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"The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately -- in the absence of countervailing monetary policy action -- to further upward pressure on inflation," Bernanke told the U.S. House of Representatives Financial Services Committee. The remarks pushed prices for U.S. stocks and government bonds down and boosted the value of the dollar. Presenting the Feds semiannual policy report to Congress, Bernanke said recent economic data, including booming January retail sales, "suggests that the economic expansion remains on track" after a strong 2005. But he warned of inflation pressures, stemming in part from high energy prices. "Another factor bearing on the inflation outlook is that the economy now appears to be operating at a relatively high level of resource utilization," Bernanke said, alluding to labor market conditions and the amount of industrial capacity in use. He noted the Fed's policy-making Federal Open Market Committee, on the day before he took office, said it might need to boost U.S. interest rates further, "an assessment with which I concur." The new Fed chief, who took over from Alan Greenspan on February 1, said the Fed had made "substantial progress" in bringing interest rates to a more-normal level after a string of rate rises dating to June 2004. The 14th move, on January 31, brought benchmark overnight rates to 4.5 percent. (Additional reporting by Glenn Somerville) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BlackRock to gain control of Merrill asset arm Wed Feb 15, 2006 1:28 PM ET - By Dan Wilchins and Herbert Lash - NEW YORK (Reuters) - BlackRock Inc. is taking control of the asset management arm of Merrill Lynch & Co. Inc. in a deal announced on Wednesday that will create one of the world's biggest money managers with $1 trillion in assets. In the latest effort by an investment bank to shed its asset management arm, Merrill Lynch (MER.N: ) will swap its Merrill Lynch Investment Managers (MLIM) for a 49.8 percent stake in the combined BlackRock company. The deal, which values MLIM at about $9.5 billion, will free up at least $2 billion of capital for Merrill. Selling Merrill funds under a new name could also boost demand. In the United States, the combined company's mutual fund will be sold under the BlackRock name, while the Merrill name will be used overseas. BlackRock will become the largest active fixed income manager in the world as it dramatically increases its equity management and overseas business. Merrill is following in the footsteps of Citigroup (C.N: ), which last year swapped its asset management arm for Legg Mason Inc.'s (LM.N: ) brokerage business in a $3.7 billion deal. Citigroup's exchange allowed it to avoid the perceived conflicts of interest from having its brokers selling its funds. Merrill Lynch's Chief Executive, Stan O'Neal said there was no regulatory pressure to separate asset management from the company's broker network. But Merrill has acknowledged it had been difficult to sell its mutual funds through third parties in the United States, hindering the asset manager's growth. At the end of January, Merrill said it was going to sell its U.S. mutual funds under the Princeton Portfolio Research & Management name. Based on BlackRock's closing stock price on Tuesday, Merrill is expected to report an after-tax gain of about $1.1 billion. PNC Financial Services Group Inc., which owns 70 percent of BlackRock, will see its stake decline to about 34 percent and it will record an after-tax gain of about $1.6 billion. The deal is expected to immediately add to PNC's profits and substantially improve the company's cash position, it said. MLIM had $539 billion in assets, while BlackRock had about $453 billion in assets, as of December 31. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article The program has been swamped with recent claims from U.S. Gulf Coast storms. The U.S. Senate already approved the expanded borrowing authority, which had been capped at $18.5 billion. But the program's director, David Maurstad, told lawmakers last month that FEMA expects the program will face $23 billion in flood insurance claims from 2005 hurricanes. He asked for a larger increase of $5.6 billion in borrowing authority. Lawmakers said the amount approved on Wednesday would fund the flood insurance program through May, and pledged to revisit the issue before then. They noted that only last November, Congress raised the program's borrowing authority to $18.5 billion from $3.5 billion, and some expressed frustration with another increase. The program covers more than 4.7 million policies for homes and businesses and is allowed to borrow from the U.S. Treasury to cover claims not covered by its premiums. The Senate Banking Committee has held hearings on reforming the program, and its chairman, Republican Richard Shelby of Alabama, says his panel will write legislation aimed at making it actuarially sound. The flood insurance program collects about $2.2 billion a year in premiums and fees and until recently it usually paid out about $1 billion in claims annually. Proponents of reform say the program should update its flood maps and revamp its rate structure to eliminate unneeded subsidies. But David Walker, head of the non-partisan Government Accountability Office, said last month he doubted the program would ever be able to repay the money it is borrowing to pay Katrina claims. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. U.S. Risk Insurance Group Acquires Lighthouse Underwriters Dallas, Tex., Annandale, Va. – February 15, 2006 -- U.S. Risk Insurance Group ( www.usrisk.com ) and Lighthouse Underwriters, LLC ( www.lighthouseunderwriters.com ), announced today that U.S. Risk has acquired Lighthouse. U.S. Risk has been ranked as the third largest privately held managing general agent (MGA) and wholesale broker in the United States. Lighthouse is a program underwriting company that works with select industry groups. Under the terms of the agreement, Lighthouse will become an operating division of U.S. Risk Insurance Group, but will retain the Lighthouse trade name and continue to create and manage specialty insurance programs and market them through retail insurance agents and brokers. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Kentucky Attorney General Opens Investigation on Anthem Blue Cross and Blue Shield by Request of Total Benefits Planning Agency, Inc. FRANKFORT, Ky.--(BUSINESS WIRE)--Feb. 15, 2006--Total Benefits Planning Agency, Inc. today announced that the Kentucky Attorney General's office has opened an investigative file to look into allegations it made against insurance giant Anthem Blue Cross and Blue Shield. The investigation follows a lawsuit the employer benefits agency filed in the U.S. District Court in Cincinnati against Anthem for antitrust violations, defamation, libel, and interference with its business operations in the tri-states of Ohio, Kentucky and Indiana. "We called on the Attorney General to initiate a thorough investigation into Anthem's activities which we believe are unlawful and not in the best interests of Kentucky citizens," says Thomas Quigley, CEO and president of Total Benefits Planning Agency. "Anthem has not only blacklisted our company and any insurance agents who worked with us, but it is preventing consumers and employers from using our strategy which can save them thousands of dollars in health insurance premiums each year." Quigley says he has provided the Attorney General's office with ample evidence to substantiate his company's claims and views the investigation as an important step in bringing this issue into the public light. "At the very least, we want Kentucky citizens to have the opportunity to explore alternative health care options that can save them money, rather than be forced to continue paying unnecessary high premiums." "This is clearly a case of conspiracy that crosses state lines and runs deep within the insurance distribution channels," he explains. "Our lawsuit seeks an injunction to stop Anthem from continuing its coercion of agents and threats to cancel their contracts should they do business with the plaintiffs." The antitrust lawsuit also seeks compensatory and punitive damages due to the loss of business opportunities, income and good will suffered by Total Benefits Planning Agency. According to Quigley, the company has seen a 50 percent drop in sales since Anthem terminated their contract last year. Anthem reasoned that--while the company's strategy was legal and substantially benefited consumers--it was not in the best interests of Anthem or the more traditional insurance agencies with whom Anthem shared profitable relations, Quigley notes. "Consumers should not be saddled with increased premiums in order to fill corporate coffers," he adds. "They will benefit from a health insurance market that is not controlled by a few dominant companies. Anthem should have nothing to fear if they are truly looking after consumers' best interests." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Client Retention Over 98%! AlwaysCareSM wants outstanding agents to sell AlwaysDentalSM and AlwaysVisionSM group policies. Expanding to 49 states. Excellent agent and customer service with toll-free telephone access 6 days a week. Excellent commissions paid. Dental network 54,000+. (Allows any dentist.) Vision network 20,000+. Employer can offer voluntary plans at no cost to the employer while employees enjoy our favorable group pricing. Offered through National Guardian Life Insurance Company* [AM Best A- (Excellent) rating], administered by Starmount Financial Corporation, Inc. Call Leslie Bradford 888-729-5433, ext. 169. Fax 888-729-7627. E-mail info@StarmountLife.com (Include your name, address and telephone number.) For agent use only. www.starmountlife.com *Not affiliated with The Guardian Life Insurance Company of America, a/k/a The Guardian or Guardian Life. IN 10/2005 6.New Eastbridge Consulting Group Study on Voluntary Dental Plans Reveals the Future Looks Bright for Continued Growth AVON, Conn.--(BUSINESS WIRE)--Feb. 15, 2006--While sales of voluntary dental plans over the last 3 or 4 years have not increased as dramatically as was predicted in 2001, most carriers remain optimistic. This was one of the findings in a new study, Voluntary Dental Products, recently released by Eastbridge Consulting. In fact, voluntary dental plans have made a name for themselves in the voluntary/worksite market. In 2004, new business annualized premium (sales) of voluntary dental plans was estimated at around $425 million (based on Eastbridge data), and employees consistently rate dental coverage as one of the most wanted and most important employee benefits. Carriers say the product will continue to be an important part of a voluntary offering and that growth in the line is very likely. Employers as well as carriers predict that with the pressure of increasing costs for health insurance, more employers will reduce or eliminate employer funding of dental plans. The purpose of Eastbridge's latest report, Voluntary Dental Products, is to examine today's voluntary dental market from the carrier point of view and to compare these findings with the data gathered for a similar report conducted in 2001. With this data, carriers can continue to fine-tune their strategies around their voluntary dental products and use the competitive intelligence to compare their plans against the competition. (Note: In order to protect the confidentiality of the carriers profiled, all data is reported anonymously by assigning each carrier a random number.) The report is now available for purchase for just $2,500. More information about the report, including the table of contents, is available on the Eastbridge website at (insert). To purchase the report, e-mail us at info@eastbridge.com or phone (860) 676-9633. Contacts, Eastbridge Consulting Group, Bonnie Brazzell, 860-676-9633 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. TRAVEL GUARD CLIENT SERVICES OFFERS COMPLIMENTARY VIP PERSONAL ASSISTANCE DURING UPCOMING BENEFITS MARKETING RENAISSANCE 2006 CONFERENCE Complimentary Travel Service Offered to Benefits Marketing Renaissance Attendees NASHVILLE, TN (February XX, 2006) --- Travel Guard Client Services, a provider of comprehensive travel assistance and concierge services, in cooperation with the Benefits Marketing Association is offering a complimentary VIP Personal Assistance trial membership to all Benefit Marketing Renaissance conference attendees during the conference. “As a conference exhibitor, Travel Guard Client Services, in conjunction with Benefits Marketing Association, is giving attendees and opportunity to utilize this travel and concierge service for free as an additional benefit to attending the conference,“ explained Amanda Trzebiatowski, Travel Guard Client Services. “Conference attendees will have access to a team of assistance professionals who can help with such requests as locating lost or delayed luggage, rebooking emergency or last-minute flight changes, suggesting sight-seeing opportunities and even locating the nearest ATM should they need it. It’s literally having your very own personal assistant to help you no matter where you are.” From February 25th to March 3rd, 2006, conference attendees can simply call Travel Guard Client Services’ VIP Personal Assistance membership hotline at 1.866.877.3244 and mention the Benefits Marketing Renaissance conference. VIP Personal Assistance professionals will also be able to provide callers with the latest updates on weather advisories for Nashville, as well as attend to any personal or travel related requests. Travel Guard Client Services’ VIP Personal Assistance provides members access to 24/7 travel assistance and concierge services from experienced travel professionals, available anytime of day and anywhere in the world. Travel Guard Client Services is a division of Travel Guard International, the nation’s leading provider of travel insurance and assistance services. For more information, call Travel Guard Client Services at 1.866.630.1136, or visit www.TGClientServices.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. PRESIDENT-ELECT BELL ADDRESSES FINANCIAL SUMMIT ORLANDO, FL - (February 14, 2006) – National Association of Insurance Commissioners (NAIC) President-Elect and Alabama Commissioner of Insurance Walter Bell addressed regulators on various international insurance issues at the NAIC Financial Summit. Bell discussed the leadership efforts of the NAIC in the International Association of Insurance Supervisors (IAIS), the U.S.-European Union Regulatory Dialogue, and the role of the NAIC in technical assistance to open insurance markets around the world, which includes the International Internship Program. “As the globalization of financial services continues to evolve, it has become imperative that we consider what is going on in the rest of the world when discussing critical issues in the U.S. regulatory system,” said Bell. “From a regulatory perspective, the NAIC is well positioned to meet the challenges of a globalized financial services sector.” Commissioner Bell said that NAIC members regularly dialogue with global insurance supervisors, coordinate with the Treasury Department, the Federal Reserve and the Securities and Exchange Commission, (SEC) as they engage G7 finance ministers through the Financial Stability Forum, and advise the U.S. trade representatives and Department of Commerce in international trade negotiations. “State insurance officials are at the international table with Cabinet-level financial officials from the United States and around the world representing the U.S. insurance marketplace,” Bell continued. www.naic.org/frs_2006_financial_summit.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Agents for Change Surpasses 1,000 Member Mark Agents for Change, a trade association comprised of life, health, and property & casualty insurance agents and brokers, has exceeded the 1,000 member mark in less than one year of recruitment. “This is an extremely important milestone,” said Robert Poli, Chairman of Agents for Change. “We have exceeded our initial goal for recruitment due to the fact that reform of the state-based insurance regulatory system simply makes common sense. There are now over 1,000 insurance agents and brokers who are saying that it is time to modernize insurance regulation. But our work is not done and we continue to reach out to producers to let them know that there is another way, that there is an option.” Producers, who serve their customers day-in and day-out, continue to hit the same roadblocks -- speed to market of new products and licensing hassles. In order to sell in more than one state, insurance agents and brokers have to navigate through separate state insurance regulations. This makes no sense in the 21st century. Moreover, insurers need to do the same in order to get new products to market which can make the process subject to costly delays. “But the most pressing reason to enact an OFC is not for producers or insurers – it is for insurance consumers,” continued Poli. “Consumers are frustrated with the lack of choice among insurance products and coverage in the current system. Moreover, they don’t understand why a product that is available in New York is not offered in New Jersey or Connecticut or why they may not be able to continue their relationship with their insurance agent when they move out of state.” Consumers may save money due to increased efficiencies in regulation. Producers will spend less time on paperwork and have more time to spend with their clients. And insurers will be able to offer more products in a more timely fashion. This is a win-win for anybody who owns or sells an insurance product. Poli continued, “It is important to stress that the first word in OFC is ‘optional’-- we are not advocating the abolishment of the state based insurance regulatory system. We simply want to give the ‘option’ to producers and insurers to opt into a different system if it makes sense for their business models. What could be more American or better for the market place that that?” Contact: Shannon Finney, (202) 589-2427 http://www.bipac.net/page.asp?content=startpage&g=FSRAC Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. US Sen. Specter says asbestos bill 'very much alive' WASHINGTON (Reuters) - Republican Sen. Arlen Specter said on Wednesday the asbestos bill he is co-sponsoring is "very much alive" and that Senate Majority Leader Bill Frist told him there would be another vote on it. The bill to create a $140 billion asbestos victims' compensation fund lost a close Senate procedural vote on Tuesday evening. Specter, of Pennsylvania, said he did not think there could be another vote on the measure this week. He said a revote would have to wait "at least until after the recess" the Senate is scheduled to take next week. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Labor Department Unveils Resource to Help Americans Plan for Retirement WASHINGTON, Feb. 15 /U.S. Newswire/ -- The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) today released a new resource to help Americans calculate the financial resources they will need to ensure a secure retirement. The publication, "Taking the Mystery Out of Retirement Planning," is designed to assist individuals who are within 10 years of retirement calculate their income, savings and likely expenses in retirement. Using these figures, Americans will have a better idea of how much they need to save to ensure they do not outspend their retirement assets. "Americans are living longer, healthier lives and will need more income to see them through their retirement. Making the right choices is critical to living a lifestyle of financial independence, and this booklet will help individuals realistically plan for their financial future," said Ann L. Combs, assistant secretary for employee benefits security. Although targeted to individuals approaching retirement, the booklet is also useful for recent retirees. The publication includes worksheets that allow the user to evaluate current assets and expenses; project future assets and expenses, and determine what additional resources are needed to meet their retirement lifestyle. There also are discussions on methods of saving, investment options, expense considerations and how to make your assets last throughout retirement. An extensive resource section provides other sources of information on retirement, savings and investment issues. The primary focus of the booklet, preparing financially for retirement, will be a key topic at the March 1-2, 2006 National Summit on Retirement Savings in Washington, D.C. The summit agenda will include discussions of strategies workers can use to ensure they have sufficient assets to cover the years spent in retirement. Free copies of the booklet are available by calling EBSA's toll-free number at 1-866-444-EBSA (3272) and visiting the agency's Web site at http://www.dol.gov/ebsa (under publications). The public can also get the booklet from the Federal Citizens Information Center at 1-888-878-3256. www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. MetLife Launches New Online Tool; Helps Calculate Lump-Sum Needed to Guarantee Monthly Income for Beneficiaries NEW YORK--(BUSINESS WIRE)----If you gave your family $1 million today would that be enough to cover their expenses for the rest of their lives? A new online calculator from MetLife, at www.metlife.com/gsib, will help consumers answer that question. The Guaranteed Survivor Income Benefit (GSIB) calculator pinpoints exactly how much life insurance an individual needs to guarantee their survivors an income they can't outlive. The tool is simple. Individuals are asked three questions to enable the calculator to compute a lump sum value that can generate the desired guaranteed monthly income for their beneficiaries. MetLife developed the GSIB calculator and, a life insurance rider with the same name, based on research showing that most people buy life insurance to replace their income. Many individuals, however, are presented with a lump-sum life insurance benefit which must be invested based on uncertainties, such as interest rates, to make the money last. www.metlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Ambitious Retirement Savings Proposal Released by Heritage Foundation and The Retirement Security Project WASHINGTON, Feb. 14 /U.S. Newswire/ -- A new plan for Automatic IRAs that would provide a relatively simple, cost- effective way to increase retirement security for the estimated 71 million workers without pension plan coverage was proposed today by The Heritage Foundation and The Retirement Security Project (RSP). AARP has joined forces with Heritage and RSP to lend its support. For a copy of the working paper, "Pursuing Universal Retirement Security Through Automatic IRAs," visit http://www.retirementsecurityproject.org. www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. "Alleviating the Credit Derivatives Crisis" Report Offered by BearingPoint As NY Fed Prepares to Meet To Study Issues McLean, Va., February 15, 2006- BearingPoint, Inc. (NYSE:BE), a leading global management and technology consulting firm, today issued a white paper, "Credit Derivatives In Crisis: Alleviating the Backlog," discussing ways financial services companies can address the serious delays in completing credit derivative trades resulting from the increased transaction volume, the growth of the industry and inefficiencies and errors in the confirmation process. A copy of the paper can be found at www.bearingpoint.com/derivatives The paper comes just before the New York Federal Reserve is expected to meet February 16, to discuss dealers' and industry executives' progress on these issues. Credit derivatives are financial contracts that allow market participants to assume either a positive or negative exposure to a company's credit to facilitate hedging and speculation. "Although the size of the credit derivatives market has exploded, the backlogs and inefficiencies in its current technology infrastructure have created a transaction, confirmation and clearing process straight out of the seventies," said Robert Benedetto, a manager with BearingPoint and co-author of the paper. "The extensive backlog in processing trades can create substantial operational risks for banks and other financial services companies. "In fact, the overstressed credit derivatives market infrastructure has created the potential for a financial disaster if an event triggers a significant strain, such as a major U.S. company filing for bankruptcy. Unless this technology is updated and improved, the industry will continue to operate with lead weights and put the health of the market overall at risk," added Benedetto. Terence Sawchuk, a management analyst with BearingPoint and co-author of the paper, pointed out that most credit derivative trades are not standardized and have to be reviewed individually by each party, raising the possibility of error and extending the time delay on trade execution. Sawchuk noted that the paper outlines steps that can be taken to improve the credit derivatives market, such as a new process for confirming trades and insights that can help companies avoid delays, leverage new technology and take a fresh look at processes and people to maintain business stability. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. "Fundamental Issues in OpRisk Management," Our latest article: "Fundamental Issues in OpRisk Management," which appears in the February 2006 issue of OpRisk & Compliance magazine, highlights some of the common misconceptions about operational risk management (ORM) that are causing confusion throughout the industry. For a free copy of the article please select this link: Fundamental Issues in OpRisk Management www.opriskadvisory.com/docs/FundamentalIssuesinOpRiskManagement.pdf Here are some excerpts: * In casual conversation, risk is a type of incident such as a fraud; in formal _expression_, risk is a metric used to describe the level of uncertainty surrounding an event such as a fraud. * The view that the 'expected losses' are the small losses is not only wrong, it is potentially misleading, because the most efficient way to reduce the expected loss is to prevent the large losses, not focus on the small losses. * A high-likelihood/high-impact situation can exist, but a high-likelihood/high-impact class of events cannot; when likelihood is 100% (because 100% likelihood means certainty) the level of risk is zero. * It is simply not possible to objectively use historical operational loss data to assess likelihood, impact or risk at the process/incident level. This approach is far too granular to be supported by the type of data that exists today or that is likely to exist in the foreseeable future. Firms that attempt to do so are unknowingly trying to solve an unsolvable problem. * Modern ORM is very different from traditional ORM. In many ways modern ORM is incompatible with traditional ORM. Organizations that have tried to built modern ORM programs on top of their existing traditional frameworks – leveraging existing terminology, processes and procedures, without probing the core issues, have found ORM to be a very challenging task. This remains the underlying source of much of the confusion in the industry. * Directly combining internal and external data violates one of the fundamental precepts of OpRisk modeling because loss data has meaning only in the context of the distribution from which it is drawn. A loss data point contains two integrally connected pieces of information (for severity) the loss magnitude and its relative probability with respect to the other losses in that distribution. Extracting a loss data point from its original data set causes it to lose all informational value. For a copy of our training brochure, please select this link: OpRisk Training Brochure www.opriskadvisory.com/docs/OpRiskTrainingBrochure.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Case Against TASB Headed to Trial Hidalgo County Court Already Finds Insurance Administrator Breached Contract and Misrepresented EDINBURG, Texas, Feb. 14 /PRNewswire/ -- The trial of Austin, Texas based Texas Association of School Boards and its subsidiary, Texas Association of School Boards Risk Management Fund has been set for August 21, 2006 in Hidalgo County Court at Law #4. The lawsuit brought by a McAllen based ambulatory surgery center involves serious allegations of deceptive trade, misrepresentation and a breach by TASB of the insurance plans that provided medical benefits to some of the Valley's largest political subdivisions, including McAllen ISD and City of McAllen. According to court records, TASB acted as the claims administrator and/or plan administrator for self insured benefit plans in the Rio Grande Valley, including City of McAllen and McAllen ISD. According to pleadings in the case, in March of 2002, with no notice and without complying with the terms of the plans, TASB drastically reduced the amounts of money it paid on certain surgery center claims and in the process both underpaid the provider and left the employees with substantially greater out-of-pocket responsibilities. The trial is more of a hearing on damages than a fight over what happened as the Court has already granted RGOI ASC's motion for summary judgment and held that TASB and TASBRMF had breached its contractual obligations under self-insurance agreements. In addition, the court found that TASB and TASBRMF had misrepresented the terms of coverage to both the provider and its patients covered under the plans. The trial will also determine whether TASB and TASBRMF are responsible to RGOI under Texas laws that forbid deceptive trade practices. The lawsuit filed in 2003 may have already done some damage. A spokesman for RGOI indicated that one of TASB's larger clients, McAllen Independent School District, terminated its agreement with TASB effective October 1, 2004, but that official could not comment on whether the termination was in any way related to the lawsuit. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Litigating Claims Against the London Market are Covered inside this Handbook DUBLIN, Ireland--(BUSINESS WIRE)--Feb. 15, 2006--Research and Markets ( www.researchandmarkets.com/reports/c32764 ) has announced the addition of Insurance Coverage Dispute to their offering. The authors explain all aspects of litigating insurance coverage disputes in detail, including the varieties of policies and coverage, obligations of policyholders and insurers, and the nuts and bolts of proving or disproving coverage, from pre-trial motions through settlement. Topics covered include case management, venue, parties, justifiability, discovery disputes and privileged documents, insurance policy interpretation and construction, bad faith and extra-contractual claims, and trial of an insurance coverage dispute. This book is updated as needed, generally two times each year. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Benefit Resource's New Beniversal(TM) MasterCard(R) Adds Convenience to Consumer Driven Healthcare 2006 Prepaid Card Expo - ROCHESTER, N.Y.--(BUSINESS WIRE)--Feb. 15, 2006--Benefit Resource Inc. unveiled its new Beniversal(TM) MasterCard(R) today at the 2006 Prepaid Card Expo in Orlando, Fla. The Beniversal card is linked to online client services, including a secure feature at the Benefit Resource web site which allows consumers to track and manage pre-tax accounts. Users gain a true picture of costs, which helps them plan future spending. Such detailed reporting capabilities, along with online and human support resources, are essential to long-term consumer satisfaction with CDH plans, DiBarnaba says. www.benefitresource.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. European Insurers are Far More Positive to the Role of Offshore and Outsourcing in Infrastructure Efficiency than their North American Counterparts DUBLIN, Ireland--(BUSINESS WIRE)--Feb. 15, 2006--Research and Markets ( www.researchandmarkets.com/reports/c32986 ) has announced the addition of Outsourcing in Insurance: Perspective 2006 to their offering. Despite recent strong results on both sides of the Atlantic, the majority of insurers continue to look to vendors to deliver IT and operational efficiencies rather than enable outright business growth highlighting the work still to be done in terms of achieving operational efficiency, in particular on the European side. 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. New York Life Investment Management Reaches $200 Billion in Assets under Management; Expanded Distribution, Dedication to Performance and Key Acquisitions Fueling NYLIM Growth PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 14, 2006--New York Life Investment Management LLC and its affiliates (NYLIM) achieved a significant milestone in reaching $200 Billion in assets under management (AUM) as of December 31, 2005. The NYLIM group, formed in April 2000 with just over $110 Billion in AUM, today includes New York Life Investment Management LLC divisions Mainstay Investments, NYLIM Retirement Plan Services, Equity Investors Group, Fixed Income Investors Group, Guaranteed Products, and NYLIM Real Estate, and affiliates MacKay Shields LLC, McMorgan & Company LLC, New York Life Capital Partners and Madison Capital Funding LLC. "Our investment teams touch on nearly every sector of the capital markets, including guaranteed products, real estate, equity investments, private equity and fixed income. We are pleased to offer one of the broadest arrays of investment capabilities in the industry," said Gary Wendlandt, chairman and CEO, New York Life Investment Management. www.nylim.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. AARP Members Put Health Care at Top of Legislative Issue List; Survey Reflecting Views of 800,000, 50+ Marylanders Released BALTIMORE, Feb. 15 /PRNewswire/ -- AARP's Maryland members, representing half of all Marylanders age 50 and older, have overwhelmingly ranked ensuring the availability, cost and quality of health care as the top legislative priority for the nonprofit, nonpartisan organization. Making prescription drugs more affordable was a close second and received 88% of the vote. The results, detailed in a survey of Maryland members on legislative priorities were released today by AARP Maryland, and are available at http://www.aarp.org/md. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Study: Administration's Health Savings Accounts Proposals Would Cause Net Increase in Number of Uninsured WASHINGTON, Feb. 15 /U.S. Newswire/ -- A new analysis by one of the nation's leading health economists finds that the Administration's proposals to expand tax breaks for Health Savings Accounts (HSAs) would cause a net increase in the number of uninsured Americans. The analysis, conducted by Jonathan Gruber of M.I.T., projects that while 3.8 million previously uninsured people would gain health coverage through HSAs as a result of the President's proposals, 4.4 million people would become uninsured because their employers would respond to the new tax breaks by dropping coverage and they would not secure coverage on their own. The net effect would be to increase the number of uninsured Americans by 600,000. "The Administration estimates that its HSA-related tax proposals would cost $156 billion over the next ten years, which would worsen the nation's fiscal problems," Robert Greenstein, the Center on Budget and Policy Priorities' executive director, noted. "Professor Gruber's study raises very serious questions about the wisdom of these proposals." The full analysis can be viewed at: http://www.cbpp.org/2-15-06health.htm. www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Fort Dearborn Life Insurance Company Partners with Swiss Life Network CHICAGO, Feb. 14 /PRNewswire/ -- Fort Dearborn Life Insurance Company, a subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, has signed a definitive agreement with the Swiss Life Network to provide group life, disability and dental benefits to Swiss Life Network's multi-national clients in the United States. "We are enthusiastic about the potential of a long-term partnership with the Swiss Life Network," said Larry Newsom, president of Fort Dearborn Life. "With the globalization of business today, an employee benefits provider must be able to offer solutions for employers with associates throughout the world. This new arrangement allows Fort Dearborn Life to provide products in the United States to Swiss Life Network's multi-national clients and in exchange, international solutions for Fort Dearborn Life customers." As the largest group life insurance carrier in the United States for contracts in-force(1), Fort Dearborn Life views this partnership as an opportunity to service a broader base of clients and to introduce Fort Dearborn Life products and services to an expanding landscape of international benefits brokers and consultants. (1) Based on LIMRA's Group Life Sales and In-Force 2004 Annual Results. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. John Hancock Launches New Universal Life Insurance Policy BOSTON, Feb. 14 /PRNewswire-FirstCall/ -- John Hancock has introduced a new universal life policy, called Accumulation UL, for high net worth individuals and business owners who are looking for strong cash value-oriented life insurance. The policy account value is credited a current interest rate based on a high-quality investment portfolio. The policy also offers tax-deferred growth of policy values and tax-favored treatment of policy withdrawals(1), a 5-year no lapse guarantee and zero net cost loans(1). www.manulife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Drive Brand Expressway Opens as the Fastest Route to Growth for Independent Insurance Agents; New Internet Portal Is Single Source For Agents To Access Drive's First-Ever Direct Mail Program, Agency Signage, Yellow Pages Opportunities, And Much More MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)--Feb. 14, 2006--Independent agents who want to grow their agency by co-branding it with Drive(R) Insurance from Progressive (NYSE:PGR) now have a fast, easy way to learn about and participate in a variety of opportunities, including Drive's first-ever direct mail prospecting program. It's called the Drive Brand Expressway, and agents access it through Drive's agency-dedicated Web site, ForAgentsOnly.com (FAO). Drive is the country's largest writer of private passenger auto insurance through independent agents, and a leading writer of commercial auto, motorcycle, boat and RV insurance. www.driveinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. NEW YORK LIFE LAUNCHES KOREAN LANGUAGE WEB SITE NEW YORK, N.Y., February 15, 2006 — New York Life Insurance Company today announced it has launched a Korean-language Web site (www.newyorklifekorean.com) to ensure that Korean-speaking policyholders and the agents who work with them can easily access in-language information about New York Life’s products and services. This comprehensive online resource for insurance and financial information provides the latest news and details about New York Life’s broad range of products and services. Additionally, New York Life has built a comprehensive internal Web site to support agents working in the Korean market. The Korean-language intranet offers over 100 in-language materials for agents to best serve their clients. www.newyorkkorean.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Odey Asset Management LLP reduces its holding of Converium's registered shares to below 5% Zug, Switzerland - February 15, 2006 - Disclosure of shareholdings pursuant to Art. 20 SESTA -- Converium Holding Ltd has been notified that Odey Asset Management LLP, 12 Upper Grosvenor Street, London W1K 2ND, United Kingdom, has reduced its holding of registered shares of Converium Holding Ltd, Zug to below 5%. www.converium.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. GUARDIAN LONG TERM DISABILITY INSURANCE ENHANCEMENTS New York, February 14th, 2006 — The Guardian Life Insurance Company of America (Guardian) today announced the introduction of new voluntary and buy-up Long Term Disability (LTD) offerings, enhancing its current benefits portfolio to further meet the varied needs of customers. Guardian’s new buy-up LTD offerings combine an employer-sponsored core plan with voluntary options that allow employees to buy-up or purchase additional coverage as a supplement to their core LTD benefit. The new enhancements enable employees to tailor coverage to their specific needs and budgets. “As employers face escalating employee benefit costs, they need practical solutions to keep costs down and simultaneously satisfy their staff,” said Craig Guiffre, Vice President, Group Life & Disability, Guardian. “In an effort to help Guardian’s customers, we are offering enhancements to our Long Term Disability offerings at little or no additional cost to employers.” www.GuardianLife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. SUBMITWrite Achieves Strong Early Adoption Momentum Early MGA Adopters enthusiastic about potential of powerful tool to help solve critical business challenges Windsor, CT. – February 14, 2006 – AMS Rackley, the industry’s preferred provider of web-based and desktop rating and point-of-sale solutions, today announced that recently launched SUBMITWrite, has achieved rapid adoption by the MGA market. There has been a lot of enthusiasm and positive feedback among MGAs that adopted the powerful new tool over the past few months. The early adopters of SUBMITWrite include Bolton & Company, Bloss & Dillard, Inc., Continental Special Risks, Inc., Deep South Holding, LP, FTP Inc., J.M. Wilson Corporation, Mid Valley General Agency, LLC, Pacific Coast E & S Insurance Services, Russell Bond & Co., Inc. and TAPCO Underwriters, Inc. www.amsrackley.com/mga.html Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. INSURANCE NEWSLINK Articles INSURANCE NEWSLINK is a worldwide, strategic concise intelligence resource comprising over 25,000 articles commencing July 1993. Please click here for background and a 15-day free review of the service.
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