMD physicians to issue
prescriptions. |
|
|
|
|
Daily Quote:
"I think that only
daring speculation can lead us further and not accumulation of facts." -
- Albert Einstein
|
|
Build Your Brand Through The
#1 Insurance Newsletter In The World
|
-
Do you have a merger,
acquisition, name change to announce?
-
Are you introducing a new product or service?
-
Is there a legal announcement you have to get out to the entire
insurance industry?
-
Need help getting your message to a narrow insurance industry
niche?
-
Did your
company receive an industry award or honor?
Why not put your
message at the top of INSURANCE NEWSCAST
where it can be seen by
456,000 insurance industry subscribers?
|
|
M&A / ALLIANCES / EARNINGS
/ CAPITALIZATION |
|
|
AIR Estimates U.S. Insured Losses
from Hurricane Dolly at $300 Million to $1.2 Billion
BOSTON, July 23, 2008 – AIR Worldwide estimates U.S. Insured Losses from
Hurricane Dolly at $300 Million to $1.2 Billion with an expected (mean)
loss of $600 million. The considerable uncertainty in the loss estimates
is due to Dolly's slow forward motion, its significant precipitation and
the uncertainty in its future track as it makes its way inland. (In this
part of the coast, a ten mile difference north or south has considerable
impact on losses.) Also highly uncertain is the rate at which Dolly will
dissipate over land.
AIR estimates insured losses in Mexico are expected to be less than a
quarter of U.S. insured losses.
“After slowing for several hours to a near standstill about 35 miles
offshore, the eyewall of Hurricane Dolly finally crossed South Padre
Island at around 1:00 pm EDT as a Category 2 hurricane with winds of 100
mph,” said Dr. Peter Dailey, director of atmospheric science at AIR
Worldwide. “At 2:00 pm EDT, Dolly was located over Laguna Madre, about
35 miles north-northeast of Brownsville. Winds have diminished to 95 mph
and Dolly is now a Category 1 hurricane. Central pressure is estimated
at 967 mb.”
“At Category 2 wind speeds (1-minute sustained winds of 96-110 mph),
many homes are likely to suffer damage to roof shingles and wall
coverings,” Dr. Dailey continued. “There may be also damage to
unprotected windows from the wind-borne debris.”
“Exacerbating the potential damage, Hurricane Dolly virtually crawled
toward Texas, battering coastal properties on both sides of the border
with tropical storm and hurricane force winds long before the center of
the storm actually crossed the coastline. Mitigating the damage is the
fact that the sister cities of Brownsville and Matamoros—the largest
exposure concentrations on Dolly's path are located about 20-25 miles
inland.”
Dr. Dailey stated, “In Mexico, wooden shacks in fishing communities like
Higuerilla may not be able to withstand Dolly's onslaught. Neither are
they likely to be insured. The dominant construction type of insured
properties in Mexico is confined masonry, which should fare reasonable
well. Given Dolly's slow forward speed, precipitation-induced flood
damage may be significant. Dolly made an earlier landfall as a tropical
storm on Mexico's Yucatan peninsula on Monday, July 21, just south of
Cancun, where it caused minimal damage.”
According to the Minerals Management Service (MMS) of the U.S.
Department of the Interior, oil and gas producers in the Gulf of Mexico
shut down about 5 percent of production in the Gulf by Tuesday.
Personnel had been evacuated from 49 production platforms. However,
Dolly's track is well south of the heaviest concentrations of offshore
assets and no lasting shutdowns are expected. Dr. Dailey continued,
“Physical damage to platforms and rigs is likely to be quite limited,
with any insured losses dominated by business interruption.”
Dr. Dailey added, “There are three reasons why Dolly intensified
relatively quickly as it neared the Texas coast: the storm was moving
more slowly and thus had much more time to take advantage of the latent
energy stored in the warm waters, the wind shear conditions in this part
of the Gulf were more conducive to intensification, and hurricanes are
able to more efficiently convert heat energy from the ocean to wind
energy than weaker tropical storms.”
“The experience with Dolly demonstrates that under slightly different
environmental conditions, and in particular under a slightly different
track, the intensification cycle of such a storm could have been very
different. A more southerly track may have resulted in the storm's
inability to reach hurricane strength, while a more northerly track
could have produced a much stronger storm.”
For more information, contact: Kevin Long, 617-267-6645,
klong@air-worldwide.com
|
1.
Health Insurance Plans
Kick Off Health Care Reform Campaign by Listening To Uninsured Ohioans |
|
July 22, 2008
COLUMBUS, OH—America’s Health Insurance Plans (AHIP) today will
launch the Campaign for an American Solution by participating in
a roundtable discussion with people who are uninsured and
community leaders in Columbus, Ohio.
The campaign is
a new national grassroots and educational initiative to build
support for workable health care reform based on core principles
shared by the Americans people: coverage, affordability,
quality, value, choice and portability.
“It is
unacceptable that 47 million Americans are uninsured,” said
Karen Ignagni, president and CEO of AHIP. “We look forward to
hearing directly from the people of Columbus about their
personal experiences and to sharing ideas about fixing health
care.”
Today’s
discussion with uninsured Ohioans is the first of many events
that will take place this year. The campaign will engage in
conversations with Americans from all walks of life—those with
coverage and those without, small business owners and employees,
union leaders and members, physicians and other providers, and
working families from diverse communities.
The campaign
today also announced a new print and online advertising effort
to call attention to the challenges facing the U.S. health care
system and encourage Americans to join the campaign.
According to
Urban Institute and Kaiser Commission on Medicaid and the
Uninsured estimates based on U.S. Census Bureau March 2006 and
2007 Current Population Survey data, slightly more than 1.2
million Ohioans are uninsured, or 11 percent of the state’s
population. The same report estimates nearly 47 million
Americans or 16 percent of Americans do not have insurance
coverage.
Over the past
two years, AHIP’s Board of Directors has developed a range of
comprehensive policy proposals to cover the uninsured, make
health care more affordable, improve the quality of care and
guarantee access to coverage in the individual market.
AHIP’s plan to
cover the uninsured is based on building on the strengths of the
current system to make health insurance accessible to all
Americans. Key elements of the plan include:
Making eligible
for Medicaid every uninsured American living in poverty.
Strengthening
the Children’s Health Insurance Program to include all children
from low-income uninsured families.
Creating a
health care coverage tax credit for working families.
Giving workers
real portability with a new tax-free portable health account
that can be used to purchase any type of health care coverage.
Individuals, employers, the federal government and state
governments could all contribute to the account.
Establishing a
new federal performance grant program to assist states in
expanding access to coverage, reducing costs and improving
quality.
Today’s
discussion in Columbus is unscripted, on-the-record and open to
members of the news media. The uninsured Ohioans and community
leaders participating in the roundtable are not being
compensated.
About the
Campaign for an American Solution
The Campaign
for an American Solution is a non-partisan, educational and
grassroots initiative of America’s Health Insurance Plans (AHIP),
the national trade association whose members provide coverage to
more than 200 million people. The Campaign’s goal to build
support for workable health care reform based on core principles
supported by the American people: coverage, affordability,
quality, value, choice and portability. For more information,
please visit
www.americanhealthsolution.org. |
Return To
Top - -
Print Article / Read Entire Article
|
2.
NY AG Could File Suit
Against UBS This Week -WSJ |
|
BANGALORE, July 23 (Reuters) - New York attorney general Andrew Cuomo is
preparing to file civil securities-fraud charges against UBS AG (UBSN.VX:
), possibly as early as this week, the Wall Street Journal said on
Wednesday.
The lawsuit could also include allegations of wrongdoing by senior UBS
executives, the newspaper said, citing people familiar with the probe.
It was not clear which individuals would be named or whether charges
against individuals would be filed, it added.
Cuomo's office could file charges against other entities it is
investigating in coming weeks, the newspaper said, citing the sources.
In
April, Cuomo and securities regulators in several U.S. states launched
an investigation into auction-rate securities and the role of Wall
Street firms, including UBS, in attracting investors into the troubled
market.
The office of the New York state attorney general and UBS did not return
calls seeking comment. (Reporting by Varsha Tickoo in Bangalore; Editing
by Clarence Fernandez)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
3.
ISO’s Property Claim
Services Unit Estimates Insurers to Pay $6.03 Billion in Second-Quarter
Catastrophe Claims |
|
JERSEY CITY, N.J., July 21, 2008 — U.S. property/casualty insurers are
expected to pay homeowners and businesses an estimated $6.025 billion
for second-quarter property losses resulting from a total of 16
catastrophes in 27 states - nearly double the number of catastrophes in
the first quarter. And the insured property damage in the second quarter
almost doubled the losses incurred in the first, according to
preliminary analysis by ISO's Property Claim Services (PCS) unit.
PCS estimates the 16 catastrophes of second-quarter 2008 generated
1,223,500 claims that averaged nearly $5,000 each.
Following is a summary of second-quarter losses and frequency since
1999:
Year Insured Loss ($) Frequency
1999 3.50 billion 13
2000 1.46 billion 10
2001 6.24 billion 9
2002 2.79 billion 10
2003 5.05 billion 4
2004 2.33 billion 6
2005 930 million 4
2006 5.04 billion 13
2007 2.3 billion 6
2008 6.03 billion 13
At
$1.08 billion, Texas topped the list of the five most severely affected
states, followed by Minnesota at $810 million, Kansas at $578 million,
Arkansas at $450 million, and Oklahoma at $425 million.
The costliest event of the quarter — caused by the effects of severe
weather — occurred in May and affected seven states from Colorado and
Wyoming to Minnesota. The current PCS estimate of insured property
damage for this event is $850 million.
ISO’s PCS unit defines a catastrophe as an event that causes $25 million
or more in insured property losses and affects a significant number of
policyholders and insurers.
www.highlinedata.com
|
Return To
Top - -
Print Article / Read Entire Article
|
4.
Soft Market Conditions
Continue in Second Quarter 2008, but Premium Drops Not as Steep |
|
WASHINGTON – The commercial property/casualty market remained mired in
soft market conditions during the second quarter of 2008, but there were
some signs that the steepest decline in rates may be over, according to
the latest commercial property/casualty market survey released by The
Council of Insurance Agents & Brokers.
Agents and brokers responding to the survey said they saw little change
in the market for account renewals between first quarter 2008 and second
quarter 2008. Although insurers were still hungry for business and
willing to accept lower deductibles and looser terms and conditions, the
market was essentially the same quarter-to-quarter, the survey
respondents said.
“We think the survey generally reflects what is going on in the
marketplace. There is still plenty of capacity, but as industry
analysts have noted recently, the economic woes, coupled with the soft
market, are beginning to hit insurers’ bottom line,” said Council
President Ken A. Crerar. “Relatively mild hurricane seasons the last
two years have helped the industry return to profitability, but the
clock may be ticking on that front,” Crerar said.
Although the bottom of the cycle may be in sight, there was no question
that customers were benefiting from the fierce competition among
insurers, who were easing up on underwriting standards, deductibles,
loss history and other policy terms and conditions to get business.
“They continue to ask what it will take to win the account and are
willing to include perks to coverage for lower price,” a Southwest agent
commented.
“Are there underwriting standards right now?” asked one broker.
“There is reckless abandon in the current market,” agreed a Midwest
agent. “Name your price and conditions, and you’ll probably get them.”
To
view the full survey results, please visit
www.ciab.com/2Q2008MarketSurvey.
Founded in 1913, The Council is the premier association for commercial
insurance and employee benefits intermediaries. The Council represents
the leading commercial brokers and agents in the United States and
abroad. Council members annually place 80 percent of all commercial
property/casualty premiums in the United States and administer billions
of dollars in employee benefits accounts.
www.ciab.com |
Return To
Top - -
Print Article / Read Entire Article
|
5.
State Street Introduces
Vision Report on Sovereign Wealth Funds |
|
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT), the
world’s leading provider of financial services to institutional
investors, today released its Vision Report on sovereign wealth funds (SWFs),
the fifth report in a series of papers targeting issues at the core of
institutional investing. State Street’s Vision Series is intended to
advance understanding of key themes and trends within the financial
services industry.
The latest report assesses the impact of SWFs on the global economy.
With nearly $3 trillion in aggregate financial resources and a rapid
growth trajectory, SWFs are increasingly important cross-border
investors. Across the industry, their rise to prominence has provoked
discussion across the industry around issues of accountability,
transparency and the appropriateness of government control over
investment decision-making.
“While political issues relating to sovereign wealth funds have
dominated the discussion, less attention has been paid to the actual
nature of SWFs — their liabilities, their differing investment
objectives and their likely impact on capital markets,” said Jay Hooley,
president and chief operating officer of State Street. “Drawing on State
Street’s perspective as a market practitioner, we’ve focused our report
on these areas. We hope our insights into this fast-growing market will
assist industry participants as they formulate their own views and
anticipate trends that could affect them and their customers.”
www.statestreet.com |
Return To
Top - -
Print Article / Read Entire Article
|
6.
AIG Global Increases
Capacity for Political Risk and Trade Credit Insurance |
|
NEW YORK--(BUSINESS WIRE)--AIG Global Trade & Political Risk Insurance
Company (AIG Global) today announced it has increased capacity to
support political risk insurance (PRI) policies with limits up to $120
million per risk, from $100 million per risk. The increased capacity is
also available in foreign currencies with maximum limits of €75,000,000,
£60,000,000 or ¥12,500,000,000 for any one risk. It also increased per
buyer capacity in support of trade credit insurance (TCI) policies to
$95 million from $75 million, and its equivalent in Sterling, Euro or
Yen.
“Globalized trade and investment flows have resulted in a trend toward
larger transactions and diversified risk exposures in a number of
currencies,” said John Salinger, President, AIG Global. “By responding
to their needs, AIG Global is again demonstrating its commitment to
remaining at the forefront of meeting our customers’ ever more complex
coverage requirements.”
The new limits are applicable for all classes of PRI. AIG Global’s PRI
covers a range of political perils that can affect foreign direct
investments and assets, project finance, export or import transactions,
or cross-border financings to private or sovereign borrowers—whether for
working capital, trade related or capital market borrowings. On-shore
and local currency risk exposures in emerging countries may also be
covered. The higher limits are available for committed, non-cancelable
policy periods of up to 15 years, subject to AIG Global’s normal
underwriting criteria. TCI covers both export and domestic credit risks.
To
learn more, visit AIG Global’s Web sites at
http://www.aig.com/PRI or
http://www.aig.com/TCI or contact
your local AIG Global office. |
Return To
Top - -
Print Article / Read Entire Article
|
7.
iPipeline Raises $18
Million In Series A Financing |
|
--
Investment Led by NewSpring Capital, Fidelity Ventures and iPipeline's
Management Team --
EXTON, Pa., iPipeline today announced the completion of its $18 million
Series A financing led by NewSpring Capital of Radnor, Pa., and Fidelity
Ventures of Boston. iPipeline's management team also participated in
this financial venture.
iPipeline's Larry Berran, said, "The firm will use this funding to
expand its sales and marketing effort with both carriers and
distributors, to develop additional point-of-sale capabilities for
agents, and to make select tuck-in acquisitions to extend the depth of
the offering."
Mike DiPiano, managing partner at NewSpring commented, "iPipeline is
well positioned in the insurance technology market to take advantage of
the continued shift away from selling insurance through captive to
independent agents. As a result, with the significant increase in these
independent agents now selling policies, there's a greater need for
straight-through processing across a complex value chain."
"iPipeline
provides a compelling value proposition to all market constituents with
its content-form repository and technology delivered in an on-demand
environment", said Roger Hurwitz, partner, Fidelity Ventures. "With
iPipeline's distribution reach, we believe the company is well
positioned to meet the needs of an underserved insurance industry. We
look forward to assisting them with their next phase of growth."
Under Berran's leadership, iPipeline recorded 400% growth over the past
5 years, attracting over 100 carriers and 700 distributors on its hosted
platform. "We are pleased to have NewSpring Capital and Fidelity
Ventures join as investors as we build our business," Berran said.
"This combination provides deep operational expertise, an enormous
network and the know-how to achieve success."
About iPipeline
iPipeline provides the leading suite of sales distribution software to
the insurance and financial services markets delivered as an on-demand
service. This platform includes the most comprehensive forms and
content enabling the industry to market, sell and process insurance
faster. iPipeline provides agents everything they need to make a sale
by aggregating over 100 insurance companies in a single, web-based
network. This simple, intuitive system integrates directly into over
700 web sites of the industry's largest banks, broker-dealers and
insurance distributors on a subscription based model. iPipeline's
integrated approach enables insurance companies to access sales
distribution, eliminates point of sale mistakes and streamlines the
issuing of insurance policies.
iPipeline has offices in Pennsylvania, Georgia, North Carolina and
Wisconsin. For more information, please visit:
www.ipipeline.com www.fidelityventures.com
www.newspringcapital.com.
|
Return To
Top - -
Print Article / Read Entire Article
|
8.
Norvax Joins With
WellPoint To Introduce New Senior Quoting Feature |
|
CHICAGO, IL – July 22, 2008 – Norvax, the #1 provider of technology and
Internet tools for insurance sales, has teamed with WellPoint, Inc., one
of the nation’s leading health benefits provider, to launch a new
quoting platform that will allow agents and brokers to better serve the
fast-growing Medicare-eligible health insurance market.
The new senior quoting feature allows agents to generate and compare
multiple Medicare supplemental plans in seconds. Agents can also
increase their website’s lead-generating capability by embedding the
Norvax senior quoting engine, which allows visitors and clients to run
self-service quotes 24 hours a day.
“Baby Boomers are the biggest segment of the population, and seniors
make up the fastest-growing market in individual health insurance,” said
Kris Schneider, Staff VP Strategic Partners at WellPoint. “This tidal
wave of 70 million Boomers is creating a huge opportunity for health
insurance agents. With the Norvax senior quoting engine, agents will be
equipped to satisfy this incredible demand. They’ll be able to serve
more seniors — faster and with more options.”
Medicare supplemental plans provide many of the benefits that aren’t
covered by standard Medicare Part A or Part B plans. This includes
long-term care, hearing aids, private-duty nursing, dental care and
vision care. But the most important Medicare supplemental plan sought by
seniors is the Prescription Drug Plan (PDP).
“Until now, the biggest hurdle for agents looking to fully serve the
individual senior market has been the lack of an effective tool for
comparing varying plans and carriers,” said Clint Jones, CEO of Norvax
Inc. “With Norvax’s senior quote engine, seniors can now compare plans
side-by-side, choose the program that offers the best pricing and
benefits — and then submit an e-application for faster underwriting.”
The basic Norvax quote engine is already the established leader in
individual/family quoting with thousands of plans from 74 of the
nation’s leading carriers. In addition to quoting Medicare supplemental
plans in seconds, the Norvax senior quoting engine puts informative
state-specific brochures at the agent’s fingertips and connects directly
with available e-applications for quicker submissions.
For more information about the Norvax senior quoting engine, please
visit
http://www.norvax.com/seniors/ or call 1-866-466-7829 ext 1.
Norvax, Inc. is a leading developer of Web-based sales and customer
communication tools that connect and help consumers, insurance brokers,
agents and carriers transact health insurance business more efficiently.
From tools for building lead-generating Websites to health insurance
quote engines and email autoresponders that can automatically include
updated health insurance quotes, Norvax’s health insurance technology
lets agents increase sales, cut administrative time and reduce expenses
by initiating customer contact faster and automatically maintaining
around-the-clock communications with prospects. Founded in 2001, Norvax
was named among the Top 10 fastest-growing software companies in the
U.S. in 2007 by Inc Magazine. Norvax is privately held and headquartered
in Chicago. |
Return To
Top - -
Print Article / Read Entire Article
|
9.
INSURANCE NEWSLINK
Articles |
|
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
Munich Re enters licence agreement to use Russell Group's aerospace
portfolio management tool
SSP produces record results and announce acquisition by Hellman &
Friedman
Tokio Marine to acquire US insurer
Liberata moves out of financial services with sale to HCL
China to up solvency ratios
Government's proposals for reform of personal injury compensation fail
to address radical reform says ABI
Reinsurance Group of America net income up for second quarter
Everest Re dips
Santander to sell insurance business?
Life sales drop in Ireland
CGI sells Canadian adjusting and risk management unit to focus
Huatai Life increases capital
Takaful Emarat begins trading on Dubai Financial Market
AEGON in capital restructure
ReWord extranet success wins BIA Technology Award
Net profits down at Arig after lower investment income
Towers Perrin creates capital markets subsidiary
United Health quarter profit down 72%
Platinum Underwriters improve
DST Systems down
US
offshore reinsurance up last year
AIR launches US Hurricane Model for Offshore assets
Net income dip improves in second quarter at Montpelier Re
Snapshots China Life Insurance 2008
|
Return To
Top - -
Print Article / Read Entire Article
Return To
Top - -
Print Article / Read Entire Article
|
11.
Irwin Siegel Agency
Fills the Coverage Gaps in Social Service Programs |
|
July 23rd, 2008 Rock Hill, NY- Irwin Siegel Agency, Inc. (ISA) has
built-in new coverage options to provide additional protection and fill
gaps that Social Service organizations face in their current insurance
policies. These additional coverage enhancements include Environmental
and Commercial Pollution, Volunteer Accident and HIPAA Protection. These
options are available to both ISA insured and non-insured organizations.
Environmental Coverage offers protection for Claims resulting from
Pollution Conditions both at the insured location and during
transportation and covered operations conducted away from the named
insured’s premises. This policy helps close the gaps that may occur with
multiple insurance policies, premiums and deductibles by insuring
facilities, disposal sites, transportation and covered operations under
one policy.
Volunteer Accident Coverage complements an organization’s general
insurance policy. Since claims are paid under an accident medical
program, these claims may not affect the organization’s General
Liability, Workers’ Compensation or other general insurance policies.
Also, it helps to fill gaps in personal insurance while making
volunteers feel more secure. Volunteers can receive a benefit to help
ease the financial impact of a covered accidental injury.
HIPAA Protector and Medefense protect an organization regarding current
rules restricting use of patient information. These restrictions have
created a new patient privacy regulation exposure for physicians,
medical groups, hospitals and other healthcare and non-healthcare
related entities. This coverage provides for defense costs and civil
fines and penalties levied by governmental agencies resulting from
violations of HIPAA. www.siegelagency.com.
|
Return To
Top - -
Print Article / Read Entire Article
|
12.
New York Takes Steps to
Bring Healthcare Coverage to More Residents |
|
Expansion of Child and Family Health Plus Programs Reach Out to
Uninsured, According to New Report from HealthLeaders-InterStudy
NASHVILLE, Tenn., July 23 /PRNewswire/ -- HealthLeaders-InterStudy, a
leading provider of managed care market intelligence, reports that New
York's recent expansion of its Child and Family Health Plus programs are
small steps in the state's ultimate goal of providing universal coverage
to its residents. According to the newly released New York City Market
Overview report, in addition to these program expansions, officials are
also studying obstacles to health coverage in the state's existing
system.
"Expansion of Child and Family Health Plus are baby steps toward the
ultimate goal of providing universal coverage," states Renee Burnham,
HealthLeaders-InterStudy market analyst and author of the report. "These
government programs provide access to uninsured residents with incomes
too high to qualify for Medicaid."
Despite an August 2007 policy directive from the Centers for Medicare &
Medicaid Services (CMS) that restricts states' abilities to expand
coverage under the State Children's Health Insurance Program, New York
state officials continued with plans to enroll uninsured children in
families with incomes up to 400 percent of the federal poverty level
through the Child Health Plus program. Beginning in March 2008, state
officials also extended the Family Health Plus program to uninsured
workers whose employers are willing to pay 70 percent of the premium
cost in an additional attempt to cover more state residents who do not
have access to healthcare.
According to the report, in July 2007, the state health and insurance
departments began studying obstacles to health coverage in the state's
existing system and developing recommendations to bring affordable
health coverage to all residents. With information from hearings held
across the state, the state's health commissioner and insurance
superintendent released an interim report in May 2008 to New York Gov.
David Paterson that describes the progress made toward proposals for
universal coverage. State health officials also awarded a contract to
the Urban Institute to model various reform proposals and analyze the
cost and coverage implications with results expected in the fall of
2008.
http://www.HealthLeaders-InterStudy.com. |
Return To
Top - -
Print Article / Read Entire Article
|
13.
Wachovia, Other U.S.
Banks Post Dismal Results |
|
By
Jonathan Stempel
NEW YORK (Reuters) - Wachovia Corp (WB.N: ) and Washington Mutual Inc (WM.N:
) led several large U.S. banks in posting weak second-quarter results on
Tuesday, hurt by soaring losses from mortgages and other debt.
Wachovia reported a $8.86 billion loss, while Washington Mutual said it
lost $3.33 billion. Two Ohio-based regional banks, Fifth Third Bancorp (FITB.O:
) and KeyCorp (KEY.N: ), also posted losses. Southeast regional banks
Regions Financial Corp (RF.N: ) and SunTrust Banks Inc (STI.N: ) each
said profit fell.
Wachovia and Regions also slashed their dividends, while Wachovia, Fifth
Third and KeyCorp incurred charges from their tax treatment of some
lease transactions.
Lenders are suffering as the U.S. housing crisis deepens, making it
harder for consumers, businesses and homebuilders to stay current on
their loans.
"There is no easy fix," said Michael Nix, who helps invest $750 million
at Greenwood Capital Associates LLC in Greenwood, South Carolina. "We
have to see stabilization in housing and, until we see that, it's hard
to get comfortable."
OTHER BANKS
Fifth Third, based in Cincinnati, reported a net loss of $202 million,
or 37 cents per share, compared with a profit of $376 million, or 69
cents, a year earlier.
KeyCorp, based in Cleveland, posted a loss of $1.13 billion, or $2.70
per share, compared with profit of $334 million, or 84 cents, a year
earlier.
Atlanta-based SunTrust said profit fell 21 percent to $535.3 million, or
$1.53 per share, from $673.9 million, or $1.89, a year earlier.
Regions said profit fell 54 percent to $206.6 million, or 30 cents per
share, from $453.3 million, or 63 cents, hurt by home equity and
homebuilder loan losses.
(Additional reporting by Elinor Comlay, Joseph A. Giannone and Dan
Wilchins; Editing by Derek Caney and Braden Reddall)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
14.
Kiplinger's Magazine
And AALTCI Team-Up For National Long-Term Care Phone-In Days |
|
Consumers With Long-Term Care Insurance Questions Can Speak To Professionals During LTC Awareness Month
Washington, D.C., -- Kiplinger's Personal Finance magazine and the
American Association for Long-Term Care Insurance have teamed-up to
conduct a national consumer educational program this November (on the
13th and 21st) in conjunction with Long-Term Care Awareness Month. As
part of the program, the magazine will provide readers with the
opportunity to connect by phone with long-term care insurance
professionals able to answer questions. Some 100 members of the
Association have volunteered to donate their time to answer the consumer
calls.
"There will be no selling or promotion as part of this program,"
explains Jesse Slome, Executive Director of the Los Angeles-based
American Association for Long-Term Care Insurance. "This is an
opportunity to educate consumers and to demonstrate the commitment of
hundreds of leading long-term care insurance professionals to helping
Americans and their families understand the issues as well as the
importance and simplicity of planning."
“This is a natural expansion of our mission,” said Fred Frailey, editor
of Kiplinger’s. “Our magazine is devoted to providing readers with
down-to-earth advice on managing their money and achieving financial
security. Long-term care planning is certainly an integral part of any
sound financial plan today and we’re proud to be working with the
association members to help people get informed answers to their
personal questions."
Kiplinger's Personal Finance magazine will promote the program through
the magazine read by approximately 2.4 million people monthly and on its
award-winning Website
www.kiplinger.com. The publication will pay for toll-free access
connecting readers with Association members located nationwide.
Insurance and financial professionals interested in volunteering to be
part of this program can contact the American Association for Long-Term
Care Insurance, Jesse Slome, Executive Director at (818) 597-3227 or via
E-mail, jslome@aaltci.org.
|
Return To
Top - -
Print Article / Read Entire Article
|
15.
National City Trying To
Sell Money-Management Unit: Report |
|
NEW YORK (Reuters) - National City Corp (NCC.N: ) is trying to sell its
money-management unit, the Wall Street Journal reported in its online
edition, citing people familiar with the matter.
National City is working with Morgan Stanley to shop Allegiant Funds,
which manages about $30 billion.
Cleveland-based National City has large operations in Ohio, Michigan and
Florida, all hard-hit by the nation's housing problems. The bank has
lost money in three straight quarters due to its exposure to mortgage
and home equity lending.
(Reporting by Helen Chernikoff in New York and Dhanya Skariachan in
Bangalore; Editing by Anshuman Daga)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
16.
Greenberg Deposition
Postponed Until After Sept 1 |
|
NEW YORK, July 23 (Reuters) - A deposition of Maurice "Hank" Greenberg,
former chief executive of American International Group (AIG.N: ), with
the New York attorney general will not take place until after Sept. 1,
his spokesman said on Wednesday.
Spokesman Glen Rochkind said he could not confirm a media report earlier
on Wednesday that Greenberg was in settlement talks with New York
Attorney General Andrew Cuomo's office.
Cuomo in an earlier legal filing had said Greenberg should be deposed as
"soon as possible."
Greenberg left AIG in 2005, after allegations of financial misconduct
were made against him and the company by then-New York Attorney General
Eliot Spitzer and the U.S. Securities and Exchange Commission.
The office of the New York state attorney general did not return a call
seeking comment on Wednesday. (Reporting by Lilla Zuill in New York and
Varsha Tickoo in Bangalore; Editing by Maureen Bavdek)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
17.
BB&T Sells $53 Mln
Shares To Its Pension Fund |
|
NEW YORK, July 23 (Reuters) - BB&T Corp, a large Southeast regional
bank, said on Wednesday it sold $52.9 million shares to its pension plan
in a private transaction.
After the transaction, BB&T's $1.5 billion pension has about 5 percent
of its assets in BB&T stock.
The price of the 2.45 million share sale was determined by an
independent appraisal firm, the company said.
BB&T last week reported a 6 percent decline in second quarter net
income, signaling to some investors that the bank was avoiding the major
credit problems that have forced rivals to raise capital and cut
dividends. (Reporting by Dan Wilchins; Editing by Derek Caney)
©
Thomson Reuters 2008 All rights reserved |
Return To
Top - -
Print Article / Read Entire Article
|
18.
Northwestern Mutual and
Nippon Life Pursue Business Agreement |
|
Leading Insurers to Explore Variety of Opportunities
MILWAUKEE, July 23 /PRNewswire/ -- Northwestern Mutual and Nippon Life
announced today that they have agreed to explore potential joint
business opportunities continuing the positive relationship between the
two leading mutual life insurance companies that has developed over the
last several years.
Northwestern Mutual and Nippon Life will initially assist each other in
pursuing U.S. and Japanese investment opportunities, including U.S.
private equity and mezzanine co-investments, and potential Japanese
equity investments. The companies will also periodically share
investment insights and consider an exchange of investment personnel.
These cooperative efforts are expected to strengthen the asset
management operations of both Northwestern Mutual and Nippon Life.
Nippon Life has also acquired from Northwestern Mutual a five percent
equity stake in Russell Investments, a global investment firm and
subsidiary of Northwestern Mutual, headquartered in Tacoma, Washington.
With $211 billion of assets under management, Russell serves individual,
institutional and advisor clients in more than 40 countries.
http://www.nmfn.com |
Return To
Top - -
Print Article / Read Entire Article
|
19.
PIANY to testify at
NYSID hearing on compensation disclosure |
|
Glenmont, N.Y. — The Professional Insurance Agents of New York State
Inc. will testify at hearings being conducted by the New York State
Insurance Department in Albany tomorrow, July 23. This is the second in
a series of three hearings on the issue. A third is scheduled to take
place July 25 in New York.
PIANY past President John Bailey will reiterate the association’s
long-standing position that contingent commissions are legal, effective
compensation for producers that benefit New York state’s consumers and
economy: “Contingent commissions are a fair and proven business
practice; they recognize and reward careful underwriting by agents,
which ultimately keeps down premiums for customers throughout the
state.”
Bailey also will remind the panel that Main Street independent agents
work in an extremely competitive market: “The high level of competition
inherent in the insurance marketplace requires that agents act in only
the best interests of the consumer. There simply is no innate advantage
in trying to place business in anything but the most appropriate and
competitive market.”
Bailey will stress the fact that contingent commissions, paid by
insurance companies to retail independent insurance agents, are not the
same as “placement service accounts,” which were used by certain
mega-brokers to manipulate the insurance marketplace to the detriment of
consumers. He will argue that honest retail independent insurance should
not be penalized for the illegal acts of those who now seek to change
the market in their favor.
A
report on last week’s hearing in Buffalo can be read on PIA’s Web site
here:
www.pia.org/COMM/news/template.php?s=NY&nid=4089.
|
Return To
Top - -
Print Article / Read Entire Article
20.
INSURANCE NEWSCAST "Pictures Of The Day"
 |
Hurricane Dolly strengthens as it nears Texas.
Children play at Bagdad beach, some 38 km (23.6 miles) from the border
city of Matamoros July 22, 2008. REUTERS/Tomas Bravo
Read Entire Story!!!
|
 |
Texas grand jury indicts 6 in polygamist ranch
case. Warren Jeffs looks toward the jury in his trial in St. George,
Utah, September 25, 2007. REUTERS/Douglas C. Pizac/Pool
Read Entire Story!!!
|
 |
U.S. Treasury Secretary Henry Paulson delivers
remarks on markets and the economy at The New York Public Library July
22, 2008. REUTERS/Shannon Stapleton
|
 |
Senator Hillary Clinton (2nd L) is pictured
alongside U.S. President George W. Bush (seated) after Bush signed H.R.
3403, the New and Emerging Technologies 911 Improvement act of 2008, in
the Oval Office of the White House in Washington, July 23, 2008, as FCC
Chairman Kevin Martin (L) and Illinois Republican Congressman John
Shimkus watch. REUTERS/Jason Reed (UNITED STATES)
|
 |
US Democratic presidential candidate Senator
Barack Obama (D-IL) (L) visits the Hall of Names with Avner Shalev,
Chairman of Yad Vashem, during a tour of Yad Vashem Holocaust Museum in
Jerusalem, July 23, 2008. REUTERS/Jim Young (JERUSALEM) US PRESIDENTIAL
ELECTION CAMPAIGN 2008
|
 |
Deputy Secretary of Defense Gordon England (L)
and Army General Benjamin Griffin prepare to testify at a hearing held
by the Senate Appropriations Committee on Capitol Hill in Washington
July 23, 2008. The hearing was titled "Waste, Fraud, and Abuse in
Defense Department Contracts Supporting Activities in Iraq and
Afghanistan." REUTERS/Kevin Lamarque (UNITED STATES)
|
 |
The Butte Lightning Complex Fire continues to
smolder near Paradise, California, July 22, 2008. The fire destroyed 71
homes and burned 59,440 acres, but is currently 90 percent contained,
according to the California Department of Forestry and Fire Protection.
REUTERS/Max Whittaker
|
 |
High school student trainees move in the
foreshore during a summer military camp for civilians, organised by the
Marine Corps, in Gimpo, about 30 km (18 miles) northwest of Seoul, July
23, 2008. Forty-seven students are participating in the four-day camp to
strengthen their spirit and body. REUTERS/Jo Yong Hak
|
 |
Ed Archer (R) of Hayward, California, talks about
his 1915 custom Ford race car, as other visitors look at it, during the
100th anniversary celebration of the Ford Model T in Richmond, Indiana
July 22, 2008. REUTERS/Brent Smith
|
 |
Rejected newborn red panda adopted by cat.
Undated handout photo shows a newborn red panda suckling on a domestic
cat. The red panda, born on June 30 and rejected by its mother soon
afterwards in Amsterdam's Artis zoo, has been adopted by a domestic cat,
the zoo said on July 9, 2008. Red pandas look like raccoons and when
fully grown are slightly larger than a domestic cat -- substantially
smaller than the black and white giant panda. REUTERS/Artis Zoo/Handout.
Read Entire Story!!! |
|
-----------------------------7d8a099e035e
Content-Disposition: form-data; name="body_type"
text/html
|
