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IN 10/200
1. A.M.
Best Special Report: Life, Health Insurers' Gains Tempered by Long-Term
Challenges
OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 9, 2006--A.M.
Best Co. projects that at year-end 2005, the domestic life/health
insurance industry will report record results, with adjusted statutory
capital and surplus (including asset valuation reserves) of nearly $300
billion and after-tax net operating gains of more than $33 billion.
These estimates represent a 33% increase in adjusted surplus and a
better than 100% increase in net operating gains since 2001. The stark
improvement in the industry's performance in the past four years
reflects a variety of factors:
- -- The improved economic climate, with the S&P
500 reaching a four-year high during the fourth quarter of 2005;
continued favorable credit-market experience; and the Federal Reserve
taking repeated actions to raise the target level of the federal funds
rate.
- -- Continued growth in both invested and
separate-account assets fueled by strong sales results of retirement
products such as variable and equity-indexed annuities, and asset
appreciation reflecting the improved economic climate.
- -- The successful execution of expense-reduction
initiatives and strategies to enhance operational efficiency that many
companies implemented to improve profit margins in the face of "the
perfect storm."
- -- The exit from noncore lines/unprofitable
markets and simplification of corporate and capital structures as the
industry continues its strategic migration from the "financial
services supermarket" model to a more disciplined platform based on
established core competencies.
While A.M. Best views these trends positively--and
recognizes the industry's strong financial and risk-management
capabilities that made this turnaround possible--the enthusiasm is
tempered somewhat by the long-term challenges ahead. As a result, A.M.
Best's outlook on the life industry remains stable.
A.M. Best believes that life insurers face an
increasingly complex array of risks that pose a real challenge for the
industry to find the right balance between:
- -- Shareholder value and policyholder security as
large, publicly traded insurers try to weigh the shareholders' need for
increased value and the policyholders' need for long-term financial
security.
- -- Sales growth and product suitability,
particularly within the senior market, where various regulatory bodies
are more closely examining certain product designs and sales practices.
- -- The pursuit of scale and the need to create
long-term value, as history has shown that size alone does not ensure
sustainable competitive advantage and improved financial results. While
A.M. Best believes scale is a driving force in the industry today,
building scale through organic means or acquisition must be done in a
very disciplined and focused manner, considering the costs as well as
benefits from a financial, strategic and operational perspective.
- -- Supply and demand, particularly within the life
reinsurance market, where continued consolidation has led to a capacity
crunch--while market dynamics in the individual life and individual
annuity lines are creating increased demand. This means there is
opportunity for growth from existing players as well as new entrants.
The life insurance segment continues to provide a
stable foundation for the domestic life/health industry, accounting for
one-third of the industry's reserves and deposit-type liabilities and
more than one-quarter of net after-tax operating gains. However, the
life segment continues to face challenges--both old and new.
- -- An old, persistent challenge for the life
segment is generating sustainable new business growth as the traditional
distribution force, the career agency system, continues its steady
contraction.
- -- New challenges also abound, including higher
reinsurance rates; the specter of new, more complex reserving
requirements on individual life products; increased competition in group
life; and the potential for emerging "catastrophic" risks.
A.M. Best believes that many insurers possess the
discipline, financial and risk management, perseverance and financial
flexibility to find the right balance in the years ahead. However, as
the increasingly complex and competitive conditions across the industry
force companies to make strategic and operational decisions more
quickly, some will struggle to maintain their long-term financial
strength.
BestWeek subscribers can download a PDF copy of
all full special reports at no additional cost or a combination of the
PDF copies plus all related spreadsheet files of the report data at no
additional cost from our Web site at www.bestweek.com. Nonsubscribers can download a PDF copy of the full
special report (32 pages) for $110 or a combination of the PDF copy plus
the spreadsheet file of the report data for $330 from our Web site at
www.bestweek.com.
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2. CCH
INSURANCE SERVICES Identifies Top Ten Reasons Insurers Are Found Out of
Compliance During Market Conduct Exams
Education Is Key to Reducing Regulator's
Criticisms
BOSTON, Feb. 9 /PRNewswire/ -- As some insurance
companies have learned the hard way, a market conduct exam uncovering
noncompliance violations has the potential to cost millions of dollars
in fines and lost business. To help insurers steer clear of costly
noncompliance risks, CCH INSURANCE SERVICES, a part of Wolters Kluwer
Financial Services, has identified the top ten reasons property and
casualty insurers are found to be out of compliance during a market
conduct exam.
CCH INSURANCE SERVICES' industry research has
shown that the top ten most common market conduct compliance criticisms
are:
- -- Failure to pay or deny claims within specified
time frames
- -- Using unapproved or unfiled forms
- -- Using unapproved or unfiled rates
- -- Failure to notify of producer appointments or
terminations
- -- Failure to maintain complaints
- -- Failure to communicate a delay in the
settlement of claims in writing
- -- Failure to produce requested records for an
examination
- -- Failure to properly terminate a policy
- -- Improper documentation of claims policies
- -- Improper documentation of underwriting policies
"When issues are uncovered during a market
conduct exam, the importance of compliance can be an expensive lesson to
learn," said Joe Bieniek, manager of regulatory compliance for CCH
INSURANCE SERVICES. "Not only do the fines add up quickly, but
what's often worse is the irreparably tarnished reputation that can come
from negative publicity surrounding an unsatisfactory exam, potentially
causing a company to lose millions of dollars in business. That's why
it's essential for insurers to be aware of possible compliance issues
before they are identified as a problem during an exam."
Because the most common compliance citations
involve so many different functions within a company, it's not just the
compliance department's responsibility to make sure correct procedures
are being followed, noted Bieniek. Educating all employees about the
importance of compliance within their job functions is key to a
successful market conduct exam.
"Nearly every department is affected by
compliance regulations, including claims, customer service, human
resources and sales," said Bieniek. "With the dramatic impact
market conduct exams can have on a company's reputation and revenues,
understanding the importance of staying in compliance and ensuring that
all employees are educated is more important than ever."
www.WoltersKluwerFS.com
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3. Protracted
Inverted Yield Curve Could Impact Insurers, Report Says
NEW YORK Feb. 7, 2006-- In the article,
"Prolonged Yield Curve Inversion Would Challenge Life Insurance
Cos.," Standard & Poor's Ratings Services examines the economic
effects of a protracted inverted yield curve on insurance company
portfolios and operations. The inverted yield curve, an atypical situation,
is one where longer-term financial instruments yield less than
short-term instruments.
For insurers, and life and annuity underwriters in
particular, an inverted yield curve presents an unusual set of financial
and operational challenges that must be assessed. "Interest rate
risk and its management are integral to the industry's credit
fundamentals, and exposure to long-term policy obligations can magnify
an inverted yield curve's impact," said Standard & Poor's
credit analyst Neil T. Strauss. The article reviews what business segments would
be the most impacted, the nature of the impact on the business segments,
and potential ratings ramifications.
www.ratingsdirect.com
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4. Legal
Reform Momentum Continues; GE Insurance Solutions Weighs in on
Anticipated Action in 2006
KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 10,
2006--Victories and defeats in the courtroom can impact our nation's
economy, with potential consequences for decades to come. GE Insurance Solutions has been tracking and
shaping efforts to level the litigation playing field - variously called
tort reform or legal reform - and has published a summary of what it
sees as the major legal reforms enacted during the past year and what
lies ahead in 2006. To read the paper, go to
http://www.geinsurancesolutions.com/erccorporate/inst/ic/lc/060117_year.htm.
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5. Insurance
company accused of bias -
Lawsuit says practices at American National aimed
to drop low-income Texans.
By Robert Elder - AMERICAN-STATESMAN STAFF - Wednesday, February 08, 2006
In the insurance business, redlining usually means
denying coverage to consumers based on income, credit scores or where
they live. In a state district court battle heating up in
Travis County, seven agents say they were victims of a more subtle form
of redlining: a profiling system they say was used by American National
Property and Casualty Co. to force agents to abandon low-income
consumers in Texas.
The agents won a key victory last week. State
District Judge Margaret Cooper ruled that the company could not keep
secret documents that detail its Agent Profiling System. The ruling came in a lawsuit filed in 2004 by Waco
agents Bradley Dixon and Curtis Rothe.
The plaintiffs say American National used its
system to punish agents who had too many customers with only one policy,
usually auto coverage. Those are called "mono-line" customers. If an agent reached a certain percentage of
mono-line business, the suit alleges, American National put him or her
on a status called "no new business." According to the suit,
that meant the agent could only write policies for existing customers,
not recruit new ones. The effect, said Austin lawyer Joe Longley, was to
"choke off an agent's income" and ultimately force some to
stop writing policies for American National. Longley represents seven
agents suing the company in Travis County. When agents were terminated or stopped writing
policies for American National, Longley said, the effect was to reduce
competition and the amount of the company's coverage available in Texas.
Dixon's suit alleges that the profiling system was
part of a larger scheme to steer away from clients with "marginal
addresses" and people with "below-average credit scores."
Stuart Paulson, deputy general counsel for
American National, said "our position is the claims are without
merit." He declined to comment further.
American National, based in Springfield, Mo., is a
subsidiary of Galveston-based American National Insurance Co., the
insurance giant founded in 1905 by financier William L. Moody Jr.
Dixon said he was an independent contractor for
American National for almost seven years before being fired in 2004. He
said the company cut him off from new business in early 2003 based on
his profile. The suit says the company started the policy in
1999 as a way to weed out agents who were writing single policies. "It's discrimination against people who don't
have enough money to buy a house . . . or people from a lower financial
standpoint," he said.
That strategy violates the Texas insurance code
and the Deceptive Trade Practices Act, the suit alleges. A Texas
Department of Insurance spokesman said the agency is reviewing the case. The suit contends that American National also
violates its contractor agreement, which says agents "are free to
exercise your independent judgment" on whom to solicit for
business.
In a deposition cited in the suit, Ronald Rathbun,
the underwriting compliance officer for American National Property, said
single-policy customers are, "in many cases . . . customers who
really are only interested in getting liability insurance so they could
get their car licensed and so forth, and the first time they have an
opportunity, they let the policy lapse."
American National Property, which serves 46
states, recently settled similar allegations by six agents in Southeast
Texas. The amount was not disclosed, said the agents' lawyer, Chris Coco
of Beaumont.
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6. New
Mutual of Omaha Subsidiary to Provide Information Services Consultation
OMAHA, Neb., Feb. 9 /PRNewswire/ -- Mutual of
Omaha has announced the creation of Omaha Information Services Company,
a newly formed subsidiary that will provide a wide range of information
technology services and consultation to companies in regulated
industries such as insurance, financial services and health care. Services provided by Omaha Information Services
Company (OISC) include:
- * Standards-based, process-based and regulatory
risk assessments
- * Strategic and tactical information services
planning
- * Development of information services policies,
processes and standards
- * Disaster recovery
- * Network penetration testing
- * I/S application testing
- * Firewall configuration and management review
"Over the years, Mutual of Omaha has
developed a great deal of expertise in the areas of operational risk
management," said Jim Hanson, Executive Vice President of
Information Services at Mutual and a member of the OISC board of
directors. "We believe there is a strong market for these services
throughout the Midwest region, particularly in regulated industries such
as insurance, financial services and health care."
www.omahainformationservices.com.
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7. AIG
Announces Settlement with Peter Yu and William Jarosz
NEW YORK--(BUSINESS WIRE)--Feb. 9, 2006--American
International Group, Inc. (AIG) announced that yesterday it reached an
agreement with former employees Peter Yu and William Jarosz to resolve
all outstanding disputes between them. While AIG is not at liberty to
discuss all of the details of the settlement, AIG noted that Mr. Yu and
Mr. Jarosz had previously claimed that they were owed money under their
employment contracts and the settlement involves no payment of money to
Mr. Yu or Mr. Jarosz. In addition, Mr. Yu and Mr. Jarosz have stated in
connection with the settlement that "We have determined after
review of internal documents that our terminations were not
retaliatory." That statement confirms the Department of Labor's
dismissal last November of a claim initiated against AIG and others by
Mr. Yu and Mr. Jarosz alleging that the termination of their employment
had been retaliatory.
"We are very pleased with the outcome,"
commented Robert Thompson, Senior Managing Director and Head of
Alternative Investments at AIG Global Investment Group. "This
settlement ensures that our AIG Capital Partners teams can continue to
focus all of their energies on private equity investing and to maintain
their leadership position in emerging markets."
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8. American
International Group, Inc. Enters Into Agreement With United States
Contact: Justice Department, 202-514-2008
WASHINGTON, Feb. 9 /U.S. Newswire/ -- American
International Group, Inc. (AIG) has agreed to resolve criminal liability
arising from misstatements in its periodic financial reports filed with
the U.S. Securities and Exchange Commission (SEC) between 2000 and 2004
by paying $25 million in penalties to the United States and cooperating
fully in the government's continuing criminal investigation, Acting
Deputy Attorney General Paul J. McNulty and Assistant Attorney General
Alice S. Fisher of the Criminal Division announced today.
The resolution, which was set forth in a letter
agreement between the Fraud Section of the Department of Justice and AIG,
addresses AIG's liability for two transactions. The first transaction
involved a fraudulent scheme between AIG and General Re Corporation (Gen
Re) that was designed to create the appearance that AIG had increased
its loss reserves, a key financial indicator for insurance companies.
During the fourth quarter of 2000, high-level executives at AIG
solicited high- level executives at Gen Re to execute a series of
transactions which were designed to enable AIG to improperly report an
increase in loss reserves totaling $500 million. As a result of these
fraudulent transactions with Gen Re, AIG improperly booked approximately
$250 million in loss reserves in the fourth quarter of 2000 and an
additional $250 million in loss reserves in the first quarter of 2001.
It reported those additional loss reserves to the public in its earnings
releases and in financial reports it filed with the SEC. AIG entered
into these transactions following investment analysts' criticism of
AIG's reported loss reserve reductions in the third quarter of 2000.
The transaction documentation included: a false
"paper trail" offer letter which made it appear that AIG had
been requested by Gen Re to assume certain reinsurance risk from Gen Re;
and contracts which made it appear that AIG was assuming reinsurance
risk and was being paid an up-front fee of $10 million for doing so,
when, in fact, AIG was not assuming any real risk and was paying Gen Re
an undisclosed $5 million plus interest for participating in the
transactions. As a result of these sham transactions, AIG improperly
reported positive loss reserve growth for each of those periods when, in
fact, AIG would have reported further decreases in loss reserves for
those quarters.
This transaction also was the subject of an
indictment returned last week in the Eastern District of Virginia which
charged three former Gen Re executives and one former AIG executive with
conspiracy, securities fraud, mail and wire fraud and making false
statements to the SEC. That indictment is not affected by today's
agreement with AIG.
In the second transaction covered by the
agreement, AIG hid approximately $200 million in underwriting losses in
2000 in its general insurance business by improperly converting them
into capital losses (i.e., investment losses) that were less important
to the investment community and thus would blunt the attention of
investors and analysts. As a result of transactions with Capco
Reinsurance Company, Ltd. (Capco), an offshore entity, AIG improperly
failed to report in its SEC filings and earnings releases approximately
$200 million in underwriting losses for the years 2000, 2001 and 2002.
AIG structured a series of bogus transactions to convert underwriting
losses to investment losses by transferring them to Capco. AIG
effectively capitalized Capco through an AIG subsidiary and through
loans to individuals who supposedly acted as independent shareholders of
Capco.
AIG has agreed to accept responsibility for its
actions and the actions of its employees. Subject to the terms of the
agreement, the Department of Justice has agreed not to prosecute AIG for
any crimes committed by the corporation relating to these two
transactions.
"Corporations have a responsibility for
honest reporting of their financial condition to the SEC and the
investing public," said Acting Deputy Attorney General McNulty.
"Today's settlement sends a clear message to every publicly traded
corporation that 'hitting the numbers' must take a back seat to accurate
financial reporting. This settlement is a major step forward in our
efforts to strengthen the integrity of the investment marketplace and
our system of accountability."
"The integrity of the nation's markets is
built on a foundation of responsible corporate citizenship," said
Assistant Attorney General Fisher. "Companies must ensure that
business is conducted in a legal manner, and they should also be
prepared to accept responsibility and reform their practices when their
actions or the actions of their employees run afoul of the law."
"It is befitting that during National
Consumer Protection Week the penalties paid will be deposited into the
Consumer Fraud Fund. These funds will enhance our efforts in protecting
the American consumer and the integrity of our nation's mail system
through consumer education and prevention programs," said Lee R.
Heath, Chief Postal Inspector, U.S. Postal Inspection Service.
In a related enforcement proceeding filed earlier
today by the U.S. Securities and Exchange Commission, AIG consented to
the entry of a judgment requiring AIG, among other things, to pay $800
million in penalties.
The case was prosecuted by Trial Attorneys Colleen
Conry, Eva Saketkoo and Michael K. Atkinson of the Fraud Section, which
is headed by Acting Chief Paul E. Pelletier. The case was investigated
by the U.S. Postal Inspection Service. The indictment of the former AIG
and Gen Re executives was also prosecuted by Raymond Patricco and
Michael Dry, Assistant U.S. Attorneys in the Eastern District of
Virginia. www.usnewswire.com/
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9. Morgan
Stanley pursuing many asset managers: source
Fri Feb 10, 2006 1:04 PM ET -- By Joseph A. Giannone
-- NEW YORK (Reuters) - Morgan Stanley (MS.N:021306), which has abandoned efforts to strike a merger with
major money manager BlackRock Inc. (BLK.N:021306), is
pushing ahead on talks with a number of other asset management
executives and firms, a person familiar with the situation said on
Friday.
"We're talking to a lot of different people
about possible options to enhance asset management and other
businesses," the insider told Reuters. One of the bank's targets remains FrontPoint
Partners LLC, a Greenwich, Connecticut-based hedge fund manager with $5
billion in assets, which U.S. investment bank Morgan Stanley pursued
last fall. Those talks reportedly stalled after the two sides couldn't
agree on price.
A person familiar with the bank's plans said
Morgan Stanley is open to a number of options to expand asset
management, from acquiring a multi-fund firm or a single fund,
recruiting a manager, or lifting an entire team of managers. Last month, for example, Morgan Stanley hired a
team led by Millennium Partners manager Michael Feldschuh to bolster its
alternative investments business. A Morgan Stanley spokesman declined to comment on
the firm's plans.
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10. Of
the 87 Per Cent of People without Private Medical Insurance in the UK,
the Majority are not Interested in Taking out Cover
DUBLIN, Ireland--(BUSINESS WIRE)--Feb. 10,
2006--Research and Markets
http://www.researchandmarkets.com/reports/c32712
has announced the addition of UK Private Medical Insurance 2005 to their
offering. With premium rate increases in private medical
insurance leading to a decline in individual subscriber numbers, the
market has been stalling in recent years. However, providers are
responding by looking for innovative ways to boost consumer sales and
improve conditions, and early signs indicate that this is proving to be
successful. Of the 87 per cent of people without PMI in the
UK, the majority are not interested in taking out cover. Insurers are
therefore focusing on boosting customer awareness and generating
interest in PMI policies through new product innovation and heightened
marketing campaigns.
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11. The
Medicare Market with Medicare Advantage and Medicare Prescription Drug
Plans is a Golden Opportunity
KENNEBUNK, Maine--(BUSINESS WIRE)--Feb. 9,
2006--Medicare Advantage: A Detailed Overview, a special report just
published by Mark Farrah Associates, offers valuable insights about the
business dynamics and competition in this lucrative market. 2006 is a
critical year for monitoring the Medicare market. UnitedHealth, Kaiser
and Humana are currently market leaders. Aetna, Coventry, CIGNA and many
regional health plans are also serious competitors positioned for
growth.
Stakeholders are intently tracking all signs of
market acceptance of new products rolled out in recent months.
Healthcare companies are banking on sustainability and they are
vigorously promoting Medicare Advantage and Medicare Part D programs.
The expectation is, this time around, the senior market will pan out to
be a long-term profit center, a viable investment. For more information about Medicare Advantage: A
Detailed Overview visit
http://www.markfarrah.com/requestreports.asp
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12. HealthTrans
Reports High Volume of Part D Claims for Preliminary Phase; 2.8 Million
Claims Processed During January
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Feb. 9,
2006--HealthTrans, a pharmacy benefit administrator, processed 2.8
million Medicare Part D claims during January. The claims were processed
for three Part D clients with a total enrollment of more than one
million lives. www.healthtrans.com
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13. Lower
Costs of Medicare Drug Coverage to Help States Save $700 Million in 2006
WASHINGTON, Feb. 9 /PRNewswire/ -- The states will
send more than $700 million less to the federal government in 2006
because lower drug costs and strong competition have reduced the price
tag for Medicare's new drug coverage, HHS Secretary Mike Leavitt
announced today. "This is good news for every state. The
competitive marketplace is working to help federal and state
governments, and most of all, Medicare beneficiaries, drive down
costs," Secretary Leavitt said.
As of last month, about 24 million Medicare
beneficiaries now have drug coverage, with about 3.6 million
self-enrolled in the new "stand-alone" prescription drug plans
and around 300,000 new enrollees in Medicare Advantage plans with drug
coverage. Note: All HHS press releases, fact sheets and
other press materials are available at http://www.hhs.gov/news.
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14. Internet
is Now the Primary Hiring Source for Employers; Internet Overtakes All
Traditional Hiring Sources Including Newspaper Classified Ads Which Now
Only Account for 5% of New Hires
INDIANAPOLIS--(BUSINESS WIRE)--Feb. 9, 2006--Today
DirectEmployers Association, a non-profit consortium of over 200 leading
U.S. employers and operator of the JobCentral.com employment search
engine (www.jobcentral.com), released the results of an in-depth
industry study, conducted on its behalf by strategic management and
technology consulting firm Booz Allen Hamilton, that shows the Internet
is now the primary hiring source for employers. The study of hiring practices at leading U.S.
companies revealed that Internet sources produced 51% of all hires in
2005 with the largest source of hires being the employers' own corporate
web sites, while newspaper classified advertisements were the source of
only 5% of the new hires. A downloadable copy of the "2006
DirectEmployers Association Recruiting Trends" research report is
available at www.jobcentral.com
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15. E-Z
Data Releases Client Data System 6
PASADENA, CA, February 9, 2006 – E-Z Data, Inc.,
a leading provider of front-office systems for insurance companies,
banks, broker-dealers, general agents, agents, and investment advisors,
today announced the release of Client Data System® 6, the newest
version of the company’s industry-leading Windows®-based solution for
practice and relationship management.
Client Data System (CDS) 6 addresses specific
requests from E-Z Data’s current corporate and retail customers, and
leverages the latest in Windows technology. The completely updated
system includes a newly customizable interface, a refreshed look and
feel that draws from the user’s Windows system choices, upgrades to
all underlying components, and new security features to assist in
corporate and governmental compliance. www.ezdata.com
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16. The
Hartford Sponsors Final Torino Tune-up
PARK CITY, Utah – The Hartford Financial
Services Group, Inc. (NYSE: HIG), the founding partner of the U.S.
Paralympics, will again sponsor the U.S. Disabled Alpine Championships,
the final U.S. competition prior to the IX Winter Paralympic Games in
Torino, Italy. This is the second consecutive year that The Hartford has
sponsored the event. Held from Feb. 13-17 at the Park City Mountain
Resort in Park City, Utah, The Hartford U.S. Disabled Alpine
Championships will feature races in four skiing disciplines for men and
women. www.usskiteam.com
www.thehartford.com
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17. CPCU
SOCIETY NATIONAL LEADERSHIP INSTITUTE COURSES COMING TO CHARLOTTE
MALVERN, PA, FEBRUARY 9, 2006—On March 21, the
CPCU Society and the Society’s Charlotte Chapter will be hosting two
CPCU Society National Leadership Institute (NLI) courses, Strategic
Thinking and Strategic Planning. The CPCU Society National Leadership Institute (NLI)
is the CPCU Society’s premier educational program for insurance
industry professionals looking to advance their careers or take on
leadership roles within their organizations. Both CPCU Society members
and nonmembers are invited to attend NLI courses. Course materials and
refreshments are included. www.cpcusociety.org
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18. Nearly
200 Members of Independent Insurance Agents & Brokers of NY Meet
State Politicians During Legislative Day
(DeWitt, New York, Feb. 9, 2006) — Workers’
compensation reform, auto insurance fraud and market availability were
some of the topics discussed by nearly 200 insurance industry
professionals and members of the Independent Insurance Agents &
Brokers of New York, Inc., the state’s oldest and largest insurance
producer’s organization. The not-for-profit trade association held its
36th Legislative Day, or L-Day in Albany Feb. 7, where its members met
with legislators to discuss important industry issues. The two
highest-ranking participating lawmakers present were Sen. Joseph L.
Bruno (R-Rensselaer), senate majority leader and Assemblyman Sheldon
Silver (D-Manhattan), speaker of the New York State Assembly.
www.iiabny.org
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19. SUV
Blind Spots Endanger Children's Lives
Accidents involving small children are on the
rise, and statistics show it is because there are larger vehicles on the
road, such as SUVs. That is because the driver can't see the child. An advocacy group, Kids and Cars, tracks all
non-traffic accidents. The reports that more than 100 children were
killed in 2005 after being backed over. Thirty-three others died after
being hit by the front of a large vehicle.
The founder, Janette Fennel, says most of those
deaths were caused by a phenomenon dubbed "The Bye-Bye
Syndrome." It was dubbed that because the parent is unaware their
child followed them out to the vehicle.
What can you do to protect the children around
you?
- A CarMax representative says some manufacturers of
large vehicles have added sensors embedded in the rear bumper to aid
Drivers.
- The sensors are supposed to pick up an object,
whether it is a child or a bicycle that is in obstruction to the eye.
Fennel says tools like the sensors are helpful,
but adults need to take the lead."Before you get into the vehicle walk around
to make sure no one is in harms way, and make sure children are being
properly supervised by another adult."
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20.
INSURANCE NEWSCAST "Pictures Of The Day"
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A 3,000-year-old
Pharaonic coffin lies in a newly discovered tomb at the valley
of the Kings in Luxor, Egypt February 10, 2006. The tomb,
discovered this week by a U.S. team from the University of
Memphis, contains coffins and mummies and clay containers all
yet to be analysed by experts.
10 Feb 2006 REUTERS/Aladin Abdel Naby |
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Fireworks explode
at the end of the opening ceremony of the Torino 2006 Winter
Olympic Games in Turin, Italy February 10, 2006.
10 Feb 2006 REUTERS/Chris Helgren
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Dead chickens are
thrown into a pit before being burnt at a farm in Dawaki in
northern Nigeria, February 10, 2006. Thousands of chickens have
died in northern Nigeria over the past few weeks and
international animal health bodies have identified a highly
pathogenic H5N1 bird flu strain in the area.
10 Feb 2006 REUTERS/Afolabi Sotunde |
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Tiger Woods' wife
Elin Nordegren is introduced to the crowd as he looks on in the
background during the dedication of the Tiger Woods Learning
Center in Anaheim, California, February 10, 2006. The two-story,
35,000 square-foot center will provide 4th to 12th grade
students with free interactive enrichment programs in reading,
math, science and technology. |
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10 Feb 2006
REUTERS/Chris Pizzello
Priests carry the coffin of slain Italian Roman Catholic priest
Andrea Santoro at the end of his funeral in Saint John Basilica
in Rome February 10, 2006. Santoro, the Italian priest murdered
in a church in Turkey has all the makings of a Christian martyr
and should be put on the road to sainthood, Italy's top cardinal
Camillo Ruini said at his funeral.
10 Feb 2006 REUTERS/Darrin Zammit Lupi |
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REUTERS/Shamil Zhumatov
A hunter releases a golden eagle during a traditional hunting
contest in the Chengelsy gorge some 150 km (93.2 miles) east of
Almaty February 11, 2006. Kazakhstan's national sport of Sayat -
or hunting with golden eagles - is becoming increasingly popular
in the Central Asian state. Berkutchi, or golden eagle hunters,
from all over the country arrived for the annual two-day
competition.
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INSURANCE NEWSCAST "Sports Pictures Of The Day"
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21. New
Roth 401(k) Requires New Analysis and Reporting
Corvallis, Oregon – February 9, 2006 –
Beginning in 2006, companies that choose to do so are able to offer a
new retirement plan options to employees – the Roth 401(k) program.
This new plan type allows employees the option of having after-tax
earnings deposited to a tax-free Roth 401(k) account. The Roth 401(k)
account option may be enhanced by optional company matching
contributions, which must be added to a regular tax-deferred 401(k)
account. Combined employee contributions to a 401(k) plan plus the Roth
401(k) are limited to $15,000 per year plus an additional $5,000
catch-up contribution for those age 50 or over.
Planners using TOTAL Planning System from Money
Tree Software can already incorporate the new Roth 401(k) retirement
plan options and detail into their analyses and financial plans. The
2006 version of TOTAL accurately includes these plans’ mix of pre-tax
and after-tax contributions in creating the numerous financial reports
and retirement illustrations available.
“Calculating projected results and tax
implications of Roth 401(k) investments is a bit complicated, as the
www.moneytree.com
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22. CHOICE
MEDICAL MANAGEMENT LAUNCHES PHYSICIAN PRACTICE ANALYSIS FOR WORKERS’
COMPENSATION
TAMPA (Feb. 9, 2006) – CHOICE Medical Management
Services, LLC has launched the first ever comprehensive workers’
compensation physician practice analysis. The analysis extracts claims-level and
physician-level data to measure return-to-work outcomes and the cost
efficiency of physicians in CHOICE’s network, called its Provider
Management Organization (PMO). The CHOICE PMO is comprised of physicians
with considerable workers’ compensation experience, superior outcomes
and high patient satisfaction ratings.
www.choicemedmgt.com
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23. AH&T
INSURANCE CELEBRATES ITS 85TH ANNIVERSARY
Leesburg, VA (February 10, 2006) – This year
marks the 85th Anniversary of Armfield, Harrison & Thomas, Inc.
(AH&T), an employee-owned, independent insurance brokerage and
consultancy founded in 1921. Reflecting on its achievements and rich
history, AH&T enthusiastically embraces this special anniversary and
looks forward to more great years ahead.
www.ahtins.com
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24. SHPS
signs agreements with First Data and UMB Bank Healthcare Services for
new spending account debit card
Louisville, Ky. (Feb. 7, 2006) SHPS, one of the
nation's largest providers of healthcare spending accounts, announced
today it has signed an agreement with First Data Healthcare Services,
part of First Data Corp. (NYSE: FDC), a leading provider of electronic
commerce and payment solutions, and UMB Bank Healthcare Services, a
division of UMB Financial Corporation (NASDQ: UMBF) and leader in
financial services for consumer-directed healthcare products. The
agreement delivers a multi-purse debit card and related transaction
processing services for SHPS' client's spending account programs.
www.shps.com
www.firstdata.com
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25. Aviva
Enters 457(b) Market
N. QUINCY, Mass., February 10, 2006 - Aviva Life
Insurance Company (Aviva) announces its entrance into the 457(b)
governmental plan market with three flexible premium deferred annuities.
Salary reduction and transfers from other 457(b) plans can now fund
Aviva's 457(b) plan products - Flex 9, Aviva Flex Select and Aviva Flex
Plus, a premium bonus product. In addition, two Aviva fixed indexed
annuities will be available for the 457(b) governmental plan market in
the second quarter of this year.
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26. RLI
Announces $100 Million Stock Repurchase Plan, Declares Dividend
PEORIA, Ill., Feb. 10 /PRNewswire-FirstCall/ --
RLI Corp. (NYSE: RLI) -- The RLI board of directors has authorized a new
stock repurchase program for up to $100,000,000 of RLI common stock. The
company expects the shares to be purchased at prevailing market prices
during the next 12 to 18 months in open market or private transactions,
in accordance with applicable laws and regulations.
www.rlicorp.com
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27.
Report
Sees Good Outlook For U.S. Workers' Compensation Based On State Reforms,
Strong Results
NEW YORK Feb. 8, 2006--The outlook for the U.S.
workers' compensation sector in 2006 is good, with the ratings impact
for insurers expected to be neutral on the whole, according to a report
released today by Standard & Poor's Ratings Services. Underwriting
results in 2005 are expected to be strong based on nine-month figures
and will continue to be strong through 2006, driven by the reduction of
loss trends resulting from multiple state reforms implemented over the
past few years and by improving claims frequency.
Workers' compensation is the second largest line
of business in the U.S. property/casualty insurance market (trailing
only personal auto). In addition, the segment is among the most complex
lines, with a mixture of risk elements such as health care, long-tail
claims settlements, and state regulation, as well as an unusually
significant dollop of political influence, that do not generally affect
most other insurance lines. www.ratingsdirect.com
www.standardandpoors.com
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28. Aetna's
Profits Up 41 Percent: Lounge Lizards Say 'Go Ahead and Die'
SANTA MONICA, Calif., Feb. 9 /U.S. Newswire/ -- As
Aetna, the nation's third largest HMO, announced a 41 percent percent
profit increase today a new pop-culture campaign is building support to
"sink the health insurance pirates." The campaign builds
support for a universal health care program that would be funded by
eliminating health insurance companies. A music video, "Pirates of the Health Care-ibbean"
featuring a new song by the Austin Lounge Lizards, "Go Ahead &
Die," is available at: http://www.Cal-Medicare.org.
"HMOs and health insurers have plundered
health care and held patients ransom for far too long," said Jerry
Flanagan, Health Care Policy Director for FTCR. "The disastrous
handling of the new privatized Medicare drug benefit by health insurers
is just the latest example of their indifference and greed imperiling
the disabled and seniors. Every dollar spent on overhead and profit
makes health care more unaffordable for Americans."
HMOs, PPOs, and other health insurers waste
billions of dollars each year that could be used to provide care and
keep expenses down. Insurers spend 20 percent of our premiums on
overhead including profit and administration compared to public programs
like Medicare that spend just 2 percent.
According to Harvard Medical School study, in 2005
medical bills were responsible for half of all bankruptcies. Of the
approximately one million Americans who file for bankruptcy each year as
a result of illness, most have college degrees, work full-time, and own
their homes. Three-quarters already have insurance.
A September 2005 Public Policy Institute of
California poll found that 59 percent percent of Californians would
trade the current system for "a universal health insurance program,
in which everyone is covered under a program like Medicare that is run
by the government and financed by taxpayers." A 2003 ABC
News/Washington Post poll found similar support across the nation (62
percent for universal health insurance, 32 percent for the current
system).
Key elements of a new "California
Medicare" program include provisions that all Californians would be
insured and that universal coverage would be paid for by eliminating
health insurance companies. The California Medicare program would take
advantage of bulk purchasing and focuses on preventing disease. A recent
Lewin Group study found that Californians could save $8 billion each
year under such a program.
The Foundation for Taxpayer and Consumer Rights is
the nation's leading non-profit and non-partisan consumer advocacy
group. For more information, please visit them online at:
http://www.ConsumerWatchdog.org www.usnewswire.com/
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29. FTCR:
California Farm Bureau Wrong Concerning New Rules to Limit ZIP- Code
Based Auto Insurance
SANTA MONICA, Calif., Feb. 8 /U.S. Newswire/ --
Good drivers and motorists with low annual mileage will see benefits of
rules to increase impact of driving record on insurance premiums and
decrease impact of ZIP Code. Good drivers throughout California have long been
subsidizing bad drivers and those who rack up a lot of miles each year
because of an unfair insurance industry system known as ZIP-Code based
insurance premiums, in which rates are based primarily on where someone
lives regardless of their driving record. Under new rules proposed by
Commissioner Garamendi, drivers will first be judged by their driving
safety record, the number of miles driven and their years of experience
on the road. Under the rules, insurers will still be allowed to consider
where a person lives, but the companies will not be able to give ZIP
Code the most impact in determining a premium.
"Insurance companies have used the ZIP Code
system to gouge good drivers based on their ZIP Code, even though they’ve
never cost the insurer a dime. When the rules are changed to protect
good drivers, the insurers will have to rearrange the rates to make sure
bad drivers and high-mileage drivers pick up their fair share. Insurance
companies will not hike premiums for drivers with good records and risk
losing those good customers," said Heller.
Heller concluded that the Farm Bureau would better
serve its members by fighting the insurance companies which are gouging
customers across the state. "Rather than working to help insurance
companies maintain a flawed and unfair system, the Farm Bureau should
join with consumer advocates and fight the excessive insurance rates
charged across the board." www.usnewswire.com/
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30. President
Bush's Budget Weakens Health Enterprise of the Nation; Proposals Don't
Serve Interests of American People, Says the AAHC
WASHINGTON, Feb. 8 /U.S. Newswire/ -- "The
President's budget weakens the health enterprise of the nation on many
levels," says Steven A. Wartman, M.D., Ph.D., president of the
Association of Academic Health Centers. "While hard choices are
certainly in order, it is clear that expanded access to care, health
professions education, biomedical research, and patient care services
are pillars of the nation's health and well-being. Cuts in funding to
the agencies and programs-from the National Institutes of Health to
Medicare and Medicaid-that ensure the nation's preeminence in all
aspects of health are not in the short-term or long-term interests of
the American people," adds Dr. Wartman.
www.ahcnet.org www.usnewswire.com/
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31.
Aon Shares Jump After 4th-Qtr Profit Almost Triples
Fri Feb 10, 2006 3:01 PM ET - NEW YORK
(Reuters) - Aon Corp. (AOC.N:021306) shares rose 7.7
percent on Friday after the world's second-largest insurance broker
reported late Thursday that fourth-quarter profit almost tripled. Aon
said net income for the quarter rose to $224 million, or 65 cents a
share, from $81 million, or 24 cents a share, a year earlier, helped by
organic revenue growth in its Americas' brokerage division.
Excluding pretax restructuring and related expenses, the company earned
67 cents a share. On that basis analysts, on average, expected Aon to
post earnings of 56 cents a share, according to Reuters Estimates.
Chicago-based Aon is revamping its business after regulators cracked
down on contingent commissions, the fees brokers once charged insurance
companies for steering clients to them. Aon said it expected a
previously announced three-year restructuring plan to result in pretax
charges of $262 million, including staff cuts, asset impairments and
other associated costs although certain parts of the plan are not yet
finalized. It said annual cost savings are now expected to be about $180
million by 2008.
Aon shares have risen about 56 percent in the past year. © Reuters 2006.
All Rights Reserved.
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32.
INSURANCE NEWSCAST "Book Of The Day" -
How to Think Like Leonardo
da Vinci: Seven Steps to Genius Every Day (Paperback) by Michael J. Gelb
List Price: $16.00 - Price: $10.88 - -
For more information or to order,
click here!
Editorial Reviews
Here's a personal growth guidebook that's won the admiration and
recommendation of Ted Hughes, Poet Laureate of England. He calls this "a
brilliant, practical guide to awakening and training our vast, unused
resources of intelligence and ability." Author Michael Gelb, founder of
High Performance Learning and consultant for companies including AT&T
and National Public Radio, says that we all can unlock the "da Vincian"
genius inside us. Gelb says there are seven critical principles that
need to be followed for success, whether you're learning a new language,
studying to be a gourmet chef, or just hoping to be more effective on
the job:
Gelb discusses each of these principles in relation to what da Vinci
accomplished, thereby giving this book a built-in history lesson. The
illustrations from the master's work and time add a nice warmth to the
work. As the president of NPR said after working with Gelb, this is a
program recommended for "anyone who wants to experience a personal and
professional Renaissance."
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