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Complete information, including an audio overview of the association and meeting details can be found at www.workplacebenefits.org. The first year membership in the Workplace Benefits Association is complimentary. State Farm reaches settlement in Katrina case NEW YORK, Jan 19 (Reuters) - State Farm
Mutual Automobile Insurance Co. said on Friday it reached a settlement
with a Mississippi homeowner in the latest case arising out of claims
over Hurricane Katrina. The case was scheduled for trial on Monday in U.S. District Court before Judge L.T. Senter, who ruled in a similar suit against State Farm last week that a Biloxi, Mississippi, couple was entitled to collect the full value of the insurance on their home. In addition, a jury awarded them $2.5 million in punitive damages. The terms of the latest settlement, with Richard Tejedor, were confidential, Engerman said. On Thursday, State Farm lost an appeal to delay the case. State Farm and other insurers face hundreds of similar lawsuits from Gulf Coast residents who lost their homes when Hurricane Katrina ravaged the Gulf Coast on Aug. 31, 2005. All told, the storm, which whipped up a 30-foot wall of water, caused more than $38 billion of insured damages, much of it in Mississippi. State Farm disputed some of these claims, saying damages were caused by water rather than wind. Flood losses are generally covered by a federal program, while wind damages are usually covered by conventional property insurers such as State Farm. But Judge Senter has ruled that in the absence of proof, insurers are liable to pay the claims. Tejedor's attorney, Jack Denton of Biloxi, Mississippi, would confirm only that the case had been resolved and that terms were confidential. Tejedor has already received $280,000 of payments through two flood insurance programs after his home was reduced to a slab, according to court documents. In addition to civil cases, State Farm, which is Mississippi's largest home insurer, faces a state grand jury probe of its claims practices following the hurricane. The insurer has said it is "cooperating fully with the investigation" but would not comment further. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 1. Europe's insurers start to count cost of storms By Simon Challis, European Insurance Correspondent LONDON, Jan 19 (Reuters) - Europe's insurers have been inundated with calls from customers as the continent starts to clean up after the worst storms in years killed at least 39 people and caused widespread property damage and travel chaos. Winds of up to 200 kph (124 mph) lashed Europe on Thursday, bringing railways in Britain, the Netherlands and Germany to a virtual standstill and disrupting Rotterdam's port, Europe's biggest, where the storm caused an oil spill at a terminal. With the winds having only recently abated, insurers said early predictions of how much the storms would cost would not start to trickle through until early next week, but said early indications were that the bill was unlikely to be massive. The German insurance association, the GDV, said insured storm damage in the country could total around 1 billion euros ($1.3 billion). One problem preventing firms from swiftly assessing the financial impact of such storms is that there is no pan-European weather centre collating meteorological data, said Hannover Re (HNRGn.DE: ), the world's fourth-largest reinsurer. "Calculating the damage in this situation is more complicated than for hurricanes. We need local data, whereas with hurricanes in the U.S., we can rely on rapid information from the National Hurricane Center," a spokeswoman said. (Additional reporting by Hans Nagl and Jonathan Gould in Frankfurt and Reed Stevenson in Amsterdam) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Yahoo! Launches Personal Finance Website New Site Expands Yahoo! Finance From Wall Street to Main Street -- Giving Consumers the Tools They Need to Manage Their Personal Finances SANTA MONICA, Calif.--(BUSINESS WIRE)--Yahoo! (NASDAQ:YHOO) today launched a new personal finance website, which brings together the Internet’s most useful tools and information to help consumers manage their personal finances. Yahoo! Personal Finance (http://finance.yahoo.com/personal-finance) offers consumers a suite of new financial centers, covering every major area of personal finance, ranging from “Banking & Budgeting” to “Retirement.” The site continues the company’s media strategy of bringing together the best tools and information around a particular topic from the industry’s leading providers, while also expanding advertising inventory in one of the largest advertising categories. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. ACE Launches New Online Agency Agreement to Provide Wider Broker Access to Online Products LONDON--(BUSINESS WIRE)--ACE UK (NYSE:ACE) has launched an online agency agreement to enable larger numbers of brokers to trade with the company using a range of e-commerce distribution platforms. The new online agency agreement is an important element of ACE’s eCommerce strategy, providing brokers with greater choice of access to a broad range of products through a number of distribution channels, including ACE Online, software houses such as Acturis and Sector Net and also iMarket. The agreement will enable regional brokers to begin trading with ACE in an easy, simple and efficient manner. www.aceeuropeangroup.com www.acelimited.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. XL Insurance Launches Product Recall Insurance with Integrated Crisis Management Cover LONDON, Jan. 19 /PRNewswire-FirstCall/ -- XL Insurance Company Limited, part of XL Capital Ltd's insurance operations ("XL Insurance"), today announced its new primary food and drink product contamination insurance which includes integrated crisis management cover. The insurance not only covers costs associated with a product recall, ranging from withdrawal expenses to the policyholder's loss of profit, but also places an emphasis on risk prevention and emergency response. Included in the premium is a free initial consultation with crisis managers as well as an allocation for risk improvement work such as recall and crisis planning. For this, the XL Insurance London Casualty Unit has teamed up with specialist consultancies based in the UK and U.S. offering expertise in areas such as public relations, product security, laboratory services and regulatory advice. In the event of a contamination, the insurance gives policyholders priority access to the consultants. www.xlcapital.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. ING to sell parts of Belgian insurance business By Foo Yun Chee - AMSTERDAM, Jan 19 (Reuters) - Dutch financial services group ING Group NV (ING.AS: ) is disposing of the part of its Belgian insurance business which sells through brokers as it focuses on distributing the products through its retail banking unit. Analysts said the sale is likely to fetch between 600 million euros ($777.3 million) and 800 million for ING, which said on Friday it hoped to finalise a sale this year. (Additional reporting by Emma Davis in Brussels) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Fed's Lacker: Inflation is main risk to U.S. economy Fri Jan 19, 2007 10:45am ET - By Tamawa Kadoya - RICHMOND, Virginia (Reuters) - The main risk to the U.S. economy is for inflation to surge again or not subside, and more data is needed to confirm tentative signs of moderating price pressures, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday. "The risk that core inflation surges again, or does not subside as desired, clearly remains the predominant macroeconomic policy risk," Lacker said in a speech on the economic outlook. "The November inflation reports ... have provided some tentative evidence suggesting a moderating trend," he said, but added it would take several months of data for it to be convincing evidence. Lacker, a non-voting member of the policy-setting Federal Open Market Committee this year, has dissented in the last four meetings against keeping interest rates steady, arguing for a quarter percentage-point increase in benchmark rates to keep inflation concerns contained. The FOMC next meets on January 30-31 and policymakers are widely expected to keep the fed funds rate at 5.25 percent. (Additional reporting by Joanne Morrison in Washington) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. HHS Announces $175 Million in Grant Opportunities for States to Assist Health Care Providers in the Gulf Coast Region WASHINGTON, Jan. 18 /PRNewswire-USNewswire/ -- HHS Secretary Mike Leavitt has announced the availability of $175 million in grant funds to help hospitals and health care providers that are suffering economic pressure as a result of Hurricane Katrina. These funds are being made available to the states of Alabama, Louisiana and Mississippi, for acute care hospitals and skilled nursing facilities (SNFs) which face financial pressures as a result of changing wage rates that have not yet been reflected or adjusted for in Medicare payment methodologies. www.hhs.gov Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Richest Americans Reduce Exposure to Hedge Funds Percentage of Households Worth $25 Million or More that Own Hedge Funds Falls 29% in 2006 - Mean Investment Stands at $1.6 Million CHICAGO, Jan. 18 /PRNewswire/ -- The very richest Americans have soured somewhat on hedge funds. Households with a net worth of $25 million or more, not including primary residence (NIPR), reduced their exposure to hedge funds significantly in 2006. Just 27% of those households owned hedge funds last year, down from 38% in 2005, according to a new Spectrem Group report, "What's in Your Portfolio?" released today. That represents a decline of 29% in a year that brought some well-publicized challenges for the industry. The Ultra High Net Worth segment as a whole, representing households with a net worth of $5 million or more (NIPR), saw total hedge fund exposure fall to 14% in 2006 from 17% in 2005. The decline was most prevalent among the wealthiest subset of this group, the $25 million-plus households. "Hedge fund investing appears to have lost some of its luster for the very richest Americans. A nearly one-third decline in the percentage of those households investing in hedge funds suggests the difficulties of 2006 have made their mark. This trend impacted the overall Ultra High Net Worth market, but no segment so significantly as the very wealthiest households. "What's in Your Portfolio?" is one of five reports comprising Spectrem's "Ultra High Net Worth Investor 2006" study. The five reports are: - Lifestyles of the Rich - What's in Your Portfolio? - The Move Toward Investment Moderation - Opportunities for Advisors - Implications of Brand. Those interested in purchasing "Ultra High Net Worth Investor 2006" should contact Spectrem Group at 641 W. Lake Street, Suite 402, Chicago, IL 60661, (312) 382-8284 (http://www.spectrem.com ). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Fed Chief Bernanke Latest Top Worry-Wart on Social Security; Program Sound, No Real 'Crisis' Says Congressional Expert, Former House Aging Committee Director Robert Weiner Bernanke Right to Worry About Medicare and Medicaid But Administration Blocks Real Solutions WASHINGTON, Jan. 18 /PRNewswire-USNewswire/ -- "Federal Reserve Chair Ben Bernanke is the latest top worry-wart on Social Security when the program is sound with no real deficit or 'crisis'," says congressional expert Robert Weiner, former Chief of Staff of the House Aging Committee under Cong. Claude Pepper. Weiner continues, "Bernanke is right to worry about Medicare and Medicaid, as opposed to Social Security, but the Administration is blocking real solutions including price negotiating and imports to allow competition in the profit-laden and Republican-contributing pharmaceutical and medical supplies market." "The Administration has trial-ballooned Social Security "reform" before and gotten burned each time -- the American people have properly rejected it. This time will be no different." Bernanke testified today before the Joint Economic Committee. Weiner, who has written recent Social Security, health care, and pension pieces in the Miami Herald, Tallahassee Democrat and other papers and been a Democratic National Committee radio respondent on the issue, points out that the overall Social Security Trust Fund surplus has absorbed eleven individual shortfall years since the 1960's -- this is not a new phenomenon. "Unfounded fear is the basis of the proposals for so-called reform. The Claude Pepper Foundation, headquartered in Tallahassee, recently found that 54 percent of Americans think they will not even get as much as they paid in, and most think Social Security can't pay more than 20 years of current benefits. "The reality, according to the Congressional Budget Office, is that the Social Security Trust Fund covers the program fully through 2052. Reformers, including Bernanke, actually want to spend the annual surpluses for other programs and to cover up the deficit for all other federal programs -- some $400 billion annually including Iraq war costs. "Moreover, there will be no Social Security bankruptcy in 2040 or even in 2052. The 2040 figure is based on the Social Security Trustees' estimate that the Trust Fund will be able to cover 73 percent of benefits in that year -- NOT a "bankruptcy" but a partial deficit easily solvable by Congress. The Congressional Budget Office, reflecting somewhat more current economic improvements, states that 80 percent will be covered in 2052. Further economic improvements could stop any shortfall. "Regardless, even if the CBO or SSA predictions were to become accurate in 40-50 years, Congress could easily then cover all or part of the difference or make any changes to the program at that time to deal with any potential shortfall. It would not be the big deal Bernanke and Bush are making it out to be. "In addition, the baby boomer factor so often cited by Bernanke and others including the White House is a short transitional matter. The boomers aren't booming with babies themselves. Their own parenting rate of 2.1 per woman (1970-2000) is the lowest rate in history, according to the National Center for Health Statistics. This low birth rate will also then represent the lowest drain on the Social Security Trust Fund ever. The system will go back into a huge surplus because of the need to pay fewer beneficiaries. What we really have is a solvable 'blip' followed by a totally secure system. The system actually corrects itself," Weiner concluded. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Deal Volume Increased in All Financial Institution Industries in 2006 According to SNL Financial CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Deal volume increased in all financial institution industries in 2006 according to SNL Financial. There were a total of 1,261 financial institution deals in 2006, up from 1,169 in 2005, and aggregate deal value rose to $211.6 billion from $202.4 billion a year ago. Financial institution industries include bank and thrift, insurance and insurance broker, securities and investments, specialty finance and financial technology. Deal counts include whole and asset deals and exclude terminated deals and branch deals. SNL Financial’s data on financial technology deals is comprehensive since 2004. For deal charts and a complete list of adviser rankings sorted by industry, click here: http://www.snl.com/marketing/01162007.pdf Insurance Although the number of insurance deals announced climbed to 112 in 2006 from 107 a year ago, aggregate deal value dropped to $12.3 billion from $46.8 billion. Aviva’s acquisition of AmerUs Group Co. topped the deal list for the insurance industry with a deal value of $2.7 billion. Trailing in second was Protective Life Corp.’s (NYSE: PL) buyout of Chase Insurance Group from JPMorgan Chase & Co. (NYSE: JPM) which had a deal value of $893.0 million. Swiss Reinsurance Co.’s bid for UK GE Life business from General Electric Co. (NYSE: GE) followed close behind with a value of $862.8 million. The insurance sector had an average price to statutory capital and surplus of 175.3% in 2006, down from 199.8% in 2005. Median price to statutory earnings was 6.3x in 2006, compared to 10.8x a year ago. Insurance broker deals announced in 2006 totaled 216, up from 207 in 2005. Aggregate deal value rose to $1.7 billion from $1.6 billion in 2005. The top insurance broker deal was AEGON NV’s (NYSE: AEG) acquisition of Clark Inc. (NYSE: CLK) for $262.2 million. SNL collects, standardizes and disseminates all relevant corporate, financial, market, and M&A data — plus news and analysis — for the Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications industries. For more information, visit www.SNL.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. AlwaysCare Benefits, Inc. is the Endorsed Dental and Vision Carrier for Michigan Business & Professional Association Warren, MI, January 16, 2007 – AlwaysCare Benefits, a Starmount Life Insurance company, has recently been awarded the contract to offer dental and vision benefits to the more than 20,000 members of the Michigan Business & Professional Association (MBPA). ‘This is an opportunity about which we are proud and excited. We have made a concerted effort to develop a strong presence in Michigan and the Midwest, and this is a terrific catalyst for us,” said Erich Sternberg, President, AlwaysCare Benefits. “We look forward to a long relationship with MBPA and its membership.” Beginning December 1, 2006, MBPA and its sister association, the Michigan Food and Beverage Association (MFBA), which includes 3,000 members, will have access to quality group dental benefits (70,000 providers nationally) and access to AlwaysCare’s group vision plans (22,000 providers nationwide). Sole proprietors will be offered a unique individual dental product as well. “Our members have consistently told us that having the opportunity to provide dental and vision benefits for their employees is an important tool for retaining and recruiting the best staff. Additionally, our sole proprietor members appreciate having this benefit, which is difficult to obtain on their own,” said Jennifer Kluge, MBPA Chief Operating Officer. “We are pleased to partner with AlwaysCare and value their expertise in serving the small business market.” MBPA and MFBA members will also have access to consumer-driven online technology at www.AlwaysCareBenefits.com. Features such as the Dental Health Center, Dental Cost Estimator, Vision Health Center and the ability to e-mail questions directly to dentists and eye doctors are just clicks away for AlwaysCare members. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Interest Rate Scenarios Announced For U.S. Insurance Risk-Based Capital Model NEW YORK Jan. 16, 2007--Standard & Poor's Ratings Services today announced the 2006 interest rate scenarios for its U.S.-based insurance risk-based capital (RBC) model. Standard & Poor's will use these scenarios to derive interest rate convexity (gamma) risk charges related to options embedded in MBS, ABS, and callable bonds held by insurance companies. Standard & Poor's is presenting separate interest rate scenarios for use in the existing version RBC model and the new, revised RBC model that was introduced on Nov. 21, 2006. The new and old models are expected to be used concurrently in 2007. "The 2006 interest rate scenarios for the existing model will have a maximum upward shift of 219 basis points (bps) and a downward shift floored at 186 bps," explained Standard & Poor's credit analyst Gregory Gaskel. The revised RBC model applies different shifts based on the confidence levels associated with the empirically observed probability of default for the targeted credit rating of the insurance company being analyzed. The 2006 upward interest rate scenarios (shifts) applied in the revised model will be 264 bps, 235 bps, 215 bps, and 162 bps for targeted rating categories of 'AAA', 'AA', 'A' and 'BBB', respectively. The 2006 downward interest rate scenarios (shifts) applied in the revised model will be 212 bps, 195 bps, 183 bps and 148 bps for targeted rating categories of 'AAA', 'AA', 'A' and 'BBB', respectively. "We will also apply incremental shifts of 50 bps within the maximum and minimum shifts under both models to determine comprehensively the detrimental impact of negative convexity on the portfolio value," Mr. Gaskel added. The scenarios applied in both the existing and revised models are based on an empirical study of the historical volatility of the 10-year U.S. Treasury note, which is closely associated with the prepayment experience on MBS securities and, based on our research, is reasonable for the other interest rate sensitive securities being modeled. Standard & Poor's analyzed observed monthly yield changes on the 10-year note over the past one-, five-, and 10-year periods. For the existing model, the annualized volatility is commensurate with a 99.5% statistical confidence level based on a 10-year period, which implies a 2.58 standard deviation movement (volatility) of the 10-year rate. The volatility movements applied in the revised model are based on confidence levels of 99.9%, 99.71%, 99.41%, and 97.17% for targeted insurance company rating categories of 'AAA', 'AA', 'A' and 'BBB', respectively. Standard & Poor's will be accepting comments on its revised methodology for determining interest rate scenarios for asset convexity testing applied in its new capital model until Feb. 15, 2007. Interested parties may e-mail their comments to criteriacomments@standardandpoors.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Workplace Options Sponsors the Workplace Benefits Association’s Renaissance Meeting WPO to Present Benefits Strategies That Help Companies Develop An Engaged and Committed Workforce Raleigh, NC – January 19, 2007 -- Workplace Options, the largest provider of work/life employee benefits in America, today announced their sponsorship of the Workplace Benefits Association’s 10th annual Renaissance Meeting, to be held at the Astor Crowne Plaza Hotel in New Orleans from February 13 – 15, 2007. The Workplace Benefits Association is as an organization that recognizes and acknowledges the new best practices in workplace benefits, helping to share / lead an effort to improve the process and result for the service providers, consultants, employers and employees.” In addition to their sponsorship, Laurel Peterson, an expert in the field of employee assistance (EAP) benefits and a director with Workplace Options, will be giving a workshop at the Renaissance Meeting titled “Helping Your Clients Attain Maximum Performance Potential”. Only 17% of US workers define themselves as highly engaged. The presentation will focus on benefits strategies brokers and consultants can use to help their client organizations develop an engaged and committed workforce. “Consultants and brokers who help their clients implement benefit strategies that result in a more committed workforce will be viewed as a strategic advisor, not a vendor, and secure a more valued relationship with the client,” explained Laurel Peterson, director of sales for Workplace Options. “This workshop identifies the steps necessary to help companies develop an engaged and committed workforce.” About Workplace Options Workplace Options (WPO) is America’s largest provider of work-life services. WPO’s market leading products are recognized for their innovative web delivery, flexibility and affordable pricing. Through partnerships with insurance carriers and employee benefit brokers and consultants, WPO offers world-class benefits to small and mid-size companies, helping to off set rising health care premiums and boost employee satisfaction and loyalty. WPO’s United Kingdom division, Employee Advisory Resource (EAR), is a premier provider of work-life services in Europe and offers EAP clients access to an expansive network of behavioral health providers throughout Europe and the World. Learn more at www.workplaceoptions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. AHIA APPLAUDS HCCU AGREEMENT TO REDUCE UNINSURED FALLS CHURCH, VA — The Association of Health Insurance Advisors (AHIA), the health insurance division of the National Association of Insurance and Financial Advisors (NAIFA), applauds the agreement proposed by the Health Coverage Coalition for the Uninsured (HCCU). “HCCU’s two-phase proposal to expand coverage in the United States using a public-private approach is a welcome change to the ‘debate and delay’ approach we’ve seen over the past several years” states AHIA President, Lawrence E. Lounds, CLU, ChFC, LUTCF. Phase I expands coverage of children through improving enrollment of children in SCHIP or Medicaid and providing a refundable, advanceable and assignable family tax credit. AHIA has long advocated the use of tax credits to make coverage more affordable. Seventy-four percent of uninsured children are eligible for public assistance yet are not enrolled these program. “The cost of uncompensated care is shifted onto the insured. This burden could easily be lessened by enrolling those eligible for public assistance into those programs” remarks Lounds. “If implemented, Phase I would not only cover more uninsured, it stands to reduce the cost for the insured as well” continues Lounds. The second phase calls for state flexibility and funds to expand Medicaid eligibility to cover all adults with incomes below the federal poverty level. For those with higher incomes between 100 and 300 percent of poverty, a refundable, advanceable tax credit would be established to help individuals cover the cost of private insurance. “Affordability is a major issue for employers wanting to offer coverage as well as for individuals. AHIA is pleased to see an agreement that is voluntary (no employer or individual mandate) and recognizes that a helping hand is needed” states Lounds. AHIA is pleased to offer its support of the agreement and to work with HCCU to have Phase I introduced and enacted by Congress this year. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Insurance Reform Bills Won’t Solve Florida’s Problems, NAMIC Official Says Indianapolis (Jan. 18, 2007) – Insurance reform bills being considered this week by Florida lawmakers will not solve the state’s insurance crisis, and instead will make the situation worse, a senior official of the National Association of Mutual Insurance Companies said today. “In a desire to find rate relief for homeowners, Florida lawmakers may have unwittingly enacted bills in their respective chambers this week that are possibly illegal and certainly will do nothing to keep some insurers from wanting to leave the state,” said Neil Alldredge, vice president of state and regulatory affairs. Alldredge said provisions requiring insurers who write homeowner’s insurance in other states to write the same coverage in Florida or requiring auto insurance-only companies to now write homeowners is not only absurd, but may be unconstitutional as well. “This is like suddenly telling an electrician that he now also has to become a plumber,” Alldredge said. Alldredge also objected to a series of other provisions, many of which are contained in the House bill. They include forcing insurers to place a 90-day time limit on paying claims after a storm, prohibiting insurers from denying coverage based solely on the age of a home, or requiring insurers to factor the profits of national affiliate companies into rate filings and prohibiting “excess” profits by property insurers. “This everything-but-the-kitchen-sink approach is no way to legislate,” Alldredge said, who added that he hoped lawmakers, now meeting in a conference committee, would take a more deliberative approach on some of these provisions. “The best outcome would be for lawmakers to throw away their special session bills and agree instead to come back when their regular session begins in March with a plan to formulate a long-term solution instead of this hurried approach,” Alldredge said. “Rome wasn’t built in a day, and solving Florida’s insurance market problems will take longer than a seven-day special session.” He added that any long-term solution must include a serious discussion of land use reform. “You can’t have nearly two trillion dollars in coastal exposure, restrict actuarially sound rates and expect insurers to stay in the market. It’s a solution that is not going to work,” Alldredge said. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. LifeLock Begins Working with Rush Limbaugh Tempe, AZ (January 18, 2007) – LifeLock, the leader in ID Theft prevention, today announced a new radio advertising campaign with the nationally syndicated radio program, The Rush Limbaugh Show, that will communicate a powerful, consistent message about preventing the rapidly growing crime of identity theft. The campaign debuted the week of January 8 with a 60-second spot airing three times per week through mid-July 2007. The new LifeLock ad emphasizes the need for consumers to be vigilant when protecting their good names. In the spots, Mr. Limbaugh emphasizes the message by stressing the importance of preventing this crime from happening. www.lifelock.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. RMS Publishes Proceedings of the 2006 RMS Hurricane Eyewall Symposium RMS has built its reputation on developing sophisticated models to provide objective estimates of the risk posed by hurricanes around the United States, making use of the best available evidence and the latest scientific research. In October 2006, RMS arranged for 10 of the world's leading hurricane researchers to gather at a symposium and discuss the key scientific advances relevant to the assessment of financial risk related to hurricanes. A new report from RMS brings together summaries of the presentations made at the symposium to document the current state of knowledge about the formation and intensification of hurricanes in the North Atlantic, as well as the implications for predicting hurricane activity across different time scales. The summaries are followed by a brief overview from RMS on the implications of this knowledge for modeling hurricane risk in the U.S. and Caribbean. Click on the following link to download the full report: http://www.rms.com/Publications/2006_Eyewall_Symposium.pdf Most notably, the expert opinions express at the Eyewall Symposium address the alarming statistics that property owners, communities, and the insurance industry in the U.S. have been forced to recognize in recent years. Since 1995, the annual number of hurricanes forming in the Atlantic has increased to a level that is 31 per cent higher than the average since 1950. In nine out of twelve of the years since 1995 the activity has been significantly above average. This level of higher activity is likely to last for at least another 10 to 15 years, based on consensus opinion from expert elicitations convened by RMS in 2005 and 2006. Solutions to managing losses from hurricanes will only work if they are founded on an objective view of the risk. There must also be a fundamental change to our catastrophe management culture. As the leading independent provider of global risk information, RMS is committed to assisting in this cultural change by developing and publishing objective assessments of risk for use by all stakeholders and will be working to ensure that risk analytics continue to remain at the heart of decisions about mitigation and insurability. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. ftwilliam.com announces the availability 1099 MISC forms Milwaukee, WI January 18, 2007 - ftwilliam.com, a provider of high quality plan document and government forms software, announced today the release of the 2006 1099 MISC forms as part of their 1099 software package. The 1099 software offered by ftwilliam.com includes online instructions for completing all forms as well as context sensitive help buttons and error checking. All forms are generated in PDF format and the software allows spreadsheet import of payee data. The software is available for $250/year for up to 250 plans and access for five concurrent users. ftwilliam.com offers the employee benefits professional the highest quality plan documents and government forms software at highly competitive prices. The company offers all of the popular prototype and volume submitter plans (including cross tested and cash balance plans). All plan documents are delivered instantly to the desktop in word processing format and government forms are delivered instantly in Adobe PDF format. www.ftwilliam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Viking Capital Group, Inc. Announces Agreement to Acquire American Select Insurance Management Corporation Revenue Contracts and Nia Corporation DALLAS--(BUSINESS WIRE)--Viking Capital Group, Inc. (Pink Sheets: VGCP), announces today that its wholly owned subsidiary, Viking Insurance Services, Inc., has agreed to acquire from American Select Insurance Management Corporation, a privately held insurance management, insurance marketing and insurance administrative company, having offices in Denver, Colorado and Pennsylvania, all of the existing and future revenues of American Select. American Select monthly revenues currently approximate $1.4 million. In addition, Viking has agreed to acquire all of the issued and outstanding common stock of NIA Corporation, a third party insurance administrator. NIA Corporation is an affiliate of American Select. 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. Buy Long Term Care Insurance Long Before You Need It, Experts Advise KIRKLAND, Wash., Jan. 19 /PRNewswire/ -- The best time to buy long term care insurance is not retirement age but in one's 50's, 40's, or 30's, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage. Why? CEO Cameron Truesdell gives five reasons: 1. Get a policy before you can't. "Thousands of Americans are turned down for long term care insurance every year," says Truesdell. "They put off applying until health problems arise, when they may be uninsurable. That's like waiting until you have an accident to apply for auto insurance." 2. Save a bundle on premiums. "When you're young and healthy, rates are really low. If you wait 7 or 8 years, you may find that rates for a person your age have doubled." The younger you are when you lock in a rate, the less you'll pay overall, Truesdell emphasizes. "While insurance companies reserve the right to adjust rates for policies after they're purchased, the more reputable carriers -- which our organization represents -- maintain rate stability as covered individuals age." 3. Qualify for a Good Health Discount. "You could save 10% to 20% year after year if you're in good shape when you apply. This is in addition to the savings you enjoy if you buy when you're younger." The chances of qualifying for a Good Health Discount go down with age, Truesdell points out. "At 30 or under, a majority of applicants qualify; beyond 70, less than 20% do." 4. Protect your nest egg and lifestyle. "As more people live into their 80's, 90's, and beyond 100, long term health issues become more likely," Truesdell points out, and the resulting bills can quickly deplete one's life savings. "With long term care protection in place, you can live long and enjoy your prosperity without fear of sudden poverty." 5. Let Uncle Sam pick up more of the tab. "Tax deductions for LTC premiums increase as you age, while premiums remain stable," Truesdell says. Information on age-based rates from multiple carriers is available from the LTC Hotline -- http://www.ltchotline.com/age-based-rates.htm -- that is manned by Truesdell's network of over 240 experts. Inquiries are welcome from 30-something's as well as those in their 40's, 50's, 60's, or older. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. MJM Announces New Partnership With Intercare Insurance Services RALEIGH, N.C., Jan. 18, 2007 (PRIME NEWSWIRE) (PRIMEZONE) -- MJM, Inc., the leader in insurance fraud mitigation and claims investigative services, announced today a newly formed partnership with Intercare Insurance Services, a premier provider of workers' compensation claims administration in California. MJM has been designated as Intercare Insurance Services' national investigations partner and will be providing on-line technology to strengthen their fraud detection capabilities and will be a main provider of surveillance, claim investigations as well as other tactical investigation services. "This partnership will greatly enhance our company's ability to provide early detection of potential fraud, thus increasing our arrest and conviction rate," said Bill Warner, SIU Manager of Intercare's Insurance Fraud Unit. www.mjminc.com www.intercareins.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. EIG Mutual Holding Company Announces Initial Public Offering of 23,000,000 Shares of Common Stock RENO, Nev., Jan. 18 /PRNewswire/ -- EIG Mutual Holding Company (to be renamed Employers Holdings, Inc.) today announced that it plans to conduct an initial public offering of 23,000,000 shares of its common stock. The underwriters of the offering have a 30-day option to purchase an additional 3,450,000 shares of common stock from the company at the initial public offering price to cover over-allotments, if any. The company's shares have been approved for listing on the New York Stock Exchange under the symbol "EIG," subject to official notice of issuance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Minimum Insurance Under Mass. Health Reform Must Cap Patient Costs, Says FTCR SANTA MONICA, Calif., Jan. 18 /PRNewswire-USNewswire/ -- Minimum health coverage must protect patients against financial disaster when they purchase an insurance plan under Massachusetts' health reform, said the nonprofit Foundation for Taxpayer and Consumer Rights (FTCR) in a letter ent today to the board implementing the law. In order to provide basic coverage and protect patients from financial ruin, minimum policies under the state's new health law must cap out of pocket expenses at $7,500 per individual, or $10,000 per family, ban limits on what insurers will pay per treatment or illness, and include affordable prescription drug coverage, said FTCR. Read the letter: http://www.consumerwatchdog.org/resources/MCC_ltr.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. FTCR: Insurance Companies & Drug Companies Cloak Themselves in Coalitions to Push Proposals That Increase Profitability SANTA MONICA, Calif., Jan. 18 /PRNewswire-USNewswire/ -- A consumer group expressed strong concerns about a health reform coalition including private insurers, HMOs and drug companies that announced plans today to "reform" U.S. health care. The Foundation for Taxpayer and Consumer Rights said that to reduce costs and expand health care in a meaningful way, the excessive overhead, record profit and lavish executive pay of insurers and HMOs must be reined in. www.ConsumerWatchdog.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Governor Rendell's 'Prescription for Pennsylvania' Will Enhance Access to Quality Health Care in a Variety of Settings Plan Will Empower Nurses, Other Licensed Medical Professionals PHILADELPHIA, Jan. 18 /PRNewswire-USNewswire/ -- Joined by nursing students and administrators at the University of Pennsylvania School of Nursing, Governor Edward G. Rendell today said his Prescription for Pennsylvania reform plan will expand access to quality health care in the most appropriate and cost-effective setting - not only in hospitals and doctors' offices - and by the most clinically-appropriate health care professional. "Pennsylvania lags behind other states in fully utilizing licensed health care providers who are not physicians - including the nurses who stand with me today," Governor Rendell said. "My Prescription for Pennsylvania will remove barriers that keep health care providers from practicing to the greatest extent allowed by their education and training." For more information on Governor Rendell's Prescription for Pennsylvania and the proposed Cover All Pennsylvanians program, visit http://www.gohcr.state.pa.us. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. UMB Financial Corporation Surpasses $10 Billion in Mutual Fund and Trust Assets under Management KANSAS CITY, Mo.--(BUSINESS WIRE)--UMB Financial Corporation (NASDAQ: UMBF) is pleased to announce that the company has surpassed $10 billion in mutual fund and trust assets under management. Assets have increased 48.0 percent from $6.9 billion since June 30, 2004 following the sale of the company’s employee benefits division. UMB has sustained double-digit growth in assets under management with a compounded annual growth rate of 17.0 percent, or $3.3 billion since June 30, 2004. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Great American Insurance and Lindsay Insurance Offer Unique Insurance Program for Pennsylvania Education Providers CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group is pleased to announce a new insurance program that features unique property and liability coverages for education organizations. Great American’s Specialty Human Services Division, a leader in providing insurance to the social and human services sector, will market the new program in Pennsylvania exclusively through The Lindsay Insurance Group. www.LINDSAYINSURANCE.com www.GreatAmericanInsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. TEXAS ADOPTS ODG TREATMENT January 18, 2007 –Austin, TX – Texas’ workers’ compensation regulatory agency, the Texas Department of Insurance (TDI) Division of Workers’ Comp (DWC), has chosen Work Loss Data Institute’s Official Disability Guidelines – Treatment in Workers Comp (ODG Treatment) as the standard for non-network medical care administered for workers’ compensation claims statewide. Before announcing the adoption, TDI conducted an extensive evaluation, reviewing all the different guidelines available to improve outcomes in workers’ comp. Commissioner of Workers’ Compensation Albert Betts signed the Texas rule on December 29, 2006 and the rule is applicable for health care provided on or after May 1, 2007. Adopting ODG Treatment will enable the Texas Department of Insurance to ensure the latest available medical evidence is used judiciously in making treatment decisions to improve outcomes for workers injured on the job in Texas. In addition, workers’ comp expenditures will remain focused on the goal of recovery and the best utilization of the available medical services. www.worklossdata.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Symetra Annuities Combine Dependability with Flexibility: Customers Can Now Tap Funds for Cash Bellevue, Wash. — (January 18, 2007) — Symetra Life Insurance Company announced today a new "Advance Access" enhancement to its income annuities, providing investors with greater flexibility and more control over their retirement planning. Symetra income annuity policies now enable clients to take money from their annuity without incurring expensive fees. Clients can get an advanced lump-sum payment of up to 30 percent of the present value of future annuity payments with no surrender penalty. In addition, the income annuity will continue to provide regular payments based on the remaining balance. Future annuity benefits are reduced by the same percentage as the lump-sum payout with no repayment required. That means Symetra income annuities offer the security of a lifetime of guaranteed income, along with the freedom to tap into annuity funds for when circumstances change. www.symetra.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. AEGON and Banca Transilvania to Form Partnership in Romania The HAGUE, The Netherlands and BUCHAREST, Romania, January 19 /PRNewswire-FirstCall/ -- AEGON and Banca Transilvania have signed a memorandum of understanding to jointly develop and operate a mandatory pension company in Romania. The 50-50 joint venture company will be established during the summer of 2007 in anticipation of the mandatory pension system, which is expected to be operational in Romania by early 2008. In addition, AEGON will establish a life insurance company in Romania that will enter into a distribution agreement with Banca Transilvania to sell co-branded products through the bank's extensive network of 340 branches. The pension company will be based in Cluj-Napoca, Romania. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. PIANJ supports bill clarifying auto-repair shops’ requirements TRENTON, N.J.—The Professional Insurance Agents of New Jersey Inc. today supported a bill (S-1208) that would provide needed clarification regarding the type of liability coverage required by licensed auto-body repair facilities. In testimony presented to the Assembly Financial Institutions and Insurance Committee, PIANJ Legislative Representative Leon Zimmerman noted that the legislation would require these facilities to purchase $300,000 of garage liability insurance, instead of $300,000 of garage keepers’ liability insurance. “This change makes sense because garage liability insurance covers a facility’s exposure to both property damage and bodily injury liability for all operations necessary or incidental to the business operations,” Zimmerman said. www.pia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. OraMedica International Takes a Bite Out of Gum Disease with Oral Health Booklets for Employees (Philadelphia, PA) January 18, 2007 -- Easy-to-read informative booklets that explain gum disease and the connections to an individual’s general health are now available for companies to offer employees as part of their health and wellness initiatives. "Take a Holistic BITE Out of Gum Disease" includes tips to recognize signs of the disease, treatment options, and how consumers can help reduce risk factors for heart attacks, stroke, diabetes, pneumonia, and pre-term births -- conditions that represent a large percentage of what companies spend on employee’s health care. A whitepaper, "Reining in Healthcare Costs: A Dental Advocacy Approach" provides employers with information on how dental booklets are an easy, effective, and economical way to contain healthcare costs and improve employee productivity. The paper can be downloaded at http://www.oramedica.com/whitepapers.html www.oramedica.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Citing Long Waiting Lists for Care, Canadian Medical Association Leader to Provide Real-Life Look at Health Care under Canada’s “Single-Payer” System Los Angeles, Calif. – January 18, 2007 - On Wednesday, March 28, 2007 Brian Day, M.D., president-elect of the Canadian Medical Association will present a real life look at medical care delivery in Canada under its government-run, single-payer system. Dr. Day will meet with health care leaders to discuss the future of the California health care system in a series of presentations at the Pasadena Convention Center in Pasadena, California as part of the Los Angeles Association of Health Underwriters’ 5th annual “Defining the Future” conference. Dr. Day will join William Plested, III, M.D., president of the American Medical Association and Anmol S. Mahal, M.D., president of the California Medical Association to discuss one of the country’s most pressing issues, health care in California and across the nation. Dr. Day will discuss at length the disadvantages of providing and receiving care in a government-run delivery system in which Canada currently operates. The keynote presentation is part of a day-long conference for LAAHU, a trade organization which represents more than 500 health underwriters in Southern California and is the largest single contingency in both the California Association of Health Underwriters (CAHU) and the National Association of Health Underwriters (NAHU). For more information call (800) 676-1628. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. The tally is in: MassMutual associates raise $100,000+ in support of breast cancer awareness program Springfield, MA – Cancer research, detection and treatment programs in 25 states will share more than $100,000 in donations from Massachusetts Mutual Life Insurance Company (MassMutual) and its agents, the result of an innovative financial education seminar program that the company undertook in recognition of breast cancer awareness. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. Reinsurance Association Of America Sandra L. Lafevre To Work For Improved Reinsurance Regulation Washington, Dc (January 17, 2007) January 17, 2007 - The Reinsurance Association of America (RAA) announced today that it is pursuing comprehensive regulatory reform for reinsurance in 2007. In announcing the RAA’s intention, RAA President Franklin W. Nutter stated, “Reinsurance is a global business involving transactions between sophisticated parties. Reinsurance regulation needs to be harmonized with the global structure of reinsurance transactions.” According to Nutter, “an appropriate reinsurance regulatory structure should include a single regulator for reinsurance with national regulatory oversight to achieve uniformity of regulation within the United States. The single regulator should be authorized to enter into bilateral regulatory agreements with foreign countries to provide for recognition and enforcement of substantially equivalent regulatory standards and enforcement in other competent regulatory jurisdictions. Nutter said that bilateral regulatory recognition will allow U.S. and non-U.S. reinsurers to conduct trans-border business relying on the home country’s regulation. The regulatory structure should also include a ‘passport system,’ a system of recognition among the states in the U.S. based on the regulation of licensed reinsurers by a single regulator. Nutter noted, “This can best be achieved through federal legislation.” Telephone: (202) 638-369Facsimile: (202) 638-093 http://www.reinsurance.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article |
