Workplace Benefits Renaissance "Mardi Gras" 2007
Daily Quote: "The indispensable first step to getting the things you want our of life is this: decide what you want." - - Ben Stein
Editor's Note: For insurance industry professionals interested in the insurance aspects of Hurricane Katrina, I highly recommend this Scruggs Katrina Group webpage: http://www.scruggskatrinagroup.com Federal Judge Returns Settlement with State Farm .S. District Judge L.T. Senter Jr. has returned the proposed settlement to the legal team with questions . While refusing to grant preliminary approval he made clear that the plaintiff's lawyers are "in a position to address the concerns expressed in [his] opinion." Scruggs Katrina Group Statement on Judge Senter's Ruling JACKSON, Miss., Jan. 26 /PRNewswire/ -- We are studying the opinion issued by Judge Senter earlier this afternoon. It is our hope that the Judge's concerns can be quickly addressed. Our efforts and attentions will be placed on satisfying his questions and requirements. The prospect of multi-year case by case litigation is in no one's best interest. It is the intention of the Scruggs Katrina Group to go forward next week with the initial disbursement of settlement payments to the hundreds of families we represent apart from the proposed class. Contact: For more information go to the website at http://www.scruggskatrinagroup.com. For Media Inquires, contact Scruggs Katrina Group at: (662) 281-1212. Send emails to scruggskatrinagroup@gmail.com. About the Scruggs Katrina Group The Scruggs Katrina Group is a legal team consisting of Mississippi attorneys from the following firms: Don Barrett and Marshall Smith of the Barrett Law Office; Johnny Jones, Steve Funderburg, and Stewart Lee of Jones, Funderburg, Peterson, Sessums, and Lee; Dewitt Lovelace of the Lovelace Law Firm; David Nutt, Meg McAllister, and Derek Wyatt of Nutt & McAllister, PLLC, and Richard Scruggs, Sid Backstrom, and Zach Scruggs of the Scruggs Law Firm. For more information go to http://www.scruggskatrinagroup.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 1. 21st Century Insurance Group Receives Notification of an Unsolicited Buyout Proposal from American International Group, Inc. Special Committee of Independent Directors to Consider the Proposal WOODLAND HILLS, Calif.--(BUSINESS WIRE)--21st Century Insurance Group (NYSE:TW) announced today that American International Group, Inc. (“AIG”) has submitted an unsolicited proposal to the Board of Directors of 21st Century Insurance Group (“21st Board") to acquire the shares of 21st’s common stock that AIG and its subsidiaries do not already own for $19.75 per share in cash. AIG and its subsidiaries own approximately 61.9% of the outstanding shares of 21st. For more information about this proposal, please refer to the Schedule 13D filed yesterday by AIG with the Securities and Exchange Commission. The 21st Board has formed a Special Committee comprised entirely of independent and outside directors for the purpose of considering a proposal from AIG. The Special Committee will review and evaluate AIG’s offer and make a recommendation to the 21st Board. No decisions whatsoever have been made by the Special Committee with respect to its response, if any, to the proposal. The Special Committee will proceed in an orderly and timely manner to consider the proposal and its implications, and there can be no assurance that the proposed transaction or any other transaction will be approved or completed. The Special Committee has retained Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel and Lehman Brothers Inc. as its financial advisor to assist in its review and evaluation of the proposal. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. NAMIC Outlines Concerns of Mississippi Homeowner Insurance Policyholder Bill of Rights Proposal INDIANAPOLIS (Jan. 25, 2007) - The National Association of Mutual Insurance Companies (NAMIC) warned Mississippi Insurance Commissioner George Dale that sections of a proposed regulation to better inform homeowners about their insurance policies could drive up their premiums. The comments were expressed in a letter to Dale from Liz Reynolds, NAMIC’s state affairs manager for the southeast region. “NAMIC agrees that helping to better educate consumers about their insurance is a worthy goal,” Reynolds wrote. “But after reviewing the proposal and consulting with our member companies, we do not believe the cost of preparing and distributing additional paperwork will actually lead to more informed policyholders.” Included in Regulation 2007-1 are provisions for insurers to provide policyholders with an outline and checklist, which Reynolds said are unnecessary and would only add to insurers’ regulatory burden. “The information that policyholders need is currently contained in their policies and declarations pages,” Reynolds wrote. “There is no guarantee that providing them with additional paperwork will ensure that they will read or understand their policy provisions any better than they do now.” Reynolds asked the commissioner to remove, or at least modify Sections 5 and 6 of the proposal. “Perhaps a more reasonable method for encouraging better policyholder understanding would be for the Insurance Department to provide the outline and checklist on your website, so consumers could print it off and take it with them when they meet with their insurance agents,” Reynolds said. “It would provide a guide for them to ask relevant questions, without creating additional paperwork and administrative expenses for insurers.” www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. President Bush’s Health Care Proposal will be “Dead in the Water” Salt Lake City, UT - 01/26-07 - by Rob Thurston, President of HRCG (a national benefits consulting firm) who feels that The decision to provide a Deduction of $15,000 for family medical coverage and $7,500 is not feasible. “There are three main reasons this will not work: 1- The House and Senate will not pass legislation to allow this. The House of Representatives leadership like Pete Stark has said that “it’s dead on arrival.” Harry Reid of the Senate has stated:” Punish people because they have good insurance? I don’t think they would agree with that. Taxing people who have health insurance doesn’t make sense to me.” Charlie Rangel of the Ways and Means Committee says the President’s idea is “a dangerous policy that ultimately shifts cost and risk from employers to employees.” 2- Estimates show that there are between 150,000,000-168,000,000 covered under employer health plans. President Bush claims that 100,000,000 currently covered in employer health insurance will be the same or better off with his Proposal. What he fails to mention is the approximately 60,000,000+ covered who will be worse off. The Wall Street Journal 1/24/2007 stated: “The 17 million Americans who buy their own coverage would be big winners…. The Treasury estimates the new deduction would add at least 5 million Americans to the ranks of the insured….” That is a grand total of 22,000,000 individuals, of which 5+ million are currently uninsured. The American Hospital Association has stated that this Proposal could “undermine the employer-based system that already provides insurance to the vast majority of Americans and on which we need to build to extend coverage to the 47 million uninsured.” So is this new Proposal worth it if it penalizes employers and 60,000,000+ workers? Yet it only help 17 million get a tax credit and 5+ million who were uninsured? Does it even make economic sense to take away dollars and benefits from 60,000,000+ covered individuals to provide a tax deduction for approximately 22 million? Even the most liberal Senator Edward Kennedy (D-Mass.), has stated that the Proposal "will do little to improve the quality of health care. This policy would immediately impose a new tax on nearly 7.5 million Americans who now have good employer-sponsored coverage. It penalizes workers with good health care, many of whom are middle- or lower-income, and creates a disincentive for employers to provide comprehensive coverage." Kennedy feels that only 7.5 million employees and their dependents will be subject to more taxes. We are estimating more like 60,000,000+ will be affected. Paul Fronstin, senior research associate with the Employee Benefit Research Institute, says the proposal "raises questions of equity" because unhealthy workforces pay higher premiums than healthier workforces. That means some individuals might face a new tax simply because their co-workers are unhealthy. Because the tax breaks would be available on the individual market, Fronstin says, "I think [employers] are going to drop coverage. I view this as the end of employer-based coverage as we know it. They're looking for a way out, and this gives them the way out."- Employee Benefits Advisor.com, 1/24/2007 Scott Idelson, president of Regence BCBS of UT, has clarified what many of us have been saying for years:” Low income wage earners often do not earn enough to itemize deductions or use a tax credit.” Rich Umbenstock, president of the American Hospital Association, agrees:” For many people, even with a tax break, coverage remains unaffordable and out of reach.” Right now under current Federal tax law there is an existing Health Care Tax Credit for low income individuals who have health insurance. Even with this current Tax Credit; there was still 47 million uninsured. Tax credits do not work to encourage low income individuals to voluntarily select health care. If tax credits worked, why isn’t the Bush Administration promoting first the existing Health Care Tax Credit? 3- This could be an alarming trend to cap and tax employer provided benefits which in turn will affect not just employers but also all 160,000,000 covered individuals who generate most of the income and pay most of the taxes in our economy. It is also unclear if the cap proposed by Bush would limit just medical insurance only but also the total of HSA, FSA, Premium Only Plans, and other health related contributions. We feel that the following will occur:
If you want to contact your Congressmen to express your opinion- Here is an online link for the US Senate and the House of Representatives to the most updated contact information for your representatives. About HRCG- HRCG is providing help to employers, administrators, and insurance professionals On HR and Benefits issues. Their partners have been in business over 25 years And deliver cost effective solutions for plan design, documents, and software. Contact: Rob J Thurston, President HRCG www.hrconsultinggroup.com/ (888) 438 9445 - hrcg@relia.net Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Swiss Re sees Kyrill storm costing 140 mln euros ZURICH, Jan 26 (Reuters) - Swiss Re (RUKN.VX: ) said it expected its claims for the European winter storm Kyrill, net of benefits of its hedging strategy, to be about 140 million euros ($181.8 million), based on preliminary estimates. The Swiss reinsurer said it estimated Kyrill could cost the insurance industry up to 3.5 billion euros. Kyrill struck Europe on Jan. 18 with hurricane-force winds that lasted two days, causing damage, power disruptions and flooding throughout Britain, France, the Netherlands and Germany. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. FDIC may extend freeze on retailer-owned banks-WSJ NEW YORK, Jan 26 (Reuters) - The Federal Deposit Insurance Corp. is considering a plan to extend a freeze on applications by retailers such as Wal-Mart Stores Inc. (WMT.N: ) to acquire bank charters, The Wall Street Journal reported on Friday, citing two people familiar with the matter. The current plan is for the agency to vote on a one-year extension of the moratorium for commercial firms, but that scenario could change by next week, the people familiar with the matter said, according to the Journal. The FDIC will meet Wednesday, the last day of the six-month moratorium, to discuss a request by U.S. House lawmakers to continue the freeze until Congress can impose a barrier between retailers and bankers. U.S. banking laws have traditionally walled off banking and commerce, but Utah and some other states have permitted nonfinancial companies to own banks through an industrial loan company (ILC) loophole. ILCs are state-registered and regulated and insured by the FDIC. If the moratorium is extended, U.S. House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, and Rep. Paul Gillmor, an Ohio Republican, plan to introduce a bill to curb ownership of ILCs by commercial companies. Wal-Mart said it wants to open a bank so it can save money by internalizing credit card and check transactions. Community banks fear their demise if large retail stores enter their business and bigger banks see competition from Home Depot (HD.N: ), which wants to buy an existing bank. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Diet, exercise take off equal pounds, study finds Fri Jan 26, 2007 10:27am ET WASHINGTON (Reuters) - Eating less and exercising more are equally good at helping take off the pounds, U.S. researchers said on Friday in a study that challenges many of the popular tenets of the multibillion dollar diet and fitness industry. Tests on overweight people show that a calorie is just a calorie, whether lost by dieting or by running, they said. They found there is no way to selectively lose belly fat, for instance, or trim thighs. And their carefully controlled study added to evidence that adding muscle mass does not somehow boost metabolism and help dieters take off even more weight. "It's all about the calories," said Dr. Eric Ravussin of the Pennington Biomedical Research Center, part of Louisiana State University in Baton Rouge. "So long as the energy deficit is the same, body weight, fat weight, and abdominal fat will all decrease in the same way." Ravussin said the study, published in the Journal of Clinical Endocrinology & Metabolism, is one of the few done under controlled conditions that can actually demonstrate what happens to a human body while dieting and exercising. Ravussin's team has been testing volunteers for another reason -- to see if taking in fewer calories helps people live longer. Strict diets have been shown to help animals from worms to dogs live longer, but it takes longer to study monkeys and humans. They tested 24 people, 12 who ate a calorie-restricted diet, and 12 who dieted and also exercised five times a week for six months. The dieters ate 25 percent less than normal, while the exercisers reduced their calorie intake by 12.5 percent and increased their physical activity to lose an extra 12.5 percent in calories. Another 10 volunteers acted as controls. All food was provided by the university in carefully measured portions for most of the study. The volunteers in both groups lost about 10 percent of their body weight, 24 percent of their fat mass, and 27 percent of their abdominal visceral fat. Visceral fat is packed in between the internal organs and is considered the most dangerous type of fat, linked with heart disease and diabetes. The distribution of the fat on the body was not altered by either approach -- helping prove that there is no such thing as "spot reducing", Ravussin said in a telephone interview. This suggests that "individuals are genetically programmed for fat storage in a particular pattern and that this programming cannot easily be overcome," he added. Ravussin has published other studies that also dispute the idea that exercise builds muscle that helps people lose weight. "If anything, highly trained people are highly efficient, so they burn fewer calories at rest," Ravussin said. Dieting alone also did not appear to cause the volunteers to lose muscle mass along with fat, Ravussin's team found. "There is a concept that if you exercise, you are going to lose less of your muscle," he said. But his team found no evidence this is true. Ravussin believes exercise is crucial to health, however. "For overall health, an appropriate program of diet and exercise is still the best," he said. His team found some small suggestion that cutting 25 percent of calories by either diet or diet and exercise might extend life. "We found that 2 of the biomarkers of aging were improved -- core temperature was 0.4 to 0.5 degrees C less," he said. "Insulin, which has been shown to be a biomarker of aging, was reduced," Ravussin said. That finding was published in the Journal of the American Medical Association last April. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Robert E. Nolan Company Announces Findings from Life and Annuity Industry Survey DALLAS--(BUSINESS WIRE)--Priorities for life insurance industry executives are shifting to address new market dynamics. The Robert E. Nolan Company has released the findings from its latest Life and Annuity industry survey and the report offers valuable insights from industry leaders on timely issues. www.renolan.com To receive the complete survey results, visit the Robert E. Nolan Company web site at www.renolan.com/lifesurvey. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Life Policy Dynamics Publishes Q4 Market Analysis WASHINGTON--(BUSINESS WIRE)--Life Policy Dynamics, LLC, (“LPD”) announced today the completion of its 4th quarter market analysis of the life settlement industry. The market analysis provides life settlement funders and premium finance lenders an independent summary of economic values for life policies recently traded in the secondary market. The analysis is based upon a sample of actual transactions completed during the fourth quarter of 2006. Until recently collecting accurate data on life settlement transactions has been difficult if not impossible. Thanks to LPD’s reputation in the industry for quality analysis they have been able to expand their data collection and create one of the most comprehensive industry reports available. For a non-fee subscription, visit LPD’s website at www.lifepolicydynamics.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Darwin Introduces New, Enhanced Professional Liability Policies for Public Entities FARMINGTON, Conn., Jan. 25 /PRNewswire-FirstCall/ -- Darwin Professional Underwriters, Inc. (Darwin) (NYSE: DR) today announces the availability of its new, enhanced public entity errors and omissions (E&O) liability insurance products, with policies to address educators professional liability risks, police professional liability risks, and public official professional liability risks. www.darwinpro.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. XN Risk Enhances General Terms and Conditions, Directors and Officers and Employment Practices Policies BOCA RATON, Fla.--(BUSINESS WIRE)--Phil Hoyt, managing director of XN Risk Insurance Services Inc., today announced the release of the company's enhanced General Terms and Conditions, Directors and Officers and Employment Practices policies for private companies. The new policy forms will be in effect immediately on all new business and renewals. A complete summary of the enhancements is available for download at www.xnrisk.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Farmers Insurance Partners with Institute for Business & Home Safety LOS ANGELES--(BUSINESS WIRE)-- Farmers Insurance has announced a recent alliance with the Institute for Business & Home Safety (IBHS), a non-profit organization, to provide access to a Web-based disaster planning tool for its agents and customers. The tool, called Open for Businesssm, guides business owners through a series of prompts to develop customized property protection and recovery plans, which are then stored for future reference and updating. It is available to Farmers agents and small business insurance customers for free. www.IBHS.org. www.farmers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Blue Cross and Blue Shield of Florida Establishes Center at UF to Improve Health of Florida's Citizens GAINESVILLE, Fla., Jan. 25 /PRNewswire-USNewswire/ -- Blue Cross and Blue Shield of Florida has established a $3.5 million endowment at the University of Florida to open the BCBSF Center for Health Care Access, Patient Safety and Quality Outcomes. The new center will be housed in the colleges of Nursing and Public Health and Health Professions and will work to significantly improve the health of Florida's citizens. The endowment, which will total $6.7 million with state matching funds, was announced today (Jan. 25) at the Enterprise Florida board of directors meeting in Tallahassee. Through this center, UF leaders and BCBSF hope to address the unique health-care issues that affect Florida's quality of life and economic viability. Critical issues include access, the nursing shortage, patient safety and medical errors. Florida also faces unique challenges due to rapid growth, the large elderly population and the diverse and international composition of its residents. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. For the Common Good: What Role for Social Insurance? WASHINGTON, Jan. 25 /PRNewswire-USNewswire/ -- A conference on how policymakers can ease insecurity for working families and strengthen economic security for all Americans, held by the National Academy of Social Insurance. When: Thursday and Friday, February 1-2, 2007 Where: National Press Club, 529 14th Street, NW, Washington, DC Questions? Visit http://www.nasi.org for a full conference agenda. The National Academy of Social Insurance is a nonprofit, nonpartisan organization made up of the nation's leading experts on social insurance. Its mission is to promote understanding and informed policymaking on social insurance and related programs through research, public education, training and the open exchange of ideas. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. COSE Applauds President's Focus on Healthcare Initiatives CLEVELAND--(BUSINESS WIRE)--The Council of Smaller Enterprises (COSE) released the following statement regarding President Bush’s State of Union Address where he proposed new elements to his health care plan: “COSE commends President Bush for bringing healthcare front and center in the federal agenda. With our expertise in providing health coverage to over 14,500 small businesses, we do see some areas of concern in several aspects of his plan. With fewer small business employers providing healthcare, addressing the problem of individuals' ability to find cost-effective healthcare is an urgent need. COSE recognizes the effort made by the Bush Administration to provide a tax reduction for those purchasing healthcare outside of an employer program. This is a good first step. “However, COSE is concerned that only providing tax incentives will not sufficiently change the system. In fact, these tax incentives may still fall short for many citizens attempting to purchase an individual plan on the market at this time. In addition, even with incentives, many people may still decide to go without healthcare unless it is a requirement. And, as we know, those who go without health insurance do not go without health care-- thus still burdening the system with emergency room medicine, high costs of care and higher premiums for all those who do responsibly purchase health insurance. Again, while the tax incentive is a first step, COSE believes that we also need to make some level of health care coverage a requirement for all citizens. “President Bush referenced supporting “innovation” in healthcare and COSE is encouraged by bipartisan legislation recently introduced by Republican Senator George Voinovich (R-OH) and Democratic Senator Jeff Bingaman (D-NM) that supports innovative healthcare reform for the states. “COSE also supports the President’s call for expanding Health Savings Accounts, reducing costs and medical errors through information technology and price transparency. However, COSE is concerned with President Bush’s renewed call for Associated Health Plans (AHPs) for small business. COSE believes that AHPs will do more harm than good for small business in Ohio and across the country. AHPs will lead to a segregated market place where older and less healthy employee groups are pooled together, apart from younger groups, and are forced to pay unaffordable rates. They will lead to increased, not decreased, costs of coverage for small employers, and thus an increase in the number of uninsured persons--just the opposite of what should be a major goal of any health care reform. “COSE believes that individual responsibility, requiring every citizen to participate in the health insurance system, while making good choices as to health options, and creating accessible, affordable and quality care is the correct basis for reforming the system. The private sector and the public sector can and must work together, on a bipartisan basis, to fix the problems with our current system and create a far better future. We commit to contributing our time and the expertise of our staff and our volunteers wherever they are needed to advance this critically important goal.” www.cose.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. LexisNexis Risk & Information Analytics Group Debuts New Commercial Solution Lines and Website Solution Lines Further Brand’s Position as Trusted Provider of Actionable Intelligence, Helping Commercial Clients Make Critical Decisions More Effectively BOCA RATON, Fla.--(BUSINESS WIRE)--LexisNexis Risk & Information Analytics Group, a solutions provider delivering actionable intelligence to help clients make critical business decisions, announced a new suite of commercial solutions. The four new solution lines – Customer Development, Authentication & Screening, Fraud Prevention and Collections Management – combine industry-leading content, analytics and technological expertise to provide a total solution to help customers confidently make decisions faster. The new solution lines can be viewed on the new LexisNexis Risk & Information Analytics Group website at www.risk.lexisnexis.com. LexisNexis Risk & Information Analytics Group exemplifies the LexisNexis 30-year tradition as a trusted provider and custodian of quality information. These four new solution lines clearly and powerfully leverage cutting-edge technology, unique data and advanced scoring analytics, providing a total solution to client needs. The new commercial solutions are specifically designed to serve the multi-billion dollar risk information industry, which is comprised of financial services firms, collection agencies, insurance and health care providers, human resources organizations, and other companies seeking ways to make faster, more effective decisions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Prudential Closes $17 Million Loan for Constitution Place PHILADELPHIA--(BUSINESS WIRE)--Prudential Mortgage Capital Company announced today that it recently originated a $17.5 million loan on behalf of its conduit for Constitution Place in downtown Philadelphia. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU). Built in 1957, Constitution Place and renovated in 1957, Constitution Place is a 13-story office building with approximately 200,000 square feet of space. The loan has 10-year term and amortizes over a 30-year period, following three years of interest-only payments. Carmen Bowser of Prudential’s New York office originated the loan. www.prudential.com/mortgagecapital Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. The National Association for Fixed Annuities (NAFA) Press Conference You are cordially invited to join NAFA, the National Association for Fixed Annuities, for the following event: WHAT: NAFA Press Conference – Fixed Indexed Insurance Products WHEN:Tuesday, January 30th at 9:00 a.m. ET WHERE:At the National Press Club, Washington, D.C PANELIST:
Confirmed Attending Associations (alphabetically)
MILWAUKEE, WI – January 9th, 2007 – The National Association for Fixed Annuities (NAFA) announced today that it will hold a press conference on Tuesday, January 30th to release its “White Paper on fixed Indexed Insurance Products including ‘Fixed Indexed Annuities’ and other fixed indexed Insurance Products”. The press conference will be held at the National Press Club in Washington, D.C. at 9:00 am Eastern Standard Time. Mike Tripses, NAFA Chair and Joan Boros, NAFA Vice Chair will be on hand to discuss the purpose of the White Paper and a panel of experts have been assembled to provide an overview of each section of the White Paper. The White Paper was produced to contribute to the public’s knowledge about fixed indexed annuities and other fixed indexed insurance products (FIPs). The White Paper establishes that fixed indexed insurance products are a natural evolution of the traditional fixed insurance product which offers one method of crediting interest. A complete reading of the White Paper will correct, clarify and confirm that the majority of fixed indexed annuities are a variation on traditional fixed insurance products that offer owners an opportunity, often on an optional basis, to receive interest based on positive changes in an independent financial markets index coupled with guarantees of purchase payments and minimum rates of interest. www.nafa.us Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Commissioner Steve Poizner Joins Governor Schwarzenegger for Briefing on Agricultural Crisis SACRAMENTO - Insurance Commissioner Steve Poizner toured the Central Valley today with Governor Arnold Schwarzenegger, meeting with area leaders and assessing the needs of the agricultural community following the recent freeze. The briefing took place just three days after Commissioner Poizner issued a Declaration authorizing out-of-state insurance adjusters to be dispatched to the state of California to assist in the state of emergency, which will help expedite insurance claims resulting from the disruption of California's agricultural industry. The Order is already taking effect, with insurance adjusters from states from across the nation arriving to California tomorrow. Commissioner Poizner also issued a Consumer Alert today with helpful tips for the agricultural industry on what actions to take before filing a claim. Preliminary data indicates that there may be more than $1 billion of damage to California agricultural products, including approximately $700 million in damages to citrus crops, as well as extensive damage to avocado and strawberry crops. Approximately 90% of crops in California are covered by crop insurance. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Petersen International Underwriters Holds First of Its Kind Meeting In an unprecedented effort to improve communication and bring new perspectives to the Disability Insurance industry, Petersen International Underwriters invited a diverse group of experts in the field to spend an afternoon discussing varying viewpoints on ways to bring additional information, cooperation and value to the consumer with a focus on disability claims and claims issues. The meeting was held on January 22, 2007, and included in the group were:
Thomas Petersen served as the moderator. After introductions, they got down to business. Topics of discussion included: the top 5 reasons the claims process is so negative; the application process and how to deal with incorrect information; common problems seen when claimants are filing a claim; should the agent (producer) be involved in the claims process; and when and if to go to trial over a claims dispute. Also discussed was the need for more Disability Insurance companies, the need for better education on DI for producers, and how to rebuild the industry. www.piu.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day" Sponsored By:
21. Independent Insurance Agents, Brokers of NY Help Members Calculate Expiration Date on New Licensing Renewal Law (DeWitt, New York, Jan. 25, 2007) — The Independent Insurance Agents & Brokers of New York, Inc. has devised a clever way for its members to determine the date on which their producer’s licenses will expire. A recent change in state law requires licenses to expire on the producer’s birthday, rather than the common dates that applied before. A gadget called the IIABNY Producer License Renewal Date Calculator will instantly compute when a license will expire after the transition to birthdates. It determines the date using the producer’s license type, birthday and birth year (odd-numbered vs. even-numbered). www.iiabny.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. NAMIC Testifies Against South Dakota Replacement Parts Legislation INDIANAPOLIS (January 25, 2007) - The National Association of Mutual Insurance Companies (NAMIC) today urged South Dakota lawmakers to reject Senate Bill 48, a proposal to adopt consumer protection standards for property/casualty insurance claims. NAMIC believes the bill would actually result in higher premiums for consumers. In testifying before the Senate Commerce Committee, Joe Thesing, NAMICs state affairs manager for the north central regionl said two provisions of the bill are especially troublesome; sections 28 and 29 relating to replacement crash parts — otherwise known as aftermarket crash parts. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. SITE Goes Hollywood - 50-year-old organization rolls out the Hollywood red carpet for insurance trainers, educators SAN FRANCISCO—The bright lights of Hollywood have welcomed international celebrities for almost a century. This June, the spot lights will focus their beacons on the annual gathering of professional trainers and insurance educators. SITE (Society of Insurance Trainers & Educators) will stage its annual conference from June 23-27 at the Renaissance Hollywood Hotel in the heart of make-believe. Savings for early-bird registration will be available until April 15th. For more information visit SITE at www.insurancetrainers.org or call (415) 621-2830. SITE is a non-profit, professional membership organization dedicated to training and education in the insurance industry. The 50-year-old professional association has a membership of more than 800 trainers and educators from the insurance industry. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Africa's failed health plan seen costing 40 mln lives Mon Jan 22, 2007 10:01am ET - By Jeremy Clarke - NAIROBI (Reuters) - African governments' failure to deliver on a 2001 vow to spend 15 percent of budgets on health has cost the continent 40 million lives, activists including Nobel winners Desmond Tutu and Wangari Maathai said on Sunday. "The governments are to blame of course, but nothing has been done about it because ordinary people have not demanded it," Kenyan environmentalist Wangari Maathai said in a call to action. "We can only get governments to honor their promises if they think their existence is threatened," she added on the sidelines of the World Social Forum, an annual meeting of global activists which Africa is hosting for the first time. The activists called a meeting to publicize health needs ahead of the African Union (AU) summit in Ethiopia at the end of this month. An AU summit in Nigeria in 2001 pledged to allocate at least 15 percent of national budgets to healthcare. But more than five years on, most of the AU's 53 member states, including those with the worst public health crises, have not even begun meeting this pledge, the activists said. "It is very possible that our continent will die out before our eyes. This is no exaggeration," South Africa's retired archbishop Desmond Tutu said in an open letter to African heads-of-state delivered at the meeting. "An estimated 40 million Africans have died from health-related conditions as a result of the Abuja commitment not being met. This surpasses the total deaths from all modern African and global conflicts including the two world wars." Tutu added that "almost unbelievable annual death rates" could cost Africa another 120 million lives by 2015". Malaria kills more than one million Africans a year, nearly 90 percent of the global total, the petition said. An estimated 4.8 million children under the age of five die annually, half from pneumonia, diarrhea, malaria, measles and AIDS. A petition to AU leaders said the number of lives lost annually to preventable and treatable problems was more than the populations of either Eritrea, Libya, Sierra Leone or Togo. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. McLarens Young International Announces New Affiliate in The Netherlands ATLANTA, January 16, 2007 – Vanderwal & Joosten, a highly respected Netherlands claims adjusting firm, has become an affiliate of McLarens Young International (MYI), a leading global claims service provider, effective January 1, 2007. Their addition to the MYI organization provides clients with an experienced resource in The Netherlands with the same high standards and adjusting philosophy as delivered by MYI’s entire global network. www.mclarensyoung.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. PIA celebrates 15 years with Fireman's Fund Agents’ E&O; will begin quoting in New Jersey this month GLENMONT, N.Y.—The Professional Insurance Agents of New York State and Connecticut are celebrating 15 years of offering agents’ errors and omissions coverage through Fireman’s Fund, Novato, Calif. This landmark anniversary is complimented by the announcement that PIA of New Jersey will begin quoting New Jersey risks with Fireman’s Fund on or about Feb. 1 this year. PIA Management Services provides the newly designed Fireman’s Fund policy as one of eight markets it currently offers to agents. “PIA recognizes agents appreciate choices when it comes to their insurance products,” said Kenneth Bessette, president and CEO of PIA Management Services Inc. “Of course, we represent multiple markets because we know every agent is unique and we encourage agents to call PIA first if they are interested in a quote.” This market also has been available through PIA in New Hampshire since 1999. Agents interested in a quote can contact PIA’s Member Services Department at (800) 424-4244, ext. 800. www.pia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Hundreds of Independent Insurance Agents & Brokers of NY Members to Hold Talks with Albany Lawmakers Topics include Workers’ Comp Reform, Coastal Issues & Auto Insurance Fraud Reform (DeWitt, New York, Jan. 25, 2007) — An estimated 200 members of the Independent Insurance Agents & Brokers of New York, Inc. will meet with legislators during its 37th Legislative, or “L” Day on Feb. 6 in Albany. IIABNY, the 125 year-old not-for-profit trade association, has scheduled lunch and discussions with New York State Senators and Assembly members and key staff to focus on industry issues such as workers’ compensation reform, coastal market availability and auto insurance fraud reform. Prior to meeting lawmakers, IIABNY members will receive an update on a variety of state and federal insurance issues from Independent Insurance Agents and Brokers of America President-elect Robert E. Fulwider and IIABNY Legislative Representative Michael Barrett. The briefing will begin at 9:30 a.m. in the Empire State Plaza’s meeting rooms three and four. To view IIABNY’s 2007 Legislative Position Paper in its entirety, visit www.iiabny.org. Go to the “Government Affairs” section on the left and click on the text link for the current Legislative Position Paper. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Daymark Advisors Presenting “Buying Or Selling Businesses: What’s Really Happening In Our Marketplace” At Workplace Benefits Renaissance, 2007 January 22, 2007 – BALTIMORE – Daymark Advisors announced today it will be a presenter at the Workplace Benefits Renaissance 2007 conference in New Orleans. Jack Kwicien, Managing Partner will deliver “Buying or Selling Businesses: What’s Really Happening In Our Marketplace” on Tuesday February 13th at 1:45pm in the Bourbon Room. The presentation addresses: 1. How the unique aspects of insurance-sector businesses affect deal
structure and valuation; Daymark Advisors is a Baltimore-based consulting and advisory services firm specializing in the insurance industry. The firm provides buy and sell side representation for merger and acquisition transactions in the $5-50 million range. Contact: Susanne Radek, sradek@daymarkadvisors.com, Tel: 443-524-4133, www.daymarkadvisors.com, www.daymarkadvisors.blogspot.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29.
National Benefit Partners (NBP) is a first of its kind independent
distribution company with producer equity focused on
Worksite Marketing insurance products. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
30.
Win An HP Laptop Computer
From Falcon Technologies at Workplace Benefits Renaissance 2007 Falcon Technologies has been providing electronic enrollment and benefit communication software for the past 11 years to the Worksite Marketplace. Attend our session to see our latest technological advancements and possibly win a FREE HP LAPTOP!! jnadel@falctech.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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