600 attendees -- 80 exhibitors -- 40+ PresentersAttendees will make a substantial number of contacts for prospective strategic partnering and gain more insight into benefits marketing best practices. Licensed agents register 2 for the price of 1! Don't miss the Nashville Themed Music at Registration sponsored by Transamerica Worksite Marketing, The Grand Ole Opry "Walk The Supplemental Line" Extravaganza at the Grad Ole Opry sponsored by UnumProvident, or the "Fat Tuesday" Mardi Gras party sponsored by AIG Workplace Solutions. For more information, visit www.benefitsmarketing.org, call 888-282-1765, or send an e-mail to wpodgurski@aol.com What Happens At A Benefits Marketing Association Meeting Goes Home With You And Builds Your Business And Improves Your Career And The Service You Provide To Your Clients Daily Quote: "Vitality shows not only in the ability to persist, but in the ability to start over." -- F. Scott Fitzgerald
1. Former General Re, AIG execs charged with fraud Thu Feb 2, 2006 1:19 PM ET By Kevin Drawbaugh WASHINGTON (Reuters) - U.S. authorities on Thursday announced fraud charges against four former officers of a unit of billionaire Warren Buffett's Berkshire Hathaway Inc. (BRKa.N:) and giant insurer giant American International Group Inc. (AIG.N:) over an alleged $500 million book-cooking scheme. In a sweeping investigation that led last year to the ouster of AIG's long-time chief executive, Maurice "Hank" Greenberg, the U.S. Justice Department said it brought 13 criminal counts of conspiracy, fraud and making false statements against the four executives. Three former officers of Berkshire's General Re unit were charged: former Chief Executive Ronald Ferguson, former Chief Financial Officer Elizabeth Monrad, and former Assistant General Counsel Robert Graham, the Justice Department said. Also charged was Christian Milton, former head of New York-based AIG's reinsurance operations, the department said. "These four executives arranged a complex scheme to cook the books at AIG ... to create the impression that AIG was in better financial shape than it actually was," said Assistant U.S. Attorney General Alice Fisher at a press conference. The indictment stemmed from a transaction between AIG and General Re, a reinsurance unit of Berkshire in 2000 that investigators said improperly pumped up AIG's books by $500 million. AIG has admitted it accounted for the deal improperly and has restated $3.5 billion of earnings over five years. The U.S. Securities and Exchange Commission also announced parallel civil charges against the four, as well as against former General Re senior vice president Christopher Garand. Efforts to reach lawyers for the accused were not immediately successful. The SEC and Justice Department officials both said their investigations were continuing. An indictment returned in federal court in Virginia on Wednesday said that additional co-conspirators "included senior level executives at AIG and Gen Re." A spokesman for Greenberg declined to comment, as did AIG and General Re. Lawyers for Berkshire, Milton and Monrad could not immediately be reached for comment. Justice Department officials said each of the defendants could face a maximum penalty, if convicted on all the criminal charges, of 95 years in prison and a $7.75 million fine. An arraignment and initial court appearance was set for February 16 in U.S. District Court in Alexandria, Virginia. In June, two former General Re executives -- John Houldsworth and Richard Napier -- pleaded guilty to charges that they had helped AIG misstate financial results. Noticeably absent from the announcement of the charges was New York Attorney General Eliot Spitzer, who has been investigating insurance industry misconduct. Spitzer's office last May filed a civil lawsuit against AIG and Greenberg. Fisher, the assistant attorney general, said there had been "ongoing communications" between the Justice Department and the SEC with Spitzer over the investigation. "I suspect he will announce his own charges," she said. A spokesman for Spitzer, who had said he would not pursue a criminal indictment against Greenberg, could not be reached. AIG has been cooperating with regulators and has been in talks for months over a possible settlement that reports have said could cost the company $1 billion or more. AIG shares were down over 1 percent at $65.47 each in afternoon New York Stock Exchange trading, while both Berkshire's Class A and Class B shares were off less than 1 percent. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. MOODY'S: U.S. LIFE INSURERS BEHIND ON HANDLING TERRORISM RISKS New York, February 02, 2006 -- A recent Moody's terrorism-risk survey indicates that U.S. life insurers and reinsurers, in aggregate, significantly lag their P&C peers, both in their ability to quantify and model their potential terrorism risk exposures, and even in their motivation to do so. "With few exceptions," the report concludes, "most U.S. life insurance respondents seem satisfied with their current capabilities, and they indicated no plans to expand or develop them." Moody's terrorism risk survey is the rating agency's study gauging how life insurers assess their exposure to terrorism, and what proactivesteps --if any -- they are taking to manage it. "Life insurers are exposed to terrorism risk through geographic concentrations and clusters in their group and individual insurance contracts, and in the financial and real estate assets they own," explains Vice President Laura Bazer, an author of the report. A biological, nuclear, and/or chemical attack, for example, could have far more severe and far-reaching consequences for the life insurance industry than the attacks that took place on 9/11. Nevertheless, life insurers have so far responded far more sluggishly to the threat than the members of the property & casualty industry,according to Moody's. Ms. Bazer cites several of the key factors behind these different responses. She points to the relatively low level of 9/11 life insurance losses compared to the property-casualty industry (i.e., $1.5 -$2 billion, compared to property-casualty losses in the $30-$40 billion range); the geographic dispersion of certain types of life insurance business; inadequate policy-level data; and the high cost of formal terrorism risk modeling versus its perceived value. "Over time," the analyst says, "the gap in responding to terrorism threats may narrow, particularly if there are new terrorist attacks, but for now, life insurers are considerably behind their P&C counterparts in dealing with this type of risk." The report emphasizes that, in terms of credit considerations, terrorism events that result in losses of less than 10% of a life insurer or life reinsurer's equity capital are not likely to have a ratings impact. Ms. Bazer adds that "terrorist-related life insurance losses are unlikely to be of the same magnitude as P&C losses in the event of another terrorist attack." "Another consideration is the exclusion of group life insurance from the latest extension of TRIA late in December 2005, at least for now," the analyst adds. This means that the life insurance sector, which has some large potential exposures to terrorism risk, essentially remains on its own. Moody's terrorism risk survey was distributed to 34 companies, with a focus on the largest U.S. writers of group and individual insurance (including life, AD&D, COLI/BOLI, and disability income). As a group, these companies accounted for over 75% of the industry's total individual and group life statutory premiums in 2004. The title of the report is "Moody's Looks At Terrorism Risk in the U.S. Life Insurance Industry." www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Statement of Commissioner of Insurance Robert Wooley Released: February 2, 2006 After careful consideration for my family, the employees of this Department and the voters who placed their confidence in me more than two years ago, I have decided to leave the Department of Insurance to pursue new opportunities in the private sector. When I joined the Department in 1999 for what I figured would be a brief stint, I never imagined I would end up being Commissioner. I have always said “I am no politician,” which made my decision to run for this office then just as difficult as the decision is that I am making now. When I took over as Commissioner, I knew I didn’t stand a chance of improving the regulatory climate without repairing the tarnished image of an office in which all public trust had been destroyed. Gradually, with the help of my chief deputy Jim Donelon and the entire Department of Insurance staff, we were able to restore confidence in our office, which helped us develop a more competitive market and increase the availability of property insurance. By correcting the Department’s problems of the past and restoring its credibility, we were better prepared for the impending crisis of Hurricanes Katrina and Rita. As the first state agency to reopen following the storms, our employees were able to meet the challenge when the number of monthly consumer telephone calls increased from approximately 6,000 to 20,000. Only 4,800 formal storm-related consumer complaints have been filed with this Department at a time when the Louisiana insurance industry is faced with nearly one million storm-related property claims. Simply put, our employees have once again gone above and beyond just getting the job done. They have demonstrated they are proud to be a part of what this Department has become. As I officially leave public service on February 15, 2006, I am confident that under the leadership of Commissioner of Insurance Jim Donelon our progress will go uninterrupted and the continued reform measures aimed at improving the insurance landscape in Louisiana will be implemented by the new administration. I sincerely thank each and every employee of the Department of Insurance for working with me over the past five years to make our office a place the state can once again be proud of. www.ldi.la.gov Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Big "I" Statement on Wooley Resignation Wesley Bissett, senior vice president of government affairs and state relations for the Independent Insurance Agents & Brokers of America (IIABA), released the following statement upon learning of the resignation of Louisiana Insurance Commissioner Robert Wooley: “While Commissioner Wooley will appropriately be remembered for his leadership and service to his fellow citizens in the wake of Hurricane Katrina, no one should forget his successful efforts to modernize the Pelican's State's regulatory system and to make that state a more competitive marketplace. He will be missed by consumers and insurance agents in Louisiana and across the country, and the Big "I" wishes him well in his future endeavors.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. NAMIC comment on resignation of Commissioner of Insurance Robert Wooley NAMIC is sorry to learn Commissioner Wooley is resigning from public service. He has done a terrific job for the consumers and insurers under extraordinary circumstances in the wake of historic devastation from Hurricanes Katrina and Rita. We will miss his steady leadership."-- NAMIC Central Region State Affairs Manager Tami Stanton Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
HR managers have big challenges – hiring and retaining employees, balancing benefits and budgets, keeping up with employment laws. UnumProvident's supplemental health, life, income protection and long term care insurance benefits can help by:
To learn more about our supplemental benefits solutions, visit www.unumprovident.com/balance. Insurance products underwritten and sold and services provided by the subsidiaries of UnumProvident Corporation. Not all companies do business in all jurisdictions. ©2005 UnumProvident Corporation. All rights reserved. UnumProvident is the marketing brand of UnumProvident Corporation’s insuring subsidiaries. NS05-498 6. Snowe Renews Call for Senate to Pass Small Business Health Insurance Legislation WASHINGTON, Feb. 2 /U.S. Newswire/ -- Citing a new study that demonstrates that the high cost of health care insurance continues to burden small-business owners, U.S. Senator Olympia J. Snowe, Chair of the Senate Committee on Small Business and Entrepreneurship, called on Congress to pass "The Small Business Health Fairness Act of 2005," legislation she introduced that will finally provide small businesses with affordable health insurance plans. http://www.usnewswire.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Best's Review: Gulf Coast Insurance Adjusters Wrestle With the Issue of Wind vs. Water OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 1, 2006--Insurance adjusters working their way through Hurricane Katrina's devastation face a myriad of problems, one of which is trying to determine if specific damages were caused by storm surge or wind. The February issue of Best's Review provides an on-the-scene look at the daily efforts of these adjusters as they search for water marks, stripped roofs and anything else that can make the culprit clear. The distinction is critical because many homeowners and business owners did not have flood insurance, and therefore, their losses are not covered. The February issue also features a directory of the chief insurance regulators from each of the U.S. states and territories. In addition to contact information, each entry describes the regulator's background and the jurisdiction's top insurance issues. The hardest part for adjusters in the Gulf Coast communities comes when nothing is left of a building. In those cases, they have to rely on surge maps and satellite imagery from government agencies and engineering firms. The question of wind or flood is so crucial that several lawsuits, including one by Mississippi Attorney General Jim Hood, have been filed seeking payment for flood damages. The issue is so emotional that State Farm had to post guards at two of its claim centers in Mississippi. Best's Review is published by A.M. Best Co. for insurance professionals, including home office executives, agents, brokers and others who are affiliated with the industry, including bankers, lawyers and educators. Other highlights of the February issue include: -- Dr. David Brailer, national coordinator for health information technology, assesses the nation's progress in meeting President Bush's goals for electronic health records. -- Insurers rush to recruit and educate financial professionals to meet the expected rise in demand for retirement planning. -- Competition for the African-American and urban insurance markets heats up. -- How three insurers used technology to solve underwriting problems, including speed, pricing and accumulation of risk. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. National Hurricane Director Max Mayfield to Speak at 2006 Windstorm Insurance Conference Set for February 8-11, 2006 in Orlando, Florida ORLANDO, Fla.--(BUSINESS WIRE)--Feb. 1, 2006--National Hurricane Center Director Max Mayfield and former NFL Player Danny Wuerffel will be among the keynote speakers sharing their experiences of last year's hurricane season at the Seventh Annual Windstorm Insurance Conference to be held February 8-11, 2006 at the Hilton Walt Disney World Resort in Orlando, Florida. Given the unprecedented events of the 2005 hurricane season, this year's conference, which is hosted by the Windstorm Insurance Network, Inc. ( www.windnetwork.com ), will focus on the important issues arising out of the 2005 hurricane season and current property insurance issues. The purpose of the conference is to provide a forum for review and discussion of windstorm and related insurance issues. Around 900+ attendees are expected at the three-day conference. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Minnesota Lawyers Mutual Policyholders Receive a Record $4.5 Million Dividend Minneapolis, MN (February 2, 2006) – Minnesota Lawyers Mutual Insurance Company (MLM), a lawyers professional liability carrier, is giving money back to its policyholders – in the amount of $4.5 million. This dividend will be shared among policyholders in 34 states who had professional liability policies with MLM in force on December 31, 2005. “Sharing profits with policyholders is the cornerstone of the mutual company structure. Given MLM’s financial success in 2005, the board was able to declare a sizeable policyholder dividend. I am delighted that we are once again in a position to return premium dollars to our policyholders/owners,” said Steve Brady, president and CEO of Minnesota Lawyers Mutual. This is the 18th consecutive year MLM has declared a dividend, and it is the largest dividend MLM has ever declared. www.mlmins.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. BIG “I” CALLS FOR COMPREHENSIVE FLOOD REFORM Asks Congress to extend National Flood Insurance Program’s borrowing authority WASHINGTON, D.C., Feb. 2, 2006—The Senate Banking Committee’s discussion today of proposed reforms to the National Flood Insurance Program (NFIP) was an important step, and the Independent Insurance Agents & Brokers of America (the Big “I”) hopes to see common-sense changes as the end result of the process. During the hearing, the Big “I” was pleased to note that Committee Chairman Richard Shelby (R-Ala.) and Ranking Member Paul Sarbanes (D-Md.) appeared to favor increasing NFIP borrowing authority separate from other reforms. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
For more information on these or future seminars, please complete the form below, call 800-779-6384, send an e-mail or visit our website. 11. M Benefit Solutions - Bank Strategies Welcomes Financial Designs, Ltd. to Group of Advisor Firms PORTLAND, OR, FEBRUARY 2, 2006 - M Benefit Solutions - Bank Strategies today introduced Financial Designs Ltd. ("Financial Designs") as its newest Advisor Firm. Financial Designs, an M Financial Group Member Firm based in Denver, Colorado, is a diversified financial services firm and a leading provider of executive benefit planning services to successful businesses and community banks. M Benefit Solutions - Bank Strategies specializes in providing executive and director benefit planning services to community banks through Advisor Firms located in key markets across the country. The Advisor Firms, which are recognized leaders in the Bank Owned Life Insurance ("BOLI") market, specialize in helping banks attract, retain, and reward key executives and directors through the design, implementation, and administration of benefit programs that maximize the use of a bank's financial resources. M Benefit Solutions - Bank Strategies is the Independent Community Bankers of America's ("ICBA") Preferred Service Provider for executive and director benefits. www.mben.com/bank; www.mfin.com; www.fdltd.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. The Financial Services Roundtable Announces Its 2006 Priority Issues The Board of Directors of The Financial Services Roundtable has identified its priority public policy issues for 2006. The core priority issues are: Information Security, Optional Federal Charter, Retirement Security, Anti-Money Laundering, Securities and Exchange Commission, Disaster Recovery, Postal Reform, Significant Tax Issues, Basel II, Payments and Interchange Issues, and Uniform National Standards. In addition, the Roundtable Board has selected 28 issues for targeted action, including GSE Reform and regulatory relief. To see a complete list of priority issues, please visit www.fsround.org. The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $40.7 trillion in managed assets, $960 billion in revenue, and 2.3 million jobs. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Ernst & Young Announces Comprehensive Retirement Income Database; ''Knowledge Bank'' Offers One-Stop Data Source for Industry NEW YORK--(BUSINESS WIRE)--Feb. 1, 2006--Ernst & Young Insurance and Actuarial Advisory Services (IAAS) announced today the availability of its Retirement Income Knowledge Bank(TM), a continuously updated database designed to provide retirement income product information to insurance companies, banks, broker-dealers, and money managers. Available beginning February 1, 2006, the database allows companies to research and compare post-retirement financial products including guaranteed income, asset protection, combination products such as variable annuities with LTC riders, longevity protection, long-term care, underwritten annuities, and personal defined benefit plans. Using the Retirement Income Knowledge Bank, financial product manufacturers will be able to access detailed assessments of products currently available, determine how their offerings match up, and uncover opportunities for developing new products. Financial product distributors will be able to use the Knowledge Bank to research and compare charges and benefits of competing products and remain up-to-speed on industry innovations. For business inquiries, please contact Gerry Murtagh at (908) 295-9723 or Gerry.Murtagh@ey.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Ernst & Young IAAS Releases 2006 Insurance Industry Insights; Identifies Key Life and P/C Issues for the Executive Radar Screen NEW YORK--(BUSINESS WIRE)--Feb. 1, 2006--The Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP today released its '06 Industry Outlook addressing key life and property/casualty sector issues including economic capital, catastrophe modeling and risk recalibration, and M&A activity. Economic Capital Gaining Momentum... A Call to Action While there is no standard economic capital methodology yet in the U.S., it is becoming increasingly clear that the industry is moving in this direction. European regulations are establishing more common standards and are driving global insurers towards economic capital. The business case for economic capital and underlying currents are growing stronger in the U.S. and companies who do not begin taking economic capital seriously in 2006 will pay the price in years to come. With competitive regulatory and rating agency developments in the U.S. including S&P's new enterprise risk management criteria, the handwriting is on the wall and companies must take action. "It is no longer a question of if, but when U.S. companies will be expected to have economic capital measurement capabilities... those who wait for U.S. standards to be set will wake up one day to find themselves behind the competition," explains Michael Hughes, Principal with Ernst & Young's IAAS practice. "U.S. companies should begin planning and piloting economic capital so they are prepared for the new market reality which is getting closer and closer." "While we don't expect 2006 to be a standout year for M&A activity, consolidation will continue to be a part of the industry landscape," explains Rich DeHaan, Senior Actuarial Advisor, of Ernst & Young's IAAS practice. www.ey.com/perspectives Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Advisen Finds Lawsuits Skyrocketing in Management Liability Clash Situations; New Database Tracks Single Event/Multiple Policy Claims since 1987; Finds Suits Stemming from Securities Related Events Up 33 Percent NEW YORK--(BUSINESS WIRE)--Feb. 2, 2006--Since 2002, the average number of separate lawsuits associated with a single securities-related event -- such as the collapse of Enron -- has jumped 33 percent, and suits against underwriters, banks, brokers and law firms have skyrocketed, according to a new database unveiled today by Advisen, Ltd., the leading provider of information, analytics and benchmarking for the commercial insurance industry. Advisen's Master Significant Case and Action Database (MSCAD) contains a comprehensive compilation of information on more than 3,500 Management Liability lawsuits dating to 1987, and is the commercial insurance industry's first database to track "clash" loss events. A clash event occurs when a single issue triggers claims under multiple insurance policies. Management liability lines -- a category that includes various coverages for companies and their directors and officers, ERISA fiduciaries and professionals -- have seen clash events become increasingly commonplace. Loss of shareholder value resulting from fraud or mismanagement can result in multiple claims under D&O, fiduciary liability, and various professional liability policies. "Clash situations have become a serious concern to underwriters who provide liability coverage to service firms such as banks and lawyers, which may be swept up in the wake of headline grabbing scandals like Enron and WorldCom," said David K. Bradford, editor in chief at Advisen and the author of the Advisen QuickNote that announced the new database. "For example, there were 24 separate lawsuits that resulted from the Enron scandal, spreading out like tentacles, touching auditors, bankers and a host of other professional service firms. The data in MSCAD gives underwriters previously unavailable information to help quantify their exposure to these events." Clash events are relatively common in some parts of the insurance business -- for example two automobiles insured by the same company involved in the same accident. More complex clash events can involve several policies owned by one insured, or a number of different types of policies owned by two or more unrelated insureds, all underwritten by the same insurance company. Insurance companies buy specialized reinsurance coverage for clash events, however, it's difficult for an insurer to determine how much clash protection to buy, and some reinsurers shy away from clash coverage since large events are difficult to predict and price. www.advisen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. PIA National Issues Call for Nominations WASHINGTON, Feb. 1 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA National) has announced a call for nominations for three prestigious national awards. Nominations are being accepted between now and February 24, 2006 for the association's Professional Agent of the Year Award, the PIA National Customer Service Representative (CSR) of the Year Award and the inaugural PIA National Young Insurance Professional of the Year Award. Virginia, in conjunction with the 2006 PIA Federal Legislative Summit. Nomination forms and instructions are available at http://www.PIANET.com/awards. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Transamerica Occidental Life Insurance Company Lowers Policy Fees and Revises Premiums on Longer-Duration Term Life Products LOS ANGELES (Feb. 1, 2006) – Transamerica Occidental Life Insurance Company (TOLIC) announced today reduced policy fees and revised premiums on its Trendsetter® Super 10, 15, 20 and 30 series of term life policies in the U.S. The policy fees are being lowered to $30 for all bands on all level-premium products. General agents and producers will continue to receive full compensation on policy fees on level-premium products. TOLIC is establishing a new $250,000 rate band on all level-premium products. Overall, premiums for Trendsetter Super 30 decrease significantly, and, generally, premiums for Trendsetter Super 20 will also be lowered, making these policies even more competitive, especially at older ages and higher face amounts.” For Trendsetter Super 15, premiums will remain basically unchanged, and most Trendsetter Super 10 premiums will increase slightly. “Transamerica Occidental is committed to being one of the industry leaders in the term marketplace,” said Bill Tate, TOLIC’s senior vice president and chief marketing officer. “Reducing policy fees and revising our premiums will position our strong term products more competitively. www.transamerica.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Quick Tax Loans Skim Billions From Taxpayer Refunds; Consumer Groups Warn Taxpayers to Avoid High-Cost Fast Tax Loans BOSTON, Feb. 2 /U.S. Newswire/ -- The W-2s have all been sent and it's the height of the tax season in poor communities, especially for the millions of working families who get the Earned Income Tax Credit (EITC). Yet again, tax preparers and their partner banks will be siphoning off hundreds of millions of dollars from these refunds by selling high cost refund anticipation loans (RALs). The National Consumer Law Center (NCLC) and Consumer Federation of America (CFA) estimate that approximately 12.38 million American taxpayers spent an unnecessary $1.6 billion in 2004 (the latest year for which data is available) to obtain their refund monies faster by two weeks or less than if they used electronic filing and direct deposit. NCLC and CFA today issued their latest annual report on the RAL industry, entitled "Another Year of Losses: High-Priced Refund Anticipation Loans Continue to Take a Chunk Out of Americans' Tax Refunds." "RALs are a bad deal for taxpayers, who can save themselves over a billion dollars by avoiding these exorbitantly priced loans," says NCLC staff attorney Chi Chi Wu. Advice for consumers on better alternatives to RALs is available in the NCLC brochure "Don't Pay to Borrow Your Own Money," online at http://www.consumerlaw.org/initiatives/refund_anticipation/content/RALBrochure.pdf The NCLC/CFA 2006 report on RALs is available at http://www.consumerlaw.org/action_agenda/refund_anticipation/index.shtml; and at http://www.consumerfed.org Contact: Chi Chi Wu of the National Consumer Law Center, 617-542-8010, Jean Ann Fox of the Consumer Federation of America, 757-867-7523 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. BISYS(R) Clarifies Anticipated Impact of Restatement NEW YORK--(BUSINESS WIRE)--Feb. 1, 2006--BISYS, a leading provider of outsourcing solutions for the financial services sector, today clarified its current expectation of the impact of its pending restatement. While the restatement is not yet complete, BISYS expects that the total adjustments to be reflected in the restatement will result in a reduction in consolidated stockholders' equity of between 8% and 8.5% as of December 31, 2004. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day"
21. Seattle Financial Group Finalizes Purchase of Insurance Agency; Seattle Financial Group Purchases Turnure & Associates, Creating Seattle Insurance Group SEATTLE--(BUSINESS WIRE)--Feb. 1, 2006--Seattle Financial Group, one of Seattle's oldest, family-owned, independent mortgage bankers, today announces the acquisition of Turnure & Associates, a property and casualty insurance broker. Seattle Insurance Group, the new insurance arm of the company, will offer a vast array of business, personal, and life insurance products to consumers. www.eattleinsurancegroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. ChoicePoint(R) Acquires ELIOS, Inc., Expands Insurance Services Offerings ALPHARETTA, Ga., Feb. 2 /PRNewswire-FirstCall/ -- ChoicePoint (NYSE: CPS) today announced the acquisition of ELIOS, Inc., a leading loss payee notification company for the Property and Casualty insurance industry. ELIOS notifies vehicle finance companies and mortgage holders of policy coverage and lapses in coverage for its insurance clients. Terms of the acquisition were not disclosed. Using Current Carrier(R), the industry's first and largest nationwide contributory policy database, ChoicePoint has developed a number of unique and valuable policy monitoring and reporting services, including PolicyWatch(SM) and ALIRtS(SM). The ELIOS acquisition further extends ChoicePoint's offerings in this area. Through ELIOS, insurers can outsource state reporting requirements less expensively and more effectively than using their in-house systems. "We estimate that carriers can save as much as 50 percent of what they currently spend to perform this function in-house," said Richard Collier, ChoicePoint vice president and general manager, property and casualty services. www.choicepoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Union Bank of California Integrates Insurance Operation; Company Consolidates Insurance under UnionBanc Insurance Services, Inc. Brand, With Plans for Aggressive Growth SAN FRANCISCO--(BUSINESS WIRE)--Feb. 2, 2006--Union Bank of California, N.A., today announced the consolidation of its insurance operation under the brand -- UnionBanc Insurance Services, Inc. Union Bank entered the insurance brokerage business in 2001 with the acquisition of Orange County-based Armstrong Robitaille Business and Insurance Services. The additions of 115-year-old John Burnham Insurance Services in 2002 and Pleasanton-based Tanner Insurance Brokers in 2003 expanded the company's footprint in San Diego and Northern California, respectively. In late 2003, Los Angeles County-based Knight Insurance Agency joined the company. The business currently has insurance offices in San Diego, Irvine, Fullerton, Glendale, Pleasanton, San Rafael, Stockton, Sacramento and in Portland, Oregon. The combination of the four agencies under the UnionBanc Insurance Services umbrella positions the integrated company as one of the 30 largest insurance agencies in the United States. Annual revenue exceeds $80 million and the company employs 415 insurance professionals. UnionBanc Insurance Services will co-brand with the acquired entity brands of Armstrong/Robitaille, John Burnham and Tanner Insurance for the foreseeable future. www.uboc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Over 340,000 State of South Carolina Employees and Their Dependents to Benefit from ActiveHealth Management's CareEngine(R) Clinical Decision Support Services NEW YORK--(BUSINESS WIRE)--Feb. 1, 2006 -- ActiveHealth's Patented CareEngine(R) System to Compare Evidence-Based Medical Standards Against Members' Medical Claims to Improve the Quality of Health Care for State Employees and Lower Medical Costs; www.activehealth.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Extension Doesn't Equal Solution; Insurance Experts Discuss the Terrorism Risk Insurance Act During GE Insurance Solutions Webinar KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 1, 2006--The recent move by Congress to extend the Terrorism Risk Insurance Act (TRIA) did not provide the industry with the long-term solution it needs. That's the assessment of experts participating in a recent webinar sponsored by the Insurance Leadership Institute of GE Insurance Solutions. "The problem with the TRIA extension is that it further dilutes the protections provided by the original act," said Kim Prather, Underwriting Risk Leader for Commercial Insurance, GE Insurance Solutions. "The industry's per-event threshold was raised, several lines of business were excluded and deductibles were increased. What we didn't end up with was a long-term solution." Prather joined Frank Nutter, President of the Reinsurance Association of America (RAA), and Joanne McMahon, Assistant General Counsel for Government Relations at GE Insurance Solutions, in a discussion on the extension of TRIA and what it means for the insurance industry. www.geinsurancesolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Closing of Acquisition of Insurers Administrative Corporation Positions Independence Holding Company to Benefit from Expansion of Health Savings Accounts (HSAs) STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 1, 2006--Independence Holding Company (NYSE: IHC) today announced that it closed yesterday on the acquisition of Insurers Administrative Corporation ("IAC"). IAC is a leading distributor and manager of Consumer Driven Health Plans (CDHPs) with more than $220 million of individual and group health and life premiums and premium equivalents that insure more than 125,000 covered lives. www.iacusa.com www.Independenceholding.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Advisen ATACm Metric Helps to Predict D&O Risk for Financial Institutions Advisen has now greatly expanded the application of our ATACm model to include financial companies, encompassing banks, insurance companies, various financial services companies, and REITs. Advisen has also begun now to apply ATACm to companies with large financial subsidiaries, such as GE and GM. To view the ATACm score on a specific company, first select that company on Advisen. Then choose Financial Ratings and click on Liability & Bankruptcy risk. Alternatively, contact your Advisen rep at 212.897.4800 or e-mail Jeff Cohen at jcohen@advisen.com; www.advisen.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. QuoteWerks Now Integrates with Microsoft CRM 3.0 Aspire Technologies, Inc. announced today that QuoteWerks™ 4.0, the premier sales quoting software, now integrates with Microsoft CRM 3.0. This new integration from QuoteWerks extends the Quoting functionality of MS CRM users allowing for a more detailed, customized quote presentation to their customers. www.quotewerks.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Farmers Union Mutual Insurance Company of North Dakota Fighting Back Against Identity Theft Jamestown, ND, February 2nd 2006 –Farmers Union Mutual Insurance Company of North Dakota announced today that it has formed a partnership with Arizona based, Identity Theft 911, LLC, to assist their customers through the complicated and time-consuming process of identity restoration. Farmers Union Insurance will now provide identity theft resolution services to all of its Homeowners, and Farm Ranch Property policyholders at no additional cost. www.identitytheft911.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. ING is the Presenting Sponsor of Money: The Power to Empower Women Financial Empowerment Conference Thursday February 2, 9:00 am ET - Conference to Help Women Better Understand Financial Planning and Investing Strategies to Help Secure Their Financial Futures - ATLANTA, Feb. 2 /PRNewswire/ -- ING will be the presenting sponsor of Money: The Power to Empower Women Financial Empowerment Conference through the support of the ING Foundation. The conference is designed to enhance the attendees' understanding of money and how to use it wisely to secure their financial futures and empower others. The two-day event will be held at the Georgia World Congress Center on February 3-4, 2006. More information on the conference, including ticket prices and a full agenda of speakers can be found at www.ywcaatlanta.org/events_moneyconf.html. www.ing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. The Association of Insurance Compliance Professionals (AICP) Accepting Applications for Scholarships The Association of Insurance Compliance Professionals (AICP) has a primary objective of fostering learning opportunities for the insurance compliance community. In support of this objective, the AICP is offering three $1,000 scholarships annually to selected individuals in an effort to further insurance education, and to encourage and support students to have an interest in insurance as a career. The scholarships are available to AICP members and members’ spouses, children and grandchildren . The scholarships are available for undergraduate or graduate studies or graduate studies and are for tuition and fees only.; For more information regarding eligibility and how to apply, visit the AICP website at www.aicp.net. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. DCAP REPORTS ON ACQUISTION AND INVESTMENT INVESTOR CALL SCHEDULED Hewlett, New York—February 1, 2006—DCAP Group, Inc. (NASDAQ: DCAP), the largest chain of independent storefront insurance agencies in the Northeast, today announced that it has made an investment in Commercial Mutual Insurance Company (“CMIC”). DCAP purchased all $3.75 million of the outstanding surplus notes of CMIC from Eagle Insurance Company. A New York - domiciled property and casualty insurer, CMIC provides various markets to its independent agents, including homeowner, commercial auto, physical damage and others. www.DCAPGROUP.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. INSURANCE NEWSCAST “Book Of The Day” - Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant (Hardcover) by W. Chan Kim, Renée Mauborgne " List Price: $27.95 - Price: $17.89 -- For more information or to order, click here! Editorial Reviews From Publishers Weekly Kim and Mauborgne's blue ocean metaphor elegantly summarizes their vision of the kind of expanding, competitor-free markets that innovative companies can navigate. Unlike "red oceans," which are well explored and crowded with competitors, "blue oceans" represent "untapped market space" and the "opportunity for highly profitable growth." The only reason more big companies don't set sail for them, they suggest, is that "the dominant focus of strategy work over the past twenty-five years has been on competition-based red ocean strategies"-i.e., finding new ways to cut costs and grow revenue by taking away market share from the competition. Fort Worth Star Telegram, 14 February 2005 "Companies struggling to stay afloat in the market's...red oceans would do well to look into Blue Ocean Strategy." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article The e-mail address subscribed to INSURANCE NEWSCAST is insurancenewscast-2027-log@pipe.insuranceletter.com. |
