Daily Quote: "I never wonder to see men wicked, but I often wonder to see them not ashamed." - - Jonathon Swift 1. Census Bureau Revises 2004 and 2005 Health Insurance Coverage Estimates WASHINGTON, March 23 /PRNewswire-USNewswire/ -- The Census Bureau today issued revised figures on health insurance coverage showing that more Americans have health insurance coverage than previously reported. The revised estimates show that, in 2005, 44.8 million people, 15.3 percent of the population, were without health insurance -- about 1.8 million fewer than the Census Bureau reported in August 2006. Based on the Current Population Survey, the original 2005 estimate was 46.6 million, or about 15.9 percent of the population. For both 2004 and 2005, the original and revised estimates differ by less than 1 percent -- 0.6 percent for 2005 and 0.7 percent in 2004. Conversely, an estimated 249 million Americans had coverage, up from the 247.3 million reported in August. The Census Bureau discovered the need for a revision during a conversion to a more accurate operating system for the Current Population Survey. In improving the quality and timeliness of the data, the Census Bureau noted that, in a small percentage of cases, some residents in a household were tabulated as "not covered" by insurance when they had in fact reported coverage. No other questions in the survey were affected.The revised estimates and information on the methodology can be found at http://www.census.gov/hhes/www/hlthins/hlthins.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. HMO Regulator Finds Blue Cross Batting Average Is Zero in Proving Patients Lied Before Retroactively Canceling Coverage New Rules Should Reflect Survey Findings SANTA MONICA, Calif., March 23 /PRNewswire-USNewswire/ -- In a survey released today, California's top HMO regulator harshly criticized Blue Cross of California for violating a state law that bars health insurers from retroactively canceling coverage unless the insurers prove that a patient willfully misrepresented past medical conditions. The survey found that out of 90 patient complaints reviewed, Blue Cross illegally rescinded coverage in each case. The Department of Managed Health Care (DMHC) is crafting new rules to give regulators more power to crack down on the illegal activity. The new regulations come in response to a petition filed by FTCR citing overwhelming evidence of widespread illegal cancellations of coverage by all of California's largest insurers. As a result of the practice, patients have been left uninsured, uninsurable and often hundreds of thousands of dollars in debt. "Out of 90 cases reviewed to determine whether Blue Cross abided by state law, Blue Cross struck out 90 times. This survey is damning evidence that Blue Cross has put patients at risk of medical bankruptcy by flagrantly violating state patient protection laws," said Jerry Flanagan, health care policy director for FTCR. "The survey clears the way for tough new rules designed to crack down on lawbreakers. Other insurers can expect the same tough review and all companies will likely face fines and penalties." Currently, insurers often retroactively cancel individual policyholders' coverage due to so-called "omissions" on a patient's enrollment application -- which by design is vague, overcomplicated and asks misleading questions -- regardless of whether a patient intentionally misrepresented their medical histories. However, Section 1389.3 of the California Health and Safety Code bars such cancellation unless there is a "showing of willful misrepresentation." The DMHC audit shows that Blue Cross does not review medical records until after a patient gets sick, then rescinds coverage based upon discrepancies between the medical records and the application. DMHC issued a $1 million fine against Blue Cross. "Patients do not go to medical school and rarely know of or understand the information in their medical records," said Jerry Flanagan. "That's why the law requires plans to check medical records ahead of time and bars them from rescinding coverage unless they can show the patient lied on the application." Key Findings of the DMHC Survey: * Out of 90 cases reviewed, Blue Cross violated state law in every case by retroactively canceling policies without determining whether patients "willfully misrepresented" their medical histories on their enrollment application. * In 39 of 90 cases reviewed, Blue Cross failed to comply with even its own guidelines for reviewing applications. DMHC has found those voluntary guidelines to be inadequate. Download FTCR's petition for the new regulations at: http://www.ConsumerWatchdog.org/resources/rescissionspetition.pdf. Read DMHC's response to FTCR's petition announcing the regulations at: http://www.ConsumerWatchdog.org/resources/DMHCresponse.pdf. FTCR is California's leading public interest watchdog. For more information, visit us on the web at http://www.ConsumerWatchdog.org Contact: Jerry Flanagan, (310) 392-0522 ext. 319 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Citigroup may cut 15,000 jobs: paper Mon Mar 26, 2007 8:50am ET (Reuters) - Citigroup Inc., the largest U.S. bank, may cut 15,000 jobs and take a charge of more than $1 billion to revitalize itself and boost a lagging share price, the Wall Street Journal said on Monday. The possible job cuts would affect about 5 percent of Citigroup's 327,000-person work force, the newspaper said, citing persons familiar with the matter. Some jobs could go through attrition, the newspaper said, citing one of the persons. Chief Executive Charles Prince is under pressure to cut costs, which last year rose twice as fast as revenue. He is also trying to boost a share price that is up just 14 percent since he took over in October 2003, less than half the gains at Bank of America Corp. and JPMorgan Chase & Co. (Additional reporting by Mark Porter) © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. PIA to Challenge the Endorsement by a U.S. Chamber of Commerce Commission of Optional Federal Charters WASHINGTON, March 23 /PRNewswire-USNewswire/ -- The National Association of Professional Insurance Agents (PIA) has asked its leaders to challenge the recent decision by a commission of the U.S. Chamber of Commerce to endorse optional federal charters for insurers. An independent, bipartisan commission established by the U.S. Chamber of Commerce has called for Congress to enact optional federal charter legislation for insurers as one of its recommendations for modernizing financial services regulation, drawing immediate praise from the American Insurance Association. "PIA is disappointed that this body of the national U.S. Chamber has taken a position on optional federal charters that we believe is clearly not in the best interest of agents, taxpayers or insurance consumers," said PIA Executive Vice President & CEO Len Brevik. Brevik added PIA members can express their displeasure either by sending a letter to the U.S. Chamber of Commerce or by speaking up at their local Chamber meetings. "Main Street insurance agents who are active members of their local Chambers of Commerce care about business conditions in their own communities," Brevik added. "They do not believe that all roads lead to Washington, D.C. They know local business is best served by state-based regulation. Out of sight oversight from Washington is less efficient, less responsive and more costly. Small businesses and taxpayers will end up paying for the new federal insurance bureaucracy that has been endorsed by this Chamber commission." Produced by the Commission on the Regulation of U.S. Capital Markets in the 21st Century, an independent, bipartisan commission established by the U.S. Chamber of Commerce, the report further said, "The Commission supports the efforts currently under way to establish an optional federal insurance charter," and cites federal legislation introduced during the previous Congress by Sens. John Sununu (R-N.H.) and Tim Johnson (D-S.D.), as well as companion legislation introduced in the U.S. House by Rep. Ed Royce (R-Calif.). PIA is a staunch opponent of proposals to create optional federal charters. "Our opponents are attempting to convince Members of Congress that our state-based system of insurance oversight is 'broken' and in need of a fix," said PIA National President Donna L. Pile of Lexington, Kentucky. "There's just one problem: it is not broken. And the fix they propose is federal regulation, complete with a new federal insurance regulator and the new federal bureaucracy that would require. I can't believe the Chamber of Commerce would support the creation of a new federal bureaucracy and I hope they ultimately decide not to endorse the position of their commission." PIA members wishing to communicate their opposition to the U.S. Chamber of Commerce may do so at http://www.pianet.com/chamber. PIA members from around the country are set to converge on Washington, D.C. March 28-29 to lobby Congress against federal insurance regulation during the association's 25th annual Federal Legislative Summit. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Campaign for America's Future's Five Key Health Care Questions for Democratic Candidates WASHINGTON, March 23 /PRNewswire-USNewswire/ -- With more and more Americans believing that health care should be a top priority for our nation, tomorrow's health care forum in Las Vegas, Nev. provides leading Democratic presidential candidates the opportunity to stake out positions to deal with this looming crisis, according to Campaign for America's Future co-director Roger Hickey. "Americans want bold and comprehensive solutions to what most now regard as a health care crisis," said Hickey. "The big question in the debate is about the future of the American health care system and how specific candidates will show their commitment to providing affordable health care coverage for all Americans." Using the "Health Care for America" proposal, developed by Yale University professor Dr. Jacob Hacker, as the benchmark for creating a simple, easy to understand, comprehensive and affordable health care plan, Hickey today posed 5 questions that should be asked of every presidential candidates' health care plan in an editorial published on TomPaine.com. 1. Will the candidate's plan really cover everyone with a decent guaranteed level of coverage at an affordable cost? 2. Would the candidate offer a public plan, like Medicare, that has a predictable, guaranteed level of benefits that "cannot be taken away"? 3. Has the candidate thought through how his or her plan will be financed? 4. Will the candidate's health plan control spiraling health care costs? 5. Finally, is the candidate's health plan simple and clear enough that they can explain it -- and get us to describe it to someone else? The Health Care Answers We Need Roger Hickey March 23, 2007 Roger Hickey is the co-chair of Campaign for America's Future. The presidential candidates are feeling the pressure from voters to tackle the escalating health care crisis with bold and comprehensive solutions. So when the Center for American Progress and the Service Employees International Union invited all the candidates to Las Vegas on Saturday morning to debate health care, nearly all the Democratic candidates agreed to participate. (Alas, all the Republican candidates will be taking a pass.) At the onset of the debate, former Senator John Edwards is likely to be the center of attention, and not only because of the wrenching news of his wife's recurrent cancer. Edwards has been driving the health care debate with a very detailed plan to assure health coverage for everyone in America. Now the other candidates are determined to match him, though most have yet to offer specifics at this early stage of the race. (http://johnedwards.com/news/press-releases/20070206-universal-health-care/) Of the other leading candidates, Illinois Sen. Barack Obama has rejected "tinkering and half-way measures." He declared in January that he plans "in the next few months" to lay out a health care plan that will cover everyone "by the end of the next president's term" -- meaning his first term. And Senator Hillary Clinton, who as head of Bill Clinton's health care task force, tried and failed to move an ambitious health care program, is somewhat more cautious, saying she won't lay out a plan until she "listens to what the people want." As reported by Bloomberg News, on January 28, she said, "This time, we're going to build a consensus first." (http://www.bloomberg.com/apps/news?pid=20601070&sid=aVuXKoFUgXAE&refer=home) Congressman Dennis Kucinich doesn't have the poll numbers to be treated as a leading candidate, but he will come with a clear and detailed plan for health care for all. He is a co-sponsor of H.R. 676, a "single-payer" plan covering all Americans in a public system. Kucinich can be expected to be a provocative challenger to the other candidates -- especially those who feel the need to subsidize, and try to regulate, the private health insurance companies to get them to go beyond "cherry picking" -- insuring only healthier Americans who bring in more profit -- with more subsidies to private insurance companies. [We at Campaign for America's Future are promoting an important new "benchmark" health care plan written by Yale professor Jacob Hacker. The Health Care for America plan would start with choice -- allowing individuals and companies to continue with their current health care arrangements if they are happy with them. All employers would be required to provide their workers private insurance of good quality, or pay five percent of payroll to have their employees covered through a Medicare-style public plan. Hacker sees this approach as essential to providing guaranteed coverage while controlling costs in the entire health care system.] (http://home.ourfuture.org/healthcareforall/) As we watch the debate on Saturday, how will we tell if the other candidates are as committed as Edwards and Kucinich to fundamentally solving the health care crisis? And how will we tell if Edwards or Kucinich has the plan and presentation that can get the job done? What follows are some questions for every candidate, to help judge whether each is really serious about health care for all: 1. Will the candidate's plan really cover everyone -- with a decent guaranteed level of coverage -- at an affordable cost? Calling a plan "universal" is not enough. Massachusetts' new "universal" plan requires everyone to purchase health insurance, but the legislature has still not shown that it will devote the resources necessary (or exert the regulatory control over private insurance companies) to assure that everyone has a good health plan at an affordable premium. 2. Does the candidate offer a public plan, like Medicare, that has a predictable, guaranteed level of benefits that "cannot be taken away?" Or, will the candidate rely on private insurance companies, using a combination of subsidies and heavy regulations to get private companies to do what their business model does not now allow them to: provide good health insurance at a decent price for all Americans. Does it include people with pre-existing conditions, the poor, older Americans not yet eligible for Medicare, and people with dangerous occupations? Note: Edwards tries to do both, mandating regional buying pools that would heavily regulate private insurers and offering a public plan, like Medicare, that, if enough people chose it, might become the dominant health care plan for the nation. 3. Has the candidate thought through how his or her plan will be financed? Edwards has bitten the bullet, calling for all employers to either provide health insurance to their employees or pay into a fund to finance his public plan. And he's honest enough to know that additional progressive tax revenues will be necessary -- he says forthrightly about $100 billion per year -- which he would cover by rolling back the Bush tax cuts for the rich. It is true that after a successful health care reform, the whole country would end up paying less money for better and more comprehensive health care. But beware the candidate that tells you that there won't be any up-front costs. 4. Will the candidate's health plan control spiraling health care costs? We pay much more per person for health care than any other developed nation -- and all those other nations guarantee health care for all. A big part of the problem is the private health insurance system, which spends billions on advertising, administration and gaming the system to avoid paying claims. As a result, doctors and hospitals have to spend fortunes on paperwork to satisfy the different billing arrangements of hundreds of different reimbursement systems. By comparison, Medicare is a model of efficiency with a much better record of controlling costs than the private insurance industry, even while covering an expensive elderly population. Jacob Hacker, and other advocates of Medicare-style plans, emphasizes a system that can share risk through broad pooling arrangements and control costs over much of the health care economy. If a candidate doesn't go in that direction -- if he or she depends entirely on the private health insurance system -- we need to know how they ever expect to get a handle on rapidly growing health care costs. 5. Is the candidate's health plan simple and clear enough that they can explain it -- and get us to describe it to someone else? Does anyone remember the 2004 John Kerry health care plan? It was a complicated system of subsidies and catastrophic insurance -- best described with the boxes and arrows of complex flow charts -- and completely incomprehensible toeven a quite educated citizen. If a future president is going to overcome the rabid opposition of the special interests, he or she must offer a plan that is bold but simple, comprehensive yet understandable. And it had better resonate with important American values, including choice, fairness, compassion and efficiency. We're having a presidential debate about health care because the public demand for solutions is so strong. Leadership at the presidential level is crucial, but so is continued grassroots engagement. The Campaign for America's Future will be working with national organizations and grassroots groups to stimulate a public debate led by citizens demanding straight talk about health care. With grassroots pressure, we can force all the candidates -- for the House, the Senate and the White House -- to respond in detail to the five questions posed here, as well as to the concerns and values of the new progressive majority that is putting health care on the agenda for 2008 and beyond. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Subprime crisis exposes mortgage scams Mon Mar 26, 2007 8:46AM EDT By Jim Loney MIAMI (Reuters) - Gabriellee Cunningham had fallen behind on the mortgage on her modest suburban Miami home and was mired in debt when she was approached in June by a door-to-door "mortgage lender" who promised to help her. Nine months later, her $89,000 mortgage has ballooned into a $234,000 loan, her monthly payments have doubled and she faces foreclosure on a house she no longer owns. Housing officials call Cunningham the victim of one of the worst cases of predatory lending they've ever seen and warn, as the U.S. subprime mortgage crisis grows, of a rising tide of scams in which homeowners are being cheated out of their home equity. Consumer advocates have seen a surge in "foreclosure rescue" and "equity stripping" scams in recent months as the subprime mortgage crisis developed. Lenders launched foreclosure actions against more than one in every 200 mortgage borrowers in the fourth quarter of 2006, according to a Mortgage Bankers Association survey that hammered equity markets this month. That figure was the highest in the association's history. Subprime adjustable-rate mortgage delinquencies jumped to nearly 14.5 percent in the quarter. At least 12 states -- California, Colorado, Georgia, Illinois, Maryland, Michigan, Minnesota, Missouri, New York, Washington, Florida and Rhode Island -- have passed consumer protection laws against foreclosure scams. But Saunders said the laws do not carry blanket protections and cannot guard against scammers who quickly flip a property and make off with the cash. "If you're signing away your home you're signing away your home," she said. "Don't expect to ever get it back." © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. The Willis Environmental Index: The Market Continues to Soften London, UK, March 26, 2007 – The environmental insurance market has shown further signs of growth in 2006, with insurers interviewed in the latest Willis Environmental Index for the first quarter of 2007 reporting an increase of up to 100% in the number of policies placed compared to 2005. A corresponding increase in total premium placed has been evident with total premium spend within the London and European environmental insurance market estimated to be in the region of £60 million (EUR 90 million), up from approximately £40 million (EUR 60 million) in 2005. The Willis Environmental Index – a quarterly survey of European environmental insurers – asks participants for their views on the underwriting market conditions. According to the Willis Environmental Index, annual premium placed into “Pollution Pool” insurance schemes available in countries such as France, Italy, Spain and The Netherlands comprises approximately EUR 70 million, whilst premium spend on environmental coverage available through the German general liability market has been estimated to account for approximately EUR 250 million. The increase in premium spent has been tempered by the continuing soft market conditions as well as an increase in the number of policies placed for operational risk exposures, as these tend to be written for shorter policy periods (and thus attract lower premium levels) than long term policies covering historic contamination risks. The London and European environmental insurance market is now more competitive than at any other time, providing the opportunity for broader coverage for reduced premium levels compared to recent years. Individual insurers are able to offer a capacity of up to approximately £25 million (EUR 35 million), with higher limits available through the use of excess layers. Such an approach is seldom required however, as the vast majority of policies proceed with a limit of £10 million (EUR 15 million) or less taken up, as reported in Willis’ Autumn 2006 Index. The Willis Index polls non-US insurance companies providing buyers of specific lines of coverage with an overview of the market and reporting on relevant issues unique to their industry. The complete Willis Index is available on Willis.com via www.willis.com/Extras/Publications.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Sun Life invests in brand, to retire Clarica name TORONTO, March 26 (Reuters) - Sun Life Financial Inc. (SLF.TO: ) will streamline and invest more in its brand, as well as retire its well-known Clarica brand name, the insurance company said on Monday. As a result, Sun Life will take between C$40 million ($34.5 million) and C$50 million after tax in intangible asset writedowns in the first quarter of 2007. As well, over the next 12 months, it will take charges of between C$15 million and C$20 million after tax as it spends on replacement signs and other items related to the change, it said. Sun Life bought Clarica in 2002. Almost 2 million Canadians hold policies and accounts through Clarica, Sun Life said, adding it has a sales team of about 3,500. ($1=$1.16 Canadian) ((Reporting by Wojtek Dabrowski, editing by Peter Galloway; E-mail: wojtek.dabrowski@reuters.com; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net. Telephone: +1-416-941-8009)) Keywords: SUNLIFE BRANDING/ (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. CHCC Opposes United Acquisition of Sierra Health Urges Department of Justice to Reject Hagerstown, MD, March 26, 2007 Consumers for Health Care Choices today sent a letter to Attorney General Alberto Gonzales saying the merger is anti-competitive and would reduce consumer choices. CHCC President Greg Scandlen encouraged CHCC members to weigh-in with their own opinions and communicate them to the Department of Justice at 950 Pennsylvania Avenue, NW, Washington, DC, 20530. He also applauded the American Medical Association for taking the lead on this issue. The text of the letter follows: Dear Attorney General Gonzales, Consumers for Health Care Choices is a 501-C-4 national membership organization dedicated to putting the consumer in the driver’s seat of the health care system. We are fervent supporters of Health Savings Accounts and other forms of consumer empowerment. Our overall mission is a three-step process: Put the resources in the hands of the consumer. Give them the information they need to make wise choices. Ensure a competitive environment so they will be able to exercise those choices. President Bush and his entire administration have been stalwarts on the first two steps. His support of Health Savings Accounts and his recent health insurance tax proposals are milestones to achieving Step One. The work of the Department of Human Services and CMS on price transparency and information technology are essential to Step Two. Now the Department of Justice has an opportunity to help secure Step Three with its review of the proposed acquisition of Sierra Health Services by UnitedHealth Group. We have no opinion about the companies themselves. Whether they are good or bad or something in between is irrelevant to us. The question to us is solely whether this merger increases or decreases competition and consumer choice. This is the same standard we would apply to any other merger proposal, between hospitals, between pharmaceutical manufacturers, or any other aspect of the health care system. Consumers need more choices, not fewer. There is already far too much concentration in the hands of a few giant players in health care. Greater concentration means less competition and that is bad for consumers. We urge you to apply the same standard and reject this merger. Greg Scandlen, President Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Keep, Grow and Multiply Your Top Clients By Lynn Thomas Boston, March 23, In today’s highly competitive marketplace, Client Retention has become a critical success factor. Best Practices listed it as the single most important factor in enhancing an agency’s value. For many agencies, this single factor alone sets them apart from their competitors, placing them in a world-class category. Historically, high Client Retention rates consistently and positively correlate with high profits. The average Client Retention rate within the insurance industry is 90%. This 5% difference between the top agencies which are 95%+ and the norm represents a major loss of potential profits. Replacing lost Clients with new ones has been accepted as the norm. Given the industry’s high Client acquisition costs, this strategy doesn't make economic sense. It is more prudent to keep a top Client than gain a new one. The insurance industry has the highest Client acquisition costs of any industry: it costs thirteen times more to acquire a new Client than keep an existing one, yet repeatedly, most agencies spend their time and money on cold calling. The focus needs to change. Focus on your hidden goldmines within your current “A” Client base. To learn more about Client Retention, Referrals and Cross-Selling in the Insurance Industry, please visit www.21stcenturymgmt.com or contact Lynn Thomas at lynnthomas@21stcenturymgmt.com or by calling her at (781) 899-4210 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. AAA Calculates Driving Cost at 52.2 Cents Per Mile for 2007 Cost of Car Ownership and Operation for 100 Miles of Driving is $52.20 BURNSVILLE, Minn.--(BUSINESS WIRE)--Consumers feeling pinched by increases in day-to-day living expenses can take some comfort in AAA’s annual study of driving costs released today. According to the nation’s largest organization for motorists, the cost of owning and operating a new vehicle in 2007 remains basically unchanged from a year ago at 52.2 cents per mile, or $7,823 per year, when driving 15,000 miles annually. “While costs for some items such as insurance and financing increased from the start of 2006, a lower cost for fuel at the end of last year offset these expenses resulting in no net increase in the average driving expense for 2007,” said Gail Weinholzer, director of public affairs, AAA Minnesota/Iowa. The average fuel price dropped slightly from 9.5 cents per mile to 8.9 cents per mile compared to one year ago. Fuel prices in the study are based on the fourth quarter 2007 U.S. price for regular grade fuel, which averaged $2.256 per gallon as tracked in the AAA Fuel Gauge Report (www.aaafuelgaugereport.com). The costs of maintenance and repair, tires and depreciation remain unchanged from one year ago. However, minor increases in the costs of insurance, financing and licensing, registration and taxes offset any savings consumers might have realized from lower fuel costs. (More detailed information on all costs is contained in the study.) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Max Re Capital Ltd. Receives Regulatory Approval to Acquire Excess and Surplus Lines Company HAMILTON, Bermuda--(BUSINESS WIRE)--Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) (“Max” or the “Company”) today announced that it has received regulatory approval from the Delaware Department of Insurance to acquire a U.S.-based excess and surplus lines company. As announced on December 14, 2006, the proposed new Max subsidiary is expected to complement the Company’s existing insurance and reinsurance operations based in Bermuda and Dublin, Ireland. It is to be based in Richmond, Virginia and to be headed by Stephen J. Vaccaro, Jr. as President and Chief Executive Officer. www.maxre.bm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Independent Insurance Agents Spur Northeast Insurers to Implement ISO HomeValue BOSTON--(BUSINESS WIRE)--Northeast insurers Preferred Mutual and Hingham Mutual have integrated ISO HomeValue™ into their underwriting process to improve decision making and workflow. ISO HomeValue is a web-based residential property replacement cost estimator that helps companies estimate the cost to re-build a property in the event of a total loss. In a testament to ISO HomeValue’s growing and enthusiastic user-base, both companies were encouraged by their independent agents to provide ISO HomeValue for its reliable replacement cost estimates and objective property information. www.pminsco.com www.isohomevalue.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. 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 15. BANK INSURANCE NEWS IN BRIEF - MARCH 26, 2007 ODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Conning Research: Surety Industry Turnaround Continues: Positive Forecast for Growth and Profitability -- Premium to grow in line with GDP at least HARTFORD, Conn., March 26 /PRNewswire/ -- The surety segment can now be said to have fully recovered from its slump, according to a new study by Conning Research and Consulting, Inc. "The surety market slump began in 2001, coinciding with the recession and resulting financial turmoil," said Mark Jablonowski, analyst at Conning Research & Consulting. "The combined ratio climbed more than 40 points and stayed there for the next three years. While the recession and tightening credit resulted in skyrocketing losses, the property-casualty underwriting cycle also contributed to the problem." The Conning Research study, "The Surety Market: Taking Care of Business" is Conning's first analysis of the surety segment, which has impact well beyond its size due to its importance to sectors of the economy relating to construction and regulatory compliance. "The huge increase in losses during the 2001-2003 period were due not just to claims reported, but also to claims developing badly and recoveries and other claims mitigation efforts falling off," said Stephan Christiansen, director of research at Conning Research & Consulting. "Yet this turned around in 2004 and 2005, and 2006 shows continued improvement. Capacity is returning to the market, but with a renewed appreciation for underwriting discipline. That new-found discipline, along with attention to automation and technology driving cost control, lead us to a positive forecast for the surety line over the next few years, with premium growing at least as fast as GDP." "The Surety Market: Taking Care of Business" is available for purchase from Conning Research & Consulting by calling (888) 707-1177 or by visiting the company's web site at http://www.conningresearch.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Phil Wasserman Announces Series of White Papers on Life Insurance Settlements SARASOTA, Fla.--(BUSINESS WIRE)--Phil Wasserman, one of the nation’s leading experts in life insurance and president of Phillip Roy Financial Services, one of the leading firms in retirement income planning and sellers of annuities and life insurance, is announcing a new series of white papers on the settlement of existing life insurance policies, known as “Life Settlement.” “Life Settlement is when a person no longer needs or wants an existing in place life insurance policy that he or she or a trust has owned for more than two years,” Phil Wasserman says. “And many people over the age of 65 don’t even know that many Wall street firms want to purchase their existing insurance policies. Instead, they lapse the policy, leaving huge amounts of money on the table. Experts estimate that over 60% of all life insurance policies dealing with people over the age of 65 lapse. These upcoming white papers will help make many people aware of their alternatives.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Phillip Roy Financial Services Announces New White Paper on Life Insurance Titled ''Income Maximization'' SARASOTA, Fla.--(BUSINESS WIRE)--Phil Wasserman, president of Phillip Roy Financial Services, a leading retirement income planning firm, has announced a new research paper on life insurance and annuity use titled “Income Maximization.” "Life Insurance and annuities are an area of great interest to the boomer generation and retirees in general," says Wasserman, and this new research paper helps explain the combined use of them to maximize income and minimize estate taxes to retirees and their families.” Phillip Roy Financial Services has already disseminated the white paper to over 500 top financial planners nationwide and will continue to offer it free of charge to financial advisors, insurance agents and the public. Copies may be obtained by calling 888-225-8161 or may be downloaded at the company's web site www.philliproyfinancial.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. BankIPO.com Client Receives Permission to Organize, Concurrent FDIC Approval LAKEWOOD, Colo.--(BUSINESS WIRE)--BankIPO.com announced today that its de novo client, Solera National Bank (In Organization), received permission to organize from the Office of the Comptroller of the Currency (OCC) on March 19th, 2007. The Organizers are now approved to formally organize their federally chartered bank, which will be headquartered at 319 S. Sheridan Boulevard in Lakewood. Additionally, Solera National Bank (IO) received preliminary approval from the FDIC for federal deposit insurance on March 22nd, 2007. According to Paul M. Ferguson, President & CEO, “The Solera National Bank (IO) Organizers, Board of Directors and employees are very pleased we have been granted permission to formally organize as a national bank. Our company will remain true to its founding corporate core values of exceeding customer expectation, fostering employee commitment and satisfaction, investing in our community and delivering value to our shareholder” www.bankipo.com 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. Unitus Equity Fund Closes Largest Private Global Equity Fund Targeting Microfinance Omidyar Network, Abacus Wealth Partners among Lead Investors in $23M Fund That Aims to Deliver Financial and Social Returns REDMOND, Wash.--(BUSINESS WIRE)--The Unitus Equity Fund L.P. (UEF), an equity fund investing in microfinance institutions in Asia and Latin America, today announced that the Fund closed with $23.4 million in committed capital. This makes UEF the largest global equity fund in the microfinance industry to be fully funded with private capital. UEF is an affiliated organization of Unitus, Inc. (www.unitus.com), a social enterprise which dramatically accelerates the growth of microfinance institutions and helps them provide more of the world's working poor with access to life-changing financial services. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. SUA Insurance Company Contracts With New Partner Agent Writing Artisan and General Contractors and Roofers CHICAGO, March 26 /PRNewswire-FirstCall/ -- Specialty Underwriters' Alliance, Inc. (Nasdaq: SUAI), through its subsidiary SUA Insurance Company, today announced a new Partner Agent agreement with Flying Eagle Insurance Services, Inc. ("Flying Eagle") to market and underwrite commercial general liability programs to the underserved construction segment, including the roofing trade. These programs will be available through selected brokers in ten states in the western region. Flying Eagle is headquartered in Minden, Nevada and has over 15 years experience underwriting this customer class. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Independence Holding Company Announces the Introduction of a New One-Life Dental Product, Including Online Enrollment STAMFORD, Conn.--(BUSINESS WIRE)--Independence Holding Company (NYSE: IHC) today reported that it is introducing a new one-life dental product to its portfolio of niche health insurance products through its member company GroupLink, Inc. (“GroupLink”). GroupLink, which has over 20 years experience in dental products, will market and administer this benefits program, which is available nationwide and to people of all ages. It is specifically designed for those individuals and families who do not have access to employer-based dental benefits, and affords individuals a choice of plans and a PPO option available at a reduced premium. General agents and brokers will have the ability to market this new product through a link to GroupLink’s online system via their own websites, and enroll and bind coverage using an exclusive online enrollment system. Plan, rate and enrollment information is available from GroupLink at www.grouplinktpa.com. The one-life product will also be distributed through IHC’s other member companies, including Insurers Administrative Corporation and Health Plan Administrators, Inc., and it will be underwritten by two of IHC’s insurance company subsidiaries, Madison National Life Insurance Company, Inc. and Standard Security Life Insurance Company of New York. Roger Skinner, President of GroupLink, and the driving force behind its product development stated, “We are thrilled to be able to offer a one-life dental product through the IHC insurance group as a solution for the one-life market. More than 108 million Americans are uninsured for dental care, more than twice the number without medical insurance (Oral Health in America: A Report of the Surgeon General, 2000). Our new one-life product will provide an array of affordable options for these individuals and families. The ability for brokers to secure affordable coverage for their individual and family clients in a matter of minutes using GroupLink’s online system will enhance their levels of service and allow brokers to write business more quickly.” Jeff Smedsrud, Chief Strategic Development Officer of IHC, commented, “A significant number of studies now show the importance of good dental health on a person’s overall health, and we are proud to be able to supply a benefit to individuals who are looking for affordable dental insurance.” www.grouplinktpa.com www.independenceholding.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Corporate Culture Drives Customer Loyalty and Bottom-Line Profitability DALLAS, March 26 /PRNewswire/ -- Building a culture of employee loyalty has a direct bearing on customer loyalty and business profitability, according to a leading CEO who used his "Circle of Growth" philosophy of management to create an award-winning and nationally respected company. "Well-developed and carefully executed employee recruitment and retention initiatives have a direct impact on customer service and profitability," said Paul Spiegelman, founder and CEO of The Beryl Companies. "An organization's 'brand promise' cannot be fully delivered absent a culture that focuses on the personal and professional development of its people." Spiegelman, author of the soon-to-be-released book Why Is Everyone Smiling?, shared his views with some of the nation's premier healthcare leaders who attended the American College of Healthcare Executives 50th Annual Congress in New Orleans last week. According to Spiegelman and Berrett, the seven simple tactics to creating a winning corporate culture include: 1. Visionary leadership -- Leaders who are available, approachable and open with minimal micro management. 2. Consistent and effective communication -- Multi-way communication explains the "whys" information is shared and requested without fear of retribution. 3. Select for fit and ongoing development of staff -- Wait for the right person to fill a position and have the courage to let go of the wrong. 4. Agile and open culture -- A sense of pride, collaboration, respect and quality in a "blame-free" environment. 5. Put service first -- Strong standards put consumers first. In healthcare; that includes patients, families, physicians and colleagues. 6. Ongoing recognition and community outreach -- Recognition and appreciation must occur formally and informally at all levels. 7. Solid relationships -- Collaborative relationships are the key to success. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Million-Dollar Secret of Fast-Growing Long Term Care Insurance Brokerage KIRKLAND, Wash., March 26 /PRNewswire/ -- This month LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage, will pay its agents, support staff and investors over $1,000,000 in dividends. "This is a long term care industry first," says Cameron Truesdell, CEO. "And it has two big implications." The implications are -- 1. The promise of dividends attracts top professionals. The firm has grown to 264 agents in a little over three years. "We're the only large national brokerage where agents own shares in the business and get a piece of the action," says Truesdell. The dividends are over and above the regular income from premiums and renewals. "That's unheard of in our industry." 2. Top professionals serve people better when they "own" their organization. "Our agents really care about their clients. And their caring gets magnified when they're part of a top team that shares their concern." The dividends signify success, but the root of the performance is much more than money, Truesdell points out. "There's the synergy of shared mission and commitment. It's magic." LTC Financial Partners is accepting applications from long term care insurance agents who want to join the organization. Details are available in a "Partner Package" document, which may be requested at http://www.ltcfp.us/own/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Tax Advisors Form ATI Financial Services PITTSBURGH, March 23 /PRNewswire/ -- Two North Hills financial advisors have joined their independent accounting, tax, and investment advisory practices to form ATI Financial Services. The initials ATI -- for Accounting, Taxes, and Investments -- reflect the core businesses of the new firm, which also provides comprehensive financial planning, insurance, and other financial services to families, businesses, and individuals. ATI is affiliated with Allegheny Investments, an investment management and financial planning firm that is the oldest independent securities broker- dealer in Pittsburgh. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Sovereign Bank Launches Web-based HSA Learning Tools BOSTON, March 26 /PRNewswire/ -- Sovereign Bank announced today the launch of their new online Health Savings Account (HSA) Learning Tools for health insurance brokers, employers and employees. The new service features educational portals that provide interactive tools, movies, wizards and information to help people better understand the benefits of enrolling in HSAs. The portals launched in March, and are now available to Sovereign Bank's HSA clients and brokers involved in Sovereign's Broker Certification Program. An abridged version of the employee portal is available to the public at http://www.sovereignbank.com/personal/banking/savings/health_savings.asp. More information on Sovereign's Employer HSA Program can be found at http://www.sovereignbank.com/hsaemployer. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Sun Life Financial to redeem 8.526% Cumulative Capital Securities TORONTO, March 26 /PRNewswire-FirstCall/ - Sun Life Financial Inc. TSX/NYSE:SLF) today announced that the outstanding US$600 million principal amount of 8.526% Cumulative Capital Securities (CUSIP: 86679PAA1) issued by Sun Life of Canada (U.S.) Capital Trust I have been called for redemption on May 6, 2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Commerce Banc Insurance Services Expands State-Of-The-Art Call Center in Mount Laurel, NJ CHERRY HILL, N.J., March 26 /PRNewswire-FirstCall/ -- Commerce Banc Insurance Services, a wholly owned subsidiary of Commerce Bancorp, Inc. (NYSE: CBH), announced today that it is centralizing and expanding its personal insurance call center in Mount Laurel, New Jersey. The call center utilizes state-of-the-art technology to provide insurance customers with enhanced 24/7 service on a nationwide basis. The call center is one of the first of its kind operated by a bank-owned insurance agency. www.commerceonline.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. NAMIC’s World-class Advocacy Program Kicks Off 22nd Year WASHINGTON (March 23, 2007) — New York members of the National Association of Insurance Companies (NAMIC) will hit the ground running on Capitol Hill Monday, as the Congressional Contact Program (CCP) swings into high gear. This unique grassroots lobbying effort allows representatives from NAMIC member companies to meet one-on-one with their representatives and senators. “Meeting with lawmakers face-to-face is one of the most powerful tools to having one’s voice heard,” said Carl Parks, NAMIC’s senior vice president for government affairs. “By educating and building bipartisan relationships with members of Congress, participants in CCP can have a significant impact on legislation affecting the entire property/casualty insurance industry.” www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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