Daily Quote: "We never appreciate the value of water until the well runs dry." -- Benjamin Franklin
BRAND NEW INSURANCE INDUSTRY WEBINAR! - - February 21, 2pm EST Join precision email solutions company ExactTarget in an ALL NEW WEBINAR presented with Anthem Blue Cross Blue Shield's marketing department. Learn how Anthem has used email to deliver personalized, and very profitable, communications to their policy holders and brokers. While you register for the webinar be sure to take advantage of ExactTarget's REFERRAL PROGRAM which offers a drawing for Video iPods! 1. AIG Companies Terminate Agency Relationships with Starr Technical Risks Agency, Inc. NEW YORK--(BUSINESS WIRE)--Feb. 17, 2006--American International Group, Inc. (AIG) has announced that the AIG Companies have today terminated the agency relationship with Starr Technical Risks Agency, Inc. and its subsidiaries (Starr Tech), insurance agencies owned by C.V. Starr & Co., Inc. All current and future underwriting, claims, loss control and administrative functions relating to accounts formerly underwritten by Starr Tech on behalf of the AIG Companies will be managed by New York-based AIG Global Energy, which already provides insurance and risk management programs to energy and energy-related companies worldwide. AIG Global Energy has expanded its scope of operations by creating a new division, AIG Global Energy-North America, to serve the worldwide property insurance needs of insurance customers in North America. AIG Global Energy-North America will initially have offices in New York, Hartford, CT, and Houston, TX, as well as Toronto and London. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BestWeek: New Anti-Money Laundering Rules Have Life Insurers Scrambling OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 17, 2006--With a May 2, 2006 compliance deadline looming, U.S. life insurers are training thousands of independent agents how to comply with new anti-money laundering regulations issued by the U.S. Treasury, according to an exclusive article in the Feb. 20 edition of BestWeek. Insurers that sell life or annuity products with cash value or investment features to individuals are responsible for tracking and reporting possible money-laundering activities under the new regulations. Also in the Feb. 20 BestWeek: -- Consolidation of market share among the world's biggest reinsurers, has a private, nonprofit think tank pondering the implications if one of the major market makers should fail. -- In the past few years, in a growing number of countries, government is changing tack and getting back into many commercial enterprises, driving a convergence of trade credit and political risk insurance strategies. BestWeek examines the implications for insurers. Also featured is Best's Insurance Composite Index, which finished the week of Feb. 16, 2006, at 1158.39, up 12.63% compared with a year ago. The composite index reflects the performance of 137 insurance stocks. The week's top performers were W.R. Berkley Corp., James River Group, Aon Corp., Ohio Casualty and Brown & Brown. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. A.M. Best Comment: Katrina Temporarily Halts Softening of Reinsurance Markets OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 20, 2006--The recently published January 2006 renewals experienced by a number of European-based global insurers confirms A.M. Best Co.'s expectation that significant price increases are by and large limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two thirds of the renewable portfolio) saw relatively stable premium rates. This stability was also partially a result of a higher net retention by primary insurers, which to some extent eased the pressure to accept higher reinsurance costs. A.M. Best believes that the significant losses from Katrina, Wilma and Rita incurred by reinsurers have only helped to halt temporarily the downward trend in the underwriting cycle prior to these events. However, A.M. Best expects that price competition is likely to resume if underwriting results in 2006 turn out to be favourable, as capacity for most lines of business remains readily available. The substantial improvements in premium rates, limited to loss-affected business lines comprised mainly of offshore marine and property catastrophe, are, in A.M. Best's opinion, insufficient to compensate for the losses incurred by reinsurers in 2005. As a result of the severity of Hurricane Katrina, but also from the acceptance that such events are likely to occur more frequently, reinsurers are reassessing their internal models and their aggregate exposure. In some instances, this has already led to a reduction in limits by reinsurers. The hurricane seasons of 2004 and 2005 have highlighted the unpredictability and volatility of natural catastrophe reinsurance, which in turn raises questions about reinsurers' ability to achieve sustainable earnings--an indicator as to whether a reinsurer's balance sheet is likely to improve. As a consequence, A.M. Best is placing a much stronger emphasis on how reinsurers evaluate and control their exposure to world-wide natural catastrophe risks, although the credibility of a reinsurer's risk management practice can only be fully tested when such an event occurs. A.M. Best has also revised its capital requirements for underwriting such risks and expects rated companies to maintain certain capital levels even if a second probable maximum loss occurs. A.M. Best believes that the maintenance of the current financial strength of the European reinsurers will, to a large extent, depend on their ability to generate earnings supportive of their risk-adjusted capitalisation through a period of more frequent and more severe natural catastrophe claims. Reinsurers need to adapt both their underwriting strategies and their risk controls to this changing landscape. Also, if underwriting results continue to be extremely volatile, investors may be reluctant to provide additional capital, hence also negatively impacting the financial flexibility of the reinsurance sector. For current Best's Ratings, independent data and analysis on more than 330 reinsurance companies, please visit www.ambest.com/reinsurance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. A.M. Best Maintains Negative Outlook on U.S. Commercial Sector OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 17, 2006--A.M. Best Co. has completed its assessment of the U.S. commercial market and is extending its negative outlook for 2006. As a consequence, A.M. Best anticipates that there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued, albeit lessened, reserve development and the dimmed long-term business prospects attributable to the emergence of a new soft cycle. This outlook is not a reflection of the results posted in 2005 but is more forward-looking, taking into consideration A.M. Best's view of the sector over the next 12 to 36 months. In 2005, U.S. commercial lines insurers continued to recognize the benefits of cumulative rate increases and actions taken in past years to strengthen both core and legacy reserves. During this period, A.M. Best believes that many U.S. commercial lines insurers were the recipients of much improved pricing, proving the old adage, "a rising tide lifts all boats." With the beginning of a new soft cycle now underway, however, A.M. Best believes price erosion, loss cost inflation and higher reinsurance costs will lower profit margins for the U.S. commercial lines sector in the intermediate term. In the near term, however, net underwriting profits are likely to be reported in 2006, assuming more normalized catastrophe losses and continued, albeit moderate, funding of prior year reserves. While few can argue with price adequacy and the level of earnings improvements within the commercial sector today, A.M. Best's outlook is prospective in nature and takes into consideration the future consequences of price softening and the assumption that terms and conditions have already been compromised in certain segments of the market. This outlook also recognizes the effects of internal and external pressures on optimizing capital, market overcrowding and the ever present potential for irrational behavior. Based on these assumptions, A.M. Best is concerned with this sector's ability to sustain any new pricing momentum over the long term. Although Hurricane Katrina may have helped stall further price cutting in the commercial property segment, its impact on commercial casualty pricing is likely to be modest. Furthermore, the sector's ability to preserve capital while maintaining balance sheet integrity through another prolonged soft cycle is of great concern to A.M. Best. Terrorism also casts a shadow on the long term prospects for this sector. Going forward, A.M. Best believes rating upgrades will be few in number until companies can truly demonstrate their underwriting acumen through soft market cycles. Those companies that are able to navigate through these cycles will benefit from rating upgrades over time. On the other hand, those companies that have insufficient price monitoring tools, relaxed underwriting standards and are aggressive during soft markets are certain to face negative rating actions in the future. A.M. Best has and will continue to take a more rigorous approach in its due diligence when evaluating companies' capitalization, cycle management and risk management controls. Exposure to terrorism, its impact on capitalization and the uncertainty surrounding a long-term solution to this issue are key concerns. Catastrophe models will continue to be valuable tools for the quantification of risk, but not the only barometers. As part of risk management and cycle management, companies will need to demonstrate their ability to monitor and measure risk and provide quality data and adequate underwriting and risk controls. Consequently, A.M. Best will be requiring more detailed information through its supplementary rating questionnaire and in company meetings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. LexisNexis Unveils Innovative Insurance Compliance Solution; Helping Insurance Companies Stay in Regulatory Compliance to Avoid Billions in Fines DAYTON, Ohio--(BUSINESS WIRE)--Feb. 20, 2006--In order to help insurance companies stop the hemorrhaging of multi-millions of dollars paid for inadvertent violations of complex compliance regulations, LexisNexis U.S., a leading provider of information and services solutions, today announced the launch of LexisNexis(R) Insurance Compliance. This solution combines industry-leading content with insight, expertise and analysis in a single easy-to use Web-based application. "Insurers are paying millions in penalties and suffering significant productivity losses due to compliance related activities. These potential financial impacts combined with the number of different sources needed to understand and ensure compliance drove LexisNexis to build the singular compliance solution for the insurance industry," said Darrell Huntsman, vice president and managing director at LexisNexis. "Bringing together legal and regulatory resources with custom innovations and industry expertise, we're working with our customers to remove the guesswork from regulatory compliance." LexisNexis Insurance Compliance empowers compliance professionals, at every level, to respond effectively to the challenges in an expanding and changing regulatory environment across all 50 states and territories. That means offering more than the best sources--it means integrating those sources with analysis and insight that helps today's insurance companies understand how to comply with rapidly changing legal developments. Bringing together innovative information technologies, industry expertise, and the most comprehensive content collection, LexisNexis Insurance Compliance brings insurance companies a combination of advantages unavailable anywhere else. -- Compliance Index: A new domain-specific compliance index that ties together seemingly disparate concepts across jurisdictions so that compliance users can find what they need quickly and easily. -- Expert Insights: To understand how to respond to legal developments, summaries and highlighted actions are available to help users see and respond to critical compliance issues. -- Advisory Board: A professionally-diverse Advisory Board consisting of prestigious regulatory practice attorneys, prominent current and former insurance regulators and distinguished insurance executives was established to address the compliance needs of insurance companies. -- Expert Blog: Whether through insights into regulatory changes or discussions on the most perplexing compliance issues, insurers can review or participate in Advisory Board discussions through a subscriber-only blog. While the direct costs of non-compliance are staggering, the indirect costs are equally damaging. Bad publicity, class-action litigation, and the reaction of the financial markets can be nothing short of catastrophic for individual companies and have a far-reaching impact for the entire industry. "LexisNexis Insurance Compliance gives insurers confidence that their teams can understand the constantly changing rules and regulations. Our solution delivers legal developments and context, as well as real-time discussions by industry experts on developments that will affect a company's ability to comply," said Molly Miller, director of Insurance Product Strategy. "We essentially bring experts to the desks of insurance compliance professionals trying to do high pressure work on deadline, every day." Last week, LexisNexis announced alliance relationships with Corpedia and Compliance 360 to help general counsel and chief compliance officers protect their companies from the risks of violating changing laws and regulations. These relationships combined with LexisNexis Insurance Compliance make LexisNexis a leading provider of information and solutions for companies seeking to respond to today's dynamic compliance environment. For more information on LexisNexis Insurance Compliance, visit http://www.lexisnexis.com/experts. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Get more with Trustmark Voluntary Benefit Solutions’ Guaranteed Universal Life. Just like whole life, you get guaranteed coverage, but more than that, you get the flexibility of Universal Life with Living benefits for Long Term Care. Click here for details or call 800-840-4692. 6. The National Law Journal Reports Top Verdicts and Punitive Damages Continued to Fall in 2005, as Juries Temper Awards and Caps Kick In NEW YORK--(BUSINESS WIRE)--Feb. 20, 2006--The National Law Journal(R) reports today that the total amount awarded by juries last year in the nation's largest cases declined for the third consecutive year. Based on analysis of the VerdictSearch(R) Top 100, a ranking of the largest jury verdicts in 2005, the NLJ reveals that juries awarded just $8.2 billion in compensatory and punitive damages in these cases last year, the lowest total since the newspaper began tracking these verdicts in 2001 and a decline of 28 percent from last year's total. Punitive damages also continued to decline significantly, in part due to caps that have now been implemented in more than half of the nation's states. Full coverage is available in a special section in today's issue of The National Law Journal. Selected results are also online at www.nlj.com. The total for 2005 contrasted sharply with the $41.4 billion in total verdicts, adjusted for inflation, reported for 2002, the peak total for the past five years. Punitive awards continued to decrease at a much faster rate than compensatory awards--which, by comparison, have remained relatively constant. In 2005, punitive damages totaled just $3.5 billion, down from the five-year period's high of $36.0 billion in 2002. The punitive damages portion of total awards over the past five years has also dropped markedly. In 2005, punitives made up 43 percent of the total awards, down from the five-year period average of 59.2 percent and 2002 peak of 87 percent of that year's total. "Judicial and legislative efforts to rein in out-of-scale punitive awards appear to be gaining traction, as more states impose caps and plaintiffs lawyers move away from arguing for large punitive damages which they know will be reduced or thrown out," said Rex Bossert, editor in chief of the NLJ. "In this year's second-largest case, for example, the trial judge reduced the punitive award by the jury from $700 million to nothing." Last year's largest jury award came in the securities fraud case brought by Coleman, the camping gear company owned by Revlon Chairman Ron Perelman, against Morgan Stanley. In May, a Florida jury awarded Coleman more than $1.44 billion in total damages, including $850 million in punitives. An appeal is pending. The types of cases that made the Top 100 Verdicts of 2005 varied greatly, from accounting malpractice to workplace safety. Product liability was the most common cause of action, with 14 cases falling under that category. Thirteen trials involved motor vehicle cases, 11 involved medical malpractice, nine were breach of contract actions and seven were intellectual property cases. www.alm.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. New Insurance Plan Caps Rising Costs While Improving Employee Health Feb. 17, 2006. Phoenix, Arizona. LifeStrive Corporate Wellness Consultants, LLC announces they have formed a strategic alliance with Resource Planning Associates, inc. to form the nations first truly integrated wellness/insurance initiative. LifeStrive will be the installed wellness program behind the most innovative product in the insurance industry today delivering targeted Health Promotion Programs to employees of participating companies. Resource Planning Associates offers a newly approved, patent-pending Reimbursable Deductible Program, which is a supplemental insurance product that can offer meaningful financial incentives to employees when they improve their measurable biometrics of health. This type of incentive is new and has not been possible with core benefit plans because of HIPPA restrictions. Richard Perryman, Managing Partner of LifeStrive states; “we are very excited to announce this alliance and are looking forward to improving the health of employees everywhere with this innovative product mix. For the first time we can now move employees from a place of “fix me in spite of my diet and lifestyle” to “my health is my responsibility” because the incentives are meaningful enough to virtually guarantee 100% employee participation”. “Currently 75% of the total 1.4 trillion in health care spending is for lifestyle-based conditions. Unabated, this number will double to 2.8 trillion in just 7 years, further crippling our nations economy.” Perryman added. “All attempts to-date to reduce costs have simply resulted in shifting costs from employer to employee. This is the first and only program in the nation that effectively eliminates the cost by eliminating the claim in the only way possible-eliminating the lifestyle risk factors that result in the majority of the claims”. Perryman continues; “Only through self-responsibility, awareness and targeted interventions will the population health-dynamics of a typical corporation measurably improve. This is the one and only way to decrease health care costs. Now, for the first time, we have a vehicle to take us where we need to go”. For more information call Richard Perryman of LifeStrive at (602) 614-1012. www.lifestrive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. HRAnswerLink Launches Human Resources Service for Small Insurance Agencies and Individual Agents Fremont, CA – February 16, 2006 – HRAnswerLink, a leading provider of web-based human resources regulatory, compliance and relations information and consulting services, has launched a new low-cost HR support service to enable even the smallest insurance agencies and individual agents to deliver premium HR content to clients. By providing their clients with access to an online HR Support Center, insurance agents and agencies create a competitive edge and strengthen client loyalty. HRAnswerLink provides business-critical HR Content and “Ask the HR Pro” consulting services and solutions to diverse clients across the United States. Traditional users access an HR Support Center to find quick and easy answers to their HR questions, or to contact HRAnswerLink’s team of HR Pros. With the launch of this new service, the company has now expanded delivery of its HR solutions to the insurance industry through its Insurance Industry HR Support Center. “In January we launched a premium name-branded service allowing a brokerage to brand, manage and deliver a high quality HR legal and relations solution to its clients. When we showed it to one- or two-person businesses, each said they need a service more in tune with their size of operations,” said Dennis Abraham, President and CEO of HRAnswerLink. “We listened and have built the solution they needed. At this price, any agent in the country can afford to easily provide his or her clients with a comprehensive HR solution!” Specifically, any Agent now can provide clients to with the following HRAnswerLink services:
To receive more information, view an online presentation or sign-up for a free trial, visit http://support.hranswerlink.com, email managedsupport@hranswerlink.com or contact Steven Yee at 877.882.2237, x 205. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article In Germany, Tornado reconnaissance warplanes and soldiers in biohazard suits were deployed to prevent the spread of bird flu after H5N1 reached the mainland. Sixty soldiers clad in disease protection suits and gas masks disinfected vehicles on the Baltic island of Ruegen where the virus was found in swans. At least 11 countries have reported bird flu outbreaks over the past three weeks, an indication that the virus, which has killed at least 91 people, is spreading faster. India's health minister, Anbumani Ramadoss, said the situation was "under control" and there were no human cases of avian flu in the country despite fears at the weekend that a farmer had succumbed to the disease. Officials in the remote district of Nandurbar in western Maharashtra state launched a door-to-door check for people with fever, and continued a mass cull of up to half a million birds. Six people, including three young children, with flu-like symptoms were hospitalized on Monday, joining a woman and a child who were placed in an isolation ward the previous day. "Eight people are in isolation. We are keeping our fingers crossed," federal health secretary P.K. Hota told a news conference in New Delhi. He said the government had stocked 100,000 courses of the antiviral drug Tamiflu and planned to source another 50,000. South Africa also announced it would start to stockpile Tamiflu. EGYPTIAN POULTRY Egyptian officials said bird flu had spread to new parts of the country, adding to the devastation in a poultry industry which provided a vital part of Egyptians' diet. Malaysia reported its first case of H5N1 bird flu since November 2004, with the death of 40 chickens in central Selangor state last week. But Agriculture Minister Muhyiddin Yassin said the public need not worry as no human was affected. Bird flu's relentless march into the heart of Europe from Asia continued with the virus reaching the German mainland at the weekend and Romania detecting further cases of dead poultry. Bosnia confirmed its first cases of bird flu on Monday. France, Europe's biggest poultry producer, confirmed its first case of the H5N1 virus in a dead duck on Saturday. A Reuters photographer in India's Nandurbar said health workers wearing blue overalls, anti-viral masks and goggles were culling chicken by wringing their necks or mixing chemicals in chicken feed. Television images showed dead birds being dumped in pits covered up by heavy earthmovers. TV also reported hotels and airlines dropping chicken and eggs from menus. Poultry workers have been warned against culling chicken without protection after television images showed many of them using their bare hands to bury thousands of culled chicken. Indian investors sold shares in farm products makers and hotels and bought into drug firms that may begin to sell influenza medicines. Domestic poultry prices fell up to 40 percent. On Monday, Pakistan banned poultry from its eastern and western neighbors India and Iran, which found the disease in wild swans last week. Nepal also banned Indian poultry and Bangladesh said it had ordered a high alert along its porous border with India to prevent any poultry smuggling. More than 200 million birds across Asia, parts of the Middle East, Europe and Africa have died of the virus or been culled. So far, most victims of bird flu have had contact with chickens, but experts fear the virus might mutate into a strain easily passed among people, causing a pandemic in which millions could die. (Additional reporting by Adeel Halim in NANDURBAR, Sambit Mohanty in SINGAPORE, Rina Chandran in MUMBAI and Kamil Zaheer in NEW DELHI) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Problems Averted Prior to Louisiana Special Session Adjournment, says NAMIC INDIANAPOLIS (Feb. 20, 2006)—A representative of the National Association of Mutual Insurance Companies (NAMIC) has expressed her organization’s relief that the Louisiana legislature addressed onerous provisions in two bills before sine die adjournment of its 2006 special session last Friday. NAMIC State Affairs Manager Tami Stanton said that her members opposed an amendment to SB 14 that would have allowed the Louisiana Insurance Guaranty Association (LIGA) to loan money to the Louisiana Citizens Property Corporation. The financially-strapped Louisiana Citizens Property Corporation is the residual market mechanism, created by 2004 legislation combining the state’s FAIR Plan and the Coastal Plan. “Loaning money is not the appropriate role for any state guaranty fund. It is particularly unwise in light of insolvencies that may occur as a result of Hurricanes Katrina and Rita,” explained Stanton. The loan provision was ultimately removed in conference committee. Another important bill for insurers highlighted by Stanton was SB 7 which, in its introduced version, stated an insurer could not use the floodwater mark or the fact that a home was displaced from its foundation as “exclusive proof” to deny a claim. The bill also included extreme penalties for any violations. “Not allowing insurers to use the information available in settling claims is not in the best interest of all policyholders or the financial stability of insurers,” reported Stanton. She said House amendments removed the excessive penalties, changing the bill’s language to say that an insurer cannot use the floodwater mark or the displacement of the structure from its foundation “without considering other evidence, when determining whether a loss is covered.” Link to SB 14: - http://www.legis.state.la.us/billdata/streamdocument.asp?did=335851 Link to SB 7: - http://www.legis.state.la.us/billdata/streamdocument.asp?did=335896 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Collins Receives Insurance Services Office License to Utilize PCS Loss Data for Industry Loss Warranties MINNEAPOLIS, Feb. 20 /PRNewswire/ -- John B. Collins Associates, Inc. (Collins) and Insurance Services Office, Inc. (ISO) have signed a license agreement which allows the use of ISO Property Claim Services (PCS) as an index in all industry loss warranties purchased by insurers and reinsurers from Collins. Industry loss warranties are reinsurance contracts which cover catastrophic losses to insurers or reinsurers, but only when industry-wide losses from a specific catastrophe reach certain pre-specified levels. The total catastrophe loss figures used in industry loss warranties for U.S. catastrophes are typically specified as those issued by ISO's PCS unit. PCS is the recognized industry source for estimates of insured property losses arising from catastrophes within the United States, Puerto Rico, and the U.S. Virgin Islands. For each catastrophic event, it provides total and state-by-state estimates for personal and commercial property and auto physical damage losses. www.jbcollins.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Fetter Logic and Investigo Align to Serve Broker Dealer Industry (PRWEB) February 19, 2006 -- Two leading providers of technology solutions exclusively for the financial services industry have announced today a strategic alliance that will provide broker dealers the most comprehensive system of web-based practice management tools. The alliance between Fetter Logic and Investigo strengthens both companies’ ability to address more effectively the specialized needs of the financial broker/dealer market. Fetter Logic is the premier full service provider of advanced technology solutions exclusively for the financial services industry. Providing web-based applications, Fetter Logic supports both retail and institutional broker dealers. Applications include commission, compliance, and Query applications. Fetter Logic’s customers numbering over 150 include clearing firms and prominent retail and institutional broker dealers. www.fetterlogic.com Investigo offers the most comprehensive practice management system in the financial advisory industry. Advisors using Investigo spend more time with clients and less on administrative functions; improve client service with more accurate consolidated reporting; and save money by reducing the number of software packages they need to buy and maintain. Investigo’s web-based platform integrates a broad range of practice- management applications – including data aggregation, reporting, CRM, compliance and online document management – all at a significantly lower price than competitive products. In addition, Investigo has partnered with best-in-class software vendors like Morningstar, MoneyGuidePro and LaserApp. Headquartered in Minneapolis, Investigo downloads data for thousands of advisors and millions of accounts representing several billion dollars in assets under management. www.investigo.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. The Aflac Duck Saves the Day Popular Spokesduck Gets the Silent Treatment in New Television Commercial COLUMBUS, Ga., Feb. 20 /PRNewswire/ -- In the company's second television commercial released this year, the Aflac Duck takes a quieter approach to explaining how Aflac insurance policies can assist policyholders during a time of need. Debuting nationwide on February 20, the new ad, "Silent Movie," showcases the Aflac Duck as the hero to a damsel in distress in a parody of the silent film genre made popular during the early twentieth century. Shot using black and white film with dialogue displayed on-screen between action sequences, and thematic music serving as the soundtrack, the commercial depicts a heroic Aflac Duck saving a woman who is tied to a railroad track as an oncoming train quickly approaches. In the ad, the brave duck steps in harm's way, freeing the endangered woman from her terrible bind. "While we strive to create commercials that are entertaining, we also want to convey a message that is relevant to consumer needs," said Dan Amos, chairman and CEO of Aflac. "At Aflac, we recognize the financial bind that many families endure while struggling to balance living expenses with rising health care costs. Our products are designed to help ease that pressure, and the new commercial serves as a metaphor for this." www.aflac.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Trustmark Introduces New Living Benefits Previously Unavailable in Voluntary Life and Long Term Care Market LAKE FOREST, Ill.--(BUSINESS WIRE)--Feb. 17, 2006--Trustmark Voluntary Benefit Solutions, a leading provider of payroll-deducted voluntary benefits, is launching a new Universal Life product that pays more Living Benefits for long term care to address changing needs in today's voluntary life and long term care marketplace. Trustmark has doubled the monthly benefit for home healthcare and adult day care, and has added an assisted living benefit to its new flagship voluntary universal life product. Trustmark's new Universal Life with Living Benefits accelerates 4 percent of the death benefit monthly for assisted living, home healthcare, adult day care, and nursing home care, expanding an already comprehensive package of long term care benefits. "We're witnessing growth in demand for long term care as life expectancy increases and the Baby Boom generation moves into its elder years," said Janet Buzil, Trustmark's Second Vice President of Marketing and Product Management. "We're specifically responding to the need for stronger home healthcare, assisted living, and adult day care benefits. This level of Living Benefits, within a life insurance policy, was previously unavailable in the voluntary market." "As the only carrier that packages Living Benefits for LTC with Death Benefit Restoration and LTC Extension of Benefits, our insureds and their families can receive both the full death benefit and 50 months of long term care benefits - that's three times the face amount of their policy," said Joe Pray, Trustmark's Vice President of Sales and Marketing. "With long term care built into the life policy and purchased through payroll deduction, we offer a convenient, affordable way for people to get the protection they need." Along with more Living Benefits, Trustmark's new Universal Life plan provides guaranteed issue coverage, superior cash values across a wider range of interest rate environments, and improved mortality performance based on longer life spans. Trustmark's maximum issue age has also been raised to age 80, and maximum benefits increased to $300,000. Trustmark's Universal Life with Living Benefits is one of three new life insurance plans from Trustmark, which also include Trustmark's Guaranteed Universal Life and Trustmark's Universal LifeEvents(R). All plans are available now for March 2006 enrollments. For more information on voluntary benefits for employers with 100 or more employees, contact your Trustmark Voluntary Benefit Solutions Sales Representative at (800) 840-4692. www.trustmarksolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. National Conference of Insurance Legislators (NCOIL) Spring Meeting agenda items Attached, please find press information from the National Conference of Insurance Legislators (NCOIL) regarding the following February 23 through 26 NCOIL Spring Meeting agenda items: -- examination of pharmacy benefit manager (PBM) regulatory issues during a special NCOIL debate The NCOIL Spring Meeting will be held at the Bonaventure Resort & Golden Door Spa in Weston, Florida. NCOIL is an organization of state legislators whose main public policy interest is insurance legislation and regulation. Many legislators active in NCOIL either chair or are members of the committees responsible for insurance legislation in their respective state houses across the country. For more information, please contact the NCOIL National Office at 518-687-0178. 030106Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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17. Pledging continuity, Bernanke breaks with Greenspan Sun Feb 19, 2006 12:06 PM ET By Tim Ahmann WASHINGTON (Reuters) - New central bank chief Ben Bernanke last week used his first congressional appearance to pledge continuity with the Greenspan Fed, but broke with his famous predecessor by refusing to offer fiscal policy advice. Alan Greenspan's frequent forays into budget matters had drawn fire from within both political and economic circles, most prominently from Democrats incensed with the verbal succor the former Fed chief provided for hefty tax cuts in 2001. Bernanke made clear he would take a new tack. "There is a deficit; I'd like to see it lowered," Bernanke told a House of Representatives panel on Wednesday. "But it's up to Congress to decide whether that should be done by higher taxes, lower spending or some combination." "It's not up to me to decide what the size of the government is," he said. In contrast, Greenspan had always voiced a preference for narrowing budget gaps by cutting spending. In the view of Massachusetts Rep. Barney Frank, a Democrat, Greenspan "injected his ideology into it." Bernanke, a top adviser to U.S. President George W. Bush until he was sworn in as Fed chairman on February 1, had already promised to focus strictly on areas pertaining to the central bank's dual missions of economic and financial stability. "I think that it is his decision to make," said Rep. Jim Saxton, a New Jersey Republican who chairs the congressional Joint Economic Committee. "His reluctance to wade into every controversy in tax and budget policy is certainly very understandable." Not everyone, however, applauds Bernanke's choice. "You are our number one economist. You are the person that we all look to for that advice. You can't just sit there and say, 'I'm not going to,"' said Georgia Democratic Rep. David Scott, voicing disappointment Bernanke could not be drawn out to criticize Bush's call to make tax cuts permanent. But Scott is not alone in wishing Bernanke did not define his mission so narrowly. Senate Banking Committee Chairman Richard Shelby, an Alabama Republican, also believes the Fed chief should have a "big portfolio." BUILDING CREDIBILITY Greg Valliere, chief strategist at the Stanford Washington Research Group, views Bernanke's decision as a strategic move to preserve strength as he consolidates power. "I think he's really going to play it straight for at least a year to establish his credibility, not just within the markets, but his credibility within the Fed," he said. Valliere likened Bernanke's approach to that of former first lady Hillary Clinton, who initially kept a low profile after winning a U.S. Senate seat. "I think Bernanke has the same strategy: Let's establish a solid reputation before I go voicing my opinion on every subject in the world," he said. Despite an effort to stick to his knitting, Bernanke may have nonetheless offered fodder for the political grist mill. Asked by Ohio Republican Rep. Paul Gillmor whether allowing tax cuts to expire would hurt the economy, Bernanke said the reductions had helped spur activity in recent years, but he declined to augur on the future. "I heard what I wanted to hear anyway," Gillmor replied. Despite his best efforts, lawmakers were able to draw Bernanke out on a few other subjects. For instance, the new Fed chairman dipped his toes into a debate on the minimum wage and dismissed the relevance of a statutory limit on U.S. debt. But despite the eternal desire of politicians to score points against the other side of the proverbial aisle, Bernanke was seen as largely adhering to his earlier assurance to maintain a tight focus. "I think it will enhance his ability to do the major job of the Fed chairman, but he's going to have to resist temptation not to deviate," Frank said. © Reuters 2006. 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