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1. State Regulation Costly and Inefficient, According to NAILBA Survey Small Businesses Pay an Average of $12,600 Annually to Comply with State Regulations March 7, 2007 It is the responsibility of wholesale independent brokerage agencies to ensure that consumers are offered the best product at the best price by their life insurance agent. However, according to a recent survey by the National Association of Independent Life Brokerage Agencies (NAILBA), over 89% of survey respondents, who reach approximately 125,000 life insurance agents, indicated that they have been unable to offer the same products from one state to another, due to the inefficiencies of today’s regulatory environment. “This is a constant challenge with popular products being excluded from approval within a state,” stated a survey respondent. “As we support agents and agencies in various states, we have to customize and treat each state like it is a different agency even though it might be one entity. It is very common to get a call and tell the agent ‘You can't sell that one. It is not approved in your state.’” According to 84% of the survey respondents, this variance in the approval process from one state to another has impacted either their business or the business of their insurance sellers. Additionally, the survey indicates that NAILBA member agencies are licensed on average in 31 states. As a result, these small businesses must be aware of and remain in full compliance with the differing insurance regulations that exist in each state, costing them on average $12,600 per year and 347 hours of staff time. Agencies are also often required to register with another state agency, for which they are required to pay another annual fee and/or additional services, such as legal fees. “To hold a non-resident business license in several states the agency is required to register with the Secretary of State Office or other state agency,” stated a survey respondent. “This not only entails paying the required fees by the [agency] but if you do not have a physical office in that state, you must also pay for the corporate representation in that state (in addition to the insurance department).” Last April, Senators John Sununu (R-N.H.) and Tim Johnson (D-S.D.) introduced the National Insurance Act; legislation that establishes a national system of regulation that would make it possible for insurers to offer consumers in all states the same menu of products and services—ultimately giving consumers more timely access to improved and innovative products. This equates to creating a level playing field by encouraging a climate that would offer a national system of regulation in exchange for 50 different sets of regulations. However, because this system is optional, companies and sellers of insurance who wish to remain regulated in their state of domicile can do so and continue to have access to only those products approved in their state. NAILBA has officially endorsed the establishment of the Optional Federal Charter and has teamed with the American Council of Life Insurers (ACLI) to educate lawmakers on the positive impact this legislation will ultimately have on the end-consumer.www.nailba.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BIG “I” SAYS INSURANCE ANTITRUST EXEMPTION IMPORTANT TO POLICYHOLDERS In Senate Judiciary Committee testimony, cites consumer damage from wholesale changes WASHINGTON, D.C., March 7, 2007—The Independent Insurance Agents & Brokers of America (the Big “I”) today urged the Senate Judiciary Committee to retain the McCarran-Ferguson limited antitrust exemption for the business of insurance. The Big “I”, the nation’s largest insurance association with 300,000 members, argued that repeal of the exemption could have negative implications for insurance consumers. “We are concerned that repeal of McCarran-Ferguson’s limited federal antitrust exemption for the business of insurance would have a direct negative impact on insurance consumers, independent agents, and small and medium sized insurers in the marketplace,” the Big “I” said in testimony. “We believe that the qualified application of federal antitrust law to this sector has served both the market and consumers well, and there is little evidence indicating that wholesale changes to the McCarran-Ferguson antitrust exemption are needed or even desirable. “ www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. NAMIC Warns Congress of Unintended Consequences WASHINGTON (March 7, 2007) — The National Association of Mutual Insurance Companies (NAMIC) today urged Congress to reject attempts to repeal the limited antitrust exemptions allowed for insurance companies. Such action could reduce competition, increase insurance costs, and reduce availability for some high-risk coverages, NAMIC said in a written statement submitted to the Senate Judiciary Committee. The panel held a hearing on efforts to repeal the McCarran Ferguson Act. “The existence of the McCarran-Ferguson limited antitrust exemption serves to make the industry more competitive, not less,” said Carl Parks, NAMIC senior vice president of government affairs. “Proposals to repeal or limit the exemption would threaten activities that have increased competition and provided significant benefits to America’s consumers.” Congress adopted the Act in 1945 to allow states to continue regulating insurance. It also provided a very narrow exemption from the federal antitrust laws. The application of the exemption promotes competition in the insurance marketplace by allowing companies to exchange critical data regarding losses and other factors, allows development of standardized policy language, facilitates participation and oversight of state guaranty funds, permits state control over liquidations, and enables the development and operation of assigned risk plans. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. AIA President: Repeal Of Mccarran Would Be Harmful To Insurance Regulation And Consumers WASHINGTON, D.C, March 7, 2007 – Gov. Marc Racicot, president of the American Insurance Association (AIA), told the U.S. Senate Judiciary Committee today that repealing the McCarran-Ferguson Act would destroy the balance between insurance regulation and antitrust litigation. Racicot testified during the committee’s hearing on "The McCarran-Ferguson Act and Antitrust Immunity: Good for Consumers?" about the scope of McCarran’s limited protection from federal antitrust laws, and the negative consequences of repealing McCarran, as proposed in Senate legislation introduced this year (S. 618). “We believe it would be harmful. It would not help consumers and would serve only to enrich antitrust lawyers,” stated Racicot. Congress enacted McCarran in 1945, entrusting the states with authority to regulate and tax “the business of insurance,” and to determine how the balance of state regulation and federal antitrust enforcement would be drawn, Racicot explained. States already have comprehensive regulatory structures in place, including numerous antitrust-type protections within their insurance laws, and place insurers’ collective activity under regulatory control, scrutiny and review. “In enacting these comprehensive insurance laws, the states weighed the benefits of broad regulation against the benefits of open-ended antitrust litigation,” said Racicot. “The states decided to strike the balance in favor of comprehensive regulation. A similar balance is in place for the banking and securities industries, which are regulated at the federal level.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. PIA hails WC victory as bill heads to Governor A historic workers’ compensation reform bill, based on an agreement announced last week, was fast-tracked for speedy action this week. It has passed both the Assembly and the Senate unanimously today (March 6). PIANY hailed the long-sought agreement and pledged to help the Insurance Department continue its work on implementing numerous administrative reforms the legislation will promote. PIANY has been calling for just such truly comprehensive reform of New York's workers' compensation system, and has worked with a wide variety of individuals and interest groups to help secure this consensus. The package provides higher weekly benefits and speedier treatment for injured workers, and will deliver significant savings for employers who "play by the rules." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
This Week's Issue - 29 Insurance / Technology Stories 6. John Hancock Ranks Number One in Life Insurance Sales in 2006 Strong Product Line up, Underwriting Expertise, Outstanding Producer Support Fuel Success Financial Strength and Highly Regarded Retail Brand also Key Factors BOSTON, March 6 /PRNewswire/ -- John Hancock led the industry in total individual life insurance sales in 2006, according to a recent survey of 78 major life insurers by LIMRA International (LIMRA). According to LIMRA, John Hancock's sales reached $735 million in total annualized premium in 2006, an increase of almost 20 percent in 2006, while industry sales grew 6.6 percent. John Hancock moved into the top spot in 2006 after finishing at number 3 in 2005 and number 5 in 2004.The two key drivers for John Hancock's overall showing were strong universal life and variable life sales. www.manulife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Conning Announces its Enterprise Risk Management Initiative for Property-Casualty Insurers - Unique process integrates with annual planning - Includes licensable AFFIRM(TM) software solution HARTFORD, Conn., March 7 /PRNewswire/ -- Conning today announced its initiative in Enterprise Risk Management (ERM) for property-casualty insurers, including the release of its AFFIRM(TM) Enterprise Risk Management software solution. "Conning has been working with property-casualty insurance clients to refine its enterprise risk management process, allowing for integration with the insurers' annual planning process," said Tom McIntyre, director at Conning Research & Consulting. "This unique ERM solution achieves the dual objectives of allowing management to stress-test its annual business plan and provide simplified ERM on a true calendar/accident year basis. Our resulting ERM software model -- AFFIRM(TM) -- captures the benefits of ERM in a practical system that reduces resource requirements and eliminates steep learning curves." www.conningresearch.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Scruggs Katrina Group Responds to Mississippi Insurance Commissioner Dale's Agreement with State Farm OXFORD, Miss., March 6 /PRNewswire/ -- Insurance Commissioner Dale held a press conference this afternoon to announce he reached an agreement with State Farm that required the company to reopen only "slab" cases. Richard "Dickie" Scruggs responded by saying, "Been there done that. The Dale 'agreement' merely requires State Farm to do what the law has always required them to do. It is clearly an election year illusion by State Farm to help its favorite commissioner." www.scruggskatrinagroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Aon Consulting Adds E-Discovery Experts Throughout U.S. Electronic Discovery Veterans Join Team CHICAGO, March 7 /PRNewswire-FirstCall/ -- Aon Consulting, the human capital consulting organization of Aon Corporation (NYSE: AOC), announced today that Daniel Junk, Lela Laurent and Clifford Shnier have joined the Electronic Discovery unit of its IT Risk Consulting group. This group is part of the company's Financial Advisory and Litigation Consulting Services practice. Aon's Electronic Discovery unit provides clients worldwide with customized solutions that include data collection, preservation, conversion, processing and hosting; digital data management; large-scale data warehousing; data mining and analytics; relationship/pattern identification and analysis; and multiple web-based tools to facilitate document review and production. The team is comprised of highly-experienced e-discovery experts and consultants. www.aon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Most Workers Underestimate Chances, Impact of Disability, Survey Shows - Misinformation, Poor Planning Can Threaten Financial Security- PORTLAND, Maine, March 7 /PRNewswire-USNewswire/ -- A growing number of American workers are forecasted to experience a disability -- an accident or illness that will keep them out of work at least three months – during their career. But the majority of workers in a new survey said they were not concerned about the possibility of becoming disabled. In fact, more than 80 percent of workers said they believe their chances of becoming disabled are far lower than actual statistics report, according to the 2007 Disability Awareness Survey, released today by the Council for Disability Awareness (CDA). Data from the survey underscores the critical need to better inform America's workforce about the likelihood of experiencing a disability, as well as the potential financial consequences that may accompany a disability. And CDA is embarking on an outreach effort to increase public dialogue about disability awareness. "Preparing for an unexpected disability has never been more important for America's workforce -- especially as more American workers are suffering from income-limiting disabilities that can leave them and their families vulnerable to severe financial hardship," explained Robert Taylor, executive director of CDA. "It's important that workers recognize the growing threat that disability can pose to their financial security. And with this survey, CDA aims to expand the public dialogue that will raise the necessary awareness level on this critical issue." A bleaker financial outlook for those unprepared Since 2000, the number of disabled workers in America has increased by 35 percent according to recent Social Security Administration data. At the same time, the financial health of many American workers has declined. Workers are not only spending their earnings, but also are dipping deeper into their savings and going into debt to make ends meet. The overall 2006 U.S. savings rate was negative 1 percent -- the worst since the Great Depression. These statistics are distressing, considering two-thirds of respondents with a 401k or IRA plan are unaware of what would happen to their retirement savings should they become disabled and unable to earn an income. Given this unsteady financial situation, it's alarming that nearly 60 percent of workers surveyed said they haven't discussed how they would manage an income-limiting disability. In fact, almost half of these workers haven't thought at all about the need to plan for the financial impact of a disability. On the other hand, of those workers who have planned financially for a disability, more than 80 percent are confident about their ability to cover living expenses if a disability strikes. The CDA survey also showed that: -- The majority of workers (56 percent) didn't realize that their chances of becoming disabled had risen over the past five years. -- Nine out of ten (90 percent) workers underestimated their own chances of becoming disabled. -- More than one-third (35 percent) of workers with 401k or IRA plans said they haven't thought about or don't know what would happen to their contributions if they were unable to earn an income for a period of time. "As responsibility for long-term financial security continues to shift to the American worker, the need to incorporate disability planning into each person's financial security plan has become more critical," Taylor said. "Fortunately, with good planning, American workers can dramatically improve their chances of financial stability should a disability strike." www.disabilitycanhappen.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Indiana Businesses Commit to National Initiative for Improving Quality and Value in Health Care Governor Mitch Daniels Signs Executive Order Committing State to Four Cornerstones INDIANAPOLIS, March 7 /PRNewswire-USNewswire/ -- In a meeting today in Indianapolis with HHS Secretary Mike Leavitt and Governor Mitch Daniels, executives from area businesses signed statements of support for a national initiative aimed at improving health care quality, information and cost- effectiveness for employees and their families. Governor Mitch Daniels also agreed to support the effort, signing an Executive Order committing the State of Indiana to this initiative for the State's 30,000 employees. The Indiana Health Information Exchange was recognized as a pilot site to pioneer new methods of reporting on quality of care. Altogether, more than 2.3 million people will benefit by implementation of this initiative in Indiana. Employers signing on from Indiana include Anaclim; Purdue University; United Healthcare; Caterpillar Inc.; Greater Indianapolis Chamber of Commerce; Clarian Health Partners; WellPoint, Inc.; Wishard Health Services; Henriott Group; Indiana Chamber; City of Indianapolis -- Marion County; Marsh Supermarkets, LLC; United Healthcare Indiana/Kentucky; Anthem Blue Cross and Blue Shield; Melton Investments and Management LLC; Indiana University; Schmidt Associates, Inc.; Cummins, Inc.; Eli Lilly and Co.; Daimler Chrysler and General Motors. More information on Value-Driven Health Care is available at http://www.hhs.gov/transparency. For a full list of companies who have signed statements of support, including those signing in Indiana today, visit: http://www.hhs.gov/transparency/employers/statements.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Aegon gets more than 90 pct of Clark shares in offer AMSTERDAM, March 7 (Reuters) - Dutch insurer Aegon NV (AEGN.AS: Quote, Profile, Research)(AEG.N: Quote, Profile, Research) said on Wednesday that its tender offer for executive benefits company Clark Inc. (CLK.N: Quote, Profile, Research) had expired with more than 90 percent of the shares tendered. On Feb. 20, Aegon raised its tender offer for all outstanding shares of Clark by $0.66 per share to $17.21, valuing the company at $304 million after a management buyout of other parts of Clark fetched more money. Aegon said in a statement the tendered shares, together with the shares already owned by its U.S. unit, represented approximately 94 percent of the shares of Clark, Inc. common stock currently outstanding. The offer, which ended at 2200 GMT on Tuesday, was first announced in November 2006. ((Reporting by Reed Stevenson; Reuters Messaging: reed.stevenson.reuters.com@reuters.net; +31 20 504 5002)) Keywords: AEGON CLARK/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Report Examines Structural Factors Affecting Health Care Coverage of Small Firm Workers Analyzes Macro-Level Factors Impacting Coverage And Costs WASHINGTON, March 6 /PRNewswire-USNewswire/ -- A report issued today by the Office of Advocacy of the U.S. Small Business Administration examines structural factors affecting health care coverage of small firm workers. Unlike most previous efforts of analysis, the study focuses on state and Metropolitan Statistical Area (MSA) factors that influence employer-sponsored insurance (ESI) coverage rates and per capita health care expenditures. Among the report's findings are that the two most important factors associated with low ESI rates are employee wages and firm size. The report also examined MSA and state structural factors such as the concentration of Medicaid recipients, the concentration of manufacturing employees, the supply of hospital beds, and the amount of specialty health care services. For more information and a complete copy of the report, visit the Office of Advocacy website at http://www.sba.gov/advo. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Lawyers Win With Expanded Coverage From Swiss Re Commercial Insurance Division Launches Excess Layer OVERLAND PARK, Kan., March 6 /PRNewswire/ -- Swiss Re's Commercial Insurance today announced the launch of its excess layer coverage for law firms, complementing its highly-regarded first layer product, which has been available for more than 30 years. "This expansion underscores Swiss Re's commitment to protecting the reputations and assets of law firms," said Michael Furlong, Lawyers Professional Liability Leader at Swiss Re's Commercial Insurance. "With the launch of our lawyers excess product we look forward to growing with our clients and brokers." Brokers will benefit from the ease of implementation of Swiss Re lawyers excess product. It is designed to follow the form of the underlying policy, features a broad range of attachment points and is available in all 50 states. Policies are written on nonadmitted paper from First Specialty Insurance Corporation and are backed by Swiss Re's financial strength and A+ (Superior) A.M. Best rating. Brokers: For more information or to learn how to submit an application, contact Jill Zubak at 312-821-4147 or Jill_Zubak@swissre.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. New York Life Contributes $2 Million to Establish Center for Retirement Income at The American College The American College announced today that New York Life Insurance Company is donating $2 million to establish the New York Life Center for Retirement Income to help address the demand for sound retirement income solutions among retired Americans. The gift, to the nation’s leading non-profit educator of insurance and financial professionals, will provide permanent support for programming and research at The College. The New York Life Center for Retirement Income at The American College will provide funding to support continuing education, the creation of an annual guide for retirement planners, and continuing research on the subject of the retirement income needs of Americans. Additionally, the Center will host a professor of Retirement and Finance, a doctoral fellow, and support staff for these positions. The Center will also partner with leading organizations that serve seniors, both within and outside the life insurance industry. www.TheAmericanCollege.edu Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Xactware Releases 2006 Property Report Orem, Utah, March 7, 2007 — Xactware recently released its 2006 Property Report, which highlights and analyzes industry trends from the past year. “The 2006 Property Report not only provides insights about what happened in the property industry in 2006, it also helps indicate what to expect in 2007,” said Jim Loveland, Xactware president and CEO. The 2006 Property Report is designed to help professionals in claims, underwriting, mitigation and other trades to better understand market pricing and its causes through statistics and analyses available only from Xactware. The 2006 Property Report features such information as:
The 2006 Property Report also details other pertinent information relating to the property and insurance industries, including the effects of the 2005 storm season on the industry as a whole. Rebuilding efforts were in full swing in 2006, and many expect the impact of those storms to carry into 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Work & Family Benefits, Inc. Introduces Web-based Benefits "Command and Communications" Hub My Benefits provides small and medium-sized businesses with a flexible, ready-to-deploy portal that integrates benefits information with "context sensitive" communications that promote "informed utilization." Parsippany, NJ -- February 28, 2007 -- Work & Family Benefits, Inc. (WFB), the nation's largest provider of dependent care resources and referral services to employer clients, today introduces My Benefits, a Web-enabled communications portal that provides small and medium-sized business (SMBs) with a flexible, ready-to-deploy solution that integrates the full continuum of benefits with custom communications that promote "informed utilization." SMBs can now utilize a "big business" solution to deliver benefits information fast and affordably within a flexible, customizable framework. In addition, "context sensitive" communications provide users with information pertinent to where they are and what they are doing as they navigate the portal. This promotes "informed utilization" by enabling users to readily understand the benefits available to them and, as importantly, illustrate how one benefit might interrelate to another. For example, an employee experiencing debilitating back pain might initially seek information on medical treatment options and, in the worst case scenario, disability and leave policies. However, the employee might also benefit from weight loss, exercise, and stress reduction programs that can help improve overall health and well-being--and, perhaps, daycare might be needed so the employee can make the time to get healthy. www.wfbenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. PIANJ: Agents will investigate ways to save money, become more efficient at “Get Real-Time” symposium TRENTON, N.J.—Insurance agencies looking to save time and money need to attend the Professional Insurance Agents of New Jersey Inc.’s “Get Real-Time” symposium, Tuesday, April 17, 2007, at the Clarion Hotel & Towers, Edison, N.J., from 8 a.m. to 2 p.m. “Every day, independent agents are challenged to increase their profitability and productivity—but rating new business using multiple carrier sites has become a nightmare of inefficiency,” said PIANJ President Andrew Anderson, CIC. “By attending this event, agency principals and their customer service representatives will learn how to harness existing real-time capabilities to save staff time and to help CSRs be far more productive.” For more information, or to register for the “Get Real-Time” symposium, contact PIANJ at (800) 424-4244 or logon to www.pia.org/NJ. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. New Asset Liability Management Master Class And Seminar Series To Debut This Year TORONTO—March 5, 2007—The Society of Actuaries and Nexus Risk Management Inc. announce the launch of a new master class and seminar series on asset liability management that will focus on pensions, as well as two stand-alone classes on dynamic hedging and interest rate models. The new series will be conducted in Europe, Asia and North America and will build on the internationally acclaimed course Asset Liability Management Techniques and Practices for Insurance Companies. The program is co-sponsored by Standard and Poor’s, the International Actuarial Association, the Czech Society of Actuaries and the Singapore Actuarial Association. This program will be conducted three times in 2007: April 23-27 in Prague, Czech Republic, September 3-7 in Singapore and December 3-7 in Phoenix, Arizona (United States). Participants must register early to take part in the five-week e-learning program. For more information please visit www.nexusriskmanagement.com/courses. www.soa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. The American College Center For Ethics In Financial Services Urges Financial Service Companies To “Get Active” In Ethics Awareness Month BRYN MAWR, PA – March 2, 2007 – The American College Center for Ethics in Financial Services, the only endowed collegiate center devoted exclusively to the study of values and good business practices for the financial services industry, today called on the industry to actively participate in Ethics Awareness Month activities during the month of March. To aid professionals and their organizations in reinforcing the importance of sound ethical business practices, The American College is sponsoring a variety of activities and information tools. The Center’s Ethics Awareness Month effort consists of four major components: • The College has invited companies, offices and individuals who support Ethics Awareness Month to become official endorsers of the event. The College encourages endorsers to let their financial services industry colleagues, consumers and the general public know they support the importance of high ethical standards as part of professional financial relationships. • To aid companies in reinforcing the importance of ethical conduct within their organizations, The American College Center for Ethics has developed an ethics toolkit for the use of companies, producer groups and individual producers. The toolkit includes an array of products individuals or groups can use at various times during the month to deliver effective ethics training and encourage talk about ethical issues in the industry. 1. Three downloadable video learning modules with moderator guides: Dealing with Dementia; Life Settlements - Are They a Good or Bad Idea; and Is Business Ethics Really an Oxymoron? 2. Three articles on industry issues with questions to stimulate discussion and thinking about the issues. 3. Case studies with discussion questions. 4. A PowerPoint presentation on ethical decision making with notes for use in discussion. The ethics toolkits and additional information about them are available at www.TheAmericanCollege.edu/ethics • The Center has also developed an online survey that will investigate the attitudes of financial services professionals concerning a number of important ethical issues facing the industry. The survey will assist The College in identifying today’s “Top 10 Ethical Issues” for financial services practitioners. The results will be announced at the end of Ethics Awareness Month. • Finally, The Center will offer a webcast, “Making Ethical Decisions as a Financial Planner,” with continuing education credits in ethics (CE and Pace). It will be offered on March 28th from 2:00 – 4:00 pm eastern time as the culmination of the center’s Ethics Awareness Month activities. While there is a minimal charge for this event to defray costs, continuing education credits are currently pending in most states and participation represents a compelling value for financial professionals. Registration for this event will begin on March 1 and includes an “early bird special” discount. There will also be special company discounts. Online registration and additional information is available at www.TheAmericanCollege.edu/ethics Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Primerica Life, National Benefit Life Renew Qualification In IMSA, Ethical Standards Organization Bethesda, MD (March 5, 2007) – Primerica Life Insurance Company, Duluth, GA, and its subsidiary, National Benefit Life Insurance Company, New York, NY, have qualified to renew their membership in the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace. “We are proud of our IMSA qualification,” said Jeff Fendler, CEO & President of Primerica Life Insurance Company. “It is a tangible demonstration of Primerica’s continuing dedication to ethical business practices.” www.IMSAethics.org www.primerica.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. John M.Word III Addresses Orange County Association of Health Underwriters on the State of “Consumer Choice in Healthcare” (ORANGE, CA – February 27, 2007) — John M. Word III, co-founder of The Word & Brown Companies and a leading expert on Employee Choice health benefit programs, was a featured speaker on the topic “Consumer Choice in Healthcare and Its Dynamic Effects in the Marketplace” at the Orange County Association of Health Underwriters (OCAHU) sales symposium February l3 in Anaheim. Word’s presentation explored the significant impact of giving consumers more choices in selecting a health benefit plan that suits their lifestyle and budget, and discussed the emergence of the Employee Choice model – which Word pioneered in California more than a decade ago. Employee Choice programs are based on defined contribution and Choice, where the employer selects the amount he wants to contribute each month towards his employees’ healthcare coverage, and each individual employee selects from a variety of benefit plan designs and thousands of providers. www.wordandbrowncompanies.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. SNL Financial Now Provides Research Reports From MarshBerry 24/7 access via SNL's online platform Charlottesville, VA (February 27, 2007) - SNL Financial, the leading sector-focused provider of essential business intelligence to investment banks, money managers and corporations, today announced the immediate availability of equity research reports from MarshBerry via SNL's online information service. MarshBerry joins a full roster of other leading financial institutions whose research is now easily accessible from SNL. For details on SNL access to research, click here: http://www.snl.com/interactivex/info.aspx?Action="about_equity_research_reports.htm www.marshberry.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. NEW EXPERT COMMENTARY FROM IRMI.COM There are now over 800 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles. DEFINING THE CHARACTERISTICS OF A PML STUDY - A seismic/extreme wind risk assessment requires an understanding of how the risk assessment and loss data will be utilized. Dr. Nathan Gould explains. http://www.irmi.com/Expert/Articles/2007/Gould03.aspx COVERAGE FOUND FOR POLLUTANT DISCHARGE AT STRINGFELLOW ACID PITS - In his Case of the Month column, Kevin Merriman discusses a recent case finding coverage despite the pollution and water course exclusions. http://www.irmi.com/Expert/Articles/2007/Merriman02.aspx CALCULATING A CAPITAL CHARGE FOR INSURABLE RISK HEDGING STRATEGIES - Don Riggin bridges the gap between determining an optimal hedging strategy and the importance of converting that strategy into a capital charge. http://www.irmi.com/Expert/Articles/2007/Riggin02.aspx SPECIAL RULES ON RELEASE AGREEMENTS FOR WORKERS - Paul Siegel explains why drafting group termination releases that will reduce the risk of employment litigation and withstand judicial scrutiny is so difficult. http://www.irmi.com/Expert/Articles/2007/Siegel03.aspx THE INJURY-FREE CONSTRUCTION SITE AND THE FOREMAN - Peter Furst looks at the foreman's role in planning and executing safety on the construction site. http://www.irmi.com/Expert/Articles/2007/Furst03.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. NAMIC Urges Lawmakers to Take a Balanced View of Insurance Issues WASHINGTON (Feb. 28, 2007) – Federal lawmakers should reject calls to revamp or further regulate the insurance industry and instead allow the system to function as it’s currently designed, according to the National Association of Mutual Insurance Companies (NAMIC). Insurers, regulators, and policymakers need to collaborate to find ways to reduce property risks to homeowners in states vulnerable to catastrophic storms. The comments came as members of a congressional panel were set to question insurers’ actions after the 2005 hurricane season. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. ABA INSURANCE PROGRAM OFFERS $5 MILLION STAMP SIGNATURE GUARANTEE BOND FOR COMMUNITY BANKS WASHINGTON, March 6 – The American Bankers Association today announced that the ABA-sponsored insurance program, underwritten by Progressive Casualty Insurance Co., will now provide limits up to $5 million on STAMP Signature Guaranty Bonds for community banks. Banks participating in the Securities Transfer Agents Medallion Program (STAMP), the endorsed program of the Securities Transfer Association, are required to maintain Signature Guarantee Bonds as a guaranty of indemnification to transfer agents. Historically, the maximum limit available in the market has been $2 million. Effective April 2, banks that want to guarantee securities with a value greater than $2 million will have to obtain higher surety bond limits. www.banks.progressive.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. NCOA's BenefitsCheckUp Helps Arizona Seniors Find Benefits WASHINGTON, DC, February 28, 2007 -- Though many programs exist to help older Americans with limited means, millions of dollars go unclaimed each year because seniors don’t know about them. The National Council on Aging (NCOA) developed BenefitsCheckUp®, an online service, to helps seniors, family members and organizations identify benefits for which they are eligible. Since 2001, close to two million people have used BenefitsCheckUp to find benefits programs that help them pay for prescription drugs, heating bills, rent, and other needs. Arizona seniors have obtained benefits because their state government uses BenefitsCheckUp to help their older populations get the assistance they need. For more information on BenefitsCheckUp, visit www.BenefitsCheckUp.org. www.NCOA.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Over 100 Companies, 8,000 Employees Register for FreeTotalCompStatements.com ROCKLIN, CA / February 27, 2007 – FreeTotalCompStatements.com ( www.FreeTCS.com ) -- the first free, on-demand total compensation statement software -- has registered over 100 companies representing more than 8,000 benefit-eligible employees in its first 60 days of operation. According to the Bureau of Labor Statistics, benefit costs average 30 percent of an employee’s total compensation package; however, a recent Yahoo! Hot Jobs survey found that 36 percent of the workers surveyed planned to leave their current employer for one with better benefits. In that same survey, 51 percent of employees who planned to stay cited a good benefits package as the reason. “Based on these labor statistics, it’s no longer a luxury to show employees the full value of their benefits program and the tremendous impact it has their total compensation,” adds O’Donnell. “It’s now a critical retention and recruitment tool.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Consumer-based Alternatives to Federal Prescription Drug Price Negotiations Hold Promise Many prescription drug experts and industry analysts are wary of current legislative efforts that would allow Medicare to negotiate drug prices directly with pharmaceutical manufacturers. Unintended consequences may create even bigger problems, leading some to advocate consumer-based cost-cutting measures, such as free prescription drug discount cards, instead of additional government interventions. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. U.S. Business Bankruptcies To Increase By 12% In 2007 February 28, 2007 (OWINGS MILLS, MD) – The nation's continued economic slowdown – coupled with increased costs of doing business – will cause the number of American business bankruptcies to rise this year. Following a business failures rate in 2006 that was the nation's lowest since 1980, the number should rise by approximately 12% in 2007 according to analysis from global trade credit insurer and accounts receivable management service provider Euler Hermes ACI. For more information about Euler Hermes ACI accounts receivable management products and services, visit www.eulerhermes.com/usa. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Moscow, 28 February 2007 - In the Reactions Magazine issue of February 2007 (top rate international financial magazine on insurance and reinsurance) revealed the results of their research named “Best Insurers of Russia". The research was conducted in the end of 2006. The respondents (top management of the leading insurance industry enterprises) were not restricted to a list of companies to choose from — they could vote for whichever firms they wanted. The two years running winner in the category „The best Russian insurance broker" is „MALAKUT Insurance Brokers". www.malakut.ru Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. AIG Offers 50 Full Scholarships to Gifted Summer Program STAMFORD, Conn., March 1 /PRNewswire-USNewswire/ -- The Summer Institute for the Gifted (SIG) today announced that American International Group, Inc. (AIG) will provide 50 full scholarships to academically advanced students in grades four through 11 from families with limited incomes to attend a three- week SIG program in 2007. www.giftedstudy.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 35. NFCC Teams with MSN Money to Reach Millions of Consumers with Financial Education New message board ranked #1 MSN message board on premier day. March 6, 2007 - The National Foundation for Credit Counseling (NFCC) has joined forces with MSN Money ( http://money.msn.com ) to directly assist consumers with financial education in 2007. The MSN Money and NFCC relationship offers a unique opportunity to provide direct personal financial assistance from certified credit counselors to consumers through the MSN Money Web site. It is an unprecedented relationship for both MSN Money and the NFCC, taking advantage of the power of each entity's brand to reach millions of consumers in need of assistance annually. www.nfcc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 36. PIACT voices concern over bills on coverage for coastal areas HARTFORD, CONN.—The Professional Insurance Agents of Connecticut Inc., in written testimony submitted to the Insurance & Real Estate Committee, voiced concerns over raised House Bill 7059; proposed House Bill 5673; and proposed House Bill 6667. Each bill stems from the outcry caused last summer by one insurance company’s decision to require its coastal policyholders to install permanent hurricane shutters on their homes. PIACT is concerned about the precedent these bills could create and commented that they might be unnecessary, given the market options available to policyholders. www.pia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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