Daily Quote: “Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and strengthens it." -- Hazlitt
1. AXA buys Winterthur insurer from Credit Suisse Wed Jun 14, 2006 3:03am ET ZURICH, June 14 (Reuters) - Credit Suisse (CSGN.VX: ) on Wednesday said it has agreed to sell its Winterthur insurance arm to French group AXA (AXAF.PA: ) for 13.4 billion Swiss francs ($10.87 billion), including 1.1 billion francs to repay inter-company debt. Credit Suisse said it would reinvest the proceeds from the sale into selected acquisitions, joint ventures in investment banking, private banking and asset management, and into organic growth but that it planned no transformational purchases. Meanwhile AXA said it would issue 4.1 billion euros ($5.16 billion) of new shares and sell 4.8 billion euros ($6.04 billion) of new debt to fund the purchase, which it said it expects to add to its earnings per share from 2007 with the level of accretion to reach 7 percent in 2009. AXA also said it saw pre-tax cost synergies of up to 280 million euros by the end of 2008, but restructuring charges of 520 million euros in 2007 which would mostly impact net income. Credit Suisse, which has lagged behind its major Swiss rival UBS (UBSN.VX: ) in recent years, said it would now be free to focus all its energies on global expansion of the core business. "All of our resources can be concentrated on developing our core banking business," said Chief Executive Oswald Gruebel in a conference call with journalists. This would include expanding the group's geographic reach, he said, including building up private banking in North America, strengthening Credit Suisse's position in fast-growing emerging markets and beefing up its investment banking oeprations. "We will continue to expand in the growth markets," Gruebel added. "We think it would be the right thing to do to invest capital in these areas." The total deal value comprises 12.3 billion francs in cash plus another 1.1 billion francs to be paid by AXA when it redeems 500 million pounds ($920 million) of intercompany hybrid debt as part of the deal, said Finance Chief Renato Fassbind. "The cash consideration total is 13.4 billion," Fassbind said in a conference call with journalists. Analyst Christian Stark at Chevreux in Zurich said the deal price was in line with market expectations and that it would give the Credit Suisse group roughly 8 billion francs in cash to reinvest or return to shareholders. "It makes a lot of sense to sell it. The challenge will be to be sure that you can reinvest to replace the full Winterthur earnings that you will lose," he said. BIG LEAP The Swiss bank has been looking to dispose of the Winterthur unit since 2004 after a thorough restructuring. A flotation of the division was widely expected by analysts, who had estimated Winterthur was worth between 10 and 12 billion francs, although market rumours of a sale to AXA had circulated in recent weeks. Grubel said that the bank could not have raised as much money by floating Winterthur after the recent downturn in global equities markets. "I do not believe that we could have done an IPO for over 12 billion Swiss francs and certainly not in the current market environment," he told a conference call. The cash payment of 12.3 billion francs gives a multiple of nearly 1.6 times Winterthur's group embedded value of 7.9 billion francs as of December 31, 2005, the company said. As of March 31 Winterthur had a book value in Credit Suisse Group's accounts of 9.4 billion francs. Credit Suisse confirmed its net income target for 2007 of 8.2 billion francs and said it would invest the capital from the sale of Winterthur to compensate for the loss of earnings that the insurance unit had generated. "We do not see any need to change the target of 8.2 billion francs," said Grubel. "Any excess capital that cannot be used to grow our business will be returned to our shareholders," he said. Credit Suisse Group's ongoing share buyback programme of up to 6 billion francs would continue and is expected to be completed in the first half of 2007, the company added. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. FACTBOX- Details of Winterthur Insurance Wed Jun 14, 2006 5:46am ET Email This Article | Print This Article | Reprints [-] Text [+] LONDON, June 14 (Reuters) - French insurance giant AXA (AXAF.PA: ) has agreed with Credit Suisse (CSGN.VX: ) to buy the bank's Winterthur insurance arm for 13.4 billion Swiss francs ($10.87 billion) including debt. Below are details of the Winterthur business: ** Established as Accident and Casualty Insurance Company Limited of Winterthur in 1875. ** Winterthur does business in 17 countries with around 13 million clients and has around 19,000 employees. ** In 2005 it had total business volume of 28.3 billion Swiss francs ($22.95 billion), 62 percent of which came from life and pensions, with the remaining 38 percent from non-life. ** Its biggest market is its domestic market, from which it derived 37 percent of its total business volume in 2005. Its second biggest market is Germany, from which it derived 20 percent of its overall business in 2005. ** It also has smaller operations in the U.S., UK, Spain, Belgium, Netherlands and central and eastern Europe, as well as businesses in Japan and smaller operations elsewhere in Asia. ** It was bought by Credit Suisse in 1997 for $10 billion, as part of former Credit Suisse Chairman Lukas Muehlemann's ambitious strategy to create a financial services giant. ** This vision quickly crumbled, however, as Winterthur took a heavy buffetting from the plunging equity markets of 2000-2003, which saw it slump to a net operating loss of 415 million Swiss francs in 2002. It was forced to launch an emergency capital-raising exercise to bolster its balance sheet as a result. ** Winterthur has "A-" ratings from credit rating agency Standard & Poor's, which has been placed on CreditWatch with positive implications following the announcement of the sale to AXA. It also has "A+" ratings from Fitch Ratings. ** Last December Credit Suisse won a long-running dispute with Bermuda-based insurer XL Capital (XL.N: ) over the sale of Winterthur International that helped ease the sale of the entire insurance arm. When it sold the unit to XL in 2001, Credit Suisse agreed to top up the unit's claims reserves after three years if they proved inadequate. But the two sides were unable to agree on a figure, so an independent actuary was called in to settle the dispute. The actuary decided Credit Suisse's figure for the required reserve top-up was more realistic than XL's. Although it ended up paying XL $541 million the actuary's decision saved the bank up to $900 million. (Reporting by Simon Challis, editing by Greg Mahlich) ($1=1.233 Swiss Franc) © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. BIG “I” LAUDS SENATE ACTION ON MILITARY LIFE INSURANCE BILL Legislation would curb questionable insurance sales practices at military bases WASHINGTON, D.C., June 14, 2006—The Independent Insurance Agents & Brokers of America (the Big “I”) today praised the Senate markup of the Military Personnel Financial Services Protection Act as a great step forward in protecting military personnel from unscrupulous sales practices. The bill would help stop questionable life insurance sales practices aimed at members of our nation’s armed forces. The legislation would ban the sale of contractual plans, clarify the scope of state jurisdiction over insurance sales on military bases, and require pre-sale disclosures to military personnel. The Big “I,” the nation’s largest agents and brokers group, strongly disapproves of these types of dubious life-insurance sales practices. Independent agents and brokers, who primarily sell property and casualty products, do not sell these types of policies to military personnel. It appears that these life insurance sales practices have been engaged in by a very limited number of individuals. “We have an obligation to protect the brave men and women of our armed forces against a few bad actors who are perpetrating bad-faith sales practices,” says Charles E. Symington, Jr., Big “I” senior vice president for government affairs and federal relations. “Our armed forces are fighting for our country, and we owe it to them to keep them from being misled. We support this legislation curbing life-insurance sales abuses.” “We are very pleased that the Senate is moving forward on this crucial legislation,” says Brendan Reilly, Big “I” assistant vice president for federal government affairs. “For the good of the heroic men and women serving our nation, we must put an end to this questionable life-insurance sales practice. Independent insurance agents and brokers support this bill.” www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. NAIFA Commends steps taken to protect military S.418 would extend state protections to military personnel considering the purchase of life insurance FALLS CHURCH, VA – The National Association of Insurance and Financial Advisors (NAIFA) responded to Congressional action taken today to protect the U.S. military service men and women during the life insurance sales process. The Senate Banking Committee passed S.418, the Military Personnel Financial Services Protection Act, sponsored by Senators Mike Enzi (R-WY) and Hillary Clinton (D-NY). The bill would clarify regulatory jurisdiction over the sale of life insurance on military bases, ban the sale of contractual mutual funds, and require that military personnel be informed about the coverage offered by the federal government prior to discussing the sale of private insurance. S. 418 directs the states to develop standards to protect members of the armed services from unfair and deceptive sales practices and cooperate with the Department of Defense in reporting disciplined agents. In June 2005, the U.S. House of Representatives overwhelmingly approved a similar bill, H.R. 458, sponsored by Rep. Geoff Davis (R-KY). NAIFA released the following statement: “For many years NAIFA has urged cooperation between the military, state insurance regulators, and the life insurance industry to protect service men and women from unfair and deceptive sales practices. The Military Personnel Financial Services Protection Act will provide the coordination necessary to protect our service men and women. All consumers deserve nothing less than the best advice and consumer protections available. We are pleased that S.418 appropriately recognizes state jurisdiction over the sale of life insurance on military bases and takes advantage of existing state regulatory safeguards intended to protect all consumers from unfair and deceptive sales practices. “NAIFA hopes the full Senate will move quickly to pass S. 418 so that we can move one step closer to providing the protections our soldiers deserve.” www.naifa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Golden Years Losing Their Luster: Nearly One-Third of Employed Americans Have No Retirement Savings; About Half Want at Least $1 Million in Their Nest Egg, but Many Making Financial Missteps on Road to Retirement SAN ANTONIO--(BUSINESS WIRE)--June 14, 2006--While many Americans have dreams of retiring as millionaires, many are on a path that stops well short of that goal. According to USAA's recent "Money Snapshot" survey, conducted by Harris Interactive(R), 51 percent of employed U.S. adults who are not retired say they want to save $1 million or more for retirement, but close to one-third (30 percent) haven't set aside anything at all for their golden years. Only about one-fourth (26 percent) have saved more than $50,000. "Americans are living 'the dream' -- literally they're dreaming," said June Walbert, a CERTIFIED FINANCIAL PLANNER(TM) practitioner with USAA. "They hope to save a lot of money for retirement, but many haven't saved even one dollar yet. The USAA survey suggests that Americans of all ages aren't making the right money management decisions that will help them save for retirement." Money Management Mistakes According to Walbert, the survey reveals three common mistakes that Americans often make in managing their finances. Specifically, she said consumers need to take a closer look at how they invest their money, plan for financial ups-and-downs, and pay for day-to-day purchases. Failing to do a little homework can lead to ill-advised investment decisions that can impact retirement savings, Walbert said. The USAA survey found that one in four (25 percent) U.S. adults who have an investment account have made an investment decision based solely on a friend or family member's recommendation, while 23 percent say they've gone with their gut instinct. The survey also found that men (27 percent) are more likely than women (17 percent) to follow their gut instincts when investing. And when investment decisions don't work out well, Americans may look for help in making up for a financial loss. In fact, the USAA survey found that half (50 percent) have borrowed money from a family member to help make up for a financial shortfall: -- 39 percent have hit up their parents for money. -- 13 percent have turned to a sibling. -- 5 percent have borrowed from their children. -- 11 percent have approached another family member. Eighteen- to 44-year-olds were more likely to have borrowed from a family member in the past (68 percent). But even adults over the age of 55 -- about one-fourth of them (26 percent) -- have borrowed money from family members. And while many American adults find it difficult to save money for retirement, Walbert says the way they use credit cards isn't helping. According to the survey, 43 percent of U.S. adults said they have used their credit cards to pay for purchases of less than $5, and 33 percent of those individuals do so at least once a week. This trend is most prevalent among younger adults, with 55 percent of 18- to 34-year-olds saying they've used a credit card for purchases of less than $5. "Consumers should use credit cards wisely," said Walbert. "Charging a lot of small purchases, such as a meal at a fast food restaurant, can quickly rack up finance charges that eat away at your ability to save if credit card balances aren't paid off each month." For more information on how to manage finances and save for retirement, visit www.usaa.com or call USAA at 800-771-9960 to obtain free financial advice from USAA's salaried, credentialed financial advisors. 3 Common Financial Missteps on Road to Retirement 1. Gut-instinct investing. Nearly one in four (23 percent) American adults who have an investment account has made investment decisions based solely on their gut instinct. 2. No financial cushion. Half of American adults (50 percent) have borrowed money from a family member to make up for a financial shortfall. 3. Excessive credit card usage. 43 percent of American adults have used a credit card to pay for purchases less than $5, and 33 percent of those individuals do so at least once a week. 4 Steps to Saving for Retirement June Walbert, a CERTIFIED FINANCIAL PLANNER(TM) practitioner with USAA, offers the following tips: 1. Start saving early. If you start saving for retirement in your 20s, you'll need to save much less due to the power of compounding interest. 2. Track expenses. You don't know what you can save before you know what you spend. Figure out what you can cut to add to your savings. Success revolves around a solid budget. 3. Sign up for your employer's retirement savings plan. At the very least, capture the company's matching contribution to add free money to savings. 4. Consider a Roth IRA. If eligible, stash some money in a Roth IRA, which can be withdrawn tax-free at age 59 1/2 for accounts at least five years old. www.usaa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Harrah's Employee Recovery Fund Distributes $2.1 Million To Hurricane-Affected Workers; $6.6 Million in Relief Funds Provided to Date to 6,300 Employees LAS VEGAS--(BUSINESS WIRE)--June 13, 2006--Continuing efforts to provide assistance to those hardest hit by Hurricanes Katrina and Rita, the Harrah's Employee Recovery Fund (HERF) recently issued $2.1 million in assistance to nearly 2,800 current and former employees of Harrah's Entertainment, Inc. (NYSE:HET) and its subsidiaries. The distribution is the second made by the HERF, which previously paid $4.5 million to 3,600 employees. Any non-management employee impacted by the two hurricanes was eligible to apply for financial assistance from HERF; decisions were made according to need. "The remarkable generosity shown by our employees, customers, business partners and friends in the community was truly inspiring," said Gary Loveman, chairman, chief executive officer and president of Harrah's Entertainment. "Their donations and efforts have helped thousands of our colleagues start down the path of recovery. We will not soon forget the kindness so many showed in our employees' hour of need." Shortly after Hurricane Katrina made landfall, the Harrah's Foundation seeded the HERF with a contribution of $1 million, which was later raised to $1.5 million. Additional contributions were made by thousands of donors in the months that followed, capped by $2.1 million raised in a February 2006 benefit concert by Celine Dion, Elton John and Jerry Seinfeld at Caesars Palace. The fund was just one facet of the company's comprehensive relief efforts for the nearly 9,000 employees who worked at four Harrah's properties closed by the storms. The company guaranteed employees' pay for 90 days, continued health insurance benefits, opened employee information and recovery centers in Mississippi and Louisiana, gave affected employees first preference for available jobs at the company's other casinos across the United States, and provided nearly $1.5 million in assistance to employees relocating to other properties. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Focus Financial Partners Demonstrates Early Success of Its National Wealth Management Model with Key Acquisitions; Leading partnership of independent financial advisors totals $4.5 billion in Assets under Management NEW YORK--(BUSINESS WIRE)--June 14, 2006--Focus Financial Partners, LLC, a strategic and financial investor in leading wealth management firms across the country, today announced the acquisition of two prominent wealth management firms, HoyleCohen, Inc. of San Diego, CA and Resnick Investment Advisors, LLC of Westport, CT., enhancing Focus' breadth of expertise as it continues to build its national presence. Focus Financial Partners was founded in January 2006 and has swiftly gained momentum as it brings together industry-leading independent wealth advisory firms that share a common vision to change the face of wealth management services on a national scale. With the addition of these two new firms, Focus now manages $4.5 billion in client assets, and ranks among the top ten independent wealth management organizations in the United States according to Bloomberg. www.focusfinancialpartners.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. AmerUs Group Launches Guaranteed Lifetime Income Benefit Available For Fixed Indexed Annuities DES MOINES, Iowa--(BUSINESS WIRE)--June 13, 2006--AmerUs Group, a leading producer of life insurance and annuity products, today announced the launch of an optional guaranteed lifetime income benefit for its fixed indexed annuity product line. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. New York Life Chairman and CEO Sy Sternberg Urges Permanent Normal Trade Relations Status for Vietnam NEW YORK, N.Y., June 14, 2006 – New York Life Insurance Company’s Chairman and CEO, Sy Sternberg, today welcomed the introduction of federal legislation to extend normal trading status to the Democratic People’s Republic of Vietnam on a permanent basis. Mr. Sternberg said, “Passage of permanent normal trade relations (PNTR) is a signal event in the growing friendship and economic ties between our two countries. With passage we will put our economic relations with Vietnam on the strongest possible footing. Vietnam will soon become a member of the WTO, an important step as it continues its economic progress and becomes a more integral part of the world economy. By acting as soon as possible to pass PNTR legislation, Congress will make sure that America has full and fair access to Vietnam’s economy from day one of its membership in the WTO.” Mr. Sternberg said that without the passage of PNTR, the U.S. would be prevented from trading with the Vietnamese on the most favorable terms possible. The WTO (World Trade Organization) requires members to extend to one another “normal trade relations” status on an unconditional and permanent basis. Without PNTR in place, such permanent approval for Vietnam doesn't exist. New York Life supports Vietnam’s entry into the WTO. Mr. Sternberg noted that Vietnam’s accession will make possible a number of reforms in Vietnam’s economy that will further Vietnam’s economic growth and promote its trade with partners around the world, including the United States. The U.S. and Vietnam in May completed bilateral negotiations on the terms of Vietnam’s WTO accession, in principle. Deputy U.S. Trade Representative Karan Bhatia signed the bilateral WTO agreement on May 31 while in Vietnam, just prior to the meeting of ministers responsible for trade held as part of the Asia Pacific Economic Cooperation (APEC) forum. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. The Risk Finance Decision-Making Process: An Analytical Approach and Case Study New York, NY, June 14, 2006 – As part of our ongoing commitment to provide thought leadership for our clients, Willis Group Holdings will host a webcast / conference call on Thursday, June 22, 2006 at 11:00 a.m. Eastern Time. Steve Saporito, Managing Director, Willis Enterprise & Risk Finance Practice, and Senior Vice Presidents Ken Risko, Ph.D. and Michael Epstein, will present a case study demonstrating enhanced decision-making through the use of practical risk analytics. The techniques discussed provide clients with the ability to reduce reliance on benchmarking by objectively measuring the “value” of a risk financing structure as well as the reasonableness of a carrier’s pricing rationale. Included in the discussion will be a more comprehensive approach to measuring cost of risk, plus a methodology for estimating a carrier's "technical premium" – the identification of which can strengthen insurance marketplace negotiations. Interested parties may access the webcast and accompanying PowerPoint presentation via www.willis.com/Extras/webcasts.aspx. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. GLOBAL INSURANCE CONFERENCE DRAWS 500 INTERNATIONAL EXECUTIVES TO CHICAGO NEW YORK, NY June 14, 2006 - Regulation challenges, enterprise risk management, transparency and ethics, and catastrophic risk will be the central issues discussed by over 20 senior insurance executives from around the world at the 42nd annual seminar of the International Insurance Society (IIS), July 16-19 at the Westin Chicago River North hotel, Chicago, IL. The meeting entitled, Insurance: Now and the Future – Profile for a New Age, will include speakers representing the world’s most prominent insurance leaders and attract over 500 people from 55 nations. Founded in 1965, the International Insurance Society, Inc. is a non-profit corporation with almost 1000 members from 90 countries, representing all regions of the world. Further information can be found at: www.IISonline.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Multi-Media Game Measures Tech IQ on the Green Uniondale, NY – Andrew Ceccon, chief marketing officer of OnlineBenefits, today announced the unveiling of a multi-media questionnaire to help brokers measure how technologically fit they are to thrive in the current benefits environment. OnlineBenefits is a leading provider of market-proven HR solutions that improve benefits delivery. In The Broker Golf Challenge, participants golf their way through nine holes of questions with three to four possible responses. Each answer results in a score in golf terms, a brief assessment, and a winner’s tip to achieve the best score. At the end of the game, brokers are invited to contact OnlineBenefits to help them improve their game. "Our goal was to provide brokers with a self-assessment tool that's both instructive and entertaining," said Ceccon. OnlineBenefits' 9-Hole was introduced to benefits brokers at the Council of Insurance Agents & Brokers (CIAB) Employee Benefits Leadership Forum in May. Brokers can now take The Broker Golf Challenge at www.onlinebenefits.com. OnlineBenefits, Inc. is the HR solutions company behind the Benergy™ family of communication, administration, agency management and intelligence products. The company designs, implements and hosts award-winning Internet-based applications and distributes them through a partnership network of more than 550 of the nation's leading brokers and consultants. Currently, more than one million employees in more than 5,000 companies use Benergy solutions. In 2004, OnlineBenefits was named to the Inc. 500 list of America’s fastest-growing private companies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Strategic Alliance Announced To Develop Enhanced Long-Term Care And Annuity Solutions SAN DIEGO, Calif.—America’s largest fixed annuity marketer and two leading long-term care marketing organizations have launched a unique business venture designed to provide producers with a better solution for their long-term care insurance and annuity sales needs. Asset Marketing Systems (AMS) has entered into a strategic marketing alliance with American Independent Marketing (AIM) and GoldenCare USA. Together, AIM and GoldenCare USA cover the entire nation—AIM operates in the western region and GoldenCare USA in the east. Each organization brings a unique strength and opportunity which when combined, provides producers the tools necessary to write more annuity and LTC business, ultimately building their practice. www.assetmarketingsystems.net www.AIMforLTC.com www.goldencareusa.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. NAIFA WELCOMES OPENING OF INTERSTATE COMPACT COMMISSION Strong and uniform product standards, single point-of-contact for product review to benefit consumers, insurers and NAIFA members WASHINGTON, DC—The National Association of Insurance and Financial Advisors (NAIFA) reiterated its strong support of the Interstate Insurance Product Regulation Compact and is eager to participate in the first meeting of the Interstate Compact Commission, scheduled for today. The Interstate Compact is designed to improve speed-to-market conditions for life insurance, annuity, disability income and long-term care products by establishing a single point-of-contact for product review. Adoption of the compact was required by 26 states before the commission could become operational—that goal was reached last month. So far 27 state legislatures have adopted the National Association of Insurance Commissioners (NAIC) model law. www.naifa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. INTERSTATE INSURANCE PRODUCT REGULATION COMMISSION BEGINS WORK Compact sets goal to be operational by 2007 WASHINGTON, D.C. (June 13, 2006) - The Commission of the Interstate Insurance Product Regulation Compact held its much-anticipated first meeting in Washington, D.C. today and took the first critical steps toward making the Compact fully operational streamlining state oversight of insurance products. “Today we have put in place a plan of action to make the Compact fully operational in the first part of 2007, allowing new products to move to market more quickly according to strong, uniform national standards,” said Pennsylvania Insurance Commissioner Diane Koken, who was elected to lead the Compact during its start-up phase. The Commission, which met for the first time since surpassing the 26 state threshold to trigger operations, voted to implement a plan and timeline to make the Compact fully operational in early 2007. The plan includes creating and electing an Interim Management Committee to guide Compact operations until the bylaws are adopted and a permanent Management Committee is established; electing Commissioner Koken as the Chair to lead the Commission until permanent officers are installed; establishing an interim legislative committee, consumer and industry advisory committees, and a host of operational committees to recommend and coordinate critical elements of the start up process. The Commission also adopted a preliminary budget and initiated the process to put in the technical infrastructure for an electronic product filing system. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. ASCnet’s Annual Conference Slated for Dallas Sept. 26-29 ALTAMONTE SPRINGS, Fla. (June 13, 2006)—Applied Systems Client Network (ASCnet), the user group for Applied Systems agency technology, announced that its 21st Annual Technology, Education & Networking Conference, or TENCon, will be held Sept. 26-29 in Dallas. TENCon is expected to host some 2,000 independent agents, brokers, company representatives and industry leaders at the Gaylord Texan Resort & Convention Center. Attendees will benefit from educational sessions targeted for principals, owners and systems administrators, as well as other agency personnel. Sessions will cover strategic sales and marketing planning, wise investments in technology, hiring new talent, improving agency workflow, and enhancing agency profitability. Industry leaders and carrier executives will attend special sessions. Representatives of ASCnet and Applied Systems, as well as partner companies and vendors, will showcase new products and services in the TENCon Exchange trade fair. Other highlights will include engaging keynote speakers, theme night parties, hands-on product presentations, high-impact classes for the advanced agent, and more new technology sessions. For more information, visit www.ascnet.org/conference. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Aetna Expands Efforts to Provide Consumers with a Transparent View of Health Care Costs and Quality HARTFORD, Conn.--(BUSINESS WIRE)--June 13, 2006--Aetna (NYSE:AET) today announced that it is enhancing its industry-leading health transparency initiatives to help consumers make informed health care decisions based on the actual costs of care and the clinical quality and efficiency of physicians. A recent study found that Americans are demanding more and better information on health care costs - with 84 percent wanting to know the price of health care. Effective August 18, Aetna will provide online access to physician-specific cost, clinical quality and efficiency information in select markets. www.aetna.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. Independent Insurance Agents, Brokers of NY Receive National Praise for Continuing Ed Course (DeWitt, New York, June 12, 2006) — For the third consecutive year, the Independent Insurance Agents & Brokers of New York Inc.’s Education Department has received national recognition. The IIABNY continuing education class entitled, “Insurance-Related Issues for the 21st Century,” is the recipient 2005 IIABA National Education Award for Single Best Seminar from the Independent Insurance Agents & Brokers of America. www.iiabny.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. SOUTH CAROLINA DEPARTMENT OF INSURANCE RECEIVES ACCREDITATION HONORS WASHINGTON, D.C. (June 11, 2006) – The South Carolina Department of Insurance today received its third Accreditation Award under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program. The honor was presented to regulators from the South Carolina Department during the 2006 NAIC Summer National Meeting. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. MARKET REGULATORS PROPOSE NEW STANDARDS FOR TITLE INSURANCE AND ANNUITY PRODUCTS WASHINGTON, D.C. (June 11, 2006) – Working through the National Association of Insurance Commissioners (NAIC), state insurance regulators are making progress in developing new examination standards addressing marketing and sales practices for title, life and annuity products. “The Market Regulation Handbook Working Group is committed to addressing the current issues in the marketplace and to ensuring that the needs of consumers are being addressed in a timely matter,” said Susan Voss, Chair of the Market Regulation & Consumer Affairs (D) Committee. The new title standards proposed by state regulators include the analysis of marketing and sales practices by identifying affiliated business arrangements and reviewing the disbursement of transactional funds. The development of these standards was prompted by recent regulatory initiatives that examined potential kickbacks through affiliated business arrangements. The revisions to the life insurance, annuity and indexed products standards address recent NAIC activities and updates to model regulations, specifically the changes to the NAIC Model Regulation (#275) regarding Senior Protection In Annuity Transactions. The amendments to this model relating to suitability of life insurance and annuity sales practices expand the target audience from senior citizens to include all citizens. In addition, two new examination standards have been created to address indexed annuity products. “We are seeing an increase in the sale of annuity products in recent years. The variety of annuity products available to consumers in the market is continuing to evolve, but not all of these products are suitable for every consumer. Many consumers may not realize that some of these products are intended to be long-term investments or that they may have to pay income tax when the product has fully vested and the money is withdrawn from the account. With the addition of these proposed changes to the Market Regulation Handbook, market analysts and examiners will be able to better identify these issues,” said Jim Poolman, Chair of the Life Insurance and Annuities (A) Committee. All proposed revisions to the Market Regulation Handbook are currently posted for comment until Friday, July 21, 2006 on the NAIC Web site at http://www.naic.org/committees_d_market_handbook.htm. The Market Regulation Handbook Working Group will meet again Saturday, August 5, 2006 from 1:00 p.m. until 5:00 p.m. at the Hyatt Regency McCormick Place in Chicago, IL prior to the Insurance Regulatory Examiners Society (IRES) Career Development Seminar. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. NAIC SUPPORTS DC HABITAT FOR HUMANITY WASHINGTON, D.C. (June 10, 2006) – The National Association of Insurance Commissioners (NAIC) has selected the DC chapter of Habitat Humanity as the official charity for its Summer National Meeting. The NAIC kicked off a year-long campaign to support Habitat for Humanity in the four cities the Association will visit this year for the NAIC National Meetings. www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Annuity IQ Announces Web Based Platform for Variable Annuity Information Syracuse, NY (PRWEB) June 8, 2006 -- Annuity IQ moves forward to a web-based platform. After the great success of “The Annuity Report,” Annuity IQ wanted future updates to be easier to obtain by their clients. http://www.annuityiq.com. “The whole idea behind The Annuity Report was to be up-to-date at all times. Having it a web-based subscription will make it easier for brokers to get up-to-date information for their clients and it will allow consumers to get up-to-date information to make an informed decision,” Mr. DeMonte, owner of Annuity IQ, said. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. HSA Clearing announces Summer Health Savings Account Webinars Lake Geneva, WI (PRWEB) June 08, 2006--HSA Clearing Corp, the leader in providing banks and credit unions with a complete turn key Health Savings Account program, will be offering free webinars throughout the summer. The free, one-hour seminars will begin on Tuesday, June 13th at 11:00 am CST and will be offered throughout the summer. Webinars will focus on what financial institutions need to provide a successful HSA program. “We are offering these in summer because a great percentage of the group health insurance programs are renewed during the fall open enrollment season. If banks and credit unions have an HSA program in place for enrollment season, they have an excellent opportunity to capture their customers’ Health Savings Accounts funds. Our HSA webinars will provide them with the education they need to develop a successful HSA program”, said Tim Morales of HSA Clearing “Financial institutions that are not offering Health Savings Accounts to their clients are losing deposits as their customers are funding these accounts elsewhere. By planning to enter the marketplace at a time when HSAs are becoming popular, these financial institutions will be ready to effectively market to their existing customers who are considering HSA accounts. HSA accounts are an excellent opportunity for financial institutions to increase their deposits and cross-market to their customers.” To sign up for one the HSA Clearing free webinars, visit their website www.hsaclearing.com or call 262-348-1300 for more information. Other seminar dates are: June 27th at 3:00 pm, July 11th at 11:00 am, July 25th at 3:00 pm, Aug 8th at 11:00 am and Aug 22nd at 3:00 pm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. West Bend Mutual Insurance Deploys Valen Technologies' Predictive Analytics Solution DENVER, Colo., June XX, 2006 - Valen Technologies, the experts in predictive analytics for the insurance industry, today announced that West Bend Mutual Insurance Company, a provider of property and casualty insurance, has selected Valen's predictive analytics solution to price risk more effectively, decrease loss ratios and ultimately increase market share. Valen's predictive analytics solution is built on advanced algorithms that simultaneously analyze thousands of risk factors. Because Valen's comprehensive solution addresses each phase of the modeling process, West Bend Mutual is able to select the optimal model. The four-step process addresses data collection, hygiene and management, analytics and risk segmentation, scoring, deployment and strategy execution, and finally, reporting and monitoring. The process will enable West Bend Mutual to differentiate themselves from the competition by improving pricing models and unveiling pockets of opportunity, previously hidden within what were perceived as poor market segments. www.valentech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Storm Preparedness – A Four Step Process Step One – Prepare For the Worst · For personal safety, identify what storm shelter is available to you and make your evacuation plan. Choose two places to meet: one right outside your home in a sudden emergency such as a fire and one outside your neighborhood in case you can’t return home. · Make sure you have bottled water, a first aid kit, flashlights, a battery powered radio, non-perishable food items, blankets, clothing, prescription drugs, eyeglasses, personal hygiene supplies, and a small amount of cash or traveler’s checks. · Make a plan for your pets. Red Cross supported-shelters won’t take pets; other shelters may. Check with your local veterinary for help with a plan. · If you need to evacuate your home, turn off all utilities and disconnect appliances to reduce the chance of additional damage and electrical shock when utilities are restored. · Take proactive steps to protect your property from loss. Install storm shutters or cover windows prior to a hurricane. Be sure there is no loose siding on your home and no damaged or diseased trees growing over your home. Step Two – Take an Inventory of Your Property Step Three - Review Your Insurance Coverage Step Four – After Disaster Strikes and Your Home is Damaged - Print Article / Read Entire Article / E-Mail Article www.naic.org - For more consumer information visit InsureUonline.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. RMS LAUNCHES UPDATED EARTHQUAKE MODEL FOR EASTERN U.S. AND EASTERN CANADA New Model Includes Innovative Treatment of Earthquakes in the New Madrid Seismic Zone to Reflect Uncertainty in Fault Parameters and Event Occurrence Newark, Calif. - June 7, 2006 - Risk Management Solutions (RMS), the world's leading provider of products and services for the management of natural hazard risk, has announced the launch of a major update to its U.S. and Canada Earthquake models. The latest versions represent a significant advancement in the quantification of seismic risk for the eastern U.S. and Canada, implementing third-generation modeling capabilities throughout the region and incorporating perspectives on loss amplification gained from the hurricanes of 2004-2005. "Earthquakes east of the Rockies are less common than in the tectonically active West, but can be more severe due to the slower attenuation of ground motion and less seismically-resistant building stock," said Don Windeler, earthquake practice lead at RMS. "Our revised U.S. and Canada Earthquake models provide users with powerful tools for both underwriting and portfolio management in these regions." www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. UNITEDHEALTHCARE DENTAL PROVIDES CUSTOMERS WITH A TOOL THAT SHOWS THE TRUE COST OF DENTAL CARE BALTIMORE, MD (May 23, 2006) —Families trying to fit health care costs into their budgets are getting some help from one national dental insurer. As part of its continuing effort to make it easier for consumers to understand the cost of their health care, UnitedHealthcare Dental, a part of UnitedHealth Group, is giving its members access to a new online tool to learn the actual cost of any procedure performed by a network dentist. Unlike treatment cost estimators offered by some other dental plans, the UnitedHealthcare Dental Treatment Cost Calculator is a true calculator that is based on an individual’s specific dental benefit information. The Treatment Cost Calculator can also be used to compare costs of dental procedures between in- and out-of-network dentists. By going via the Internet to the new Treatment Cost Calculator (at www.myuhcdental.com ) UnitedHealthcare Dental plan members can learn in advance what they will pay in out-of-pocket charges for selected dental procedures under their current plan. In addition, they can compare the costs charged by different providers within the network and outside the network. This easy-to-use calculator also identifies any applicable benefit limitations. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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