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The #1 Insurance Newsletter In The World 1. AIG says data on 930,000 people stolen in March -NYT NEW YORK, June 15 (Reuters) - American International Group Inc. (AIG.N:) said computer equipment with personal information on 930,000 people was stolen from one of its Midwest offices in March, The New York Times reported on Thursday. The information, from employees of companies seeking corporate health insurance, has not been used "as far as we know", an AIG spokesman told the Times. The data, names and Social Security numbers had been on a computer server and protected by a password, said AIG spokesman Chris Winans. The information was provided to AIG by 690 insurance brokers seeking quotes for companies nationwide. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Voluntary sales improve slightly for 2005 according to recent Eastbridge study of 60 leading carriers AVON, Conn.--(BUSINESS WIRE)--June 15, 2006--Worksite sales for 2005 were an estimated $4.366 billion, according to Eastbridge Consulting Group's annual U.S. Worksite Study. This represented a growth rate of about 3.4 percent over 2004, which was a slight improvement over the 2004 and 2003 growth rates of 3 percent and 1.8 percent respectively. (Note: In the study, worksite is defined as the sales of life and health products (both group and individual platform) sold at the workplace, with premium paid by the employees through payroll deduction.) "Although this was the third year in a row of single-digit growth in the worksite market," says Gil Lowerre, president, "68 percent of the reporting companies experienced sales increases in 2005. Of these, 70 percent achieved double-digit sales growth (with an average of about 11 percent)." Additionally, Bonnie Brazzell, Eastbridge's vice president, announced that inforce premiums also increased (by about 7 percent), bringing the total inforce to somewhere between $13.4 billion and $17.7 billion. The report estimates sales for the entire voluntary industry with detailed data on the performance of 60 worksite marketing carriers, both group (voluntary) and individual (worksite) carriers/products. Eastbridge estimates that these companies account for over 85 percent of the total worksite sales volume for 2005--and represent the largest number of carriers included in any sales report for the industry. Parties interested in participating in next year's study are advised to email Eastbridge at info@eastbridge.com. All participants receive a free copy of the complete findings, including company-specific results. Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. Contacts: Eastbridge Consulting Group, Bonnie Brazzell, 860-676-9633 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. The Hartford to Offer 'Emergency Claim Cards' for Customers after a Catastrophe Policyholders have a new option for accessing emergency funds in a time of need HARTFORD, Conn., June 14 /PRNewswire-FirstCall/ -- The Hartford Financial Services Group, Inc. (NYSE: HIG) one of the nation's leading providers of investment and insurance products, announced that starting July 15, it will be offering its property insurance policyholders an innovative new tool for accessing emergency claims payments after a catastrophic event. In addition to traditional checks and electronic fund transfers, which deposit emergency funds directly into a customer's bank account, those who sustain losses from a natural or man-made disaster may now have the option of receiving money for certain covered expenses with an Emergency Claim Card from The Hartford. This can include coverage for the costs associated with smaller, but vital, day-to-day living essentials. The Hartford Emergency Claim Card(SM) is a debit card, issued by JPMorgan Chase, which can be used at ATM machines nationwide to withdraw cash or at stores that accept point-of-sale purchases. Point-of-sale purchases require a Personal Identification Number (PIN), unlike credit card purchases which require only the card and a signature. This card rounds out a suite of convenient payment solutions meant to enhance the customer service experience and ease the financial burdens created after a catastrophe strikes, such as a devastating hurricane. The company expects it to be an important resource, especially in the wake of Hurricane Katrina and the past two storm seasons. www.thehartford.com/catinfo Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Fannie scandal cost investors up to $30 billion: OFHEO Thu Jun 15, 2006 12:36pm ET - WASHINGTON (Reuters) - Fannie Mae's (FNM.N:) $11 billion in accounting errors cost shareholders some $25 billion to $30 billion in losses, the acting director of the Office of Federal Housing Enterprise Oversight told a Senate panel on Thursday. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Fed rate peak could be higher than expected Thu Jun 15, 2006 12:31pm ET By Ros Krasny NEW YORK (Reuters) - The Federal Reserve could be further from ending its rate-hiking cycle than the market assumes, according to strategists at the Reuters Investment Outlook Summit in New York this week. The determination to snuff out inflationary pressures could well push the central bank to go a little too far, similar to past tightening cycles, the analysts said. "Central bankers' goal today is to establish inflation credentials, not growth credentials. If confronted with the choice of (confronting) inflation or growth, they'll go with inflation every time," said Rebecca Patterson, currency strategist at JPMorgan. At the very least, a period of uncertainty lies ahead for financial dealers as the Fed emphasizes "data dependence" and the market lurches from one economic indicator to the next, searching for clues. "The Fed's shift to a data dependent mode has also encouraged people to reassess risk. If the Fed can't know for sure what it's going to do at the next meeting, how can the market possibly know?" said Tom McManus, chief investment strategist at Bank of America Securities. Wednesday's higher than expected May core consumer price index reading finally locked in prospects for a June Fed hike to 5.25 percent, and futures prices now suggest a peak funds rate of 5.5 percent. That still might not be enough, said Abhijit Chakrabortti, global equity strategist at JP Morgan. "The Fed will deal with the inflation risk by taking the fed funds rate to 6 percent by mid-2007. Once people embrace the idea that fed funds could get to 6 percent or 6.5 percent, then it would be time to buy stocks," he said. Bank of America's call on Fed funds is for a year-end level of 5.75 percent, or three 25-basis-point increases scattered over the final five meetings of 2006. "I'm encouraged to see that the inflation upswing is not being ignored. That was worrying me until about last week -- that central bankers were not going to deal with it as quickly as they promised to," McManus said. The Fed might be able to skip rate hikes at a meeting or two before the end of the year, but the market won't be able to conclude that the Fed is done, he said. The potential for a saw-toothed end to the Fed's smooth, two-year run of measured rate increases has raised alarm in markets where predictability is the investor's friend. Until recently "the comments coming from the Fed were trying to emphasize an immense amount of transparency at a turning point," said Richard Bernstein, chief investment strategist at Merrill Lynch. "To have too much transparency makes people overconfident; that they think they know everything that is going on, and that increases risky investments," he said. Those risky bets of yestermonth have turned abruptly to risk aversion, reflecting May's peak in commodity prices, commodity-driven stocks and emerging market equities, as well as a systematic tightening of global monetary policy. "We're seeing a risk reduction trade as investors grapple with this global tightening and are wondering how weak the economy is going to get," said Gregory Peters, head of U.S. credit strategy at Morgan Stanley. Morgan Stanley's call is for two more Fed hikes. "If anything, I see the risk of the Fed moving even more," Peters said. However, Abby Joseph Cohen, chief U.S. investment strategist at Goldman Sachs, said one or two more rate hikes would probably end the Fed's string, especially since some sectors of the U.S. economy are growing a bit more slowly. "The Fed is not trying to push the economy into recession," she said. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. AMA Passes New Policy on Treatment Plans, Influenza Vaccine and Health Insurer Transparency CHICAGO, June 14 /U.S. Newswire/ -- The American Medical Association (AMA) voted today at its Annual Meeting to adopt the following new policies for the nation's largest physician group. HEALTH PLAN AND INSURER TRANSPARENCY: In support of consumer- directed health care and an end to the mystery of medical prices, the American Medical Association (AMA) today called on the health insurance industry to end efforts to conceal their pricing systems for medical services. Physicians at the AMA Annual Meeting agreed that patients need price transparency from all sectors of the health care system, but noted that pricing is largely outside of physicians' control. It is based on a complex array of factors that are controlled by health insurers and often imposed upon physicians. "There is no legitimate rationale behind health insurers' refusal to provide their payment policies and actual costs to patients and physicians," said Cyril Hetsko, M.D., AMA Board Member. "It serves only as a means for the health insurance industry to avoid accountability." As more Americans select consumer-driven health plans, there is a need for useful pricing information. "AMA policy already supports physicians disclosing fees to their patients," said Dr. Hetsko. "Attempts by major health insurers to provide price information are a good start, but they do not provide patients with an entire picture of insurers pricing. Patients are being provided with incomplete and selective information" AMA pledged to take actions that would promote true price transparency, including calling on health plans to make their payment policies, claims edits, benefit plan provisions and fee schedules available for public viewing. http://www.usnewswire.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Bandag freezes pension plans Thu Jun 15, 2006 9:33am ET - NEW YORK (Reuters) - Tire retreading company Bandag Inc. (BDG.N:) said on Thursday it was closing its pension plans to new hires in the United States and Canada, and freezing its existing pension plans for U.S. workers and some Canadian employees, to better control retirement expenses. The company also said it may terminate its pension plans within 18 months, and it is offering an early retirement program for some employees. The company said it expects to record a net curtailment pretax gain of $1.9 million, or 6 cents a share, for the quarter ending June 30. © Reuters 2006. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Over 38 Million People With Medicare Now Receiving Prescription Drug Coverage WASHINGTON, June 14 /PRNewswire/ -- HHS Secretary Mike Leavitt today announced that 38.2 million people with Medicare are now receiving comprehensive prescription drug coverage, in many cases even better coverage than they ever had before. A surge in enrollment took place in the closing weeks of the enrollment period, with more than 2 million beneficiaries signing up between May 1 and the May 15th deadline. "Introduction of the Medicare prescription drug benefit created an unprecedented opportunity and a breathtaking challenge," Secretary Leavitt said. "The challenge has been met, and today, for over 38 million Americans - - 90 percent of people with Medicare -- the promise is being fulfilled, day in and day out, prescription by prescription. In fact, more than 3.5 million Part D prescriptions are being filled each day and the cost of monthly plan premiums is nearly 40 percent lower than original estimates." The average premium in 2006 for beneficiaries, not counting retiree coverage, is less than $24. In addition, 87 percent of beneficiaries chose plans other than the standard benefit, according to the Centers for Medicare & Medicaid Services (CMS). "With help from thousands of partners across the country, and personalized assistance from 1-800-MEDICARE and http://www.medicare.gov, people with Medicare and their family members were able to get the drug coverage they prefer at a far lower cost than expected," said CMS Administrator Mark B. McClellan, M.D., Ph.D. "Thanks to Medicare beneficiaries making informed choices to meet their needs, the costs of Medicare drug coverage are way down -- and we will continue to support effective competition to provide high- quality, low-cost coverage." "People with Medicare are already seeing significant savings through the new drug coverage, and beneficiaries with limited incomes have even more to save," said Dr. McClellan. "It's imperative that we reach as many of them to make sure that they are able to get the drugs they need." Tables are available at http://www.hhs.gov/news/press/2006pres/20060614.html. Note: All HHS press releases, fact sheets and other press materials are available at http://www.hhs.gov/news. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. What is the Impact of the 'Doughnut Hole?' Fewer Than 1 in 10 Beneficiaries Will Enter Medicare Drug Benefit Coverage Gap & Pay Full Drug Costs Out-of-Pocket Beneficiaries With Spending in the Coverage Gap Who Had No Prior Drug Coverage Will Still Have Average Savings of $2,000 WASHINGTON, June 15 /PRNewswire/ -- New research released today shows that approximately 8 percent of Medicare beneficiaries will find themselves fully responsible for all prescription drug costs they incur in the coverage gap under the Medicare prescription drug benefit. The new study, prepared by PricewaterhouseCoopers, LLP and commissioned by the Healthcare Leadership Council, shows that more than 90 percent of Medicare beneficiaries will either not reach the coverage gap or will have at least some coverage available to them in the gap. Under the law that created the Medicare Part D prescription drug coverage, annual out-of-pocket drug spending between $2,250 and $3,600 is not covered by the standard Part D benefit. According to the PricewaterhouseCoopers research, Medicare beneficiary drug spending and coverage breaks down as follows: * Thirty-eight percent of beneficiaries have prescription drug coverage from plans outside of Medicare Part D. * Twenty-three percent will be eligible for low-income subsidies, and therefore not affected by the coverage gap. * Sixteen percent will have annual drug spending below $2,250 and will not reach the coverage gap. * Ten percent are not enrolled in a Part D program and have no other drug coverage. * Six percent have chosen "enhanced" Part D plans that provide some prescription drug coverage in the coverage gap. The remaining 8 percent will have some spending in the coverage gap during 2006. "This research does underscore the importance of letting prescription drug plans compete on the basis of cost and value," said Mary R. Grealy, president of the Healthcare Leadership Council, a coalition of chief executives of many of the nation's leading healthcare companies and organizations. "A single government one-size-fits-all program would not have offered options to cover the so-called 'doughnut hole.' Because we have choice and competition, over two million people are taking advantage of that extra coverage." According to the PricewaterhouseCoopers research, roughly one-third of the Medicare beneficiaries who enter the coverage gap will have spending in the gap of less than $750. Another 24 percent will have spending in the gap of less than $1,750. Based on average prescription drug spending levels, the study shows that Medicare beneficiaries with spending in the gap and no previous prescription drug coverage will still have approximately $2,000 in cost savings during 2006. "Whether the coverage gap continues is, of course, an issue for Congress to wrestle with," Ms. Grealy said. "But we shouldn't lose sight of the fact that the majority of those who have coverage gap spending will still be considerably better off than they were before the enactment of the Medicare drug benefit." The PricewaterhouseCoopers study was released at a June 15 Washington, D.C. forum, "Medicare Today and Tomorrow: A Look at Part D and the Program's Future," sponsored by the Healthcare Leadership Council. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Walgreens Stops Filling Prescriptions Under Midwest Health Plan in Michigan DEERFIELD, Ill., June 15 /PRNewswire-FirstCall/ -- Walgreens will stop filling prescriptions for members of Midwest Health Plan, based in Dearborn, Mich., effective July 1 because of inadequate pharmacy reimbursement rates. Walgreens has been in discussions with Midwest Health Plan for the past several months on a rate that reflects the considerable costs of providing patients with their medication therapy and processing insurance claims. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Blue Shield of California Offers to Match United Healthcare's Financial Terms for Businesses Rates Guaranteed for a Year if Businesses Switch to Blue Shield When Their United Contract Ends SAN FRANCISCO, June 14 /PRNewswire/ -- California businesses served by United Healthcare can move to Blue Shield of California with their current financial terms guaranteed for at least one year under a special offer issued today by the state's largest not-for-profit network-model health plan. For any of United's self-funded California customers that make a commitment by October 31, 2006, to move to Blue Shield after their United contract expires, the company will honor the financial terms of their existing contract, including any financial guarantees, for the first 12 months. To be eligible for this offer, employers must: * Currently be a self-funded customer of United Healthcare, * Be headquartered in California, * Make a decision to move to Blue Shield's self-funded product by October 31, 2006, for an effective date on or before January 1, 2007, * Allow independent validation of current contract terms. Blue Shield is also willing to establish cost-competitive administrative fees and contract terms for additional years should an employer desire a multi-year agreement. www.mylifepath.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Ignagni Testifies on Progress of Medicare Prescription Drug Benefit WASHINGTON, June 14 /PRNewswire/ -- Medicare Part D beneficiaries are experiencing savings and better benefits thanks to robust competition among health insurance plans, Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP), said today. Testifying before the House Ways and Means Committee, Ignagni also said that health insurance plans have collaborated with other key stakeholders to strengthen the Part D program through initiatives to streamline and standardize processes for the physicians and pharmacists who serve Part D beneficiaries. "Less than six months into the most far-reaching expansion and reform in Medicare's history, this new program is exceeding all expectations. Seniors are saving and satisfied. Implementation challenges are being resolved systematically," Ignagni said. "Because of all these efforts, the new Medicare prescription drug benefit is well on its way to setting a new standard for public-private partnerships." View full testimony: http://www.ahip.org/content/fileviewer.aspx?docid=16707&linkid=143510 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. The Hartford Announces Agreement with Equitas HARTFORD, Conn., June 15 /PRNewswire-FirstCall/ -- The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced it has entered into an agreement with Equitas and all Lloyd's syndicates reinsured by Equitas that resolves, with minor exception, all of the company's ceded and assumed domestic reinsurance exposures with Equitas, including the company's reinsurance recoveries from Equitas under the company's Blanket Casualty Treaty. The terms of the settlement were not disclosed. "This agreement is a significant step in our efforts to remove volatility from our ceded and assumed reinsurance portfolio," said Neal S. Wolin, executive vice president and general counsel of The Hartford. "The settlement eliminates uncertainty from our domestic assumed reinsurance book with Equitas. It also resolves our single largest reinsurance recoverable, bringing years of litigation with Equitas to a close." The Blanket Casualty Treaty, which was the focus of the litigation, is a multi-layered reinsurance program that provided for excess-of-loss coverage for The Hartford in various amounts from the 1930s through the 1980s. The upper layers of the treaty were first put in place in 1950, primarily with London Market reinsurers, including Lloyd's syndicates. The Blanket Casualty Treaty litigation continues with the other upper-layer reinsurers under the treaty. www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. White Paper Predicts That American Consumers Will Look to Their Insurance Companies for Identity Theft Solutions; Veterans Urged to Check with Their Insurance Agents for Identity Theft Solutions SCOTTSDALE, Ariz.--(BUSINESS WIRE)--June 15, 2006--In a white paper entitled Trends in the Development of Modern Identity Theft Solutions for the Insurance Industry, Identity Theft 911 concludes that by the end of 2006 American consumers will depend on their home, farm and auto insurance carriers for solutions to combat identity theft-related fraud. "The development of identity theft solutions is virtually industry-wide," said Adam Levin, Chairman of Identity Theft 911. "We estimate that at least 10% of American households currently benefit from some form of identity theft coverage and/or resolution services. By the end of the year, the level could approach 25%. For this reason, we strongly urge veterans and active duty servicemen and women, who feel that their identities may have been compromised in the recent VA breach of 26 million American veterans, to check with their insurance agent for this type of coverage. www.identitytheft911.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. GoodWorks Insurance Announces Joint Venture with Hilb Rogal & Hobbs, Connecticut NORTH CANAAN, Conn.--(BUSINESS WIRE)--June 15, 2006--GoodWorks Insurance, LLC announced a joint venture with Hilb Rogal & Hobbs, Connecticut, a subsidiary of Hilb Rogal & Hobbs Company (HRH), the eighth largest insurance brokerage firm in the United States. GoodWorks Insurance entered into the arrangement with HRH through its newly launched affiliate GoodWorks National Accounts, LLC. Working with HRH, this organization provides insurance to large national and specialty insurance risks in the commercial property and casualty market. GoodWorks National Accounts embraces the same philosophy of GoodWorks Insurance by making a commitment to donate 50 percent of its annual operating profits to local community charities. HRH will utilize its extensive network to help clients manage their risks in property and casualty, employee benefits, professional liability, and other areas of specialized exposure. www.goodworksinsurance.com www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. New York Global Group Signs Strategic Marketing Alliance with AIG China Branch NEW YORK--(BUSINESS WIRE)--June 15, 2006--New York Global Group ("NYGG") announced today that the China subsidiary of NYGG entered into a strategic marketing alliance with AIG China to provide Chinese corporate clients with comprehensive client growth solutions focused on insurance products, investment advisory services, management consulting and investment banking related client needs. The joint marketing alliance will allow both companies to market their collective services as "strategic partners." As part of the marketing alliance, the two companies also agree to refer potential clients to each other. AIG is the largest foreign insurance company in China. AIG China will benefit from NYGG's extensive client base, particularly those in the privately owned corporate sector where NYGG China is a leading financial services provider. NYGG China will benefit from AIG's reputation as a premier insurance company that specializes in providing D&O and other insurance products and services to Chinese corporate clients. www.nyggroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Research and Markets: Unique overview of the Personal Property and Casualty Insurance Industry in the U.S. DUBLIN, Ireland--(BUSINESS WIRE)--June 15, 2006--Research and Markets ( www.researchandmarkets.com/reports/c38275 ) has announced the addition of Property and Casualty in the United States to their offering. Insurance is a unique product because it is a tool for dealing with risk. The monetary payoff to the consumer is unknown at the time of sale, but potentially it can be many times greater than the premium paid. Therefore, the battle for market share in the personal auto and homeowners insurance markets is only part of the story. Growing market share can have a highly negative impact on the bottom line if the wrong exposures are written or if policies are inadequately priced. The property and casualty industry tends to be cyclical, and insurers have entered a "soft market" where growth in net written premiums will most likely languish in the zero to 5% range over the next several years. As pressure on margins has heated up, some insurers are spending more on advertising while others are investing in state of the art analytics for more effective risk assessment. Also, as growth in distribution channels stabilizes, marketing niches will be difficult to find. Companies must invest either in innovation in their cost controls and/or maximize investment returns. What this implies is that for most companies to be competitive in the near term, they will need to reassess and maximize the efficiency of everything from actuarial methods to claims management. While some growth opportunities in niche markets (such as renters/tenants insurance) may still exist, insurers will need to maintain or improve the reliability of their services. This report looks at these trends, as well as consumer perceptions of insurers, providing recommendations as to how insurers might better position themselves in the marketplace. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Securities Industry News and Financial Insights Announce SecuritiesTech 50 Rankings for Front Office Solution Providers; Rankings Showcase Leading Global Capital Markets Technology and Institutional Providers NEW YORK & FRAMINGHAM, Mass.--(BUSINESS WIRE)--June 15, 2006--Securities Industry News, SourceMedia's flagship publication serving the operations and technology side of global securities and financial markets, and Financial Insights, an independent research services firm and an IDC company, announced the debut of the SecuritiesTech 50 rankings of the Top 50 global technology and services providers. The Fortune 500(TM) style rankings will be published October 16, 2006 as a special supplement to Securities Industry News. In its inaugural year, SecuritiesTech 50 front-office technology and solutions providers will be evaluated based on the number of seats or desktops deployed globally across two functional areas; investment management or securities brokerage (institutional and retail). Additionally, the rankings will delineate a subset list of Fast 5 providers, detailing their total two-year percentage desktop growth through the end of calendar year 2005. SecurtiesTech 50 will also encompass significant services providers such as correspondent clearing firms and prime brokers as well as the traditional technology vendors. The rankings will be determined based upon quantifiable, verifiable data, public information and personal interviews conducted by Financial Insights to ensure the accuracy of the information. Securities Industry News is the only weekly paper that serves the news and information needs of senior decision makers in the operations and technology side of global securities and financial markets. Securities Industry News and its companion site, www.securitiesindustry.com, combine to deliver a distinctive perspective on, and analysis of, the companies, trends, issues and people who are transforming the global securities market through innovations in technology, product development, front- middle- and back-office operations, buy- and sell-side trading infrastructures, risk management, and the business processes vital to regulatory and operational compliance. www.sourcemedia.com www.financial-insights.com William Mills Agency was founded in 1977 and represents companies that serve the financial and technology industries. The Atlanta-based agency represents more than 70 companies throughout North America. For more information, call 678-781-7201 or visit www.williammills.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. National Association of Fixed Annuities (NAFA) Becomes Member of Retirement Income Industry Association (RIIA); Two Groups Jointly Sponsor Conferences, Plan Other Activities BOSTON--(BUSINESS WIRE)--June 15, 2006--The Retirement Income Industry Association (RIIA) announces that NAFA, The National Association of Fixed Annuities, has become a member of RIIA. www.riia-usa.org NAFA was created to foster a better understanding of traditional, payout and indexed annuities. It is the only independent, non-profit organization dedicated solely to the promotion and preservation of these unique products. www.nafa.us 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. PIANY finds restrictions on homeowners insurance in downstate area GLENMONT, N.Y.—A survey of insurance agencies by the Professional Insurance Agents of New York State Inc. finds homeowners insurance companies have taken steps to reduce their exposure in downstate areas of New York since Jan. 1, 2006. As of this date, the Allstate Group said it would cease insuring new homeowners and would begin nonrenewing some policyholders in eight downstate counties, including Nassau, Suffolk, Westchester and the five boroughs of New York City. PIANY members in these counties reported several types of restrictions. Of the 70 agencies responding, 40 percent said one or more of their companies has stopped accepting new business. However, only 23 percent reported that any of their companies has started nonrenewing more homeowners than usual. The agents say that some companies are adopting stricter guidelines regarding a home’s distance to water (67 percent of agents have seen this) and/or requiring more or larger deductibles for windstorm losses (43 percent). www.piaonline.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. NCOA Calls for Renewed Effort to Enroll Those with Limited Means in Part D WASHINGTON, June 14, 2006 – In testimony today before the House Ways and Means Committee concerning Medicare prescription drug implementation, the National Council on Aging (NCOA) commended the successful enrollment efforts thus far and stated that much remains to be done. NCOA called for a targeted national strategy to reach out and enroll the over 3 million beneficiaries in greatest need who are eligible for the low-income subsidy (LIS), and comprise up to 75 percent of those who still do not have drug coverage. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Echelon Marketing Group Opens Chicago Office June 14, 2006 (McLean, VA) – Echelon Marketing Group, a division of IXI? Corporation, announced it has opened an office in Palatine, IL, a suburb of Chicago. This office is the second for the McLean, VA headquartered company that helps the world’s best brands transform their business by unlocking unique insights into consumer spending power.www.echelonmarketing.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Underwriting Freedom Necessary for Insurance Markets to Work Properly, NAMIC Tells New Jersey Senate Panel INDIANAPOLIS (June 14, 2006)— Insurers need to be free to engage in the fundamental function of underwriting in order for insurance markets to work properly, which ultimately benefits consumers and society in general, a NAMIC representative told New Jersey lawmakers this week. In testimony delivered to the New Jersey Senate’s Commerce Committee on June 12, Paul Tetrault, NAMIC state affairs manager for the Northeast region, expressed NAMIC’s support for underwriting freedom and opposition to limitations and restrictions on insurers’ ability to underwrite freely. The committee was holding an informational hearing on the issue of insurers’ use of factors such as occupation and education in the underwriting and rating of private-passenger auto insurance. “NAMIC believes underwriting restrictions are cause for concern wherever they are proposed, but such concern should be particularly high when underwriting restrictions are proposed where there is a history of marketplace troubles,” Tetrault told the committee. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. XL INSURANCE INTRODUCES PROGRAM FOR ARMORED CAR INDUSTRY NEW YORK, NY, June 15, 2006 -- XL Specialty Insurance Company, part of XL Capital Ltd's ("XL") insurance operations branded "XL Insurance", today introduced a multi-line insurance program especially designed for the armored car industry and other business transporting high-value cargo. The program was introduced this week at the Independent Armored Car Operators Association annual convention, held in Houston, TX. www.xlcapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Operational Risk best practices in Asia Oprisk Asia 2006 - 12 - 13 July 2006, Four Seasons - http://info.incisivemedia.com/re?l=o28y0I4bozvdI0 Risk and OpRisk & Compliance magazines are proud to present their inaugural Asian operational risk event, OpRisk Asia 2006. Following the success of OpRisk Europe and OpRisk USA, OPRisk Asia offers an essential update of the latest operational risk measurement and management solutions being implemented by leading financial institutions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Starmount Life Insurance Company and AlwaysCare Benefits Expanding Headquarters Baton Rouge, LA, June 14, 2006 – Starmount Life Insurance Company announced today its purchase of a 6.4 acre tract of land as it plans a major expansion of its Baton Rouge, LA, headquarters. Construction should begin within the next two to three years. Over the past eight years, the number of employees at Starmount and AlwaysCare Benefits has grown from 21 to 118. "We continue to see tremendous growth in our sales and will need additional space to maintain the quality customer service our clients rely on," says Erich Sternberg, President, Starmount Life Insurance Company. The new headquarters will be 30,000 square feet, more than double the current location, with expansion available to 90,000 square feet. For more information, please visit www.StarmountLife.com or call Suzanne Ducote at 1-888-729-5433 x192. Starmount Life Insurance Company, named 2006 Company of the Year by the Greater Baton Rouge Business Report, and its affiliate, AlwaysCare Benefits, are family-run businesses. Known for reliable service and customer satisfaction, Starmount offers innovative insurance products—like individual life insurance, extra accidental death coverage and living benefits. AlwaysCare Benefits is a leading provider of group dental and vision benefits marketed nationally as AlwaysDentalSM and AlwaysVisionSM. AlwaysCare, in partnership with National Guardian Life* [AM Best A- (Excellent) rating, 2005], markets products in 49 states. *National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America, a.k.a. The Guardian, Guardian Life Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. IRMI ANNOUNCES KEYNOTE SPEAKERS FOR THE 26TH IRMI CONSTRUCTION RISK CONFERENCE IN SAN DIEGO DALLAS, TX—International Risk Management Institute, Inc. (IRMI) will host its 26th IRMI Construction Risk Conference October 9-12, 2006, in San Diego. The Conference is the only national symposium devoted exclusively to construction insurance, risk management, loss control, and bonding. The 3½-day program is designed for construction industry risk management and financial officers; construction project owners; and the insurance and surety agents, brokers, advisers, attorneys, and underwriters who serve them. The two keynote speakers will be Joe Plumeri, Chairman and CEO of Willis Group Holdings Limited; and Luther P. Cochrane, Chairman and Chief Executive Officer of BE&K Building Group, Inc. www.IRMI.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Planet Hospital Inc. to Introduce Proprietary Medical Tourism Insurance Products Calabasas, Calif. – June 8, 2006 – PlanetHospital Inc. (PHI), the nation’s leading medical tourism company, today announced that a nationally renowned health and benefits organization will develop exclusively for PHI a suite of insurance products designed for healthcare consumers traveling overseas for high quality, affordable secondary and tertiary medical care. Insurance coverage will enhance PHI program offerings, which rely upon a worldwide network that includes accredited hospitals and trained, experienced physicians, many of whom are US or UK board certified or JCI-accredited.www.planethospital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. 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. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. New ‘Advantage Plan’ offers employers more benefit choices and cost savings. PHILADELPHIA– June 6, 2006 – Flexibility and choice are the result of long-term disability contract enhancements recently completed by Lincoln Financial Group (formerly Jefferson Pilot Financial), one of the nation’s leading providers of life insurance, employee benefits, investment, and retirement income products and services. Based on employers’ need to control the cost of employee benefits while still providing quality plans to help recruit and retain top talent, Lincoln Financial Group recently introduced the new Advantage Plan to provide more options for its group long-term disability clients. Packaging the new Advantage Plan with Lincoln Financial’s traditional Premier and Value Plans provides expanded options to employers, who are now able to create the long-term disability benefit best suited to their particular needs and the needs of their employees. www.lfg.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Prescription Drug Cost and Resonable Risk Alternatives Many Americans from all walks of life are seeking lower priced prescription drugs. Individuals have formed clubs, co-ops, membership associations and pools. Others have attempted to purchase drugs with online with entities they do not know. Who pose as online Pharmacists or Pharmacy’s. These method are used by millions of American in the hopes to reduce there prescription drug expense are at risk. The risks factors associated with the unknown chemical content of these counterfeit drugs are great. Americans in search of savings also risk liberty because in most states it is unlawful to purchase prescription drugs from entities located outside the USA. In addition, mailing of controlled substance is also unlawful. The greatest risk factor is life itself. www.YourRxCard.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Brooke Franchise Corporation Selects AMS SETWrite(TM) Solution for its Auto & Home Rating OVERLAND PARK, Kan., June 7 /PRNewswire-FirstCall/ -- Brooke Franchise Corporation, a subsidiary of Brooke Corporation (Nasdaq: BXXX), announced that it has selected AMS Services to power the auto and home rating features in the next version of its Brooke Management System, scheduled to be released on July 31, 2006. www.amsworld.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. World Medical Center?s Canadian operation to be based in Niagara-on-the-Lake Safer Medical Treatment Worldwide? June 5, 2006 NOTL, Ontario; With more than one million card holders circulating in 14 countries, World Medical Center, the Norwegian founded, Geneva based Medical Records Information Provider is making its World Medical Card available in Canada.In 1998, the Bergen based organization developed with the help of the University of Oslo and the Nobel Family Society, a revolutionary new concept within patient safety enabling immediate access to personal medical information. The system gives the bearer of the World Medical Card, access to critical private medical information at any time, in any local language, worldwide. The medical data stored within the card is accessible both electronically and retrievable in written clear text using WHO international codification medical terminology. The data can also be securely stored directly onto a cellular phone. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. A Demographic and Vertical Industry Profile of US Mid-Sized Businesses (100 to 999 Employees) - Forecasts are now available for employees by primary location, the number of remote and mobile workers and the number of telecommuters DUBLIN, Ireland--(BUSINESS WIRE)--June 12, 2006--Research and Markets has announced the addition of In-Dustry Update: A Demographic and Vertical Industry Profile of US Mid-Sized Businesses (100 to 999 Employees) to their offering. This report provides segmentation of the number of employees and firms in the mid-sized business market (100 to 999 employees) by size of business, with vertical segmentation. For more information visit http://www.researchandmarkets.com/reports/c38154 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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