Daily Quote: "Realize what you really want. It stops you from chasing butterflies and puts you to work digging gold." - - William Moulton Marston
YIKES! WOW! That’s what they’re saying about AIG American General! YES! AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG American General is a leading employee benefit insurance company that deals with employer-funded, voluntary and supplemental products. We are currently offering the following challenging opportunities to join our winning team. Sales Representatives Worksite Sales Specialists Currently recruiting for the following regions:
You will identify and develop new sources of business; recruit, train and develop MGAs, GAs, brokers and producers to sell our broad portfolio of worksite and voluntary products. Position involves frequent travel. To qualify, you must have a college degree with at least 2 years of experience as a successful Sales Professional in the small-mid market segment of group and individual voluntary & worksite benefit products. Candidate must be familiar with the enrollment process, have excellent communication and interpersonal skills and a valid license to represent the Company in health and life lines. For further consideration, please submit your resume to resumes@aigag.com with the position name in the subject line or forward a copy of your resume to AIG American General 3600 Route 66, Mailstop 4-A, Neptune, NJ 07753 or fax to 732-922-7149. AIG American General offers attractive base & target compensation; outstanding benefits that included medical/dental/vision plans, prescription drug program, 401(k), Retirement Plan, Auto Allowance Program, Relocation Assistance and a very supportive, team-spirited environment. For more information about AIG, please visit the AIG Corporate Website at: http://aignet.aig.com/hr/careers.
1. Hospital group pitches universal insurance Thu Feb 22, 2007 3:54pm ET By Kim Dixon CHICAGO (Reuters) - A group of U.S. hospitals on Thursday offered a plan to cover the nation's 47 million uninsured, including mandatory coverage for all and subsidies for the working poor. The proposal by the Federation of American Hospitals, which represents about 20 percent of the industry, is the latest in a flurry of proposed schemes to solve the growing problem of the uninsured. Since 2000, about 6 million people in the United States have lost their insurance. The hospital group's plan, estimated to increase federal spending by $115 billion, would build on the employer-based health system, under which most Americans already get coverage. It would provide subsidies for individuals to buy insurance from their employer if they cannot afford it, or to buy tax-subsidized coverage in the open market. Currently, individuals buying coverage in the open market don't receive the same tax advantages as employers. Under the hospital group's plan, individuals would be required to sign up for a health insurance plan. If they don't, the government will do it for them and then those individuals will be assessed taxes to pay for the insurance premiums. The plan also encourages states to automatically enroll more people in public health programs like Medicaid. In surveys, Americans often list health insurance as a top domestic policy concern. U.S. businesses and hospitals are also worried about the issue, as those without coverage flock to costly emergency rooms, driving up health care costs. Several insurance proposals, including those from private insurers and lawmakers, are intended to push the 2008 presidential candidates to take up the issue, analysts said. "The whole purpose is to capture people's imagination and to make this a major campaign issue," said Paul Ginsburg, president of the Center for Studying Health System Change. "I would expect all major candidates seeking the nomination to have outlined proposals to expand health insurance coverage." Chip Kahn, president of the Federation of American Hospitals, acknowledged that the plan is intended to add to the national discussion. Ginsburg said mandated enrollment has become more acceptable to people after the enactment of Massachusetts' uninsured plan, which includes mandatory coverage. "Ever since, a lot of people have come out in favor" of mandating coverage, he said. Late last year, the trade group America's Health Insurance Plans, which represents managed care companies, presented its own $300 billion 10-year plan to expand insurance coverage. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Massachusetts spurs health-care debate Thu Feb 22, 2007 5:41pm ET By Jason Szep BOSTON (Reuters) - Working the phones of a health-care hotline in Boston, Kate Bicego does something that is unique in the country: she explains how even the poorest people can get state-funded health coverage. Nearly a year into its pioneering health-care law, Massachusetts offers both a way forward and a warning that puts the state at the center of a growing national debate over extending health care to millions of Americans. "We're handling just an incredible amount of calls," Bicego said at the non-profit Health Care for All. "Everyone wants to know about this new program." Massachusetts has signed up 105,000 of its poorest people for coverage, or about a quarter of the uninsured, since April, when it became the first U.S. state with near universal health insurance. The law makes coverage mandatory, bringing it within reach of poorer people through subsidies and industry reforms in an attempt to reverse a trend that has left more than 47 million Americans uninsured as traditional employer-based coverage shrinks. For those in Massachusetts earning less than the federal poverty level of $9,800, coverage is provided free. Other states are studying the law, with California pursuing even bolder legislation. Health-care reform, which has foundered at the federal level, is emerging as a hot issue in the 2008 presidential race and President George W. Bush mapped out a plan on Wednesday to help the uninsured buy coverage. But now comes the tricky part, say policy experts and people involved in Massachusetts' law: designing affordable plans for the many uninsured people whose earnings put them only slightly above the poverty line. Some also question the law's financial viability over the longer term and whether states with bigger pools of uninsured and greater numbers of poor can replicate it. "We think this holds together for the first couple of years but after that it's unclear," said Michael Widmer, president of the independent Massachusetts Taxpayers Foundation. Former Republican Gov. Mitt Romney, who championed the legislation and signed it in April, has begun downplaying expectations and distancing himself from the plan as he seeks his party's nomination in the White House race. SWELLING COSTS The Massachusetts law requires all adults to obtain health coverage that meets minimum standards by July 1 or pay a penalty unless they prove they cannot afford it. Businesses with more than 10 workers but without "fair and reasonable" health insurance must pay an annual fee. Insurers cannot reject people because of poor health and coverage includes some expensive procedures such as in vitro fertilization -- factors that have nudged up the cost. At least 200,000 people who already own health insurance must buy more to meet the minimum standards, the non-profit Massachusetts Association of Health Plans said. "When you start requiring additional benefits it's going to start adding additional costs," said its vice president, Eric Linzer. A state board created to help arrange coverage is reviewing those standards following estimates that the average uninsured individual would need to pay $380 a month for health coverage. Officials say that is too high. "We are actively engaged with insurance companies to see if we can't find a more satisfactory set of bids than we have right now," Gov. Deval Patrick said in an interview. "I do want this to work." Without a big drop in cost, healthy people living just above the poverty line may forego insurance because paying the penalty is cheaper, said William Walczak, who runs Codman Square Health Center in Boston's Dorchester neighborhood. "The penalty in the first year is the loss of your personal tax exemption. For a working poor person that can range from nothing to $150 a year. Why would you buy health insurance at a cost upwards of $3,000 a year if you're relatively healthy and the penalty is likely to be $150?" he said. NATIONAL MODEL? Some experts say the law may be hard to replicate nationally because Massachusetts has fewer uninsured, lower-income people than most states. Ninety-three percent of Massachusetts residents, or 5.9 million people, had health insurance based on a 2004 survey. Of the 460,000 uninsured, about 40 percent earned more than the federal poverty level -- some much more. "It's hard to know whether it will work as a national model in part because we don't yet have any experience with how successful this reform plan in Massachusetts will be," said Jennifer Tolbert, policy analyst at the Kaiser Commission on Medicaid and the Uninsured in Washington. Manning the hotline, Bicego reports some early confusion. "Getting word out that you have to be insured is a huge problem," she said. "Many don't understand that they could face penalties." © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. CIGNA Government Services Expanding Operations as Result of New Government Medicare Contract NASHVILLE, Tenn., Feb. 22, 2007 /PRNewswire/ -- CIGNA Government Services, LLC (CGS) is looking to fill more than 200 positions as it ramps up to serve more than 13 million additional Medicare providers, suppliers and beneficiaries. The staffing surge is the result of a recent ruling by the General Accounting Office (GAO) confirming that CGS will become the government's Jurisdiction C Durable Medicare Equipment Medicare Administrative Contractor (DME MAC). Jurisdiction C includes 15 southern states and the U.S. Virgin Islands. CGS will fill a range of positions in claims, quality and technical areas, management and supervisory positions. Detailed information on scheduled job fairs will be available in March. Information will also be available at https://www.cignagovernmentservices.com/jobs Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. S&P: Tide Has Turned For Insurers' On Asbestos Claims, Article Says NEW YORK Feb. 21, 2007-Standard & Poor's Ratings Services has published an article on the current state of asbestos exposure for insurers. The article, titled "The Tide Has Finally Turned On Insurers' Exposure To Asbestos Claims," says that the asbestos exposure of interactively rated companies is fully reflected in Standard & Poor's current ratings, given current favorable trends in the legal and legislative environment for asbestos claims. Some additional reserving is expected prospectively, but it won't be on the scale seen from 2002 to 2004. "The level of asbestos exposure relative to capital for many large companies remains substantial, so any deterioration in the legislative or legal environment for asbestos claims could lead to another round of reserve increases, which could result in downward pressure on some ratings," noted Standard & Poor's credit analyst John Iten. www.standardandpoors.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. S&P Report Says Japan's Insurers Fall Short On Strategic Risk Management TOKYO Feb. 23, 2007--Standard & Poor's Ratings Services said in a new report released today the risk management practices and internal control policies of Japan's insurers are coming under increasing scrutiny following a series of public scandals over nonpayment of insurance claims. At the same time, the regulatory environment is changing, with more stringent financial administration being pursued and reforms to corporate laws aimed at improving governance underway. According to the report "Japan's Insurers Need To Address Strategic Risk Management", authored by Standard & Poor's credit analyst Koichi Hamasaki, the extensive media coverage of the insurance industry, reputation risks are rising for the insurers, and are threatening to erode enterprise value and corporate credibility. Under these circumstances, the entire insurance industry is scrambling to strengthen its risk management and compliance systems. Thus far, however, the efforts seem to have focused on responding to the more stringent financial administration and legal system reforms. www.ratingsdirect.com www.standardandpoors.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Google offers business software via subscription By Eric Auchard - - SAN FRANCISCO (Reuters) - Web search leader Google Inc. (GOOG.O) has begun delivering a set of essential business software tools to paying subscribers, in a move to widen its appeal to corporate customers, the company said on Wednesday. Google Apps-Premier Edition costs $50 per employee account per year, which covers telephone technical support, up to 10 gigabytes of data storage per user and guarantees that e-mail services will run at least 99.9 percent of the time. Google Apps, introduced six months ago as a free service, already offers a collection of Web-based programs including Gmail e-mail, a shared calendar program and Google Talk instant messaging. It gives each employee a personalized home page with which to track the latest information from across the Web. Besides English, Google Apps is available in languages including French, Italian, German, Spanish, Chinese, Japanese and Korean. www.google.com/a Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. NASD Fines Raymond James Financial Services, Inc. $2.75 Million for Lax Supervision of Producing Branch Managers Former Raymond James Branch Manager Donna Vogt Barred for Making Unsuitable Recommendations to Retirees WASHINGTON, Feb. 21 /PRNewswire/ -- NASD announced today that it has fined Raymond James Financial Services, Inc. (RJFS) of St. Petersburg, FL, $2.75 million for failing to maintain an adequate supervisory system to oversee the sales activities of over 1,000 producing branch managers working in offices throughout the United States. In a related action, NASD permanently barred one of those branch managers -- Donna Vogt, who worked for the firm from her home office in Cambellsport, WI. Vogt recommended unsuitable mutual fund and variable annuity purchases to elderly or retirement age customers, and made misleading statements to customers in correspondence. RJFS failed to detect these sales practice abuses because of deficiencies in its supervisory system. RJFS also failed to have an adequate system in place to properly supervise sales of variable annuities. "RJFS's supervisory system was inadequate because it allowed producing branch managers to supervise themselves, said James S. Shorris, NASD's Executive Vice President and Head of Enforcement. "This flawed supervisory system created a situation where the unsuitable sales of variable annuities and risky mutual funds to elderly and risk-averse customers went undetected." Neither RJFS nor Vogt admitted or denied the charges, but consented to the entry of NASD's findings. Investors can obtain more information about, and the disciplinary record of, any NASD-registered broker or brokerage firm by using NASD's BrokerCheck. NASD makes BrokerCheck available at no charge. In 2006, members of the public used this service to conduct more than 4.7 million searches for existing brokers or firms and requested more than 207,000 reports in cases where disclosable information existed on a broker or firm. Investors can link directly to BrokerCheck at http://www.nasdbrokercheck.com/. Investors can also access this service by calling (800) 289-9999. www.nasd.com/ Copyright © 1996-2003 PR Newswire Association LLC. All Rights Reserved. A United Business Media company. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Former Insurance Broker Sentenced For Fraud and Money Laundering, Reports U.S. Attorney BOSTON, Feb. 22 /PRNewswire-USNewswire/ -- A Hanson man was sentenced yesterday in federal court for defrauding a number of individuals who believed that they were purchasing annuity policies from Transamerica and with defrauding a client of the Catholic Order of Foresters ("COF"). United States Attorney Michael J. Sullivan, Warren T. Bamford, Special Agent in Charge of the Federal Bureau of Investigation in New England, and Douglas A. Bricker, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Boston Field Office, announced that JOSEPH P. GARVEY, age 43, of 113 Andrew Lane, Hanson, MA, was sentenced by U.S. District Chief Judge Mark L. Wolf to 71 months in prison, to be followed by 3 years of supervised release. Restitution was also ordered in the amount of $493,748.03, which was less than the total amount of loss because GARVEY had returned $177,104.57 to some of the victims. At an earlier plea hearing, the prosecutor told the Court that, had the case proceeded to trial, the evidence would have proven that GARVEY perpetrated two fraud schemes in which he obtained a total of approximately $670,852.60 from various people. In one scheme, GARVEY, a former independent producer for Transamerica and insurance agent for the Knights of Columbus (KOC), used two intermediaries to defraud several individuals into believing that they were purchasing annuity polices from Transamerica. Instead of obtaining valid annuity policies, GARVEY took checks that the individuals had made out to Transamerica and deposited them into a bank account that he controlled. GARVEY then used the victims' monies for his and his wife's personal benefit. In the second scheme, GARVEY pretended to be a former elderly client whom he had met through the KOC, in order to fraudulently withdraw funds from an annuity policy she had with the COF. Specifically, the prosecutor told the Court that in the first fraud scheme, GARVEY opened up a bank account at the Wells Fargo Bank in California, in the name of Transamerica, without the company's knowledge or approval. From December 2002 through July 2004, GARVEY deposited funds into this account that he wrongfully obtained from unsuspecting individuals who believed they were investing in Transamerica annuities. During this time frame, GARVEY induced two field agents with the KOC to solicit individuals to purchase Transamerica annuity policies from him. In exchange for referring clients to him, GARVEY would pay the field agents commissions based on the value of the policies sold. In order to facilitate the purchase of annuities from him, GARVEY provided Transamerica application forms to the field agents, which they, in turn, gave to individuals. Both field agents solicited family members and KOC clients to purchase the annuities. Once the interested applicants filled out the Transamerica forms and provided checks made out to Transamerica to the field agents, the agents then gave the paperwork and checks to GARVEY for processing. Rather than forwarding the funds for the purchase of annuity policies, GARVEY instead deposited the funds into his account at the Wells Fargo Bank. In some instances, he provided phoney annuity polices that he fabricated; in other instances, he provided no policies at all. Through this scheme, GARVEY obtained approximately $456,437.10. In the second fraud scheme, which occurred from February 2004 through July 2004, GARVEY falsely represented himself to be an 80 year old widower from Buzzards Bay, MA whom he knew through the KOC, who held an annuity policy with the COF. GARVEY sent letters and faxes to COF as "AMM" in order to cause a change of address and obtain beneficiary and withdrawal of funds forms. GARVEY set up a post office box with a fake address of 3108 Nealwood Ave. #945, Orlando, FL, so that he could direct that mail to AMM be sent there, then forwarded to his home address in Hanson, MA. Through this scheme, GARVEY defrauded the COF into believing that AMM had requested a withdrawal of funds from her annuity. As a result, in April 2004, COF issued a check made out to AMM in the amount of $115,116.43, which they mailed to the phoney Orlando, FL address. This check was forwarded to GARVEY's home address, whereby GARVEY then mailed the check to his bogus Transamerica account. In July 2004, GARVEY again fraudulently represented himself as AMM and pursuant to a withdrawal of funds application which he mailed to COF, another check was issued for $91,056.54 which GARVEY obtained and mailed to his Transamerica account. Given the early withdrawal of funds from the annuity policy, withdrawal fees were charged, and GARVEY caused AMM a loss of $214,415.50. The money laundering charges relate to GARVEY's use of the monies in the Transamerica account. Most of the funds in the Transamerica account were derived from the mail fraud scheme that GARVEY executed. GARVEY then used these funds to make numerous checks payable to himself and his wife, B. Garvey, which he described as "payroll" checks. He also issued a number of checks made out to one of the field agents and to himself, in an amount over $10,000. There were a number of victims who spok at the plea hearing and told Judge Wolf how devastated they were about being defrauded. Judge Wolf, in imposing sentence, commented on the pain GARVEY had inflicted on the victims and told GARVEY that what he had done was "despicable." The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service, Criminal Investigation. It is being prosecuted by Assistant U.S. Attorney Carmen M. Ortiz of Sullivan's Economic Crimes Unit. SOURCE U.S. Attorney, www.usdoj.gov/usao/ma Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Investment Adviser Indicted for Bilking Senior Citizens, Reports U.S. Attorney BOSTON, Feb. 22 /PRNewswire-USNewswire/ -- An Andover man was indicted by a federal Grand Jury today on fraud charges in connection with his allegedly having defrauded senior citizens out of nearly $2 million by claiming that he would invest their money when in fact he spent their money on luxury automobiles, gifts for exotic dancers, gambling, and personal expenses. United States Attorney Michael J. Sullivan and Warren T. Bamford, Special Agent in Charge of the Federal Bureau of Investigation in New England, announced today that JOHN A. BALDO, age 38, of 61 Lowell Street, Andover, Massachusetts, was charged in an indictment with one count of violating the Investment Advisers Act, six counts of mail fraud and five counts of wire fraud. According to the indictment and documents previously filed with the court, it is alleged that since late-2005, BALDO has introduced himself to senior citizens in Massachusetts and Connecticut as a certified financial adviser. He has claimed that he owns an investment firm called Freedom Financial. It is alleged that BALDO has told them essentially that if they invested their money with him, they would enjoy handsome returns. More specifically, it is alleged that BALDO told them that if they liquidated their assets and their bank accounts, he would consolidate their funds in an annuity account, from which they would receive generous periodic distributions. According to the affidavit BALDO told them they could trust him, and that their money would be safe. It is further alleged that based on these representations, three individuals liquidated their assets and turned the funds over by check addressed to Freedom Financial. The checks totaled nearly $2 million from November 2005 to December 2006. Rather than investing the money, it is alleged that BALDO spent it all on himself, including on luxury cars, gambling, night club visits, trips to Las Vegas, and lavish gifts for dancers at strip clubs he frequented, as well as his everyday living expenses. BALDO was arrested on January 25, 2007, at the Las Vegas airport after disembarking from a Boston flight, he was released from custody after appearing before a U.S. Magistrate Judge in Nevada and in Boston. Upon conviction, the maximum sentence for violating the Investment Advisers Act is 5 year in prison, and 20 years in prison for the mail and wire fraud. Each count also carries a maximum term of 3 years of supervised release and a $250,000 fine. The case is being investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Jonathan Mitchell in Sullivan's Economic Crimes Unit. The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law. SOURCE U.S. Attorney www.usdoj.gov/usao/ma Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. International Hurricane Research Center and RenaissanceRe to Develop The RenaissanceRe Wall of Wind MIAMI--(BUSINESS WIRE)--Florida International University’s (FIU) International Hurricane Research Center (IHRC) and WeatherPredict Consulting, Inc., a U.S. affiliate of reinsurance and insurance provider RenaissanceRe Holdings Ltd., announced today that they will jointly develop The RenaissanceRe Wall of Wind (“WOW”). The WOW will be an array of six industrial fans that will replicate Category 4 hurricane conditions with 130-140 mph winds and rain in a laboratory environment, allowing scientists to precisely study the impact of severe storms on physical structures and building materials and methods. “A critical component of minimizing both loss of life and property damage in a hurricane is to better understand the impact of these storms on our buildings,” said Craig W. Tillman, President, WeatherPredict Consulting, Inc. “While substantial resources have been devoted to analyzing hurricanes and improving weather prediction, little scientific research has been done on the ways in which hurricanes affect the building materials that protect us.” “The valuable scientific data collected from testing on the RenaissanceRe Wall of Wind will help storm-exposed areas like Florida identify superior construction designs, materials and techniques, thus mitigating insured losses and building more resilient communities”, said Tillman. Powered by a race car engine with 502 horsepower; the RenaissanceRe Wall of Wind consists of six rotating propellers inside 7 ft round aluminum ducts. Wall-mounted and free-standing wind-driven rain gauges will measure vertical and horizontal rainfall intensities. The resultant wind/rain field will travel 10-15 feet from the exit of the Wall of Wind to the test subject (such as a full-size single-story house) where instrumentation and high-speed cameras will monitor its degradation. The testing facility in slated to be completed in late Summer 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. A.I.M.M. Interventions Facilitate $8 million Transformation in Inaugural Year COLUMBUS, OH, February 6, 2007: Ault International Medical Management, LLC, (A.I.M.M.) announced today that Mark A. Gow, Director of Human Resources for IAPWorldwide Services and long-standing client of A.I.M.M. will be speaking on their behalf at the 19th Annual National Medical Health Care Congress in Atlanta, Georgia March 5-7, 2007. Mr. Gow will discuss an employer-centered project created by a unique collaboration between IAPWS and A.I.M.M. This project drastically contained the rising cost of healthcare in his organization. Cost and quality issues, as well as measures of absenteeism, productivity and morale were all well controlled within three years. By going back to basics, IAPWS addressed and fortified the relationship between cost and quality in healthcare. Mr. Gow's Case Study will demonstrate the use of quality management to not only decrease costs but increase participant satisfaction and quality of life. Mr. Gow will illustrate the methods used by A.I.M.M. to assist his self-funded major medical group health plan to implement successful strategies. The results of those initiatives will be demonstrated in terms of cost-savings, clinical quality measures improvement, decreased absenteeism and increased productivity. Ault International Medical Management, LLC is a Columbus Ohio based, privately-held, for profit, URAC Accredited for Health Utilization Management and Case Management, Independent Medical Management Firm providing services to self-funded (and partially self-funded) major medical health plans. PC3M®, A.I.M.M.'s proprietary medical management model, identifies the unique issues within the client's population, then utilizes evidence-based, best-in-class, clinical criteria and standards to create wise consumers of health benefits within the plan's population. PC3M® is a unique blending of Utilization Management, Catastrophic Case Management, Light Case Management, Maternity Management, Transplant Coordination, 24/7 "Nurse-On-Call" Telephone Triage, Disease Managment, For more information about A.I.M.M., contact Deborah Ault at 866-845-8854, or go online at www.aim-m.com. From: Ault International Medical Management, LLC., Media Contact: Deborah Ault, RN, CMC, MBA, President, Phone: (866) 845-8854, Fax: (614) 842-9510 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. HOUSE MINORITY WHIP TO ADDRESS BIG “I” Blunt to speak to agents on April 26 WASHINGTON, D.C., Feb. 22, 2007—House Minority Whip Roy Blunt (R-Missouri) will speak to members of the Independent Insurance Agents & Brokers (the Big “I”) during its Legislative Conference & Convention in April. With more than 1,200 independent agents and brokers from across the country in attendance, Blunt will be a featured speaker at a breakfast on April 26. Participants will also include agent and broker leaders from Blunt’s home state of Missouri. The Big “I” Legislative Conference & Convention is the insurance industry’s premier legislative meeting. This year’s event will take place April 25 through 27 at the Marriott Wardman Park Hotel in Washington, D.C. To register online and make hotel reservations go to www.independentagent.com and select the “Events and Conferences” link. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Nationwide Financial Reports Growing Interest in Roth 401(k) Option More Than 2,600 Plans Offer Roth Option to Participants When the Roth 401(k) was introduced in January 2006, many wondered how quickly, or if at all, plan sponsors would offer the savings option to their plan participants. Just a little more than a year after its implementation, the Roth 401(k) is now a viable, permanent fixture in the retirement planning landscape. Nationwide Financial Services, Inc. (NYSE:NFS) has more than 6,400 participants in 2,600 plans taking advantage of its Roth 401(k) option in its small and micro retirement plans. Momentum has grown as the year progressed. Since May, Nationwide’s Roth 401(k) assets have grown from $3 million to more than $18.5 million. During this time, the number of plans offering this option has risen 580 percent, from 382 to more than 2,600, indicating increased awareness among plan sponsors and participants of the benefits associated with a Roth 401(k). “We have experienced a tremendous interest in Roth 401(k) participation since it became available last year,” said Bill Jackson, senior vice president of Retirement Plans for Nationwide Financial. “This is due in large part to the variety of educational resources we have created for investment professionals, plan sponsors and participants.” To learn more about the Roth 401(k) option, visit the Roth Retirement Plan Analyzer under the tools section of the investments and retirement page at www.nationwide.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Ernst & Young Believes Insurance Industry Could Standardize on IFRS Reporting Greater Transparency Will Allow Shareholders Better Understanding LONDON--(BUSINESS WIRE)--Ernst & Young believes the global insurance industry could capitalize on its successful introduction of International Financial Reporting Standards (IFRS) by standardizing presentation and disclosure to improve the value of financial reporting. “Insurance companies have clearly made a big investment to comply with IFRS standards. Yet, due to complexity and scope of the reports, it is still difficult to understand relative performance,” said James Dean, IFRS practice leader for Ernst & Young’s Global Insurance Center. “Now is the time for the industry to explain why certain accounting formats are more useful for shareholders and analysts and demonstrate their support for greater comparability and consistency in recognition and measurement practices.” According to Ernst & Young’s report IFRS Insurance Reporting: Beyond Transition areas where insurers need to provide more information include: the assumptions used to generate the amounts presented, the sensitivity of reported amounts to changes in those assumptions, and the extent to which actual experience differs from expectations and why. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. More Catastrophe-Related Laws Enacted in 2006, Annual NAMIC Survey of State Insurance Laws Reveals INDIANAPOLIS (Feb. 22, 2007) – Enacted catastrophe-related laws increased dramatically in the states last year, according to the annual survey of state insurance laws prepared by the National Association of Mutual Insurance Companies (NAMIC). “Ten states enacted 17 catastrophe-related bills last year as compared to three states in 2005,” said David Reddick, NAMIC’s associate director of public policy. “Five bills were enacted in Louisiana following Hurricanes Katrina and Rita while Florida and Hawaii each passed resolutions calling for creation of a national catastrophe fund.” This year, state lawmakers already appear on pace to equal or exceed last year’s total, Reddick added. While catastrophe-related bills increased, the total number of property and casualty-related bills actually decreased last year. The NAMIC survey found that 44 states and District of Columbia collectively enacted 539 bills as compared to 625 property/casualty insurance laws in 2005. “Six states operate on a biennial basis and did not meet in 2006,” Reddick said. “Another reason for the decrease is that in election years like 2006, legislators generally tend to pass fewer bills than non-election years.” As usual, motor vehicle insurance bills represented the largest single category of bills in the 2006 survey with 169 bills. Traffic offenses were the largest sub-category with 42 bills. “States are continuing to crack down on drivers who drive drunk by increasing the penalties for repeat offenders,” Reddick said. “Ten states also enacted laws related to teen drivers while 10 states also enacted a series of traffic safety-related bills.” Workers’ compensation was the second largest bill category with 82 bills enacted. The largest number of those bills – 21 – related to benefits, claims and authorized treatments. Identity theft legislation was the third with 22 states and the District of Columbia enacting a combined 36 bills. A copy of the annual survey of state insurance laws is available at NAMIC Online. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Five Simple ways agents can protect their careers in this era of litigation. SANTA ANA, Calif. – Feb. 22, 2007 - Many agents who sell annuities fail to take simple precautions that can protect them in instances of review or investigation by regulators. Agents selling indexed annuities are particularly vulnerable, given the increased scrutiny received by these products recently. The number of class-action lawsuits involving EIA sales is also on the rise. A ten-page special report succinctly offers guidance and with humorous cajoling, challenges agents to begin implementing the five simple steps immediately. The full report is available as a PDF and without any cost. To receive a copy of the special report, agents should send a request by email to info@premiumproducersgroup.com. www.premiumproducersgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. ASCnet ANNOUNCES 2007 EDUCATIONAL PROGRAM ALTAMONTE SPRINGS, Fla. (Feb. 22, 2007)—The Applied Systems Client Network (ASCnet), the user group for Applied Systems agency management technology, is announcing a power-packed educational program for 2007 that will be punctuated by regional meetings and culminate with the 22nd Annual Technology, Education & Networking Conference (TENCon) in October. In addition to its premier event, ASCnet will hold a series of regional educational “summits” throughout the year targeting different specialty areas of the Applied Systems software. The ASCnet Summits are multi-day educational events with informational seminars featuring a range of basic and advanced classes. Programs provide outstanding educational opportunity for all agency employees—from established users to new users and new employees. During these summits, agency leaders and staffers will learn from industry leaders the keys to adding profitability and value to both their contributions and to the agency. Also, attendees will acquire skills needed to deliver fast and quality customer service. For more information about these ASCnet education programs and the TENCon or to register, go to www.ascnet.org and click on “Summits” or “Conference” for the appropriate meeting. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. SIR Spring Workshops – Dallas, TX May 20 – 23 Make your reservation at the Dallas Fairmount Hotel (group rate only $159!). Carriers are finding new ways to get the most from their data, customer relationships, claims analytics, advertising budgets, and distribution systems. Enterprise Risk Management (ERM) is shaping their strategic decisions about where to invest resources for the greatest long-term ROI. Come explore all these topics and more with the leading research practitioners in the industry. The Society of Insurance Research is the place to meet the people who identify trends, propose innovations, and shape carriers' strategies. You are sure to come back with contacts and ideas you can use every day! The Fuld-Gilad-Herring Academy of Competitive Intelligence (ACI), considered the Gold Standard in the CI field, is offering SIR members a unique discount to its Spring 2007 courses. ACI trains managers and companies to better manage risks and anticipate new market opportunities through the use of superior competitive intelligence. ACI is the only institution to offer an accredited Competitive Intelligence Professional (CIP™) certificate program - a complete intelligence program - from basics to advanced analysis - developed and led by the leading thinkers and educators in the field - Leonard Fuld, Ben Gilad and Jan Herring. Enroll now in an ACI course and receive a 10% discount when your SIR membership is confirmed. The discount is available for any course or combination of courses, from a one-day seminar up through the ACI's 10-day certification program that set the standard for competitive intelligence education. Just be sure to tell check SIR Member discount on the registration form. www.sirnet.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Great American Financial Resources, Inc. Receives Unsolicited Buyout Proposal from American Financial Group; Special Committee to Consider Proposal CINCINNATI--(BUSINESS WIRE)--Great American Financial Resources, Inc. (“GAFRI”) (NYSE:GFR) announced today that American Financial Group, Inc. (“AFG”) (NYSE:AFG) has submitted an unsolicited proposal to the Board of Directors of GAFRI to acquire the shares of GAFRI common stock that AFG and its subsidiaries do not already own for $23.50 per share in cash. AFG and its subsidiaries own approximately 81% of the outstanding shares of GAFRI. For more information about this proposal, please refer to the Form 8-K filed by GAFRI with the Securities and Exchange Commission (“SEC”). www.gafri.com 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. PTS, Inc. Announces Signing LOI to Acquire Strategic Healthcare Systems, Inc. LAS VEGAS--(BUSINESS WIRE)--PTS, Inc. (OTCBB: PTSH) today announced they have signed a LOI (Letter of Intent) with San Jose, California-based Strategic Healthcare Systems, Inc. (Pink Sheets: SHCS), for PTS, Inc. to acquire the Company. The closing of this transaction is expected to be completed on or before May 31, 2007. An 8K filing made today reporting under ITEM 8.01 (OTHER EVENTS) provides further details related to the terms of this transaction and LOI. Strategic Healthcare Systems, Inc. was founded by Chairman and CEO, Dr. Albert A. Gomez, in 1994 specifically to increase access to affordable quality healthcare for all Americans and immigrants. Strategic Healthcare Systems lowers healthcare costs by passing the savings gained from advances in medical science, diagnostic imaging and medical technology through to the consumer. The company currently has five clinics in California: Walnut Creek, Salinas, Manteca, San Francisco and San Jose. www.shsmedical.net www.ptspi.com www.adaconsultants.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. National Holdings Corporation Completes $1.0 Million Private Placement NEW YORK--(BUSINESS WIRE)--National Holdings Corporation, a financial services company operating through its wholly owned subsidiaries (OTCBB: NHLD), announced today that it has successfully completed a $1.0 million private placement of debt. The investors include Christopher C. Dewey and St. Cloud Capital Partners, L.P., a Los Angeles, California based private mezzanine investment fund formed in December 2001 that invests in debt and equity securities of lower middle market companies (“St. Cloud”). Mr. Dewey, and Marshall S. Geller, the Co-Founder and Senior Managing Partner of St. Cloud, are each members of National Holdings’ board of directors. National Holdings Corporation is a holding company for National Securities Corporation, National Insurance Corporation and National Holdings Mortgage Corporation. National Securities conducts a full service national brokerage and investment banking business. National Insurance will provide a full array of fixed insurance products to its clients, and National Mortgage will operate a mortgage broker business. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Northern Trust Awarded Euro 2.3 bn Dutch Pension Fund Custody Mandate LONDON, Feb. 22 /PRNewswire-FirstCall/ -- Northern Trust has been awarded the Euro 2.3 billion (approximately US$3 billion) custody mandate to provide global custody, securities lending, commission management, active collateral management, performance and risk reporting, cash management, and foreign exchange trading services to Stichting Bedrijfstakpensioenfonds Zorgverzekeraars ("SBZ") -- the pension fund for health insurers. This latest mandate follows Northern Trust's appointment by the Stichting Federatief Pensioenfonds and Pensioenfonds Vervoer for global custody and related services, both announced during 2006. www.northerntrust.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. AHIP: Low-Income and Minority Seniors' Health Security Depends on Medicare Advantage New Report Analyzing the Medicare Current Beneficiary Survey; Seniors with Medicare Advantage are more likely to access preventive services WASHINGTON, Feb. 22 /PRNewswire-USNewswire/ -- Medicare Advantage plans are an especially important option for low-income and minority seniors because of the lower out-of-pocket costs and additional benefits these plans provide, according to data from the Medicare Current Beneficiary Survey 2004 (MCBS). To view the Medicare Advantage data analysis, visit http://www.ahipresearch.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Healthcare Product Leaders to Meet at Horizons Conference ROCKVILLE, Md., Feb. 22 /PRNewswire/ -- Healthcare product regulatory affairs experts from around the globe will meet in San Francisco next month to discuss and analyze key issues affecting industry and the regulatory profession. Regulatory Affairs Professionals Society will hold the RAPS 2007 Horizons Conference & Exhibition 28-30 March at The Palace Hotel in San Francisco. Horizons is an annual forum for scientists, regulatory leaders and professionals from industry, government, academia, research and clinical organizations to discuss emerging science and ways to work smarter, faster, and in compliance with regulatory models.The conference will encompass international perspectives across product lines, with multiple educational tracks (Medical Devices; Drugs & Biologics; Combination Products; IVDs; Global/Emerging Markets; and Professional Tools). Horizons also features exhibits, networking events and professional development opportunities.www.raps.org/horizons Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Entirely New Life Insurance Challenges Convention Symetra, Future System Advisors Create Unique Wealth Management Solution BELLEVUE, Wash. and BATON ROUGE, La., Feb. 22 /PRNewswire/ -- Symetra Life Insurance Company and Future System Advisors, LLC (FSA) have developed a product that offers a whole new way to utilize life insurance as a wealth management tool. Tailor made for financial planners working with higher net worth clients, this solution allows clients to maximize financial growth while ensuring assets can later pass to heirs free of federal income taxes(1). Conventional life insurance is often too one dimensional for affluent clients, focusing on a specific death benefit rather than addressing broader wealth management needs. In contrast, this new product -- Symetra Complete Variable Life Insurance(2) -- was designed to work as a multifaceted financial planning solution. Symetra Complete is unique in that it combines the strengths of an annuity and life insurance within a single product. Specifically, Symetra Complete uses an innovative, patent-pending actuarial model that blends the tax benefits and wealth transfer efficiency inherent in life insurance with the investment flexibility and growth of an annuity. This enables clients to accumulate tax-deferred assets more effectively and still avoid leaving behind a heavy income tax burden to their heirs.Essentially, Symetra Complete makes it easier for affluent clients to successfully build and protect their assets in an increasingly complex wealth management environment. Future System Advisors, LLC (FSA) develops wealth management planning systems and life insurance product models. Since 1993, the firm has developed and used a revolutionary set of financial and estate liquidity planning strategies. FSA's overriding purpose is to help high net worth ndividuals achieve financial "balance" in their lives. For more information, visit the FSA website at http://www.futuresystem.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. MetLife Foundation Announces Major Awards to Scientists for Research in Alzheimer’s Disease Since 1986, major awards have been made to scientists who have demonstrated significant contributions to the understanding of Alzheimer's disease. At the heart of the awards program is a strong belief in the importance of basic research, with an emphasis on providing scientists with the opportunity to liberally pursue ideas. Each of the winners will receive a $50,000 personal award, in addition to a $200,000 research award to each of their institutions, to further their research. “Alzheimer’s is an issue of national importance. The disease is not only financially devastating to many families, but it also robs them of the person they once knew,” said C. Robert Henrikson, Chairman, President and Chief Executive Officer of MetLife, Inc. “The impact of Alzheimer’s on families, society, and the economy is why MetLife has been committed for over 20 years to the search for a cure.” www.metlife.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Private Trading Systems Announces Enhanced Trading Services Agreement SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Private Trading Systems, Inc. (Pink Sheets:PVTM) announces a revised Trading Services Agreement with Admiral Asset Group, Inc. of New York. Private Trading Systems operates a platform for trading financial instruments in electronic form with instantaneous clearance and settlement in real time. The Company will provide trading facilities for Securitized Trusts of Life Insurance Policy Settlements in electronic form through its European subsidiaries for Admiral Asset Group. The five year exclusive Agreement will cover a successive series of Instruments when and if issued; the first of which is expected to have an aggregate face value of $84 million. During the first year of the life of the Agreement, Private Trading Systems expects to process policies in trusts with a total minimum face value of $1.8 billion which could generate significant fees and commissions in excess of $20 million to the Company. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Willis Life Sciences Team Presents: “Innovations in Clinical Trials – Managing the Risks” Willis Group Holdings will conduct a Webcast on managing the risks of clinical trials for pharmaceutical companies. WHAT: The cost of bringing a drug to the market is quickly approaching $1 billion and the costs of the clinical trials that support regulatory filings are estimated to be 40% of that total development budget As a result, outsourcing global clinical trials is at an all-time high with the Clinical Research Organization industry estimated at $11 billion in 2005. What are some of the hidden implications of outsourcing and the risks associated? Focusing on informed consent, protocol deviations, adverse event reporting and others, this panel examines the legal and regulatory issues associated with innovations in clinical trial design and the role that insurance plays in process intervention and compliance. Those who are likely to benefit most from the webcast include Risk Managers, Treasurers, CFOs, CEOs and other colleagues in the biotech, biopharma, and life sciences industry. WHEN: Tuesday, March 6, 2007, at 1 p.m. Eastern Time. WHERE: Interested parties may access the Webcast via www.willis.com/Extras/webcasts.aspx. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. WASHINGTON, D.C., FORUM LOOKS AT KEY COMPLIANCE CHALLENGES Washington, D.C. (Feb. 23, 2007) – Financial services compliance professionals from around the country gathered to discuss the major market conduct and compliance challenges facing the industry including the replacement of policies, suitability of sales, and monitoring of independent sales channels at this week’s IMSA Standards Forum. Speaking at the event was Elisse Walter, NASD’s Senior Executive Vice President for Regulatory Policy & Programs, who discussed current NASD activities. “The open exchange of ideas and information that happens at meetings like this one helps promote a healthy marketplace,” said Walter.Information gathered at IMSA’s Standards Forum will be used to develop the next generation of IMSA standards for possible inclusion in IMSA’s compliance certification program.www.IMSAethics.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. AAIS INTRODUCES EQUIPMENT BREAKDOWN COVERAGE IN HOMEOWNERS PROGRAM Wheaton, Illinois, Feb. 21, 2007--Property/casualty insurers will have access this year to two new endorsements that will add equipment breakdown coverage to a homeowners policy. The American Association of Insurance Services (AAIS) is filing new equipment breakdown coverage options for use with its revised Homeowners forms, which are currently being filed and will take effect in most states later in 2007. AAIS is a national advisory organization that develops policy forms and rating information used by more than 600 property/casualty carriers throughout the U.S. The new equipment breakdown coverage options were developed in conjunction with The Hartford Steam Boiler Inspection & Insurance Co., one of the country's leading equipment breakdown reinsurers. The endorsement can be used with any equipment breakdown reinsurer, however. The new endorsements add coverage for physical damage to specified types of covered property that occurs as a result of an equipment breakdown accident. The term 'covered property' can include furnaces, hot water heaters, heating/air conditioning systems, and similar types of property. www.AAISonline.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. AIA OPPOSES CONNECTICUT AUTO REPAIR BILL HARTFORD, CT, Feb. 22, 2007 – A bill (SB 1101) being considered by the Connecticut Senate to limit consumer choice in auto repairs would benefit auto repair shops at the expense of consumers, according to the American Insurance Assocation (AIA). The bill would require insurers to pay only the “usual and customary rates” of the general public for auto repairs. In written testimony submitted to the legislature’s Joint Insurance Real Estate Committee, AIA said this bill would deny consumers the benefits of favorable prices that insurers can negotiate. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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