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Benefits
Marketing Renaissance 2006
The Benefits Marketing Association will be hosting the eighth annual Benefits Marketing Renaissance conference. This will be a spectacular event with 600 attendees and 80 exhibitors representing the top providers of products and services in benefits marketing, and two and a half days of presentations delivered from industry leaders - all set at the fabulous Opryland Hotel in Nashville, Tennessee. Benefits Marketing Renaissance and Benefits Marketing Mania have evolved as the the two leading conferences for professionals involved in the marketing of voluntary benefits at the worksite. Each conference has over 500+ attendees, 70+ Exhibitors, and 30+ presenters. Attendees are either involved in the distribution of voluntary products, or have an interest in developing a revenue stream in this area. 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 Employee Benefit 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 1. Prudential Financial Launches Three New Global Economic & Investment Research Reports; Coverage Includes Macro and Financial Market Analysis, Forecasting, and Sector Strategy NEWARK, N.J.--(BUSINESS WIRE)--Feb. 13, 2006--Prudential Financial, Inc. (NYSE:PRU) announced today that the company's International Investment business is launching a series of global economic and investment research reports written by John Praveen, PhD., chief investment strategist of Prudential International Investments Advisers, LLC. (PIIA). Starting today, concise and useful information will be available in the PIIA Global Economic Outlook, Global Investment Strategy and Global Investment Outlook on a monthly basis under the auspices of Prudential's International Investment businesses in Korea, Taiwan, and Mexico, and the company's joint ventures in Germany, Italy and China. PIIA Global Economic Outlook will cover growth and inflation, interest rates, currencies, and corporate profits for the United States, Europe, Japan, China and emerging markets. PIIA Global Investment Strategy will feature global asset allocation, bond and equity market outlook and strategy, and sector strategy. PIIA Global Investment Outlook will provide analysis of and outlook for global financial markets and economies. "John Praveen has more than 20 years of investment experience from both the buy-side and sell side from Wall Street as well as the academic world," said Stephen Pelletier, chairman and CEO of Prudential's International Investments. "John's market insights provide our businesses and local partners with in depth and relevant analysis on economic trends in Europe and Asia, global sectors, and stocks and bond market outlook," said Pelletier. "They can use this information to assist their clients in making smarter decisions related to their financial needs." "In making financial decisions, accessible and timely information is key," said Praveen. "Our goal is to turn macro and market data into useful information and analysis to help our business partners better understand today's complex and interrelated global financial markets," said Praveen. As chief investment strategist, Praveen is responsible for developing and managing macro and financial market analysis, generating forecasts in research reports, and formulating investment strategy, asset allocation and sector strategy. Below are excerpts from the three new research reports: Global Investment Outlook Earnings: "Japan continues to have the best earnings outlook, with improving corporate pricing power and labor costs contained. In the U.S., solid GDP growth and strong productivity should underpin earnings. Dollar weakness in 2006 should give a boost to U.S. earnings, as 30% of S&P 500 sales are overseas. European earnings, which enjoyed the support of low interest rates and weak Euro, now face higher interest rates and a potentially stronger Euro." Valuation: "Stocks are still attractive relative to bonds, with a higher earnings yield. Stocks are also trading at attractive multiples. The trailing P/E for the MSCI World index decreased to 17.9X in December 2005 from 18.4X in January 2005. Market multiples declined in all markets." Global Economic Outlook Currency: "Interest rate and growth differentials that supported the U.S. dollar in 2005 are narrowing in 2006. There is dollar weakness, especially against the Euro. Also, increased volatility in currency markets with cross current of growing U.S. current account deficit and strong capital inflows." Growth: "Solid growth in 2006 with trend growth in the U.S. and Japan, Euroland rebounding to trend growth, strong growth in China and India, and healthy growth in other Emerging Markets. U.S. growth set to rebound sharply in first quarter 2006 from fourth quarter 2005 pause." Global Investment Strategy Stocks and Bonds: "Stocks should post healthy gains in 2006, with attractive valuation, solid earnings and improved macro backdrop. Bond yields should remain under pressure, but the rise in yields should be limited." Prudential International Investments Advisers, LLC (PIIA), a Prudential Financial, Inc. company, is an investment adviser registered with the Securities and Exchange Commission of the United States of America. International Investments has a presence in Korea, China, Taiwan, Japan, Mexico, Germany and Italy offering proprietary and non-proprietary asset management, investment advice and product choice services to high net worth and mass affluent retail clients and to institutional clients. These services are marketed through our own and third-party distribution networks. International Investments is also part of Prudential's International Division. www.prudential.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BestWeek: Tempests Roil Energy Markets, Affect March Reinsurance Renewals OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 10, 2006--A string of emerging risks threaten global energy markets: Two straight years of devastating hurricanes in the Gulf of Mexico. Natural gas disputes in Eastern Europe. Civil unrest in Nigeria. Ian Morgan, head of GE Insurance Solutions' facultative energy underwriting team in London, said in an exclusive interview for the Feb. 13 issue of BestWeek that cross-border supply disputes and the kidnapping of oil workers may grab headlines, but those hurricanes chewing up the U.S. Gulf Coast still have by far the biggest impact on energy insurance. This results in a capacity crunch for windstorm coverage for offshore energy risks, particularly from reinsurers. The cumulative effect of Hurricanes Ivan in 2004 and Katrina and Rita last year on the energy insurance markets, an estimated $7.5 billion, is "many multiples" of total global energy premiums, said Bruce Jefferis, head of broker Aon Corp.'s natural resources group in Houston. Prices for offshore energy insurance are rising as much as four- and fivefold for "headline platform physical damage," said Morgan. Prices for other assets are rising two or three times. "We in the insurance market rely heavily on natural catastrophe reinsurance, particularly windstorm coverage, and reinsurers are being parsimonious with their capacity," Morgan said. "They've obviously taken some big hits." Also in the Feb. 13 BestWeek: -- Ronald A. Williams, Aetna Inc.'s new president and CEO, sees opportunities for his company in the individual health market; and -- Former chairman of the Republican National Committee and President Bush's re-election campaign, Marc Racicot talked to BestWeek about partisan politics, lobbying reform and the role of property/casualty trade groups on Capitol Hill. Also featured is Best's Insurance Composite Index, which finished the week of Feb. 9, 2006, at 1,141.26, up 10.8% compared with a year ago. The composite index reflects the performance of 137 insurance stocks. The week's top performers were Protective Life Corp.; Delphi Financial Group Inc.; Axis Capital Holdings Ltd.; RTW Inc.; and Ceres Group Inc. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Crawford & Company Appointed Lloyd's Agent for Colombia ATLANTA, Feb. 10 /PRNewswire-FirstCall/ -- Crawford & Company (NYSE: CRDA; CRDB) is pleased to announce that its Global Marine and Transportation Services unit has been named Lloyd's agent for the entire country of Colombia. Crawford is already Lloyd's of London Agent in eight Canadian ports including Victoria, Nanaimo, Edmonton, Winnipeg, Thunder Bay, Toronto, Calgary, and Vancouver. Crawford is also the Lloyd's Agent in Anchorage, Alaska and Norfolk, Va. in the United States. www.crawfordandcompany.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Scottish Re Group Sponsors Global Life Insurance Securitization Conference HAMILTON, Bermuda, Feb. 10 /PRNewswire-FirstCall/ -- Scottish Re Group Limited (NYSE: SCT), a global life reinsurance specialist, announced today that its subsidiary, Scottish Re Capital Markets, Inc. together with the law firm of LeBoeuf, Lamb, Greene & MacRae LLP will be sponsoring the "Global Life Insurance Securitization Conference" in New York City from March 8-10, 2006. The conference will examine the emerging trend of life insurance securitization, and will feature Malcolm Gladwell, national best-selling author of Blink and The Tipping Point, as the keynote speaker. The conference will examine the catalysts driving the recent growth of life insurance securitizations, as well as the myriad of regulatory and legal issues, tax considerations and deal structures that inhabit such transactions. Executives of major U.S. and European life insurance companies, regulatory bodies, legal and tax experts, rating agencies, investment banks and asset-backed securities investors are among those registered to attend. www.scottishre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. UPDATE: The Ninth Circuit Revisits The Fair Credit Reporting Act (Again) Taking a page out of Hollywood’s playbook, the Ninth Circuit has recently turned Reynolds v. Hartford Financial Services Group into a trilogy. Not satisfied with the rulings it handed down in Reynolds on August 4, 2005 and then again on October 15, 2005, the Ninth Circuit has again withdrawn its prior Reynolds opinion, and issued a new opinion on January 25, 2006. While sequels may have worked wonderfully for The Lord of the Rings, the Ninth Circuit’s continued iterations of its Reynolds opinion highlights the confusing legal landscape that insurers face regarding their compliance with the provisions of the Fair Credit Reporting Act (the “FCRA”). For those of you who missed the first two chapters in the Reynolds saga, a short recap is in order. Summary Of Prior Decisions Reynolds involved
the issue of determining which circumstances trigger an insurer’s duty
under the FCRA to issue notices of adverse actions to consumers. The
FCRA provides that an insurer must provide a consumer with an adverse
action notice when the insurer takes an “adverse action” against the
consumer that is based on information contained in a consumer report. At
the heart of Reynolds is the determination of what constitutes an
“adverse action.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. TRUSTED CHOICE® TO KICK OFF 2006 ADVERTISING ALEXANDRIA, Va., Feb. 3, 2006—The Trusted Choice® agency brand program is revving up its nationwide advertising activities for 2006, which kicks off Feb. 8 with a national Internet ad campaign on www.homestore.com and includes the return of the successful Trusted Choice® Month promotional campaign in May. “This advertising campaign will help establish Trusted Choice® in the eye of consumers as the national brand identity for independent agencies,” says Ronald A. Smith, CPCU, brand program board chairman and president of Smith, Sawyer & Smith, Inc., a Rochester, Ind.-based Trusted Choice® agency. “Through this advertising, millions of consumers will be educated on the value and benefits of using a Trusted Choice® agency—choice of companies, customization of policies and advocacy support.” “Trusted Choice® is employing several mediums to ensure its message is communicated to its target audience,” says Trusted Choice® Executive Director Jeffrey A. Myers. “Through TV, Internet, and targeted business-to-business print advertising, we will convey that Trusted Choice® is the best choice for the insurance needs of individual consumers and business owners in our target audience. The cable networks we selected do an excellent job connecting with our target audience’s passions, which are their homes, traveling, food, sports, and news programming.” May is Trusted Choice® Month, a month-long campaign to spotlight Trusted Choice® agencies. This heightened promotional campaign, the centerpiece of which is a $600,000 ad flight, will include nearly 250 nationwide television ads during a two-week period, as well as an Internet ad campaign that will further drive consumer awareness of the brand and its participating agencies. Last year’s five-week ad campaign on the Web site generated significant consumer exposure of the Trusted Choice® brand and its participating agencies by reaching nearly 81 million consumers and generating more than 74,000 clicks to www.TrustedChoice.com, where more than 16,000 consumers clicked on the Trusted Choice® Agency Locator. Individual Trusted Choice® agencies can tie their advertising plans into each of these nationwide ad activities by downloading tag-able TV, print and radio ads and running them in their local area. Ten national insurers are Trusted Choice® company partners: Encompass Insurance, Markel Insurance Company, MetLife Auto & Home, Ohio Casualty Insurance, Drive Insurance from Progressive, Rain and Hail Insurance Service, Safeco Insurance and three Unitrin, Inc. divisions: Kemper Auto and Home, Unitrin Business Insurance and Unitrin Specialty. A total of 21 regional or single-state domiciled insurers are Trusted Choice® company partners: Allied Insurance, America First Insurance, Capital Insurance Group, Central Insurance Companies, Colorado Casualty, Consumers Insurance, GoAmerica Auto Insurance, Golden Eagle Insurance, Hawkeye-Security Insurance, Harleysville Insurance, Indiana Insurance, Liberty Northwest Insurance Corp., The Main Street America Group, Maine Mutual Group, Missouri Employers Mutual Insurance, Montgomery Insurance, National Security Fire & Casualty, Peerless Insurance, Selective Insurance Group, Summit Insurance (R.I.) and Upland Mutual Insurance. InsurBanc, a federal thrift bank created by the Big “I,” is a Trusted Choice® strategic partner. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. MOODY'S: RATING OUTLOOK POSITIVE FOR U.S. HEALTHCARE INSURERS New York, February 13, 2006 -- In a recent report on U.S. healthcare insurers, Moody's states that its positive outlook reflects the sector's strong financial results and a combination of economic and political factors. "Following a year of record profit margins and strong membership growth, U.S. healthcare insurers should continue to post strong earnings and growth during 2006," explains Vice President Stephen Zaharuk, the report's author. "Our overall positive outlook is based on several factors," he adds. "The generally favorable economic forecasts for the U.S. economy bode well for health insurers," the analyst says, "implying good prospects for enrollment and revenue levels." "Another overarching factor is the political climate," Mr. Zaharuk states, noting that the legislative landscape and the anticipated White House proposals should be rather benign to healthcare insurers. "In terms of Medicare," the analyst adds, "the increased reimbursement payments from the government and the start of the prescription drug program for seniors will increase revenues and present opportunities for increased profits." “Although they still outpace economic growth," Mr. Zaharuk says, "medical cost trends are slowing down." "Moreover," he explains, "healthcare companies have demonstrated their ability to anticipate medical cost increases and price appropriately for them." A final factor considered in Moody's positive ratings outlook for the healthcare industry is consolidation. According to the analyst, the wave of mergers and acquisitions witnessed over the last few years is expected to continue in 2006. "The track record to date has been very good, with genuine improvements seen from expense savings and greater leverage in negotiating provider rates, overshadowing integration risks, and higher debt levels." Mr. Zaharuk concludes that while the healthcare landscape is lined with a potential array of challenging issues, such as litigation risk, consumer-directed healthcare, provider-relations questions, and Medicaid's direction -- none of these should develop into a major difficulty over the next 12-18 months or have a major influence on earnings. The report is titled "U.S. Healthcare Outlook." www.moodys.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. National Benefit Partners, ultimately a Producer-Owned Worksite Marketing Distribution Company, hosts its inaugural meeting at the Marriott Sawgrass in Florida. National Benefit Partners (NBP) is the first of its kind independent distribution company focusing on worksite marketing insurance products. Founded by Managing Partners, Frank Doherty and Dan Jund, NBP will provide products and marketing services to their Allied Distributors. Allied Distributors are contracted directly with NBP Allied Carriers and earn the top commissions and all carrier incentives, such as trips, bonuses, stock options, etc. NBP is not a Managing General Agent (MGA) and does not participate in Distributor compensation. In addition, Allied Distributors earn deferred equity in NBP based on their sales through the NBP Allied Carriers. Current Allied Carriers include Transamerica Worksite, Allstate Workplace, Protective, United Health for Dental- Vision and Group, Symetra, and Fidelity Life Association. Hosting its meeting February 2-4 in Florida, in attendance at NBP’s inaugural meeting were 21 “Charter Allied Distributors” and six (6) Allied Carriers. NBP Distributors are among the elite of the Worksite industry with significant and proven track records. NBP’s objective is to limit the number of Allied Distributors to about 30 significant worksite organizations. Dan and Frank both describe the Allied Distributor and the NBP mission in this way ...” “As Business colleagues, recognized leaders in the worksite industry, and occasional ‘competitors,’ the collective input and participation of our Allied Distributors should prove to be invaluable to the growth if NBP and its’ corresponding impact on their business enterprises. We are committed to delivering on the promise and building NBP into a successful producer- driven distribution company (unique in the Worksite industry) that will bring measurable value to its members.” For more information please contact either FDoherty@nationalbenefitpartners.com or DJund@nationalbenefitpartners.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. ProView Partners with BenefitsXML to Implement Leading-Edge Benefits Administration Technology IRVINE, Calif.--(BUSINESS WIRE)--Feb. 13, 2006--ProView, a third party benefits administrator (TPA), announced it has partnered with BenefitsXML, a provider of enterprise software solutions for employee benefit providers, to implement the BRIX (Benefits Real-time Information eXchange) system. www.proviewbenefits.com www.preceptgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. AIG Auto Insurance Lowers Rates in Colorado; New Auto Insurance Rates Will Result in Savings for Thousands of Colorado Drivers NEW YORK--(BUSINESS WIRE)--Feb. 13, 2006--AIG Auto Insurance today announced it would lower auto insurance costs for thousands of policyholders in Colorado. Beginning today, AIG Auto Insurance will implement a five percent rate decrease in Colorado, lowering auto insurance costs on over 10,000 vehicles and resulting in hundreds of thousands of dollars worth of savings for Colorado drivers insured by The Insurance Company of the State of Pennsylvania, Birmingham Fire Insurance Company of Pennsylvania, and Commerce and Industry Insurance Company. www.aigauto.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Investcorp Completes Acquisition of CCC Information Services Group Inc. CHICAGO--(BUSINESS WIRE)--Feb. 10, 2006--CCC Information Services Group Inc. (Nasdaq:CCCG), a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries, announced today that entities affiliated with Investcorp, a global investment group, completed the acquisition of CCC Information Services Group Inc. The aggregate consideration paid to CCC stockholders is approximately $496 million. The terms of the merger are governed by the Agreement and Plan of Merger, dated as of September 21, 2005, by and among CCC, Cougar Holdings, Inc. and its wholly owned subsidiary, Cougar Merger Sub, Inc. Under the terms of the merger agreement, CCC stockholders will be entitled to receive $26.50 in cash for each share of common stock. Holders of Series F Preferred Stock will be entitled to receive $1.00 in cash, plus accrued and unpaid dividends, if any, for each share of Series F Preferred Stock. www.cccis.com www.investcorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. UnumProvident Announces Remarketing of $575 Million of Senior Notes Dues 2008 CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Feb. 10, 2006--UnumProvident Corporation announced today that it has priced the remarketing of $575 million of the senior notes component of its Adjustable Conversion-Rate Equity Security Units ("ACES") originally issued in May 2003. As a result of the remarketing, the interest rate on the senior notes will be reset to 5.997% percent, effective February 15, 2006. The senior notes were remarketed at a price of 100.666% with a yield to maturity of 5.682%. The remarketing is expected to close on February 15, 2006. The senior notes were remarketed under terms required by the ACES. In connection with the remarketing, UnumProvident will purchase and retire $400 million of the senior notes, leaving $175 million of the senior notes outstanding after completion of the remarketing. www.unumprovident.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Statement on President Bush's Medicaid Comments by the Coalition for Meaningful Medicaid Reform ALEXANDRIA, Va., Feb. 10 /PRNewswire/ -- The Coalition for Meaningful Medicaid Reform (CMMR) takes strong exception to comments by President George W. Bush, who stated when commenting on Medicaid budget cuts, "it's not immoral to make sure that prescription drug pharmacists don't overcharge the system." The following are statements from founding members of the Coalition: www.MeaningfulMedicaidReform.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Specialty Physicians Set Aggressive 2006 Agenda; Vow to Push for Meaningful Health Care Reform WASHINGTON, Feb. 10 /PRNewswire/ -- Frustrated by an ever-growing health care crisis that is limiting patient access to care when and where they need it, America's specialty physicians are calling on Congress to tackle some of the toughest issues facing lawmakers today, including stabilizing the Medicare program and promptly addressing the medical liability crisis. The Alliance of Specialty Medicine, a coalition of 13 national medical specialty societies representing more than 200,000 physicians, this week released its 2006 priorities. The Alliance is the nation's largest institution representing the interests of physicians. "The last session of Congress saw politics interfere with sound policymaking, with little congressional action on the important health care reforms that winning candidates promised voters during the 2004 election," said Frederick Blum, MD, an emergency physician from Morgantown, WV. "Neither patients nor physicians can afford to wait any longer. Congress must develop federal policies that ensure that patients will have access to the best medical specialists in the world, and ensure that these specialists can continue to practice the medicine they love." The Alliance of Specialty Medicine is a non-partisan group based in Washington, DC, dedicated to the development of sound federal healthcare policy that fosters patient access to the highest quality specialty care. Additional information can be found at http://www.specialtydocs.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. THE JACOBSON GROUP OPENS CHARLOTTE OFFICE, FURTHER EXPANDING NATIONAL PRESENCE CHARLOTTE, n.c. – Due to The opening of The Jacobson Group’s Charlotte, N.C., office marks the firm’s eleventh office nationwide. The niche human capital and professional services firm’s Charlotte office will provide talent solutions to the insurance, healthcare and financial service industries. www.jacobsononline.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. SEN. MARK PRYOR SLATED FOR BIG “I” LEGISLATIVE CONFERENCE Rising Senate star to address agents and brokers April 27 WASHINGTON, D.C., Feb. 13, 2006—Sen. Mark Pryor (D-Ark.), an up-and-coming voice among moderates in the Senate, will speak to members of the Independent Insurance Agents & Brokers of America (the Big “I”) during its National Legislative Conference & Convention in April. Sen. Pryor will speak at a breakfast April 27 to approximately 1,200 independent agents and brokers from across the country who will be attending the annual event. Participants also will include agent and broker leaders from Pryor’s home state of Arkansas. The Big “I” National Legislative Conference & Convention is the insurance industry’s best-attended, most effective legislative meeting. This year’s event will take place April 26 through 28 at the Grand Hyatt Washington and the Washington Convention Center. To register online and make hotel reservations go to www.independentagent.com and select the “Events and Conferences” link. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Zalma's Insurance Fraud Letter Starts Its Tenth Year of Publication With it's February 1, 2006 issue Zalma's Insurance Fraud Letter (ZIFL) starts the first issue of its tenth year of publication. "We are excited at the start of our tenth year of publication of a free resource for insurance fraud professionals" said Barry Zalma, the president of ClaimSchool and the author of each issue of the ZIFL. "It continues to be available on our website at http://www.zalma.com or by e-mail to anyone who finds it useful." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Retirement Planning Tools Give Dangerous Advice Most retirement planning tools offer dangerous advice to retirees seeking to determine how much they can afford to withdraw each year from their stock portfolios, according to a four-year research project. (PRWEB) February 12, 2006 -- Most retirement planning tools offer dangerous advice to retirees seeking to determine how much they can withdraw each year from their stock portfolios, according to a four-year research project. Rob Bennett, founder of the Financial Freedom Community (a group of Internet discussion boards), today announced the launch of an effort to bring the community¹s findings to the attention of retirees before the flaws in the retirement planning tools cause millions of busted retirements. “Thousands of the world’s best savers and investors--middle-class workers who achieve financial freedom in their 40s or 50s--have studied this question in great depth,” said Bennett. “All of the evidence points to the same conclusion--most retirement planning tools are gravely flawed.” The flaw is that most retirement planning tools identify a single withdrawal rate as “safe.” For example, a retirement planning tool might state that a retiree with an 80 percent S&P stock allocation can safely withdraw an inflation-adjusted 4 percent of her portfolio each year. The reality is that the safe withdrawal rate varies with changes in valuation levels. When stocks are at low valuations, the safe withdrawal rate for this allocation rises to 6 percent or more. When stocks are at high valuations, it drops to 2 percent or less. The first step being used to warn retirees of the dangerous retirement planning tool claims is the formation of the www.Early-Retirement-Planning-Insights.com web site. The new site contains over 100 articles describing the most important safe withdrawal rate research of recent years, the work done by John Walter Russell. www.passionsaving.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. RLI announces $100 million stock repurchase plan, declares dividend PEORIA, ILLINOIS, February 10, 2006, 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. The repurchases may be commenced or suspended from time to time without prior notice. Based on the closing stock price of RLI common stock on February 9, 2006, the authorized repurchase would represent approximately 8 percent of the 25.6 million outstanding shares. This program replaces an existing share repurchase program, last utilized in 2001. www.rlicorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day"
View INSURANCE NEWSCAST "Sports Pictures Of The Day" 21. PerksGroup and the National Association For The Advancement of Colored People (NAACP) Launches Exciting New Membership Benefits Program Liberty Corner, NJ -- Mark Chibbaro, President of PerksGroup, a Couch Braunsdorf Affinity Company is pleased to announce that the NAACP has selected PerksGroup to design and administer an exciting new platform of member benefits and services. The NAACP is the oldest and most effective civil rights organizations in America. PerksGroup currently manages millions of constituents through unique sponsored programs deployed through hundreds of the world’s most recognized corporations and associations. The new benefits that are being offered will enhance the NAACP membership experience by offering an array of financial services complimented by local and national discounts. The program is expected to launch in early May 2006. Interested firms may contact Jeffrey Joachim, PerksGroup VP Marketing: (877-253-7100 ext. 388) or by E-mail: jjoachim@perksgroup.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. BIG “I” APPLAUDS SENATE ACTION ON FLOOD BORROWING AUTHORITY Extension of authority will provide $21.2 billion to fund claims WASHINGTON, D.C., Feb. 10, 2006—The Independent Insurance Agents & Brokers of America (the Big “I”) supports today’s Senate vote on a bill, S. 2275, which would extend the borrowing authority of the National Flood Insurance Program (NFIP) to $21.2 billion. The Federal Emergency Management Agency (FEMA) distributed a memo to Write-Your-Own companies Nov. 11 informing them that lines of credit were suspended until further Congressional action regarding an extension of borrowing authority. With claims expected to exceed $23 billion, extended borrowing authority was necessary in order to meet consumer needs. Congress subsequently acted accordingly, increasing the borrowing authority to $18.5 billion on November 18th. This increase is expected to run out in the next few days, necessitating today’s laudable action by the Senate. www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. A Rise in Identity Theft Spurs New Type of Insurance What Is Identity Theft? Identity theft occurs when a person uses your personal information, such as Social Security number and date of birth, with the intent to commit fraud or to aid an unlawful activity. Once personal information is obtained, the person may open new credit card accounts in your name, open bank accounts in your name to write bad checks or take out a loan in your name. Federal law provides a $50 liability limit for the fraudulent use of credit cards. Because of this, most identity theft victims never incur a high amount of direct monetary losses. However, restoring credit and correcting the information is a slow and time-consuming process. Identity theft insurance is one way to help consumers cope. Check your credit report on a regular basis. If you see unusual activity, you can investigate promptly by contacting the three credit bureaus: Equifax – www.equifax.com (1-800-525-6285); Experian – www.experian.com (1-888-397-3742); and TransUnion – www.transunion.com (1-800-680-7289). For ideas and suggestions on how to minimize the risk of identity theft, or what to do if you become a victim, please visit the Federal Trade Commission Website at: http://www.consumer.gov/idtheft/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. FM Global’s New Watch Hill Insurance Company - Offers Captive Alternative to Risk Management JOHNSTON, R.I. – Uncomfortable using off-shore captive insurance facilities? Looking for the benefits of a captive, without the high costs and administrative headaches? Companies that answer yes to these questions now have a new option: the newly-licensed Watch Hill Insurance Company, created by business property insurer FM Global. This Vermont, USA-based rent-a-captive was formed to meet the demand for onshore alternate risk transfer opportunities in North America. www.fmglobal.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES ARREST OF MAN CHARGED WITH FELONY WORKERS’ COMPENSATION INSURANCE FRAUD Ventura carpenter breaks his leg while playing soccer, then allegedly falsifies worker’s compensation claim VENTURA – Insurance Commissioner John Garamendi announced Friday the arrest of Alejandro Ruiz Lopez, 26, on felony charges of workers’ compensation fraud after an investigation revealed that Lopez allegedly falsified a claim stemming from his broken leg. Lopez was arrested by investigators from the California Department of Insurance’s Fraud Division on Tuesday and booked into the Los Angeles County jail on $20,000 bail. On July 8, 2003, while working as a carpenter for TR Wurster Construction (TR Wurster), Lopez alleged that he fell off a scaffold and broke his right leg. He reported a work-related injury and, as a result, the State Compensation Insurance Fund (SCIF) paid him $13,779.22 in benefits. On October 30, 2003, TR Wurster discovered that Lopez allegedly broke his leg not at work, but while playing soccer. The company immediately alerted SCIF, which subsequently notified the Fraud Division. The case was forwarded to the Ventura County District Attorney’s Office, which issued an arrest warrant for Lopez on November 1, 2004. However, after the arrest warrant was issued, Lopez fled the state and took refuge in Oklahoma City, Oklahoma. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Assistant Secretary of Labor Addresses Grand Rapids Benefits Professionals; Focus Is President Bush's Retirement and Health Care Agenda GRAND RAPIDS, Mich., Feb. 13 /U.S. Newswire/ -- U.S. Assistant Secretary of Labor Ann L. Combs spoke to members of the American Society of Pension Professionals and Actuaries (ASPPA) in Grand Rapids, Mich., today to highlight the Bush Administration's priorities to encourage retirement security and make healthcare more affordable for American workers, retirees and their families. For more information about the Administration's pension reform and health initiatives, visit the Labor Department's Web site at http://www.dol.gov/ebsa. http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Claims Processing at Health Plans, Payers & TPAs Becomes Easy with Automation to EDI from MedValue (PRWEB) February 13, 2006 -- MedValue, the leading provider of Claims Processing solutions to America’s Insurance Payers, at its recent Customer Conference highlighted the benefits of its groundbreaking Paper Claims to EDI Conversion Utility Service; a service that eliminates the handling of Paper Claims inside of Americas Insurance companies, Health Plans, Physician and Hospital Management Services Organizations (MSOs), HMOs, PPOs, and Third Party Administrators. www.medvaluebpo.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. PCMA: Poll Finds Mail-Order Pharmacy Option Makes Many Seniors 'More Likely' to Enroll in Medicare Drug Benefit WASHINGTON, Feb. 10 /U.S. Newswire/ -- America's seniors overwhelmingly believe the mail-order pharmacy option is a "good idea" and more than one-third of seniors say access to a cost- effective mail-service pharmacy option makes them "more likely" to enroll in the new Medicare prescription drug benefit, according to a new poll of seniors released today by the Pharmaceutical Care Management Association (PCMA). PCMA is the national association representing pharmacy benefit managers (PBMs), which administer prescription drug plans for more than 200 million Americans. The poll's summary of findings as well as the Lewin report and PCMA Medicare part D drug discount analysis are all available at http://www.pcmanet.org. http://www.usnewswire.com/ /© 2006 U.S. Newswire Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. BANK INSURANCE NEWS IN BRIEF - FEBRUARY 13, 2006 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com."
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