Daily Quote: "When the only tool you have is a hammer, everything begins to look like a nail." - - Unknown
1. Medicare fund exhausted by 2019 WASHINGTON, April 23 (Reuters) The U.S. Medicare Hospital Insurance trust fund will exhaust its assets in 2019 instead of the 2018 date forecast last year due to bigger payroll tax collections, a report from the fund's trustees said on Monday. The Social Security trust fund also extended its exhaustion date by a year to 2041. Despite the slight improvement reported by the trustees, the Bush administration said the two popular programs for the elderly needed urgent reform. "Without change, rising costs will drive government spending to unprecedented levels, consume nearly all projected federal revenues and threaten America's future prosperity," Treasury Secretary Henry Paulson said in a statement. The Medicare report raised a "funding warning" that is meant to trigger congressional debate over trimming costs of the health care program, which faces huge strains from rapidly rising costs and the aging baby boom generation. Also, the trustees projected Social Security outlays to outstrip tax income in 2017, the same date as forecast last year. President George W. Bush said the new Medicare prescription drug program, which relies mostly on private insurers to deliver the benefits to seniors, should serve as an example during the Medicare reform debate, adding, "competition works, competition can lower price, and improve the quality" for beneficiaries. Bush said the cost of delivering the Medicare Part D drug benefit turned out to be substantially less than originally estimated, but the report warned that financing for the drug program and other parts of Medicare will have to increase rapidly to match expected cost increases. Paulson said time was of the essence for lawmakers to address the projected funding shortfall for the two programs. "The longer we delay, the larger the required adjustments will be -- and the burden of making those adjustments will fall more heavily on future generations," he said. Reporting by David Lawder and Donna Smith, editing by Andrea Ricci; (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. CIAB - Sharp Premium Drops, Looser Underwriting Reported for First Quarter 2007 WASHINGTON – Commercial property/casualty premiums for all sizes of accounts dropped sharply during the first quarter of 2007, with indications that insurance companies are starting to loosen underwriting standards and price aggressively to get business, according to the latest Commercial Property/Casualty Market Index by The Council of Insurance Agents & Brokers The Council represents the leading domestic and international commercial insurance brokers who write 80 percent of the premiums annually in the United Statesand administer billions of dollars in employee benefit accounts. The Council’s market surveys, which have been conducted since the fourth quarter of 1999, ask respondents to compare market conditions and premiums quarter-to-quarter. Seventy-seven percent of the survey respondents said their small account premiums for January through March 2007 were down 1-30 percent, while 94 percent said their medium accounts were down 1-30 percent. Eighty-five percent said their large account premiums were down 1-30 percent. An analysis of the survey findings by Lehman Brothers placed the average premium decrease for accounts in the first quarter at 11.3 percent. The Lehman analysis said premiums for all sizes of accounts were at their lowest point since they peaked in the fourth quarter of 2001 following the 9/11 terrorist attacks. Although the premium rate decreases have been evident in the last several market index surveys, this was the first time that less restrictive underwriting was widely reported. Brokers and agents from every section of the country said carriers were writing and quoting accounts that a year ago they would not consider. Coastal property/casualty, wind coverage and California earthquake coverage remained tough to find and expensive, but no worse than previously reported, the agents and brokers said. And many coverages previously placed in the surplus lines market are now moving back to the standard markets, the survey respondents said. * For full Q1 2007 market survey results,click here. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. CIAT And AIA Announce Joint Principles For Modernization Of Terrorism Risk Insurance Extension Act Principles Designed to Provide Long-Term Economic Security; Increased Private Market Capacity WASHINGTON, DC-The Coalition to Insure Against Terrorism (CIAT) and the American Insurance Association (AIA) today announced agreement on a set of common principles that the two organizations believe must be considered by Congress as it prepares to take up legislation that would renew the federal backstop for terrorism risk insurance. The House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises chaired by Rep. Paul E. Kanjorski (D-PA) will hold a hearing on this issue tomorrow (April 24). “We believe that consensus between two major stakeholders in the debate over how to structure renewal of TRIEA represents an important step forward which will hopefully inform the discussion among policymakers,” said Martin DePoy, coordinator of CIAT’s steering committee. “We are pleased to report this development.” “Importantly, the CIAT/AIA joint principles call for the new legislation to be permanent, for the distinction between foreign and domestic acts of terrorism to be eliminated and to recognize the extreme nature of NBCR attacks through a lower deductible and certainty with respect to the role of private insurers in managing NBCR terrorism risk,” added Marc Racicot, AIA’s President. “These principles represent a set of parameters that we believe should be considered as part of any TRIEA extension bill.” www.insureagainstterrorism.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. NEW EXPERT COMMENTARY FROM IRMI.COM There are now over 900 risk management and insurance articles on IRMI.com. Below you'll find summaries of some recent additions with links to the articles. ENSUING LOSS: GETTING AROUND A PROPERTY POLICY'S DEFECTIVE CONSTRUCTION EXCLUSION - Jay Levin shows the inconsistency between the faulty workmanship exclusion and the "ensuing loss" exception. http://www.irmi.com/Expert/Articles/2007/Levin04.aspx HAZARDS OF RELYING ON COMPUTER TECHNOLOGY IN CLAIM SETTLEMENTS – Dr. Tim Ryles addresses problems with reliance on outside vendor software in resolving claims and offers suggestions for new regulatory oversight. http://www.irmi.com/Expert/Articles/2007/Ryles04.aspx CLEAR THINKING AND "RISK APPETITE" - Matthew Leitch explains why developing a "risk appetite" line can result in systematic bias. http://www.irmi.com/Expert/Articles/2007/Leitch04.aspx PERSONAL AND ADVERTISING INJURY LIABILITY COVERAGE IN THE CGL - Craig Stanovich examines exclusions to Coverage B of the CGL. Illustrations help convey policy intent. http://www.irmi.com/Expert/Articles/2007/Stanovich04.aspx BRIDGING THE "SILOS" - Neither departmental risk managers nor centralized risk czars should be the true owners of corporate risk. Mark Layton explains. http://www.irmi.com/Expert/Articles/2007/Deloitte04.aspx ARE WE FINALLY READY FOR ELECTRONIC TRADING? - Andrew Berry predicts the London and small commercial insurance sectors will see significant developments in 2–5 years. http://www.irmi.com/Expert/Articles/2007/BerryA04.aspx Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Existing home sales fall 8.4 pct in March Tue Apr 24, 2007 10:16AM EDT advertisement Email This Article | Print This Article | Reprints[-] Text [+] WASHINGTON (Reuters) - The pace of sales of existing homes in the United States dropped sharply in March to a 6.12 million-unit annual rate, the National Association of Realtors said in a report Tuesday that showed more weakness than analysts had expected. Sales were off 8.4 percent from February, the sharpest drop since a 12.6 percent drop in January 1989. Economists polled by Reuters were expecting home sales to slip to a 6.45 million unit rate from the 6.69 million unit pace originally reported for February. The February sales pace was revised to a 6.68 million unit pace. The inventory of homes for sale fell 1.6 percent to 3.745 million units. But because the pace of sales was anemic, the supply in terms of months' worth of sales was pushed up to 7.3 months from 6.8 in February. March's figure was the highest since October's 7.4 months. March saw the 8th consecutive drop in existing home prices, with the national median existing home price down 0.3 percent from a year ago to $217,000,. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. Ex-HealthSouth CEO settles with SEC Mon Apr 23, 2007 6:24PM EDT By Verna Gates BIRMINGHAM, Alabama (Reuters) Ex-HealthSouth Corp. (HLS.N:) CEO Richard Scrushy agreed to pay an extra $10 million to stockholders to settle U.S. Security and Exchange Commission charges, his attorney, Art Leach, said on Monday. In all, Scrushy has agreed to pay $81 million to settle charges he directed the company to overstate revenues by at least $2.6 billion, the SEC said. Scrushy has already paid more than $71 million after court orders in Delaware and Alabama to settle the cases and has now agreed to pay the remaining $10 million, Leach said. "The Alabama judgment pretty much cleaned him out. He has the ability to go back and show he does not have the ability to pay," said Leach. "He has agreed to the ($10 million) settlement." Scrushy, a colorful businessman who was also a member of a country music band, founded HealthSouth in 1984 and built it into what at one time was the largest U.S. health-care provider. He was acquitted in a massive U.S. criminal accounting fraud case involving HealthSouth in 2005. A year later he was convicted of bribery along with former Alabama Governor, Don Siegelman. While awaiting appeals, he has been ordained as a minister and appears daily on an evangelical television show. (Additional reporting by John Poirier in Washington) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Travelers Opens Industry-Leading Claim University HARTFORD, Conn.--(BUSINESS WIRE)--Travelers today announced the opening of its flagship Claim University training facility in Windsor, Conn. This new, state-of-the-art training facility will help the company to build upon its long tradition of providing customers with highly-trained, expert claim professionals. The 108,000 square-foot educational facility is designed to give Travelers’ claim professionals the in-depth training and expertise they need to provide knowledgeable, accurate and efficient claim service for customers and agents. “This building is a testament to our continued commitment to providing our customers with unsurpassed service when they need us most,” said Doreen Spadorcia, executive vice president, Travelers Claim Services. Travelers Claim University houses the industry’s first heavy-equipment lab featuring cranes, backhoes, bulldozers, and other heavy-duty vehicles. It is also the first insurance training facility to receive the Chief Automotive Fuzion Vehicle Repair and Sectioning System as part of the auto appraisal lab. This equipment will help teach auto appraisers how to properly read vehicle diagnostics and measure for damage, and how structural repairs on vehicles can be accomplished with precision accuracy. www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Product Competition is a Concern for Worksite Executives, According to a Recent Eastbridge Study AVON, Conn.--(BUSINESS WIRE)--Product competition ranked second as a top obstacle for worksite/voluntary executives surveyed in a recent study, Worksite Marketing: An Executive Perspective 2007. In addition, product competition was the most common answer when executives were asked what their company’s greatest obstacle would be in five years. With product competition being a top of mind issue, it’s probably no surprise that most of the execs surveyed also said they expect to see product and product mix changes over the next five years. About 30 percent describe the changes as “major,” while 70 percent describe these as “minor.” Interestingly, the types of changes expected were fairly similar regardless of whether the change was described as minor or major. Most respondents expect to add products to their portfolio. The entire spectrum of products was mentioned; however, many expect more development and/or focus on health-based products than in the past. Carriers are also expecting changes in product platform. Some carriers are planning to move more to group platform products, while others are looking to add individual worksite, individually underwritten products, or hybrid products. It appears that carriers are seeing a place for all types of products in the market. This is consistent with what Eastbridge has been saying for a number of years now—that we will see a blending of group and individual platforms to the point that platform will be almost immaterial. But despite the blending, respondents do believe that group platform products will dominate the voluntary industry. In fact, 81 percent of those surveyed expect more of the industry’s sales to be on a group platform. Seventy-one (71) percent think group product sales are likely to exceed individual product sales. Worksite Marketing: An Executive Perspective, is a bi-annual study conducted by Eastbridge Consulting Group. The survey tracks the executives’ thoughts and insights on the obstacles facing the industry today and what they might expect for the future as well as explores the executives’ opinions on other topics based on market trends. The 2007 report includes feedback from 31 key executives. The report was provided free of charge to Information Partner, Insight Customers, and participants. Companies interested in becoming an Insight or Information Partner Company can call the company at (860) 676-9633 or email info@eastbridge.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Non-Traditional Voluntary Benefits Gain Traction In The Workplace More Robust Offerings Include Programs to Help Build Digital Inclusion ATLANTA - (April 23, 2007) – As today’s employers continue to look for ways to retain and recruit a talented workforce, many are turning to the voluntary workplace as a platform for novel benefits outside the standard offerings of life and disability insurance. “Employees are increasingly realizing that the workplace offers a convenient and cost-effective opportunity to purchase ‘every day’ benefits that influence their lives and as well as those of their families on an ongoing basis,” said George F. Conmy, executive vice president of Purchasing Power. “In addition to traditional insurance protection products, employees are showing a strong interest in having access to more finance-, investment- and advisory-related offerings.” According to a new MetLife study, roughly one-third (34%) of all employees would like their employers to offer more voluntary benefits to purchase and pay for on their own. And, even though companies continue to seek ways to cut benefit costs, employers seem committed to offer a range of voluntary benefits. A new spotlight report from Eastbridge Consulting shows an increase since 2002 in the number of employees with access to voluntary benefits. Seventy percent of employees (in businesses with at least 10 employees) are now offered these types of benefits at the worksite. Creative benefits that not only boost employee morale, but also increase productivity are gaining traction in the workplace. “It can be as simple as turning computer access at home into a voluntary benefit. As companies rely more heavily on a mobile and flexible workforce, this type of benefit helps build digital inclusion, bridging the Digital Divide that still exists in society. By giving workers access to a life-enhancing tool – the computer – companies keep employees connected and stay competitive in today’s information-based economy.” Forty percent of American households are on the wrong side of the Digital Divide : 20 percent do not own a computer and another 20 percent have severely outdated technology. And, most consumers earning less than $40,000 a year do not have the cash or credit to purchase a computer. Purchasing Power, an Atlanta-based full-service provider of voluntary employee purchase programs, provides workers with convenient and affordable ways to purchase quality, name-brand personal computer bundles as well as related products and services from leading manufacturers such as Dell, Gateway and Lenovo. Employees can take advantage of either payroll deductions or cash discounts. Purchasing Power helps employees manage the cost of acquiring advanced technology bundles that include three-year manufacturer warranties and everything workers need to be fully functional at home. Nearly 4 percent of approximately 1,000 companies surveyed in 2004 by Hewitt Associates, a global human resources services company, provided a computer-purchase program to employees, up from only a handful three years earlier. These programs not only help companies improve computer literacy across the entire workforce, but also support the ongoing move to make more HR activities available to workers online. “Without such programs, some individuals and families might not ever have the opportunity to prepare themselves for the future,” Conmey said. “Today's compensation plans should benefit employees and make a positive difference in their daily lives. On the other hand, providing benefits shouldn't be a burden to employers either.” Purchasing Power is the only company that offers combined payroll deduction, automatic qualification and no interest financing for its employee computer purchasing program. Purchasing Power, an Atlanta-based full-service provider of voluntary employee purchase programs, has more than 20 years of industry experience and an established reputation for offering unique voluntary employee benefit programs. The firm is licensed in all 50 states as a reseller of personal computers and various peripherals and accessories, maintaining relationships with the major manufacturers, as well as several resellers, distributors and other suppliers. For more information, visit www.purchasingpower.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Remarks by the President After Meeting on Medicare Part D WASHINGTON--(BUSINESS WIRE)-- Roosevelt Room - 1:40 P.M. EDT THE PRESIDENT: Thank you all for coming. Today I have been discussing the Medicare Part D reforms that Congress passed and I signed, and that Mike Leavitt and a lot of other people helped to implement. This reform of Medicare has been a great success. Most importantly, it's been a great success for our senior citizens. The cost of the prescription drug plan has been less than anticipated. The individual stories about people saving money and getting better health care has warmed my heart. It took a monumental effort by a lot of citizens around the country to make the options that our seniors were given easy to understand. In other words, we reformed Medicare and gave seniors a lot of choices, and it took a lot of loving Americans a lot of time to make these choices available for our senior citizens. Now that the plan is in place, 39 million have signed up for it, drug costs are less than anticipated, and the cost to the taxpayer is about $200 billion less than anticipated. The lesson is, is that when you trust people to make decisions in their life, when you have competition it is likely you'll get lower price and better quality. It is the spirit of this reform that needs to be now extended to Medicare overall. The trustees report will be coming out today on Social Security and Medicare. It will make clear that senior citizens are in great shape when it comes to the government making their promises. It'll make clear that baby boomers, like me, are in good shape, that the government will meet its promises. But for a younger generation of Americans, it sends yet another warning signal to the United States Congress that now is the time to work to make sure the Social Security is solvent for the future, as is Medicare. And as we begin to think through solutions for Medicare, we ought to make sure that we remember the principles inherent in this Medicare reform that has worked for well for our seniors -- and that principle is competition works, competition can lower price and improve the quality of people who are a beneficiary of such a plan. Thank you all very much for coming. END 1:43 P.M. EDT Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
HSA 2007 will take place in Chicago, June 13-14 2007. To see the full agenda click here or go to www.HSA2007.com 11. Google tops new list of world's most valuable brands NEW YORK, April 23 (Reuters) - Google Inc. (GOOG.O:) has knocked Microsoft Corp. (MSFT.O:) from its perch as the world's top-ranked brand, according to findings released on Monday. The rankings, compiled by market research firm Millward Brown, also put Google ahead of well-established brands like General Electric Co. (GE.N:), No. 2; Coca-Cola Co. (KO.N:), No. 4; Wal-Mart Stores (WMT.N:), No. 7; and IBM (IBM.N:), No. 9. Some key factors seen this year in building brand recognition ranged from corporate responsibility to serving customers in emerging markets like Brazil and India, according to the study. The top-ranked brand from a non-U.S.-based company was China Mobile (0941.HK:), which dropped a spot but still came in at No. 5. The rankings were based on publicly available financial data along with primary research, including interviews with a million consumers worldwide, Millward Brown said. For Google, which ranked No. 7 a year ago, the jump to the top underscores how quickly the Web search leader has become an everyday name. The company uses relatively little advertising, instead relying on word-of-mouth promotion. By contrast, Microsoft's slide down to third place from first comes even as the software company has been rolling out its new Windows Vista operating system with a massive global marketing blitz. Eileen Campbell, global chief executive of Millward Brown, said the rankings showed "a blend of good business leadership, responsible financial management and powerful marketing ... can be leveraged to create and grow corporate wealth." Some of the other big movers on the list included Apple Inc. (AAPL.O:). which rose 13 spots to No. 16 and Starbucks Corp. (SBUX.O:), which rose 13 spots to No. 35. Those losing ground in the brand rankings included Intel Corp. (INTC.O:), Home Depot Inc. (HD.N:) and Dell Inc. (DELL.O:) Millward Brown is a unit of WPP Group (WPP.L:) and the findings were published in cooperation with the Financial Times. Reporting by Paul Thomasch, editing by Phil Berlowitz; (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Workplace Options' National Survey of Working Adults Shows Strong Demand for Back-Up Child and Elder Care Support Programs Raleigh, NC -- April 23, 2007 – A national survey of working adults commissioned by Workplace Options (WPO), the largest provider of work-life employee benefits in America, found that 59% of employees or their spouses missed three to ten days of work in the last year due to the lack of adequate back-up child or elder care options. Back-up care is needed when primary child care or elder care arrangements fall through due to illness, vacation or other unexpected circumstances. When these situations arise, they can be stressful and costly for employers and employees alike. Workplace Options conducted this survey to learn just how severe the issue is in corporate America today. The national survey, conducted by the North Carolina firm of Public Policy Polling on March 12-13 of this year, polled working adults with dependents about their back-up care needs and opinions. Fifty-seven percent of respondents were women and 43% men. Household incomes ranged from less than $30,000 per year to more than $100,000. Back-Up Care – A Necessity in Corporate America http://www.brighthorizons.com/buca www.workplaceoptions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Work & Family Benefits, Inc. Partners with Triveris to Integrate Delivery of Work/Life Resources and Personalized Preventive Care New integrated solution enables companies to provide compliance-based preventive care to employee populations of all sizes, driving down healthcare costs. Parsippany, NJ - April 24, 2007 - Work & Family Benefits, Inc. (WFB), the nation's largest provider of dependent care resources and referral services to employer clients, today announces a partnership with Triveris, a leading health plan designer and health compliance management company, to provide companies and TPAs with a solution that delivers targeted work/life resources and preventive care information to individual plan members. The solution incorporates WFB's telephonic and web-based work/life resources with real-time clinical data from Triveris, promoting a compliance-based approach to managing healthcare. The solution will leverage Triveris' rigorous data collection and analysis process to identify opportunities for individual members to optimize their health status. By improving individual health, and promoting proactive healthcare, organizations can reduce their clients' healthcare expenditures. The system allows plan administrators to identify individuals who are potentially large claimants at an earlier stage and provide them with customized care management strategies, including member-specific preventive care and wellness programs. Condition-specific information and resources will be delivered directly to individual members through the program. This approach, which integrates medical data and claims analysis with preventive care information, facilitates an appropriate plan of care that promotes member participation and patient advocacy. A preventive approach leads to improved employee health that, in turn, leads to lower claims and healthcare costs. "This new model presents an exciting opportunity for plan administrators of all sizes with a valuable, easy to implement, and cost-effective approach for managing healthcare costs," says Bill Mulcahy, founder and president of Work and Family Benefits. "We are pleased to be working hand-in-hand with Triveris to add our work/life resources and telephonic support to a platform that will certainly change the paradigm of how employers approach the challenge of holding the line on healthcare costs." www.triveris.com www.wfbenefits.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Women expect to care for aging parents but seldom prepare Securian survey indicates 84 percent of caregiving decisions delayed until time of need St. Paul – April 23, 2007 -- Women expect to care for their aging parents and are willing to take on the responsibility, but few take steps to plan for it. A survey for Securian Financial Group, Inc. by Gestalt Inc., shows 84 percent of the women surveyed with a parent who had received care indicated no plans were made until care was needed. Securing or providing care at that point can create crisis situations, forcing family members to take unplanned time off work to provide care or scrambling to find quality care, either at home or in a care facility. “Most women will face the challenge of caring for their parents at some point in their lives,” said Kim Anderson, product manager, Long-Term Care Insurance, Securian. “Our survey indicates that women can do more to prepare themselves and their families for it -- financially, emotionally and in terms of time demands and where the care will be given.” www.securian.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Compensating family caregivers Sat Apr 21, 2007 9:23AM EDT By Linda Stern WASHINGTON (Reuters) - Here's a question likely to spark some sibling debates: Should families pay the dutiful daughter or son who steps up to be an aging parent's primary caregiver? For many people, the first impulsive response is something like, "Heck, no!" It's about love, they'll say, not money. The whole idea of family members paying each other seems cold and calculating, and designed to sow dissent and hurt among the various family members. But in fact, there are some good reasons to put money behind these arrangements. For starters, the family member who is providing the care may be giving up her own income (it's usually, though not always, a woman) and putting her own money into that care. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Neiman Marcus employee data stolen NEW YORK, April 24 (Reuters) - Computer equipment containing the personal data of nearly 160,000 current and former employees of the Neiman Marcus Group Inc. has been stolen, the high-end retailer said on Tuesday. The equipment is owned by a third-party pension benefits plan consultant that has not been named. The stolen files contain data from 2005, including Social Security numbers and salary information. Last month, retailer TJX Cos. Inc. (TJX.N:) said information from 45.7 million credit and debit cards belonging to customers was stolen in a computer security breach over 18 months through mid-January. The company, which operates Neiman Marcus and Bergdorf Goodman stores, has no evidence to suggest the information has been accessed or misused, and is working with law enforcement to locate the stolen equipment, Chief Executive Burt Tansky said in a news release. "If appropriate, (we) will take steps to enhance security protocols regarding the handling of our employees' information by third party vendors," wrote Tansky in a note to employees posted on the company's Web site. The Dallas-based retailer, owned by an investor group led by equity firms Texas Pacific Group and Warburg Pincus, is notifying all affected individuals and helping them monitor their credit reports for any unusual activity. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Securian applies experience and client research to new debt protection products St. Paul, MN, April 24, 2007 – Securian Financial Group has unveiled its new suite of debt protection products designed to meet today’s lending needs. The products are a result of Securian’s experience in the marketplace as well as client research conducted throughout 2006. “We were one of the first to market with debt protection programs for consumer loans, and we continue to innovate,” said John Gibbons, National Sales Consultant. “We possess a deep understanding of this business and make it a priority to focus on the business of our clients – lending. The flexibility of debt protection truly presents the best framework for protecting today’s varied loan types.” www.securian.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. ACE USA Launches Legacy LiabilitySM Insurance Coverage to Respond to Unique Needs of Existing and Potential ACE Clients PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today announced the launch of the ACE USA Legacy LiabilitySM product, which offers coverage for transactions related to mergers & acquisition activity or historic and future liability issues of insureds. The ACE USA Legacy Liability product offers primary and excess limits of liability available, with minimum account premiums starting at $25,000. Coverage is customized to exposures including, but not limited to: Mergers & acquisition liabilities (including successor liabilities); Isolated liability exposures (discontinued products/services coverage or laser coverage for specific products/services); Liability trigger conversion (claims made to occurrence coverage); and, Retroactive limits of liability (adding limits to past policies, replacing coverage for insolvent insurance carriers). This product is targeted to organizations as they navigate the merger & acquisition or divestiture transaction process. www.ace-ina.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Mission Benefits Launches the Country’s Only Health Benefits Franchise Franchisees Will Enjoy Huge Market Demand, Flexible Business Hours, Entrepreneurship, Extensive Training, Recurring Income and High Margin Growth Potential SUNNYVALE, Calif.--(BUSINESS WIRE)--Mission Benefits Franchise Corp., a leading employee benefits company, today announced the first-ever group health benefits franchise opportunity offered in the United States. Franchisees will now be able to provide the same quality products that have propelled Mission Benefits, Inc. into one of the fastest growing health benefits brokerage in California, serving the small business markets. According to founder Matthew Sohn, “With healthcare legislation in the news almost every day and small business employers aching for a solution to group health benefits challenges, we are incredibly excited about launching this venture now, as it seems our timing is perfect. By taking a high-tech approach to a relatively low-tech industry, we believe Mission Benefits can dramatically impact the existing market for small business group health benefits.” For more information, please call Bobby Giorgetti 408-734-0438 x107 or visit www.MissionBenefits.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Optimus Solutions Launches Healthcare Practice to Better Serve Client Needs NORCROSS, Ga.--(BUSINESS WIRE)--Optimus Solutions, a comprehensive technology solutions provider and value added reseller (VAR) based in suburban Atlanta, announced the launch of a new practice area dedicated exclusively to serving the needs of healthcare clients. The healthcare practice focuses on the complex IT needs of hospitals, physicians groups, insurance providers and integrated delivery networks. http://www.OptimusSolutions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. New Marsh Study Indicates as Risks Rise, So Do Concerns among National Oil Companies about Their Ability to Cope Those Responsible for 90% of World’s Oil Reserves Express Concern about Their Full Understanding of the Emerging Risks They Face NEW YORK--(BUSINESS WIRE)--Less than 10% of National Oil Company (NOC) leaders surveyed by Marsh Inc. strongly feel they have a full understanding of the risks they face – and how to effectively manage them. This finding was contained in a new study released today by Marsh, the world’s leading risk and insurance services firm, examining risks and operational challenges among state-owned oil enterprises. Marsh gathered much of the data from a recent groundbreaking global risk advisory meeting held in Dubai and attended by approximately 250 leaders from NOCs, government and academia. “The Impact of Risk on National Oil Companies,” available at www.marsh.com, also reveals a strong desire by NOC leaders to understand risk better and find better ways to share related best practices. More than 90% of the NOC leaders Marsh polled agreed that more discussion forums were needed. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. CIGNA HealthCare to Offer Quicken Health, Simplifying Health Care Financial Management Millions of CIGNA HealthCare Plan Members to Have Access to Quicken Health Online Tool BLOOMFIELD, Conn. & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--CIGNA HealthCare and Intuit Inc. (Nasdaq:INTU) are teaming up to offer Quicken Health™, an online health tool to help more than nine million CIGNA HealthCare plan members manage and direct their care, have a better understanding of their health care finances, make better health care decisions, and save time and money. Scheduled to be available to CIGNA HealthCare’s members at no additional charge in 2008, Quicken Health will enable them to: Improve their understanding of health care benefits and expenses. It will help members manage their health care finances and help answer their core health care money management questions such as: What is my deductible? What is my out-of-pocket maximum? Who do I owe? How much do I owe? View and organize medical expenses, insurance payments, service histories from physicians and hospitals, and other health care information in one easy-to-use system that explains key concepts and terminology for consumers. Download, consolidate and organize personal health claims data. http://www.CIGNA.com/ www.intuit.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Staples® Arms Customers with New Tools in the Fight Against Identity Theft FRAMINGHAM, Mass.--(BUSINESS WIRE)--Every four seconds, someone becomes the victim of identity theft. In fact, 20 million Americans have been victimized in the past two years alone, according to a recent study conducted by Javelin Strategy & Research. To help make protecting personal information easier, Staples, Inc. (Nasdaq: SPLS) today announced the launch of Staples® Identity Theft Protection service powered by PrivacyGuard®, and an exclusive two-pack bundle of Symantec’s Norton Internet Security 2007 PLUS Staples Identity Theft Protection (three-month trial service as added value with purchase) available at Staples stores nationwide. www.staples.com www.symantec.com www.privacyguard.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. DriveCam Inc. Introduces First Cellular and Web-Based Platform for Driver Risk Management Clients SAN DIEGO--(BUSINESS WIRE)--DriveCam Inc. today announced new deployment options for its behavior-based risk mitigation solution. The company now offers the next generation in Driver Risk Management, cellular or Wi-Fi delivery options with a Web-based interface. DriveCam is the first Driver Risk Management company to offer cellular upload to fleets, simplifying technology deployment for commercial and government fleets. www.sierrawireless.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. AIG WorldSource® to Offer Accel Elite — Employers’ Liability Coverage for U.S. Companies Operating in the United Kingdom NEW YORK--(BUSINESS WIRE)--AIG WorldSource®, a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced it is offering Accel Elite — employers’ liability coverage for U.S. companies with operations in the United Kingdom. Accel Elite provides for professional case management for employees injured or made ill at work, including oversight and coordination of medical treatment, no fault medical rehabilitation services and vocational consultancy. Clients can also take advantage of a 24-hour, 365-day incident Reportline staffed with operators trained to efficiently lead employers through the accident reporting process and ensure compliance with health and safety regulations. Additionally, Accel Elite offers on-site professional health and safety reviews of a company’s processes and procedures, access to a health and safety hotline for questions and advice on best practices and legal compliance, and prompt and dedicated support for businesses in the aftermath of a serious accident. www.aigworldsource.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. CMSA’S President-Elect, Lee Cotton, to Testify before Congress in Support of Terrorism Insurance Extension NEW YORK--(BUSINESS WIRE)--Leonard W. Cotton, Vice Chairman of Centerline Capital Group, a subsidiary of Centerline Holding Company (NYSE:CHC), and president-elect of Commercial Mortgage Securities Association (CMSA®) is scheduled to testify in front of Congress today before a hearing of the House Financial Services Committee, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises on “Policy Considerations for Extending the Terrorism Risk Insurance Act.” CMSA is the international trade organization that promotes the commercial real estate capital market finance industry. “Membership includes leaders from all real estate sectors, including lenders, investment banks, trustees, rating agencies and loan servicers,” says Cotton. “The CMBS market [commercial mortgage-backed securities] comprises investment securities that pool commercial mortgages and issue bonds backed by individual loans. Growth of the CMBS market benefits all parties in commercial real estate and the US economy as a whole.” The CMBS securitization process allows lenders to increase the number of commercial mortgages they underwrite, which, in turn, fuels the economy. Commercial loans linked to CMBS securitization now account for more than 40 percent of the total commercial real estate financed each year. The CMBS industry is now a $770-billion business in the United States. “Those numbers alone indicate the vital role CMBS plays in the functioning of the commercial real estate market,” adds Cotton. “But its smooth functioning depends on the availability of comprehensive risk insurance coverage, including terrorism insurance.” www.centerline.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Keane Hosts Symposium on Financial Services Authority's Newest Insurance Regulations at Lloyd's of London Over 50 risk management and compliance officers from the U.S. and U.K.'s leading insurance firms gathered to discuss implementation challenges surrounding the FSA's ARROW II requirements, which is on pace to enter U.S. market Event co-sponsored by Microsoft and SunGard Data Systems Wayne, PA.-April 24, 2007-The Keane Organization, a leading provider of compliance and risk management solutions to Fortune 1000 corporations, recently held a panel event at Lloyd's of London to discuss the Financial Services Authority's principles-based insurance regulation and, more specifically, the challenges posed by its risk-based framework, ARROW II. This most recent revision of ARROW continues to focus heavily on clearly defined and repeatable risk management processes, as well as the integration of capital assessment, effectively requiring insurers to maintain up-to-the-minute assessments of their risks and capital adequacy to stay current. Panelists dissected common implementation challenges, such as gaining buy-in from the business and managing large amounts of data in real time, as well as the benefits of aligning capital to risk in terms of focusing senior management on key business risks. Web site: https://www.keaneco.com/Default.aspx Lloyd's of London: http://www.lloyds.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Georgia General Assembly Session Marked By Defeat Of Attempt To Expand Uninsured Motorist Coverage ATLANTA, April 23, 2007 -In a session highlighted mostly by legislative inaction, the Georgia General Assembly adjourned April 20 after defeating a trial bar attempt in the final days of the session to mandate a costly expansion of uninsured/underinsured (UM/UIM) motorist coverage, according to the American Insurance Association (AIA). Under SB 276, “stacking” of UM/UIM coverage would have been expanded so that a policyholder could make further use of that coverage if the at-fault driver did not have sufficient liability coverage. “This measure is representative of ongoing efforts by the trial bar to expand auto insurance coverage, a move that serves only to make insurance less affordable for consumers,” said Raymond G. Farmer, AIA assistant vice president, Southeast Region. “Coverage mandates for auto insurance should be narrowly defined, in order to keep policies affordable for the greatest number of drivers. We’re pleased that legislators ultimately sided with consumers, who continue to have the option to buy additional coverage, but will not be required to do so.” On other issues, legislators passed SB 182, which clarifies the asbestos and silica medical criteria law passed in 2005 so as to limit judicial challenges; for example, applying the medical criteria prospectively. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Modesto, CA Records Dramatic Vehicle Theft Reduction; Las Vegas, NV Now Ranks as Country’s Number One Metro Area With Highest Theft Rate Des Plaines, IL—The National Insurance Crime Bureau (NICB) reported today that after three consecutive years as the area with the worst per capita vehicle theft rate in the nation, Modesto, CA has fallen into the number five position—a dramatic improvement. Taking over the “Number One Hot Spot” is Las Vegas, NV. As in 2005, the western United States still ranks as the area of the country with the highest auto theft rates. All of the nation’s top ten areas are in the west with five of them in California. For 2006, the ten metropolitan statistical areas with the highest vehicle theft rates are:
For the complete information on Hot Spots 2006, please visit www.nicb.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Podcast interview highlights great service, technology, fun in Best Practices agencies University Park, IL—April 23, 2007—The best-performing U.S. independent insurance agencies provide great customer service, implement efficient technology, and have fun doing business, according to IIABA Best Practices information highlighted in the newest podcast produced by technology vendor Applied Systems, Inc. Interviewed in a Leadership Series podcast posted today, Madelyn H. Flannagan, Vice President, Education and Research at IIABA (Independent Insurance Agents and Brokers of America), lists a number of qualities the Best Practices program found are common among the nation’s top-performing agencies. To hear the complete podcast interview, search ‘Applied Systems’ in iTunes, or visit the Appliedcast Channel at www.appliedsystems.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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