Daily Quote: "A man who has committed a mistake and doesn't correct it, is committing another mistake." - - Confucius
1. Insurance and Business Groups Urge Lawmakers to Reject McCarran Repeal Proposals WASHINGTON (March 26, 2007) — Members of leading insurance and business industry trade associations have joined forces to oppose legislation that would repeal a long-standing federal law that fosters competition in the insurance marketplace. In a letter delivered to members of the House and Senate, the signers warned of serious repercussions for consumers, as well as the insurance marketplace, if the McCarran-Ferguson Act is repealed. “The McCarran-Ferguson Act creates a limited exemption from federal antitrust laws to the extent that the business of insurance – not the business of insurance companies – is regulated by the states; it does not grant insurers blanket immunity from federal antitrust laws, as some have suggested, and it does not shield from those laws those who engage in boycotts, intimidation, or coercion,” the letter states. The McCarran-Ferguson Act was approved by Congress in 1945 and gives states the authority and responsibility to regulate the business of insurance. Proposals in the House and Senate, S. 618 and H.R. 1081, would “create an inconsistent and unpredictable multi-layered morass of state and federal insurance rules,” the letter says. The letter further says that enactment of S. 618 and H.R. 1081 would produce outcomes contrary to the bills’ ostensible purpose of increasing competition in insurance markets. “Repealing McCarran-Ferguson in the name of ‘competition’ would almost certainly result in new anti-competitive regulation by the states that, ironically, will reduce competition, thus thwarting the basic purpose of the federal antitrust laws: the promotion of competition in a free market environment.” The signers offer to work with lawmakers. “We, therefore, urge you to oppose the current bills that would repeal the antitrust provisions of the McCarran-Ferguson Act, and work with various stakeholders – including insurers, regulators, policyholders and state legislators – to enhance stable, competitive insurance markets.” The letter is signed by the following 10 organizations, representing primary insurers, agents, brokers, reinsurers and the larger business community:
The letter can be viewed at this link: http://www.namic.org/pdf/070321McCarranJointTradesLetter.pdf © Copyright 2007 National Association of Mutual Insurance Companies (NAMIC). All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Dale Negotiates Settlement With State Farm (Jackson)-Commissioner of Insurance George Dale announced today that based upon preliminary findings of the Mississippi Insurance Department’s (MID’s) examination of State Farm’s handling of Hurricane Katrina claims, and the recent withdrawal of a proposed class action settlement, he has convinced the company it is in the best interests of Mississippi policyholders that it agree to begin an accelerated process to reopen and readjust all Hurricane Katrina claims upon request in the Mississippi coastal counties. State Farm has agreed and informed Commissioner Dale that it intends to make millions of dollars available for additional payments to policyholders in Hancock, Harrison, and Jackson counties. On March 6, 2007, Commissioner Dale reached an agreement with State Farm to reopen “slab cases” on the coast and have them reviewed by a new team of claim representatives. This new agreement takes that a step further by expanding the review beyond “slab” claims. This process could entail the re-examination, upon policyholder request, of more than 35,000 homeowner, renters and commercial claims, including those that are or were in mediation. If the claim is already in litigation the insured’s attorney will need to ask that the claim be readjusted. As a starting point State Farm will use the settlement numbers under the proposed class action. However, we believe that in a lot of cases there is a strong possibility the insured will be receiving more than what was offered in the class action settlement based on our findings. “When I learned that the proposed class action settlement had stalled I felt it presented an opportunity to negotiate with State Farm to bring closure for coastal policyholders. My department opened negotiations with State Farm immediately, working virtually around the clock, to come to this agreement. This plan presents a consumer-friendly way to resolve these disputes and quickly put substantial amounts of money into the hands of those waiting to rebuild their homes and lives on the coast. Combined with the recently passed Wind Pool legislation that was presented by my office, this is another big step toward a more stable insurance environment,” said Commissioner Dale. State Farm will work with MID to identify eligible claims, assess what claims payments have already been made or offered, and then follow mutually agreed upon guidelines to determine the amount of additional claim payments. Participation by State Farm policyholders is totally voluntary. State Farm will review claims, make payment offers, and, if requested, rely upon the MID’s established and successful Hurricane Katrina Mediation Program to resolve differences on offer amounts. Representatives from the MID will monitor the claim review and payment offers. “This is a no lose proposal for coastal policyholders. It’s a free process and presents them with the opportunity to have their claim looked at again, by different eyes, under the supervision of the MID, with the strong probability of receiving additional payment,” Commissioner Dale said. Each State Farm policyholder in the lower three counties will receive written notification of their eligibility to participate in this re-examination. The company has indicated that it hopes to have all claims re-adjusted within 60 to 150 days following notification from the policyholder. The company will also set up special toll-free number to answer any questions about this process or for policyholders to notify the company of their intent to participate. While this voluntary plan may not work for everyone, it is another step in getting claims resolved and allowing Mississippi to continue our recovery/rebuilding process. In addition, Commissioner Dale is continuing to have discussions with State Farm about reopening their Mississippi markets. Commissioner Dale added that the MID is also in serious discussions with other companies on expediting their claim handling practices as well and that further announcements that will aid in stabilizing the Mississippi insurance market could come in following weeks. George Dale, Commissioner of Insurance/State Fire Marshal Mississippi Insurance Department Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Mccarty Recommends Delinquency Proceedings For St. Petersburg Health Insurer TALLAHASSEE (03/23/2007) - Insurance Commissioner Kevin McCarty advised Florida's Chief Financial Officer Alex Sink today that the Office of Insurance Regulation (Office) has determined grounds exist for the initiation of delinquency proceedings against Universal Health Care Insurance Company (UHCIC). UHCIC had agreed to a Consent Order of Liquidation so that delinquency proceedings could be initiated by the Division of Rehabilitation and Liquidation, within the Department of Financial Services, if the company failed to come into compliance with the Florida's financial requirements by March 23, 2007. McCarty informed CFO Sink that the company has failed to increase its reserves to the level necessary to comply with the Florida Insurance Code and, based on the information provided by the company, is insolvent. "This is one of the unfortunate aspects of our regulatory responsibilities, but we must protect the interests of the policyholders of this company," said McCarty. "We could not allow the company to continue to operate in an impaired financial condition." The Office has had financial examiners on site monitoring the finances of UHCIC during the period of the consent order, to assure the integrity of all company assets was maintained. To obtain a copy of the Commissioner McCarty's letter to CFO Sink go to http://www.floir.com/pdf/uhcreceivershipletter.pdf and to obtain a copy of the February 21, 2007, Consent Order between the Office and UHCIC go to http://www.floir.com/pdf/universalhealthcare89325.pdf. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. HSBC to buy Swiss Life out of French insurance JV Tue Mar 27, 2007 4:21AM EDT LONDON (Reuters) - Banking giant HSBC (HSBA.L: ) (0005.HK: ) said on Tuesday it had agreed to pay 228.75 million euros ($303.6 million) to buy Swiss Life's (SLHN.VX: ) 50.01 percent stake of a French insurance joint venture. HSBC said it was buying Swiss Life out of Erisa, a joint venture to offer life insurance products through HSBC's banking network in France, and Erisa IARD, a venture to provide property and casualty insurance. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. City National to buy Lydian Wealth Management Tue Mar 27, 2007 9:44AM EDT NEW YORK, March 27 (Reuters) - City National Corp. (CYN.N: ), a Los Angeles-based banking company, on Tuesday said it agreed to buy Lydian Wealth Management for an undisclosed price to add affluent clients. Founded in 1994, Lydian oversees $7.3 billion of assets, and mainly serves people worth more than $40 million. The Rockville, Maryland, company has offices in the Washington, D.C., area; Atlanta; New York; Philadelphia; Portland, Oregon, and Seattle, and plans to open an office in Los Angeles this summer. Following the merger, City National will have about $35 billion of assets under management. It said fee income will generate 31 percent of revenue, up from 28 percent currently. Lydian will remain based in Maryland, become an affiliate of City National's Convergent Capital Management LLC unit, and change its name to Convergent Wealth Advisors. City National said Lydian will retain all its senior executives, and that they will acquire a significant minority stake in their company. ((Reporting by Jonathan Stempel, editing by Maureen Bavdek; Reuters Messaging: jon.stempel.reuters.com@reuters.net, 646 223 6317)) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article  Now there’s an InsureConnect that fits any size insurer Connecture recently launched a new product, InsureConnect EZ, to expand our market reach and broaden our solution offering. InsureConnect EZ is designed to offer a standardized solution to complement the more highly-configurable InsureConnect. InsureConnect EZ is a turnkey sales automation solution that includes standard functionality, a proven implementation and rollout methodology, and hosting services all in one package, offering a lower total cost of ownership, speed to market and the value of Connecture’s deep industry experience. Just like InsureConnect, your InsureConnect EZ solution can include one or more of the following modules: Sales Automation, Quoting, Rating, Underwriting, Enrollment and Installation, Policy Administration and Renewals. Connecture can offer any size health plan exceptional value with InsureConnect EZ. We understand your market and competition and can provide innovative solutions to help you reach your small group and individual market segments cost-effectively by taking advantage of the convenience and accessibility of the Internet. The opportunity for improved customer service, increased member retention, and lower member acquisition costs are just a few of the benefits health plans can expect with InsureConnect EZ. Learn more about how our InsureConnect solutions are utilized to process over $50 billion worth of premium. Call 262.408.3875 or request a free demonstration. For more information about the InsureConnect suite, visit our Solutions page. 6. Unitrin Announces Definitive Agreement to Acquire Merastar Insurance Company CHICAGO--(BUSINESS WIRE)--Unitrin, Inc. (NYSE:UTR) announced today that its subsidiary, Trinity Universal Insurance Company (“Trinity”), has entered into a definitive agreement to acquire Merastar Insurance Company (“Merastar Insurance”) and certain of its affiliates, superseding the previously announced agreement in principle. Trinity will acquire Merastar Insurance in a cash transaction valued at approximately $45 million, subject to certain purchase price adjustments. The transaction is subject to approvals by insurance regulators and other third parties and other customary closing conditions, and is expected to close in the second quarter. Merastar Insurance is based in Chattanooga, Tennessee and specializes in the sale of personal automobile and homeowners’ insurance through employer-sponsored voluntary benefit programs. For the year ended December 31, 2006, Merastar Insurance recorded direct written premiums of approximately $54 million. As previously announced by Unitrin, Merastar Insurance will become part of its Unitrin Direct business segment. www.unitrin.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Alliance Bankshares Announces Insurance Agency Acquisition CHANTILLY, Va.--(BUSINESS WIRE)--Alliance Bankshares Corporation (NASDAQ: ABVA) announced the execution of a definitive agreement for its subsidiary, Alliance Insurance Agency, Inc., to acquire certain assets and liabilities of the Thomas Agency, Inc., trading as Fredericksburg Insurance Group in a stock and cash transaction. Fredericksburg Insurance Group operates as a full service insurance agency serving the needs of businesses and families in Fredericksburg and its surrounding counties. www.alliancebankva.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. HUB International Personal Insurance Partners with Hiscox at Lloyd’s of London to Provide Homeowners Insurance in High Risk Areas CHICAGO--(BUSINESS WIRE)--HUB International Personal Insurance, a division of HUB International Limited (NYSE:HBG) (TSX:HBG), today announced the launch of HUBPro™, a homeowners’ insurance product designed specifically for people living in areas that have a high risk of catastrophic events. Through HUB International Personal Insurance, owners of primary and vacation homes, will now have direct access to coverage in places where it is hard, if not impossible, to obtain property insurance. These include areas along the nation’s coastline and other areas affected by high winds, brush fires, and floods or rising water. HUBPro coverage will also include homes under construction in these areas. www.hubinternational.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9.
60-Year
Retrospective on the 1947 U.K. River Floods Offers Estimates of Losses
for a Repeat Event in 2007 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. S.Africa insurers to pay out HIV/AIDS claims Tue Mar 27, 2007 8:04AM EDT By Marius Bosch JOHANNESBURG, March 27 (Reuters) - South African life insurers will now pay out death and disability claims to those infected with HIV/AIDS, the industry body Life Offices' Association (LOA) said on Tuesday. Beginning April 1, life insurers, among them Sanlam (SLMJ.J: ) and Old Mutual (OML.L: ), will not turn down any claims for a lump-sum death payout or disability benefit based on the HIV/AIDS status of the insured policyholder. The LOA said vast improvements have been made in treatment of HIV/AIDS in South Africa over the past decade. "Initially, there was no treatment for HIV and the disease was therefore not insurable. Now, provided there is full compliance with ART (anti-retroviral treatment) prescriptions, HIV/AIDS is considered a chronic treatable disease like diabetes and many other chronic diseases and is therefore insurable," said Pieter Coetzer, convenor of the LOA's Medical and Underwriting Committee. One Johannesburg-based analyst said the new policy will have little impact on the insurance firms' earnings. "There will be an extremely small impact. Very few death certificates have AIDS as a cause of death," the analyst said. About 5.4 million of South Africa's 47 million people are infected by the disease which kills an estimated 1,000 people in the country every day, although many of the deaths are attributed to related causes, such as tuberculosis. The government launched a revamped national AIDS plan earlier this month, aiming to cut new infections by 50 percent and bring treatment and support to at least 80 percent of HIV-positive people by 2011. Pressure group the Aids Law Project (ALP) said the life insurers' new stance was groundbreaking. "We have been lobbying the life industry to drop HIV/AIDS exclusions for a number of years. And at last people have been given the security and peace of mind that their life and disability policies will pay out the lump sum benefit they have been paying premiums for even if they contract HIV/AIDS," said Fatima Hassan, an ALP attorney. Previously, insurers demanded a HIV test and if this proved to be positive, declined life insurance cover. HIV-positive people could get cover from five local insurance groups offering such services at considerably higher premiums. The LOA said 29 of its 36 members will put the recommendation into practice from April 1. ((Reporting by Marius Bosch, editing by Paul Bolding; Reuters Messaging: rm://marius.bosch.reuters.com@reuters.net: Email: marius.bosch@reuters.com; Telephone: +27 11 775 3160)) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Leading Industry Critic Charges Long-Term Care Insurance Carriers With Bad Faith / Racketeering Demands Immediate Action by Congress SAN FRANCISCO, March 27 /PRNewswire/ -- Issued by InsuranceConsumers.com. Ray Bourhis, author of Insult to Injury: Insurance, Fraud and the Big Business of Bad Faith, today demanded immediate Congressional action including the reform of ERISA Preemption, abolishment of the insurance industry's anti-trust exemption, and an increase in the rights of policyholders with long-term care insurance. Bourhis, of Bourhis & Mann in San Francisco, cited allegations made today in a front page New York Times article entitled Aged, Frail and Denied Care charging that major insurance carriers are defrauding elderly people whose companies know they are too old and sick to fight back. Bourhis' criticism against the industry alleges that "some of the same characters who made billions by cheating disability policyholders are now going after the most vulnerable segment in our society -- chronically ill senior citizens. "Some of the people running these companies are total crooks. The industry has collected over $50 billion in premiums and now companies are delaying and denying clearly legitimate claims, knowing the companies will outlive their policyholders," Bourhis said. "The insurers don't give a damn about lawsuits, punitive damages, horrific publicity or anything else. We put Unum on 60 Minutes, Dateline, and the front pages of major newspapers all over America. Eliot Spitzer and John Garamendi levied millions of dollars in fines and publicly called some of these companies 'outlaws.' We obtained huge punitive damage verdicts that were unanimously upheld by courts of appeals. But none of that makes a difference. "The profits earned by cheating policyholders far exceeds the price paid for doing so. "Insurance companies have learned all they have to do is put an ad on television and the public will soon forget everything else. It's time for Congress to get off the dime and do something about this." Contact Information:Ray Bourhis 415.407.7773, www.Bourhis-Mann.com, www.InsuranceConsumers.com, www.InsultToInjury.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Insurers, ISO, And The National Insurance Crime Bureau Implement Initiatives To Improve Antifraud Resources JERSEY CITY, N.J., March 26, 2007 — Addressing an industrywide meeting of property/casualty insurance claims and special investigations executives, Susan Q. Hood, State Farm claims vice president and chairperson of an industry fraud data working group, announced a number of enhancements that will help mitigate the impact of fraud on the insurance industry and consumers. In her keynote remarks at the 2007 Insurance Fraud Management Conference in Phoenix, Arizona, Ms. Hood described eight data initiatives designed to improve data collection, data sharing, and data analytics for fighting fraud through the services of the ISO ClaimSearch all-claims database and system. “Fraud is a huge problem, costing the insurance industry over $30 billion a year, and these initiatives will help the industry to better combat it,” Ms. Hood stated. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Just Published: A New Guide to Agency Automation AUSTIN, TX (March 26, 2007) -- The National Alliance Research Academy recently published a new study, The Paperless Agency: Transformation through Innovation, which focuses on front-end scanning and shows how to use this process to increase agency efficiency. Author Robert E. Dunn III, CIC, CRM, used 20+ years of insurance experience and automation expertise to help show agencies how to transform their organizations and pave the way for further innovation. The Academy supplemented the author's analysis and procedural steps with the survey results of 240 independent insurance agencies that are currently using scanning and imaging. While imaging is not a brand-new idea, it hasn't been around too long, either. Of the agencies using imaging in the Academy survey, 16 percent have used imaging for less than a year. Over half, 54 percent, have used it for just one to three years. The Paperless Agency spells out both the benefits and drawbacks of using imaging and also includes information on when to scan and who in an agency should do it for utmost efficiency. The book also describes how to use the front-end scanning process. Chapter topics include:
How to Order Agencies seeking to begin or improve scanning and imaging procedures will benefit from The Paperless Agency: Transformation through Innovation. The Academy's new guide is available for purchase at $40 +$5 shipping and handling. To order a copy, call 800-633-2165 or go to: www.TheNationalAlliance.com/publications. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. New Critical Illness Plan From Starmark Offers Security, Financial Protection and Peace of Mind Lake Forest, Ill., March 27, 2007 - Star Marketing and Administration Inc. (Starmark) introduces its new Critical Illness plan. This new ancillary offering enables employers to complement their Starmark health plan with this added protection for their employees. Through a lump-sum payment, the Starmark Critical Illness plan helps pay for expenses, such as family earnings replacement, experimental treatment, childcare, health insurance deductibles, copays, travel expenses and more, if an employee is diagnosed with critical illnesses, including ALS, invasive cancer, kidney failure and stroke to name a few. "Now employers can round out their healthcare benefit offering by including this valuable ancillary benefit that provides employees with peace of mind. They know they'll be taken care of should they be diagnosed with certain critical illnesses," said John Wiklund, Starmark Second Vice President of Actuarial. The Starmark Critical Illness plan is available to groups with five to 50 employees. Coverage can be issued for employees age 18 through 69. There is no deductible to pay. Hospitalization and treatment are not required to collect the benefit. For more information about the Starmark Critical Illness plan or any product in the Starmark portfolio, call 800.522.1246, ext. 33057, or visit www.starmarkinc.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. ftwilliam.com announces the release of their Batch 5558 and Batch SAR Milwaukee, WI March 27, 2007 - ftwilliam.com, a provider of high quality plan documents and government forms software, announced today a significant upgrade to its Form 5500 Software product. The upgrade provides the ability to batch print Form 5558 and the Summary Annual Report (SAR). In addition, the upgrade to the 5500 product provides improved edit checking on both the SAR and Form 5558 and allows the customer more control of the SAR content. The Batch SAR feature offered by ftwilliam.com gives users the ability to generate customized cover letters for all of their clients’ SARs, by gathering information from each of the client company plans listed on the website. Customers can double check for errors by selecting on the ‘Do edit check on all SAR’ link on the Batch SAR options menu. When edit checking is complete, the user proceeds to printing the SARs in either one file or separate files in a zip folder – with or without the cover letter. ftwilliam.com’s Batch Form 5558 feature reviews the customer’s account for any Form 5500 with Line D, or any 5500 EZ with Line B ‘extension filed’ indicator checked. The Batch Form 5558 feature then provides the opportunity to batch edit check all of the Form 5558s on the system. When edit checking is complete, a customer may generate the Form 5558 in one PDF file or separate PDF files (in a zip folder) from the Batch Form 5558 options menu. “The Batch Form 5558 is a timesaving feature that we anticipate will be very beneficial to us,” reports customer Dean Fitcher from Northwest Retirement Plans. Both the Batch Form 5558 and the Batch SAR provide the ability to print mailing labels from a merge file generated on the Batch SAR options menu. The Batch features can be accessed on the Form 5500 generation page by clicking on the ‘batch’ links in the ‘Draft/Edit’ column. Ftwilliam.com offers the employee benefits professional the highest quality plan documents (retirement, welfare and non-qualified) and government forms (5500/PBGC, 1099 and IRS) software at highly competitive prices. The company offers all of the popular prototype and volume submitter plans, including cash balance and target plans. All plan documents are delivered instantly to the desktop in word processing format and 5500/PBGC Forms are delivered in Adobe PDF format. www.ftwilliam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. The Bank of New York Company, Inc.'s Pershing Unit to Host INSITE(TM) 2007 Financial Products and Services Conference Developments in global investing, new trends shaping the retirement marketplace and advisory industry, and innovative technology solutions to headline agenda JERSEY CITY, N.J., March 26 /PRNewswire-FirstCall/ -- Pershing LLC, a subsidiary of The Bank of New York Company, Inc., will highlight new developments in global investing and technology, as well as trends shaping the retirement marketplace and advisory industry, during its annual financial products and services conference. INSITE(TM) 2007 will be held in Hollywood, Florida from June 6-8 and will feature cutting-edge products, services and technology solutions designed to help investment professionals, independent registered investment advisors (RIAs) and dually-registered advisors prepare for the growing financial needs of their clients. Attendees will have the opportunity to earn up to 15 CFP(R) Board continuing education credits and participate in a broad array of half-day seminars and rotational breakout sessions. Discussions will include innovations taking place in managed accounts, global trading trends and opportunities, and adopting a global approach to gathering assets. The conference will also offer seminars focusing on the suite of services and tools accessible through Pershing's online account management platforms, which include NetExchange Pro(R), NetExchange Client(R) and NetExchange Advisor(TM). www.pershing.com www.pershingadvisorsolutions.com www.bankofny.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. EU ministers set to adopt payment card rules By Huw Jones BRUSSELS, March 27 (Reuters) - European Union citizens will be able to pay bills anywhere in the 27-country bloc using cards and credit transfers from a single bank account under rules due to be adopted by finance ministers on Tuesday. The aim of the single euro payments area or SEPA is to increase competition in the financial sector, cutting costs and increasing choice for consumers. "We will get an agreement on SEPA today. It will be a huge asset for consumers to bring down prices," German Finance Minister Peer Steinbrueck said on arrival for a meeting of the 27-nation bloc's finance ministers. The European Commission, which proposed the measure, expects SEPA to save the EU economy 50-100 billion euros ($66.4 billion to $132.7 billion) a year by making a cross-border transaction just as cheap as a purely domestic one. The new pan-EU payments system based on common technical standards would end the current national patchwork, making it easy for new entrants to offer payment services competing with banks cross-border. It should also boost new types of payment services, such as over mobile phones. The European Central Bank says the move would exploit the benefits of the single currency by encouraging cross-border competition in services to boost growth. SEPA would enable the EU's 490 million citizens to use any credit or debit card outside their home country and authorise direct debits across the bloc, all from one bank account. ((Editing by Paul Taylor; Brussels newsroom + 32 2 287 6817, huw.jones@reuters.com)) ($1=.7534 euro) (C) Reuters 2007. All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Sun Life Financial Qualifies to Renew IMSA Membership in Recognition of High Ethical Standards WELLESLEY, Mass.--(BUSINESS WIRE)--The U.S. division of Sun Life Financial (NYSE: SLF, TSX: SLF) recently announced that it has qualified to renew its membership in the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace. Insurance companies must complete a thorough and comprehensive review every three years to maintain IMSA membership. The review consists of a self-assessment of systems and programs, followed by an independent assessment by a qualified IMSA assessor to confirm the company meets IMSA's high standards of ethical market conduct. www.sunlife-usa.com www.IMSAethics.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Aon Launches Specialist Global Risk Consulting Unit Creates one of the world's largest dedicated risk consulting operations LONDON, March 26 /PRNewswire-FirstCall/ -- Leading insurance broker and risk management consultant Aon has formed Aon Global Risk Consulting, creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world. The formation of Aon Global Risk Consulting (AGRC) follows the launch of Aon Global in January and is the latest step by the company in bringing all its global capabilities together in a single unified structure aimed atproviding world-class service to the largest and most complex organizations. As part of Aon Global, AGRC will offer a fully integrated range of risk consulting solutions including enterprise risk management, actuarial and analytical services, risk finance, risk control and engineering, accelerated claims closure services, and (re)insurance company/captive management. www.aon.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. AHIP Partners With Health Literacy Innovations WASHINGTON, March 26 /PRNewswire/ -- America's Health Insurance Plans (AHIP) is pleased to announce a strategic partnership with Health Literacy Innovations, a software company offering a revolutionary new tool for companies and individuals who are interested in promoting clear health communication and improving printed materials for consumers and patients. In the United States, an individual's ability to understand and act on medical instructions and information ("health literacy") is a stronger predictor of health status than age, income, employment, education, race, or ethnicity. Studies have documented gaps between the way health information is presented and the ability of most Americans to understand and act on it. Low health literacy puts consumers at risk: studies have documented, e.g., that people with poor health literacy remain in the hospital more days per admission, and have more difficulty using metered inhalers for their asthma than those with better health literacy skills. www.ahipsolutions.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Anthem Blue Cross and Blue Shield Keeps Promise to Members: Enhanced Consumer-Driven Health Plans and Services Now Available to Individuals and Small Businesses Consumer-driven health products to provide the information and incentives needed to improve health DENVER, March 26 /PRNewswire/ -- Anthem Blue Cross and Blue Shield is now offering new consumer-driven health plan (CDHP) options for small group employers and individuals that will change the way consumers think about health care -- helping them to lead healthier lives while also helping them gain control over the rising cost of care. These products and services have been available to large businesses in Colorado since January. www.wellpoint.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Healthaxis Adds USNow to Client Base Healthaxis Solutions Chosen Again By Provider of Limited Benefit Medical Plans IRVING, Texas--(BUSINESS WIRE)--Healthaxis Inc. (NASDAQ: HAXS), an innovative provider of technology-enhanced, integrated business process solutions and services, including claims and benefit administration applications, web-enabled software solutions and outsourced claims related services for health benefit administrators and health insurance claims processors, today announced it has signed a multi-year contract with Plano, Texas based USNow. www.healthaxis.com www.usnow.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. AvMed Unveils New Consumer HSA Plan MIAMI, March 26 /PRNewswire/ -- In a move to offer Floridians an affordable new health plan that allows them to better manage their personal health needs and to build up personal savings for health expenses, AvMed Health Plans is offering a new product, the AvMed Consumer HSA. AvMed is partnering with HealthEquity, a national leader in Health Savings Account (HSA) services, to offer this new option in consumer-directed healthcare coverage. AvMed will offer the HDHP health coverage while HealthEquity, of American Fork, Utah, will provide all services related to the HSA.www.healthequity.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. RVOS Insurance Extends Identity Theft Services to All Its Members TEMPLE, Texas--(BUSINESS WIRE)--RVOS, also known as the Farmers Mutual Protective Association of Texas, announced today that it will now provide identity resolution services to all its members, at no additional cost. The company has contracted Arizona-based Identity Theft 911®, the leading provider of identity theft resolution and education services. RVOS’ decisive move displays a willingness to protect its members during a time where over 100 million records containing personal identifying information have been exposed in database breaches since 2005.* www.identitytheft911.com www.rvos.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Evolution Benefits Increases Patent Portfolio of Advanced Auto-Substantiation Technologies 2007 Prepaid Card Expo AVON, Conn.--(BUSINESS WIRE)--The U.S. Patent and Trademark Office extended its recognition of Evolution Benefits’ (EB) significant advances in the electronic benefit payment services industry by granting the company its second U.S. patent in as many months. EB’s newest patent, U.S. Patent 7,197,468, titled “Methods and Systems for Processing Transactions Involving Accounts for Reimbursing Medical Expenses or Patient Responsible Balances with Multiple Transactions Substantiation Modes” enables the seamless and dynamic management of real-time and retrospective substantiation methods at the individual cardholder level for an employer group. Regardless of which method is used to substantiate a purchase as an allowable IRS expense, cardholders can use their Benny™ Prepaid Benefits to debit their FSA or HRA and achieve the highest level of substantiation available. The company received its first patent, titled “System and Method for Processing Flexible Spending Account Transactions,” for its development of real-time substantiation of card transactions prior to authorizing payment. The system is widely used by EB’s clients and permits 100 percent electronic substantiation of transactions like prescription drug claims. www.EvolutionBenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. PCMA: PBMs Projected to Save Medicare, Commercial Market $1.3 Trillion on Prescription Drug Costs From 2008-2017 PricewaterhouseCoopers Study Finds PBMs Generating Discounts Averaging 29 Percent Public Disclosure of Negotiated Contract Terms Would Increase Drugmakers' Pricing Power; Cost Seniors, Plans & Medicare $67 Billion Over Ten Years WASHINGTON, March 27 /PRNewswire-USNewswire/ -- Pharmacy benefit management tools and techniques are projected to save Medicare and the commercial market more than $1.3 trillion on prescription drug costs from 2008 to 2017, according to a new study conducted by PricewaterhouseCoopers (PwC) and released today by the Pharmaceutical Care Management Association (PCMA). PCMA is the national association representing America's pharmacy benefit managers (PBMs), which lower the cost of prescription drugs for more than 210 million Americans with coverage provided through Fortune 500 employers, health insurers, labor unions, and Medicare Part D. The complete study can be found at http://www.pcmanet.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Harvard Pilgrim Health Care Becomes First Health Plan Certified in Critical Outcomes Report Analysis by the Disease Management Purchasing Consortium WELLESLEY, Mass.--(BUSINESS WIRE)--The Disease Management Purchasing Consortium (DMPC) announced today that Harvard Pilgrim Health Care has become the first health plan in the nation certified in Critical Outcomes Report Analysis (CORA) for disease management and wellness. www.dismgmt.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Expert Explains How to Increase Retirement Income over 50% ST. PAUL, Minn.--(BUSINESS WIRE)--Retiree’s are being told by many financial planners to expect about 4.0 to 4.5 percent of their retirement assets in income each year—or about $4,000 to $4,500 for each $100,000 of assets. That’s only $40,000 per year on a $1 million portfolio! The reality is that for most people that just won’t cut it. In a new report entitled The 6.6 Percent Retirement Income Solution™ ( www.thegrangaardstrategy.com/articles.htm ) nationally known speaker, author, consultant and retirement planning expert Paul Grangaard highlights the plight of American consumers and explains how to create income streams as high as 6.6 percent of their retirement assets—or about 65.0 percent more than the typical 4.0 percent solution. “Today’s retirees are being squeezed at both ends” he says. “They’re advised to accumulate more money for retirement—but then they’re also told to expect less income. Unfortunately,” he says, “the industry and the media have not picked up on the disconnect.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Guardian Achieves Strong Earnings in 2006 Projects Largest Total Dividend Payout to Policyholders In Company's 147-Year History NEW YORK, March 27 /PRNewswire/ -- The Guardian Life Insurance Company of America (Guardian) today announced strong financial results for 2006. Consolidated results for Guardian and its subsidiaries include growth in operating income before taxes to $393 million, among the highest in the company's history. Guardian's capital grew to $4.3 billion; making 2006 the first year the company's capital has exceeded $4 billion. "2006 was an outstanding year for Guardian," said Dennis J. Manning, President and Chief Executive Officer of Guardian. "Our track record of growth and innovation has continually driven us to new levels of success throughout our history. We experienced strong business results and continued to build for future profitable growth." Guardian declared a dividend of $619 million for 2007, the highest total expected payout in the company's 147-year history.www.guardianlife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Washington Insurance Consumers Olympia, WA, March 26, 2007 – Legislation pushed by personal-injury lawyers will greatly increase the number of lawsuits filed and needlessly drive up insurance costs for Washington consumers, reported three insurance industry advocacy trade associations. The American Insurance Association (AIA), the National Association of Mutual Insurance Companies (NAMIC), and the Property Casualty Insurer Association of America (PCI) are strongly opposing SB 5726. In addition to lowering the threshold for first-party bad faith claims against insurers, this measure will provide claimants monetary damages, costs and attorney’s fees, and permit the courts to award treble damages. SB 5726 will make these same remedies applicable to unfair claims practice violations under the Washington Administrative Code. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Mergers and acquisitions, the hot topic at PIANY’s Long Island RAP GLENMONT, N.Y.—The Professional Insurance Agents of New York State Inc. will welcome Alexander W. Sica, president and founder of SICA Consultants Inc., as the keynote speaker during its annual Long Island Regional Awareness Program. More than 450 insurance professionals are expected to attend the event, which will be held Thursday, April 19, 2007, at Leonard’s of Great Neck, Great Neck, N.Y., from 7 a.m. to 5:40 p.m. The Long Island RAP is a daylong event designed to help insurance producers serve their clients, serve their businesses and serve the insurance industry. www.pia.org/NY Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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