Daily Quote: "Colors fade, temples crumble, empires fall, but wise words remain." -- Thorndike
Benefits
Marketing Renaissance 2006
The Benefits Marketing Association thanks each and every Benefits Marketing Renaissance 2006 sponsor and exhibitor - their support is crucial. The Level 1 list of sponsors includes:
A complete list of over 70 Exhibitors and Sponsors at the Benefits Marketing Renaissance 2006 meeting in Nashville this week, including complete contact information, can be viewed at our website! 1. Fed's Poole urges faster rise in retirement age Fri Feb 24, 2006 2:23 PM ET - CLAYTON, Missouri (Reuters) - Raising the U.S. retirement age faster could help the United States weather the fiscal strains of a retiring baby boom generation, St. Louis Federal Reserve Bank President William Poole said on Friday. "Clearly, as a matter of arithmetic, we're going to need some combination of higher taxes or lower outlays because the current outlays are outrunning the projections of the tax revenues," Poole told a St. Louis Forum luncheon. "I think what we should be looking at as much as we can are reformed ideas that improve the efficiency with which we make the spending. I think it might be desirable for us to move more quickly to extend the retirement age, for example," he added. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. NAIFA Board Votes to Support Application of Suitability Protections in Annuity Sales to All FALLS CHURCH, VA -The Board of Trustees of the National Association of Insurance and Financial Advisors (NAIFA) voted this week to support application of a National Association of Insurance Commissioners (NAIC) model law protecting seniors in annuity transactions to annuity purchasers of all ages. For several years NAIFA has worked closely with the American Council of Life Insurers (ACLI) to encourage states to promulgate the NAIC's Senior Protection in Annuity Transactions Model Regulation. The model requires that recommendations of annuity sales to consumers ages 65 and older be based on information of the customer's financial situation. The model also requires a system be put in place to supervise those recommendations. Last month the ACLI announced it would urge states to extend to all consumers the protections contained in the senior model and asked NAIFA to consider a similar position. "The ACLI and NAIFA recognize how vitally important it is that our groups work together to provide the best environment possible for consumers to plan for their long-term financial protection and retirement security," said David F. Woods, CLU, ChFC, LUTCF, NAIFA's chief executive officer. "With that said, NAIFA staff, our Policy Formation Subcommittee and the Board of Trustees considered the ACLI request, and agreed that extending the model to all annuity purchasers is appropriate." Woods added: "We look forward to continue working with ACLI and our state associations to facilitate adoption of these standards in the state legislatures." About NAIFA: Founded in 1890 as the National Association of Life Underwriters, NAIFA comprises 800 state and local associations representing the business interests of 225,000 members and their employees nationwide. Members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. NAIFA's mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members. www.naifa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. NATIONAL SAFETY GROUP CALLS FOR INCENTIVES TO PROMOTE INCREASED EARTHQUAKE PROTECTION IBHS president cites “financial benefits” in testimony to California Commission February 24, 2006/Sacramento,CA – There are clear opportunities for the State of California to promote incentives to make homes and businesses safer from earthquakes. That was the message delivered by the president of the Institute for Business & Home Safety (IBHS) at the February 23 meeting of the Little Hoover Commission, an independent state oversight agency that promotes efficiency, economy and improved government service. The public hearing was the second of two held to ensure sufficient funding, accountability and incentives for continuous improvement for emergency preparedness. “All levels of government have the opportunity to provide economic incentives for disaster prevention,” said Harvey Ryland, president and CEO of IBHS. “In exchange for such incentives, the local, state and federal governments would be gaining the economic sustainability of communities, and reducing the costs of responding to disasters.” Some of the opportunities outlined in Mr. Ryland’s testimony include: · Excluding the value of disaster protection and related improvements from the calculation of real estate taxes. · Eliminating or reducing permit fees for the construction of a disaster-resistant structure, and giving that permit a high priority for expedited processing. Mr. Ryland said some government officials might say they can’t afford to give up property tax or sales tax revenue. However, he believes that without incentives, fewer actions will be taken, eliminating any potential additional revenue. He also pointed out that, should an event occur, state and local government will not only have to provide a greater level of service to the people whose homes and businesses were not protected, they will also risk losing any taxable value of properties that are destroyed. “In my opinion, any business that benefits from the stability and growth of a community could also provide incentives for structures with increased disaster protection,” Ryland said. “For example, mortgage companies should give preferential interest rates and/or closing cost discounts for construction loans, home improvement loans and mortgages.” Similar federal programs already exist. The National Flood Insurance Program discounts insurance premiums in cities in the Community Rating System, a voluntary program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements. The Energy Policy Act of 2005 includes tax incentives for consumers in 2006 and 2007 for the purchase of energy efficient homes and appliances. “We do know how to better protect people and property from earthquakes and other types of natural disasters. We also know how to educate the state’s citizens and that one way to motivate them to take action is through financial incentives. I encourage the State of California to immediately step up its efforts in these areas,” said Mr. Ryland. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. CONTINUED SLOWDOWN IN HEALTH CARE COST GROWTH PROJECTED IN 2005 AND 2006 Health care spending in the United States is projected to grow 7.4 percent in 2005 and 7.3 percent in 2006 surpassing $2-trillion, according to a report released today by the Centers for Medicare and Medicaid Services (CMS). The report was prepared by the CMS Office of the Actuary and published on-line today by the journal Health Affairs. Projections are updated each year based on the most recent available data, which is currently 2004 data. The 7.4 percent growth rate is 0.5 percentage points less than the 7.9 percent growth observed in 2004 and represents the third consecutive year of decelerating growth and is expected to continue in 2006. Underlying the slowdown in national health spending in 2005 and 2006 is an expected drop in personal health care spending. Influenced by legislated Medicare payment adjustments that are to be implemented in 2007, growth in personal health care spending is projected to fall to 7.0 percent that year. In 2008, growth is expected to rebound to 7.5 percent, but then gradually slow over the remainder of the 10-year projection. Over the coming decade, with the aging of the population and changes in medical technology and utilization as the main contributing factors, national health expenditures are expected to double, growing an average rate of 7.2 percent per year. As a result, the health share of Gross Domestic Product (GDP), 16 percent in 2004, is expected to climb to 20 percent by 2015. Personal health care spending by the private sector is projected to decelerate slightly in 2005 to 8.0 percent from 8.4 percent in 2004. This continuation of relatively strong growth occurs predominantly due to Medicare spending growth, reflecting changes associated with the Medicare Modernization Act of 2003 (MMA) other than the new Medicare Part D prescription drug benefit. These include increased payments to rural hospitals, the postponement of scheduled Medicare therapy caps and a physician update payment in 2005 of 1.5 percent. In 2006, with the introduction of prescription drug coverage in Medicare (Part D) and a slowdown in private and out-of-pocket spending growth, public spending growth is projected to have a one-time acceleration to 11.8 percent. Over the remainder of the period, growth is expected to range between 6.5 and 7.9 percent. Private personal health care spending growth will grow more slowly, decelerating from 7.5 percent in 2004 to 7.2 percent in 2005 due to the anticipated slowdown in medical price inflation. Further, a shift in drug payments away from private insurance and into Medicare due to the implementation of Medicare Part D will cause growth to decelerate sharply to 3.9 percent in 2006. However, growth is expected to rebound and peak at 7.7 percent by 2008, and then decelerate through 2015. The rate of increase in private health insurance premiums is also expected to slow for the third consecutive year, reaching 6.8 percent in 2005. This deceleration of 1.6 percentage points is driven by slower growth in projected medical benefits per enrollee and also by the underwriting cycle. Out-of-pocket spending growth is expected to remain essentially flat in 2005, before decreasing substantially due to Medicare Part D coverage in 2006. The out-of-pocket share of personal health care spending is expected to decline from 15.1 percent in 2004 to 12.6 percent by 2015 as growth in public spending and private health insurance spending continues to outpace growth in out-of-pocket spending. After slowing slightly from 8.9 percent in 2004 to 8.6 percent in 2005, Medicare growth is expected to have a one-time increase of 25.2 percent when the new Medicare prescription drug coverage begins. This is significantly less growth than had been forecast previously, as a result of new projections of the Medicare drug benefit budget cost declining by 20 percent for 2006. Thereafter, Medicare growth is expected to slow to 5.4 percent in 2007 and then accelerate to 8.8 percent by the end of the projection period. This projected growth pattern reflects several factors, including multiple years of projected reductions in physician payments followed by a few years of positive payment updates under the Sustainable Growth Rate system, an enrollment shift from traditional fee-for-service Medicare to managed care, and increased enrollment in Medicare as the Baby Boom generation becomes eligible for the program. Combined federal and state Medicaid spending growth is also expected to slow, for the fourth consecutive year, to 7.7 percent. Although Medicaid enrollment growth is expected to decelerate in 2005 to 2.1 percent growth from 4.2 percent in 2004, per enrollee spending is expected to increase 2.8 percent in 2005. Hospital spending growth for 2005 is projected at 7.9 percent, marking the second consecutive year growth in this sector is expected to outpace growth in total personal health care. Private payer spending growth is expected to slow 1.1 percentage points to 8.5 percent in 2005 due to an expected slowdown in hospital price growth. In 2006, growth rebounds to 9.0 percent and then moderates during the remainder of the period with an average of 7.9 percent. Public payer spending growth is expected to slow in 2005 to 7.5 percent and to 5.5 percent by 2007, due to legislative adjustments to Medicare managed care payments and other factors. Growth is expected to subsequently accelerate to 6.8 percent by 2015. The Medicare Part D prescription drug benefit is expected to slightly lower overall growth in drug spending, despite substantially expanding coverage and reducing out-of-pocket costs for beneficiaries. For 2007 through 2015, drug spending growth is projected to remain in the range of 8.0 to 8.4 percent. Home health spending growth is expected to remain strong in 2005 at 13.2 percent, following 13.3 percent growth in 2004. Public payers, particularly Medicare, drive this trend. While growth of 15.3 percent for Medicare home health services in 2005 would mark the fifth consecutive year of double digit growth, we expect that trend to moderate and average 6.9 percent from 2007-2015. Growth in home health services provided by Medicaid is expected to grow to 18.6 percent in 2005, and grow at an average rate of 10.9 percent between 2007 and 2015. The health care spending projection data can be found on the CMS web site at http://www.cms.hhs.gov/NationalHealthExpendData/03_NationalHealthAccountsProjected.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Best's Insurance Reports(R) - Non-US Offers the Latest Insurer Analysis OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 23, 2006--A.M. Best Co. has just released the 2006 edition of Best's Insurance Reports - Non-US, which offers the most timely, complete analysis available on thousands of life and non-life insurers in more than 80 countries. The Best's Insurance Reports series began more than a century ago and is the most detailed and relied-upon guide to insurance companies and groups available. For more information, visit www.ambest.com/sales/birinternational, call Customer Service at (908) 439-2200, ext. 5742, or e-mail customer_service@ambest.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. BROADSPIRE ANNOUNCES RECOVERY SERVICES AGREEMENT WITH SUBROGATION PARTNERS Plantation, Fla. (February 23, 2006) – Broadspire, a Platinum Equity company and a leading provider of casualty and liability claims management to companies in North America, has finalized a multi-year recovery services agreement with Subrogation Partners for that company to provide subrogation services to Broadspire clients. Included as part of Subrogation Partners’ offering is a $100 million capital fund for purchasing portfolios of subrogation claims. This provides clients the option of immediately monetizing claims. This program creates liquidity for claims that have already perfected or those that will be future occurrences. www.choosebroadspire.com www.subropartners.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. NAIC HOSTS INTERNATIONAL SYMPOSIUM Federal Reserve Vice Chairman Delivers Keynote Address WASHINGTON, D.C. – (February 23, 2006) – With the goal in mind to demonstrate and address how globalization is reshaping the insurance world, the National Association of Insurance Commissioners (NAIC) is hosting its international symposium, “State Insurance Regulators: Meeting Tomorrow’s Global Challenges Today,” on February 23-24 in Washington, D.C. The symposium will address financial services markets and key regulatory developments in Europe, Latin America, China and India. This year’s event features a diverse panel of speakers and presenters, including keynote addresses from Roger Ferguson, Vice Chairman of the Federal Reserve Board, and lead regulators from India and China. In his address keynote address, entitled, “Globalization, Insurers and Regulators: Shared Challenges for Collaborative Solutions,” Vice Chairman Ferguson, who is also chairman of the Financial Stability Forum, said there are three important factors to focus on moving forward: effective collaboration among regulators, enhanced transparency and public disclosure, early and continuous dialogue on regulatory developments. “I am encouraged that the NAIC has met two times a year with the European Union since 1999 to address transatlantic issues in insurance,” said Ferguson. The symposium underscores the increasing involvement of the NAIC in the international arena of insurance regulation. “We will focus on the challenges and successes in China, India, Latin America and Europe and how they influence state regulation and our domestic market,” said Alessandro Iuppa, NAIC President and Maine Insurance Superintendent. “It is my sincere hope that the subject matter will precipitate a meaningful dialogue and an understanding of why we must continue to work both inwards and outwards from our borders and to recognize the mutual benefit of working together.” “In bringing together regulators and active market participants from around the globe, this international symposium will help advance global standards and minimize differences in fundamental areas of insurance supervision,” said Iuppa. More than 100 attendees from around the globe are in attendance at this year’s international insurance symposium. The conference concludes tomorrow. www.naic.org/press_home.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. New Center for Ethics at The American College to Feature Financial Services Leaders at Inaugural Event Panel Discussion Part of National Ethics Awareness Month Initiative BRYN MAWR, PA – February 23, 2006 – Leading thought makers on business ethics will share their insights at a special panel discussion sponsored by the only ethics center of its kind at The American College on March 16, 2006, from 2:00 – 4:00 p.m. The event is designed to raise awareness of the importance of professional ethics and is being held in conjunction with other financial services industry Ethics Awareness Month activities. The panel discussion, which is being webcast throughout the United States, will include such prominent leaders as:
These leaders will share their concerns and insights on a host of ethical issues including life settlements, compensation disclosure, and the marketing and sale of annuity products. Ethics Awareness Month boasts a prestigious 15-year history. In December 1990, The American College, along with numerous companies and sister organizations in the financial services industry, initiated a national Ethics Awareness project as part of a weeklong event. Financial services professionals across the country conducted joint meetings to discuss ongoing ethical challenges. In the following year, the ethics awareness event was extended and March has since been dubbed “Ethics Awareness Month” (EAM) by the financial services industry. During the past 15 years, as many as 150 insurance companies at a time and more than 100 other financial services-related companies, professional associations, and societies have organized a variety of activities and published ethics-related articles in their employee/agent publications in recognition of Ethics Awareness Month. Insurance and financial services professionals across the country have participated in hundreds of ethics programs and meetings concerning ethical issues affecting the financial services industry. Both companies and individual practitioners have found Ethics Awareness Month to be a useful way to reaffirm their commitment to professional conduct. This year’s celebration of Ethics Awareness Month coincides with the launching of The American College Center for Ethics in Financial Services. The mission of the Center is to assist in raising the level of ethical behavior in the financial services industry. The Center aims to serve as a catalyst for professional and responsible behavior by providing information to multiple stakeholders, stimulating productive dialogue among constituencies, and influencing behavior through a diverse array of programs. The panel discussion is open to the public and free of charge and will be available as a national webcast. Arrangements are currently being made to have companies, agencies, and/or schools make this webcast presentation available to interested consumers and professionals. Persons interested in participating in person or via webcast should contact the Director of the Center for Ethics in Financial Services at The College by sending an e-mail to Ronald.Duska@TheAmericanCollege.edu by March 1, 2006. Financial professionals using this e-mail should indicate if they are interested in CE, CPE, and CLE credit (pending approval). Additional information and a link to the online registration form are available at www.TheAmericanCollege.edu/Ethics Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Shocking Report Estimates Wal-Mart Health Care Crisis Cost Taxpayers Nearly $1.4B in 2005; Projects Cost of $9.1B Over Next 5 Years WASHINGTON, Feb. 23 /U.S. Newswire/ -- Today, WakeUpWalMart.com, America's leading campaign to change Wal-Mart, released a new report detailing the "Wal-Mart Health Care Crisis." "The Wal-Mart Health Care Crisis" is the result of Wal- Mart's failure to provide affordable health care to over half of its workforce which forces, according to estimates, several hundred thousand Wal-Mart workers and their families onto taxpayer-funded public health care. In fact, based on Wal-Mart's own documents, published on WalMartfacts.com in January 2006, the percentage of Wal-Mart workers with company health care decreased by 5 percent -- from 48 percent to 43 percent. Therefore, in 2005, Wal-Mart admits it failed to provide company health care to 57 percent of its workforce, leaving over 775,000 Wal-Mart workers and their families without company health care. The new number is far worse than has been previously reported and is contrary to recent public statements by the company. WakeUpWalMart.com issued a new report today after conducting a full analysis of all reported data on Wal-Mart's health care spending. The report, titled "America Pays, Wal-Mart Saves: The Growing Cost of the Wal-Mart Health Care Crisis," estimates that, in 2005, nearly 300,000 Wal-Mart workers and their family members depended on taxpayer-funded public health care at a total cost to American taxpayers of $1.37 billion. The most striking finding in the report is the projected cost to American taxpayers of the Wal-Mart Health Care Crisis if Wal- Mart successfully completes its publicly stated goal of building 1,500 additional stores. Based on the current cost and the future store growth, the report projects the Wal-Mart Health Care Crisis will cost American taxpayers approximately $9.1 billion over the next 5 years, 2006-2010. "The Wal-Mart health care crisis is real, it's growing, and the cost to taxpayers is enormous. Wal-Mart's dirty little secret is to force taxpayers to pay nearly $1.4 billion in their health care costs, while Wal-Mart pockets $11 billion in profits. Wal- Mart will cost American taxpayers more than $9 billion over the next five years in health care costs alone" said Paul Blank, campaign director for WakeUpWalMart.com. Another startling finding in the report is the fact that Wal- Mart's health care spending per worker actually declined by 3.5 percent during the period of 2003-2004, according to Wal-Mart's latest filing with the Internal Revenue Service. This is notable for two reasons: 1) national health care spending per worker for the rest of America rose by 7.6 percent during this period, and 2) Wal-Mart's repeated public statements about its health care spending and health care coverage do not reflect the reality of Wal-Mart's own data submitted to the IRS. More detailed figures for Wal-Mart's health care spending will be released when Wal- Mart files its Form 5500 for 2005. "Wal-Mart ought to be ashamed. While health care costs and the number of uninsured are rising, Wal-Mart feeds America's health care crisis by actually cutting back on its health care spending. It's outrageous and the American people and their lawmakers will not tolerate such irresponsibility in corporate America," added Paul Blank. The report paints a disturbing picture of the scope and cost America bears because of the Wal-Mart health care crisis. The complete report, "America Pays, Wal-Mart Saves" is being released as part of an upcoming national health care campaign initiative called "Stop the Wal-Mart Health Care Crisis." The latest campaign initiative by WakeUpWalMart.com will officially launch nationwide with events in 12 states on February 28th. Additional state-by-state estimates of the cost of the Wal-Mart Health Care Crisis will be released on February 28th. The complete "America Pays, Wal-Mart Saves" health care memo is available for download at http://www.WakeUpWalMart.com. WakeUpWalMart.com is America's leading campaign to change Wal- Mart. With over 182,600 supporters in all 50 states, WakeUpWalMart.com is building the largest grassroots movement to change a corporation in history. http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10.
Realtors(r) Seek to
Testify Against Wal-Mart Bank's Application Because it Mixes Banking and
Commerce Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Judge delays decision on BlackBerry cutoff Fri Feb 24, 2006 1:45 PM ET - By Peter Kaplan and John Crawley - RICHMOND, Virginia (Reuters) - A U.S. judge on Friday stopped short of ordering an immediate shutdown of millions of BlackBerry portable e-mail devices, but reminded manufacturer Research In Motion Ltd. (RIM.TO: Quote, Profile, Research)(RIMM.O: Quote, Profile, Research) it had already been found to have infringed the patents of NTP Inc. U.S. District Judge James Spencer also expressed skepticism about RIM's argument that a BlackBerry shutdown would hobble critical public services and infrastructure. He noted that the company had told investors that its software work-around would avoid disruptions to users. Wrapping up nearly four hours of arguments, Spencer said there was no escaping that RIM had been found to be infringing on NTP's patents. "The simple truth, the reality of the jury verdict has not changed," Spencer said, adding that the parties should have settled out of court. Spencer said he would take the arguments he had heard under advisement and issue a decision on an injunction "as soon as reasonably possible." RIM shares soared on Spencer's decision not to issue an immediate cutoff of BlackBerry service. RIM stock rose as much as 12.7 percent to $78.38 before trimming its gains to $74.78, up 7.55 percent on Nasdaq. Canada-based RIM has been locked in a court battle for more than four years with privately held NTP, which successfully sued RIM for infringing on its patents. Earlier on Friday, NTP asked Spencer for an injunction against U.S. BlackBerry service with a 30-day grace period for users and the immediate imposition of $126 million in damages for past infringement.RIM and NTP reached a tentative settlement of $450 million early last year, but the deal fell apart. Some analysts have estimated that a settlement at this point could cost RIM as much as $1 billion. The small portable e-mail devices are used by over 3 million U.S. subscribers including government officials and lawmakers. Some users have complained about thumb injuries from their almost addictive tapping of the tiny keyboards on their so-called "CrackBerries" to send a steady stream of messages during meetings and while traveling. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Farmers Insurance Group(R) Debuts ``Freedom's Song'' Program at the University of the District of Columbia, February 24th --(BUSINESS WIRE)--Farmers Insurance Group: WHAT: To honor African-American History Month, Farmers Insurance Group(R) will debut the "Freedom's Song" program along with various elected officials at the University of the District of Columbia's University Auditorium. Farmers(R) has partnered with the Association for the Study of African American Life and History (ASALH) to bring African-American history to life in classrooms around the country through a new and exciting documentary film -- "Freedom's Song: 100 years of African-American struggle and triumph." WHO: Farmers Insurance Group Association for the Study of African American Life and History University of the District of Columbia WHEN: Friday, February 24, 2006 - 6:30 pm -- Reception - 8:00 pm -- Documentary film screening WHERE: University of the District of Columbia - University Auditorium - 4200 Connecticut Ave. NW - Washington, DC 20008 www.farmers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Hilb Rogal & Hobbs to Acquire Zutz Associates, Inc. RICHMOND, Va.--(BUSINESS WIRE)--Feb. 23, 2006--Hilb Rogal & Hobbs Company (NYSE: HRH), the world's tenth largest insurance and risk management intermediary, announced today the signing of a definitive agreement under which HRH will buy the stock of Zutz Associates, Inc., Delaware's largest independently-owned insurance agency. Terms of the transaction, which is expected to be completed by March 1, were not disclosed. Zutz was founded in 1940 by Harry David Zutz on the principles of neighborly manners, a benevolent spirit, and ethical business practices. Zutz provides a wide range of insurance products and services, specializing in professional liability insurance for associations. 2005 gross revenues were approximately $11.3 million ($9.4 million net of outside brokers' commissions) and premium volume for the firm exceeded $100 million. The Zutz team of more than 75 professionals will continue to serve clients from their Wilmington, Delaware office under the leadership of their president, Lawrence I. (Larry) Zutz, and their existing management team. The operation will become part of HRH's Mid-Atlantic region, led by its director, Steven C. Deal. www.hrh.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Sierra Health Services Inc. Announces Appearance at Citigroup 2006 Healthcare Conference Citigroup 2006 Healthcare Conference - LAS VEGAS--(BUSINESS WIRE)--Feb. 23, 2006--Sierra Health Services Inc. (NYSE: SIE) today announced that members of its senior management are currently scheduled to appear at the Citigroup 2006 Healthcare Conference in Washington on Tuesday, Feb. 28, 2006. Sierra's presentation is scheduled to begin at approximately 8:35 a.m. Eastern Time. Investors, analysts and the general public are invited to listen to either of the live presentations free over the Internet by clicking on the Investor Relations link at www.sierrahealth.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Wall Street research suffers since Spitzer deal
Sat Feb 25, 2006 9:39 AM ET - By Joseph A. Giannone -
NEW YORK (Reuters) - For more than a decade, Tom Berquist enjoyed life
as a software analyst at Goldman Sachs and then Citigroup, delving into
the latest technology and rubbing elbows with the executives of new,
fast-growing firms. But next month Berquist joins the exodus of Wall
Street's sell-side analysts when he moves to a small software company
himself, becoming chief financial officer of closely held Ingres Corp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. GEICO Gecko to Appear at Krewe of Argus Parade METAIRIE, La., Feb. 24 /PRNewswire/ -- The GEICO Gecko will ride in his sporty red convertible in the Krewe of Argus Parade Tuesday, February 28, in celebration of Mardi Gras. The Gecko, who won the title of "America's Favorite Icon" in 2005, will be on-hand to greet the nearly one million parade-goers along the four-mile traditional Metairie parade route while tossing specialized GEICO Gecko cups and beads. www.geico.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Pennsylvania Attorney General Corbett Takes Action Against PA Company Accused of Deceptively Advertising Prescription Drug Plan; Consumers Have Until March 21, 2006 to Obtain Refunds HARRISBURG, Pa., Feb. 24 /PRNewswire/ -- Attorney General Tom Corbett today announced that a Pennsylvania business will refund consumers, pay fines and get out of the health care business following claims that it used deceptive marketing tactics to lure senior citizens into purchasing prescription drug assistance programs that are available for free. Consumers have until March 21, 2006 to file a complaint to obtain restitution. The Attorney General's Health Care Section entered into an "Assurance of Voluntary Compliance" agreement with Michael and Dora Markle and their business Pro-Tel Planning, LLC, 213 East Lancaster St., Red Lion, York County. The action resolves alleged violations of Pennsylvania's Unfair Trade Practices and Consumer Protection Law. According to investigators, the company between 2004 and 2005 advertised statewide the sale of its services that claimed to help qualified senior citizens apply for low or no cost prescription drugs from the pharmaceutical manufacturers' Patient Assistance Programs. Pro-Tel charged consumers a $60 fee, per prescription, per year to fill out applications and other documents. The ads and solicitations that reached thousands of older Pennsylvanians also included false representations that consumers were required to purchase life insurance to qualify for the services, according to the Assurance. During the investigation, Pro-Tel and the insurance company refunded more than $1,200 to consumers. Corbett said the ads allegedly deceived consumers by: -- Falsely claiming that it is "impossible" for physicians to offer their patients help in obtaining free prescription medications because they would be bogged down in paperwork with no time to see patients. -- Failing to make consumers aware that the same information and forms are offered free of charge, via the Internet or by calling toll-free numbers. -- Falsely representing that consumers had to purchase a life insurance policy from United American Insurance Company in order to "qualify" for preferred services. -- Falsely claiming that the company used "state of the art" computer software programs to track consumers' prescriptions and eligibility information when the software used was standard and common in the industry. -- Failing to inform consumers that they had the right to cancel their contract within three full business days without penalty. "Many of the consumers that Pro-Tel is accused of misleading were trusting seniors who believed that this was the only way that they could get assistance in obtaining free prescriptions," Corbett said. "We contend that older Pennsylvanians were deceived into believing that the 'assistance programs' they purchased were unavailable anywhere else, when in fact similar programs exist on the Internet at no cost to the consumer." Under the terms of the Assurance, Pro-Tel denies the Commonwealth's allegations and agrees to: -- Refund a portion of the fees to consumers who file complaints by March 21, 2006 with the Attorney General's Office. -- Dissolve Pro-Tel Planning, LLC, and stop engaging in the sale of their assistance services in the Commonwealth. -- Stop engaging in all health care related business that is not directly related to the sale of insurance. -- Pay more than $7,500 in civil penalties and investigation costs Corbett said consumers who wish to file a complaint to obtain restitution should contact the Health Care Section at 1-877-888-4877 or visit http://www.attorneygeneral.gov. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. United Way Announces GEICO as Central Georgia's Largest Contributor MACON, Ga., Feb. 23 /PRNewswire/ -- GEICO was named the largest contributor to the United Way of Central Georgia today at a special ceremony recognizing annual campaign efforts. Chuck Harmon, campaign chairman for 2005, congratulated GEICO's regional vice president John Izzo who reported that GEICO's combined employee and corporate giving total came to $549,118. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. North American Life Insurance Activity Up 2% in January WESTWOOD, Mass., Feb. 23 /PRNewswire/ -- North American applications for individually underwritten life insurance increased +2.0% in January, year- over-year, according to the MIB Life Index(TM). This marks the Index's first year-over-year increase in twelve consecutive months. It was also the first time in four years where January's application activity was greater than the prior December's application volume. In the U.S., January's application activity was up +2.7% year-over-year, all ages combined. Increases were observed across all age groups: 0-44, +2.2%; 45-59, +4.7%; and 60+, +0.6% as compared to January 2005. January 2006 activity in ages 60+ showed a +7.8% increase relative to December 2005. January '06-to-December '05 changes for ages 0-44 and 45-59 were up +1.1% and +4.6%, respectively. In Canada, January's application activity was off -4.0% year-over-year, all ages combined standing in contrast to January 2005's slight +0.8% increase versus January 2004. January 2006 applications by age group varied significantly from the U.S.: 0-44, -5.6%; 45-59, -3.2%; and 60+, +8.3% as compared to January 2005. January '06-to-December '05 changes for all age groups were down across the board: 0-44 (-6.9%), 45-59 (-5.7%) and 60+ (-6.1%). www.mib.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. Two Property & Casualty Seminars on Product Management and Pricing/Rate Making To Be Held in Chicago, Las Vegas and Boston BEACHWOOD, Ohio, Feb. 23 /PRNewswire/ -- Dorman Consulting Associates' two highly successful product related seminars for the Property & Casualty industry have each been scheduled in Chicago, Las Vegas and Boston this Spring. More than 6300 employees from over 680 P&C companies and Managing General Agencies have already attended these two seminars. The popularity of both seminars is verified by more than 97% of attendees saying they would recommend the program to others in their company. Both seminars are designed for anyone involved the underwriting, development, design, pricing, management or marketing of any P&C product in both Personal and Commercial Lines. The 2-1/2 day Product Management Skills and Techniques seminar teaches the methods used by the most successful P&C product managers and shows how to manage a profitable product. This program will be offered in Chicago on April 19-21, Las Vegas on May 17-19 and Boston on May 31-June 2. Information and registrations are available at http://www.dormanconsulting.com/productmgmt The two day Pricing and Rate Making in Plain English seminar teaches the pricing skills and rate making concepts that let individuals do their own pricing, or support and understand their company's actuaries. This program will be held in Chicago on April 24-25, Las Vegas on May 22-23 and Boston on June 5-6. Information and registrations are available at http://www.dormanconsulting.com/pricing Both seminars are taught by company owner, Richard W. Dorman, a nationally recognized insurance marketing and pricing consultant. Dorman is a frequent industry speaker and has consulted with over 150 P&C companies and MGAs during the company's twenty years of business. The company's web site http://www.dormanconsulting.com provides complete details on both seminars including the full outline of each program, scheduled dates, cost and locations. In addition, individuals can register for either seminar on the web. Full details and free brochures can also be obtained from Dorman Consulting Associates by phone (216)-464-5678, fax (216)-464-2727, or mail at One Haverhill Court, Beachwood, Ohio 44122. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. INSURANCE NEWSCAST “Book Of The Day” - Running On Empty: How The Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It by Peter G. Peterson List Price: $24.00 - Price: $16.32 -- For more information or to order, click here! 102 used & new available from $2.15 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article The e-mail address subscribed to INSURANCE NEWSCAST is insurancenewscast-2027-log@pipe.insuranceletter.com. |
