Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com Key Benefit Resources, LLC. custom design, create, and develop employee benefits plans and programs for Brokers, Employers, Unions, Affinity Groups as well as National and Regional Insurance Carriers. Daily Quote: "Swing at the strikes." - - Yogi Berra
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1. Three-Quarters of Large US Employers Don't Want to Fund Retiree Health Benefits, But Still Willing to Provide Access, Finds PricewaterhouseCoopers Survey To Reduce Healthcare Costs, Employers Expect Current Employees to Get Healthy or Pay NEW YORK, May 2 /PRNewswire/ -- A majority of large US employers want to provide their retired employees with access to health insurance, but they no longer want to fund the coverage, according to findings of a PricewaterhouseCoopers Management Barometer Survey released today. The survey also found that to cut health costs among their current workforce, employers are looking for greater accountability, telling employees to get healthy or pay the price. Nearly two-thirds of employers surveyed agree that employees with unhealthy lifestyles, such as smoking, poor diet and inadequate exercise, should pay more for their health insurance coverage. This sentiment is up significantly from 2005, when fewer than half of employers (48 percent) felt this way. Findings of the survey are in a report entitled "Tailoring the Approach: Employer Attitudes and Healthcare Strategies Address Distinct Issues," published by PricewaterhouseCoopers Health Research Institute. According to the survey:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Court Refuses to Prohibit Debate on MCC Premium Finance Program NEW YORK, May 2 /PRNewswire/ -- In a significant reversal of its previous position, the Superior Court of Orange County ruled that life insurance industry innovator Mark Ross cannot be prevented from engaging in public dialogue about the business practices of Mutual Credit Corp. [MCC], an Irvine, Calif.-based premium finance agency that Mr. Ross alleges has defrauded seniors out of hundreds of millions of dollars in life insurance protection. The decision continues the successful advance of Mr. Ross' efforts to "clean up" abusive practices in the life insurance industry. MCC and its co-defendants sought a preliminary injunction to silence Mr. Ross and prevent him from disseminating the facts about the program and the manner in which it is being operated by MCC's principals. The court's decision implicitly recognizes the crucial role that the free exchange of ideas and criticism plays in ferreting out what may prove to be improper acts and ensuring that an industry's participants are held to the highest standards of integrity when dealing with the public. Mr. Ross, along with Toni Jones, the trustee of a life insurance trust which purchased an insurance policy financed by a loan from MCC, has sued the financing agency in Orange County Superior Court to force it to abideby the terms of its agreement. When Mr. Ross was hired by Ms. Jones to help her fulfill the terms of her loan agreement, their efforts were thwarted by MCC. MCC has unilaterally sought to disregard the terms of the very contract it authored in favor of a procedure which may seriously harm the seniors whose lives are insured, and their families. "The practices described in this lawsuit against MCC emphasize the need for all parties in this industry to come together and develop a consensus on best practices to protect consumers while preserving legitimate premium financing transactions," said Peter Molinaro, the newly installed President and Chief Operating Officer of the American Life Insurance Congress. "This is one of the goals of the Congress, and we look forward to getting down to work." www.markross.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Still River Releases New Paper in Series on Comprehensive Retirement Income Planning HARVARD, Mass.--(BUSINESS WIRE)--Still River has just posted its new paper, "Retirement Income Planning, Part 15: Can the Retiree Market Be Profitable for Advisors?”. This paper looks at the time consuming nature of serving the retiree market, and proposes a solution to make the process more cost effective. “Planning for older clients is far more complex and time consuming than for younger ones, and the stakes for the older client are far higher,” noted Chuck Yanikoski, President of Still River. “Not only does it cost more for advisors to serve retirees, their financial rewards also tend to diminish. How can we make this business cost effective without shortchanging the retiree? The solution is a planning process that is comprehensive, detailed, and integrated, but that requires a minimum of effort from the advisor and his/her staff. By having the client collect and input the data and the computer perform the extensive and complex calculations, the advisor’s time is kept to a minimum. By the time the advisor even sees the case, the data has been collected and input, the analysis performed, the recommendations generated, and the preliminary reports ready for the advisor to review and implement.” www.StillRiverRetire.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Willis Capital Markets Acts as Co-Lead Manager of $100 Million Earthquake Risk Linked Securitization London, UK, May 2, 2007 – Willis Capital Markets has acted as Co-Lead Manager of an offering of $100 million of notes linked to the occurrence of earthquakes in California. The notes, which have been issued by Ajax Re Limited as part of a $1 billion shelf program, provide reinsurance protection to Aspen Insurance Limited. Lehman Brothers acted as sole initial purchaser and bookrunner for the transaction. The proceeds of the notes collateralize a reinsurance agreement between Ajax Re Limited and Aspen. Loss payments under the reinsurance agreement are triggered by estimated insured property losses as reported by Property Claims Services (PCS). The notes, which were rated BB by Standard & Poor's and b+ by AM Best, have a coupon of Libor +625 basis points. The notes mature on May 9, 2009. The program allows Ajax Re to issue further series of notes to provide Aspen with up to $1 billion of protection, in respect of any perils, at any given time. www.willis.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. UBS winding up hedge fund after Q1 profits fall Thu May 3, 2007 4:19AM EDT By Andrew Hurst, European Banking Correspondent ZURICH (Reuters) - Swiss bank UBS shocked investors by reporting lower first quarter net profits on Thursday and the closure of its Dillon Read hedge fund arm which was hit by losses in the U.S. subprime mortgage market, sparking a selloff in its shares. Dillon Read Capital Management ran up losses of 150 million Swiss francs ($124 million) in the first quarter, becoming the latest casualty of the crisis earlier in this year in the U.S. subprime sector. "This was related to the U.S. mortgage securities market, which was obviously weakened by the U.S. subprime sector," Chief Financial Officer Clive Standish said in a conference call with financial journalists. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Dutch court tells ABN to freeze LaSalle sale Thu May 3, 2007 11:30AM EDT By Reed Stevenson and Gilbert Kreijger AMSTERDAM (Reuters) - A Dutch court ruled on Thursday that ABN AMRO (AAH.AS: must freeze its $21 billion sale of U.S. unit LaSalle to Bank of America (BAC.N: opening up the possibility of a rival bid for the Netherlands' biggest bank. The commercial court in Amsterdam said the deal should be put to shareholders, as well as any other decision to sell the entire bank or parts of the bank. At issue was whether ABN's sale of LaSalle can be considered a "major transaction" requiring shareholders' approval. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Unum shares surge 9 pct as first qtr net doubles NEW YORK, May 3 (Reuters) - Unum Group (UNM.N: shares soared in early trading on Thursday after the disability insurers reported late Wednesday that first-quarter profit doubled from year ago levels. Unum, the largest disability insurer in the United States and Britain, said its latest earnings were $178.3 million or 51 cents, up from $73.4 million or 23 cents in the first quarter of 2006. Unum shares rose rose $2.49, to $27.41, in trading on the New York Stock Exchange at shortly after 10 a.m., up nearly 10 percent and a level the stock has not reached since 2001. In a conference call with analysts, Chief Executive Tom Watjen said the Chattanooga, Tennessee-based insurer now had $900 million in excess capital, and analysts pressed for a possible share repurchase plan. Reporting by Ed Leefeldt, editing by Martin Golan (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Allianz, Hana in talks over insurer deal-source Thu May 3, 2007 5:03AM EDT SEOUL, May 3 (Reuters) - Allianz (ALVG.DE: Europe's biggest insurer, is in negotiations with South Korea's Hana Financial Group (086790.KS: to sell its entire stake in an insurance firm to Hana, a source familiar with the situation said on Thursday. Allianz runs a 50-50 life insurance joint venture with Hana Financial, after the No. 4 financial services firm in South Korea bought the stake in the unlisted insurer for an undisclosed sum in 2002. Separately, the German insurance group has its wholly owned Allianz Life Insurance Co. Ltd. (www.hanalifeinsurance.com) Allianz is the No.4 single largest shareholder in Hana Financial with a 4.7 percent stake. Singapore's investment agency Temasek Holdings [TEM.UL] and Goldman Sachs (GS.N: are top shareholders of Hana Financial, with a combined 18 percent stake as of the end of 2006. ($1=929.1 Won) Reporting by Kim Yeon-hee, editing by Sei Chong (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Flagstone Re Announces Exercise of Over-Allotment Option by Underwriters HAMILTON, Bermuda--(BUSINESS WIRE)--Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that the underwriters of the Company's March 29, 2007 initial public offering of common shares partially exercised their over-allotment option to purchase an additional 750,000 common shares. Including the over-allotment shares purchased, the Company sold 13,750,000 shares at a public offering price of $13.50 per share, resulting in net proceeds to the Company of approximately $173.1 million (after payment of the underwriting discount, but excluding offering expenses). Lehman Brothers Inc. and Citi acted as joint bookrunners of this offering. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Allstate Insurance Company Launches New Web Site for the Media NORTHBROOK, Ill.--(BUSINESS WIRE)--Allstate Insurance Company has launched its new media resources and executive communications section of its Web site (http://media.allstate.com). Journalists can quickly and efficiently download the latest broadcast quality videos (http://media.allstate.com/videos) and images (http://media.allstate.com/photos), listen to executives speak (http://media.allstate.com/executives) on key issues for Allstate and get the latest Allstate news by opting in to receive e-mail alerts (http://media.allstate.com/email_alerts/new) and RSS feeds (http://media.allstate.com/rss). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. State Fund to Receive Over $100,000 in Restitution From Los Angeles Businessman in Workers' Compensation Fraud Case LOS ANGELES and SAN FRANCISCO, May 2 /PRNewswire/ -- Los Angeles Superior Court Judge David Horwitz ordered Rogelio Mata, owner of Rogma Construction Services, to pay full restitution to State Fund of $100,000 after pleading no contest to one count of Insurance Code Section 11880 - insurance premium fraud. Judge Horwitz also sentenced Mata to three days in county jail. Mr. Mata operated Rogma Construction Services out of his Los Angeles home, and represented his company to State Fund - a workers' compensation insurance carrier - as a construction clean-up service rather than a construction demolition company. Construction demolition requires a more expensive category for workers' compensation premiums. Rogma Construction Services had 15 to 20 employees, and while Mata reported the correct total payroll to State Fund, he reported it in a lesser-rate class code in order to pay less for his premiums. The fraud was discovered after State Fund received a tip from one of Rogma's business competitors. www.scif.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. A.M. Best Adds Total Returns to Insurance Stock Indexes OLDWICK, N.J., May 2, 2007—Beginning with the close of markets on May 2, the 15 stock indexes tracking publicly traded insurers will also include a daily summary of the index performance based on total return. An investor using a total return index sees a more accurate indication of an index’s actual investment return: price change plus reinvested dividends. For example, since Dec. 31, 2004, A.M. Best’s Global Insurance Composite Index (AMBG) has increased 39.6% based on price alone (as of Apr. 27, 2007), but on a total return basis the same index (with a T appended to the ticker, i.e., AMBGT) has returned 44.6%. Insurance companies often look to benchmark their own stock performance against a peer group. Market analysts do the same. Those looking to do such an assessment now are able to view actual, or total, return, including both the change in a company’s stock price as well as return in reinvested dividends, against a peer grouping on a similar basis. This is the same view that usually has greatest meaning to a company’s stockholders. www.ambest.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Big “I” Town Hall Meeting Tackles Top Insurance Issues WASHINGTON, D.C., May 3, 2007 -- Big “I” CEO Bob Rusbuldt moderated an Insurance Panel and Town Hall meeting of industry stakeholders at the National Legislative Conference & Convention of the Independent Insurance Agents & Brokers of America (IIABA) in Washington, D.C. on Friday, April 27. The forum was the first insurance town hall meeting to include representatives from all industry stakeholders: a legislator, an insurance regulator, a consumer advocate, an independent agent and an insurance carrier CEO. The unique forum and diverse group discussed major trends and challenges facing the insurance industry and consumers today, including the aftermath of Hurricane Katrina, natural disasters and flood insurance, the McCarran-Ferguson Act, industry profitability, and terrorism risk. Panelists spent considerable time discussing the state of the industry post Hurricane Katrina and the mistakes that were made, but also discussed solutions such as a federal backstop or a tax credit for homeowners. Van Berkel said he thought it should be a multi-step solution. “One thing is rate deregulation,” he said. “I think we need to be able to match exposures with price…a federal fund, along with some tax-free reserving for homeowners.” Sevigny added, “Tax deferral on reserves for catastrophes, we believe that’s a good thing…tax credits, we believe that’s a good thing and stricter building codes we believe are a good thing.” In regard to TRIA, Hunter said that while he initially supported it, he is not in favor of a renewal. “When 9-11 happened, I was the first person to call for TRIA…saying you got to do it by the end of the year, he said. “But then I watched what happened …so I changed my position… But I think NBCR (nuclear, biological, chemical, radiological) will be added and I think Congress will back that up.” Panelists also discussed a possible repeal of the McCarran-Ferguson limited antitrust exemption. “What my fellow agents want are more markets and more choices for consumers in Florida,” Soto said. “We’re told time and time again, they (companies) will have difficulty having confidence in doing business if they don’t have historical loss data and the ability to use aggregated information under McCarran Ferguson.” Sevigny noted that he believes the reason that Congress wants to look at repealing McCarran-Ferguson is misguided. “I can tell you that as a body, the NAIC believes the repeal of the exemption would be bad for the consumers. …and our job is to protect the consumers,” Sevigny said. When asked of the prospects of the legislation in Congress, Pomeroy responded, “I don’t see anything at all on the fast track for McCarran, nor should there be.” The panel also touched on insurance regulatory reform and compensation. “Unfortunately contingency commissions and the local independent agent got dragged into this and as a result it’s become very confusing,” Pomeroy said. “I think as we go forward we are going to see a fundamental shift in the way agents are compensated and more and more companies are going to be looking at eliminating contingency commissions they had in the past. Hunter stopped short of calling for eliminating contingent commissions, saying, “I think they need to at least be regulated and moderated.” Attorney generals are not good regulators, Sevigny said, “But I think Spitzer kicked up legitimate problems. We need to be diligent and be proactive and when we’re not, when we have attorneys general get involved, things may go well beyond the things addressed.” www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Big “I” Young Agents’ President’s Panel Discusses Future Of Independent Agency System Panelists touch on catastrophe response, potential legislation and other industry trends. WASHINGTON, D.C., May 2, 2007—A panel of prominent insurance industry leaders discussed current industry trends, the aftermath of Hurricane Katrina and the future of the industry at the Big “I” Legislative Conference & Convention. The panel was part of the Young Agents meeting held in conjunction with the conference. The panelists addressed the impact on the industry of possible legislation from Congress—specifically the negative impact of a possible repeal of the McCarran-Ferguson limited antitrust exemption. “There are currently 5,000 insurance companies competing in the United States,” said Hyatt. “[The repeal] would have an anti-competitive result.” “There is also a possibility of dual regulation,” added Spencer Donkin, noting the repeal could open the up the possibility that the industry could be regulated at the state and federal level. Lynch said that sharing loss data currently allowed under McCarran-Ferguson gives the industry stability. “This industry works best in an environment of certainty,” he said. “Uncertainty results in restrictions of markets and the wrong price.” The panel also discussed in depth the impact that Hurricane Katrina had on the industry and what can be learned. Big “I” President Alex Soto expressed his frustration with the media concentrating on the negative stories, when, in reality, 98 percent of claims have been settled. “The whole story is not being told,” he said. Speaking about lessons learned, Restrepo said quick response time is critical. “The sooner an actual person is part of the process, the faster customer anxiety goes away,” he said. Discussing possible strategies for future catastrophes, Hyatt added that an important step is “working on reasonable building codes.” Soto also noted that agents had been marginalized in responding to Katrina-related claims. “Agents need to have back door access to the claims data for their customers, and we need to have draft claims authority,” he said. Despite industry challenges, the panel agreed that the future of the independent agency model is bright. “We will continue to see evolutionary—not revolutionary—change,” Donkin said. “Consolidation will occur but it will help agents get stronger and more focused.” Discussing the small business impact of independent agents, Lynch said that agents are “the backbone of what keeps the American economy going.” Hyatt added that “We can compete and we will compete. It’s a complex legal contract that we sell. Your advisory role is critical.” www.independentagent.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. “How” and “When” of employee health incentives answered in new IncentOne issue brief Lyndhurst, N.J. — May 3, 2007 — Today IncentOne released “The Art and Science of Health Incentives,” an issue brief addressing the rapidly growing trend among employers to offer incentives for improved employee health and wellness. The brief lends IncentOne’s expert voice to explain how and when employers should offer incentives. IncentOne is a technology solutions company specializing in administration of incentives for employer-based health and productivity programs. IncentOne provides solutions to half of the Fortune 50 companies, major health plans, insurance companies, financial institutes and membership organizations throughout the country. A recent Hewitt survey found that nearly half of the nation’s major employers now offer or plan to offer incentives next year to employees who participate in wellness or other health-related initiatives, compared with just 38 percent in 2006. The sharp increase is based in large part on the rising cost of health care, especially for coverage of those with chronic illness. “Lifestyle factors- smoking, a sedentary lifestyle and poor nutrition- play a prominent role in the development of chronic disease,” says Michael Dermer, president and chief executive officer of IncentOne. “Improving employee health lowers costs and increases productivity--a tangible financial benefit for anyone watching the bottom line.” But implementing a successful incentives plan takes both art and science to execute. “The Art and Science of Health Incentives” identifies and examines six steps organizations should take when implementing an incentives program. “The Art and Science of Health Incentives” is available at http://www.IncentOne.com/IssueBrief . Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. BEN-E-LECT and grouplink Inc. partner to introduce first Employer-Driven, high deductible dental plan in colorado COLORADO SPRINGS, CO, May 2, 2007—Ben-e-lect, one of country’s leading third-party administrators (TPAs) and innovator of “employer-driven” benefits plans, announced the launch of its new high-deductible dental plan that will offer significant cost savings to Colorado employers providing dental benefits to employees. The plan is powered by GroupLink, Inc., an industry specialist in dental plans, and underwritten by Madison Life Insurance Company, an A- rated insurance carrier with assets of over $759 million. “We are excited to bring our fully-insured, high-deductible dental plan to the Colorado marketplace and are confident it will become as successful as Ben-e-lect’s employer-driven health plan introduced last year,” says Mark Reynolds, CEO and president. “Now with this plan, employers with as few as two employees will be able to afford the number one ancillary benefit requested by employees…dental coverage.” Reynolds explains there are many different types of dental plans being touted as ‘consumer driven’ but a close look at most of these plans shows that costs are being shifted from employer to employees through lower benefits or defined contributions. Some are merely discount plans, providing access to dentists using a fixed amount per service. www.benelect.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. LifeLock Partners With MyPublicInfo, Inc. TEMPE, AZ — (May 2, 2007) — According to The Privacy Rights Clearinghouse, a non-profit group in San Diego, since January of 2005 more than 153,000,000 consumers have become potential victims of Identity Theft through losses of personal information. While data losses come from various means, one constant remains -- often the victims have no idea if their information has been used until it’s too late. Fighting ID theft takes a team effort, thus LifeLock CEO Todd Davis announced today that the nation’s leader in preventing ID Theft has partnered with Virginia-based MyPublicInfo, Inc. to provide consumers a comprehensive plan that would warn of risks and prevent the use of personal information. “Through our new partnership with MyPublicInfo, Inc., we have the chance to create something totally unique to the marketplace and long overdue,” said LifeLock CEO Todd Davis. “Until now, the majority of our clients have come to us because the statistics show that it’s not “if” your information gets compromised, but “when”. Now consumers coming to us through MPI will have a firm understanding what kind of risk for ID theft they may have and protection they need.” www.lifelock.com MyPublicInfo, Inc. was founded in Arlington, Virginia in 2004 and is the leading provider of consumer identity scoring and identity management services. MyPublicInfo sells the most comprehensive identity protection products available through www.IdentitySweep.com and www.MyPublicInfo.com, partner web sites, and other marketing channels. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. King Insurance Adds Admitted Comprehensive Personal Liability Market San Juan Capistrano, CA…King Insurance Support Systems has announced they have acquired a new admitted market for comprehensive personal liability for California clients. This program is very competitive and is written on an admitted, monoline basis. Minimum premium is $240.00 with limits of $100,000 CSL, $300,000 or $500,000. Medical payment is $1,000. Deductible is $250. Additional residences or each unit of a multi-unit up to four are eligible. Applications are available at: www.kinginsuranceca.com and new agents are welcome. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Survey Finds Many Motorcycle Insurance Customers Don’t Understand Physical Damage Coverages --- But Lucky For Them, You Do! Share These Insights from Progressive with Your Customers to Keep Them Happy and Your Business Growing MAYFIELD VILLAGE, Ohio (May 3, 2007) - For many motorcycle owners, riding is more than just a recreational activity, it’s a lifestyle. Riding represents freedom, friends and fun. It’s what fuels daydreams and fills weekends. With so much fun to be had, it’s probably not surprising that your motorcycle owning customers aren’t spending time poring over their insurance policies to understand coverage nuances. That’s why the Progressive Group of Insurance Companies, the largest motorcycle insurer in the country, recently conducted a survey of more than 1,000 motorcycle owners and found that many don’t understand important information about their policies. Not knowing - and making the wrong choices - can cost them thousands if they have a claim. Agents and brokers can log in to www.ForAgentsOnly.com to get an at-a-glance summary of everything they need to manage and grow their business, including referrals, quotes, customer policy information, state and countrywide news and more. 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. Professional Insurance Agents (PIA) Washington/Alaska Encourages Veto Of Bad Faith Bill Like many other insurance organizations and insurance companies, the Professional Insurance Agents (PIA) of Washington is encouraging Washington Governor Chris Gregoire to veto the recently passed bad faith bill, ESSB 5726. A letter from PIA Washington/Alaska Executive Vice President Clark Sitzes told the governor that the bill is bad public policy and is unnecessary. Washington State already has exceptional consumer protection laws. Policyholders in the state can already sue for breach of contract, bad faith and a host of other issues and recover damages as well as attorneys fees. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. ICAT and Boulder Claims Selected by Citizens Property Insurance Corporation in Florida BOULDER, Colo., May 2 /PRNewswire/ -- ICAT Managers, LLC and Boulder Claims have been named by Florida's Citizens Property Insurance Corporation as policy and claims service providers for Citizens' recently authorized commercial nonresidential multiperil product. ICAT will provide support to Citizens for a commercial nonresidential multiperil product starting Sept. 1. The ICAT appointment was approved by the Citizens' Board of Governors during its regular board meeting April 26. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. New Cash Benefit Account Insurance Pays for Long Term Care ROCHESTER, N.Y., May 3 /PRNewswire/ -- A new approach for personal funding of long term care will eliminate the needless complexity of a typical long term care insurance policy and will instead pay a 100% guaranteed cash benefit, regardless of the cost of services or the type of services used. The new product, aptly named Simplicity ii(SM), is for consumers who are concerned about having their family and lifestyle disrupted if they ever become disabled, yet have been reluctant to purchase long-term care insurance because of its complexity. Simplicity ii is being launched this spring by MedAmerica (MedAmerica Insurance Company of New York and MedAmerica Insurance Company). The new product has already earned the highest independent rating of any long-term care insurance on the market (SellingLTC.com). "Everyone understands a bank account," says Christopher D. Perna, president of MedAmerica. "Why not enable people to have an account set aside for their long term care needs? Like a bank account withdrawal, benefits are paid in cash, to the policyholder." Simplicity's innovation is that it pays cash from a personal Cash Benefit Account. Cash Benefit Accounts are available in varying amounts from $100,000 to $1 million and can grow over time using various inflation protection options. When a policyholder becomes benefit eligible, the Cash Benefit Account is distributed in a Monthly Cash Benefit check payable to the insured. The amount paid is not dependent upon receiving services, so a person can use the funds as they choose, no company approval required. www.yourlongtermcare.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. More Agents and Brokers Benefit from the Security Offered by Swiss Re Commercial Insurance Division Introduces Nonadmitted Product with “The Big I” Overland Park, KS – May 3, 2007 – More insurance agents and brokers now have access to world-class errors and omissions coverage, thanks to Swiss Re’s Commercial Insurance. Swiss Re announces the launch of a nonadmitted coverage for the members of the Independent Insurance Agents and Brokers of America (IIABA). “This expansion underscores Swiss Re’s commitment to protecting the assets and reputations of agents and brokers, a commitment we’ve been delivering on for 22 years,” said Sabrena Sally, Agents E&O Leader at Swiss Re’s Commercial Insurance. “The launch of our agents nonadmitted product responds to a demand for coverage for a broader segment of agents and brokers.” The nonadmitted product is designed for agencies with unique operations and special needs where coverage customization is critical. Larger agencies with expanded product offerings or with unusual ownership structures, agencies specializing in higher-hazard coverages (such as wet marine or long-haul trucking), and less experienced agencies and even agencies with significant losses are aggressively being pursued. Policies are underwritten and claims handled by the same expert team at Swiss Re that services the Big I’s admitted program. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Workscape Launches New Performance Management Solution at WorldatWork Conference MARLBOROUGH, Mass. (May 2, 2007) - Workscape, a proven provider of outsourced benefits, compensation and performance management solutions, will officially launch and demonstrate the capabilities of its new performance management offering at the WorldatWork Total Rewards Conference and Exhibition in Orlando Fla. from May 6 - 9, 2007. As companies today seek innovative ways to retain and reward top performers, they are also moving toward more closely aligning individual employee goals with corporate objectives. Leveraging the same proven technology platform as its award-winning Compensation Planner, Workscape’s Performance Manager provides a thoroughly configurable option for organizations that are searching for a performance management solution that can be tightly linked with compensation planning.http://www.workscape.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Retiring Baby Boomers and Growing Worldwide Affluence Will Continue to Fuel Historic Capital Rush toward Real Estate LOS ANGELES--(BUSINESS WIRE)--Lew Feldman, Chairman of Goodwin Procter’s Los Angeles office, led a distinguished panel of well-known real estate capital markets professionals at this year’s Milken Institute Global Conference. Joining Feldman were the following capital market experts:
“There has been an enormous amount of wealth created for people who were heavily invested in the bull market, and who got out of the dot.com boom before it burst. These high-net individuals are turning with increasing frequency to alternative asset classes in order to further increase their yields or protect it. In addition, insurance companies, pension funds and other tax exempt organizations have more liquidity than ever before which is needed to chase declining market yields and meet the demands of 80 million baby boomers – one of whom is turning 60 every 10 seconds. Even more dramatic, is the fact that these institutions seek absolute rather than relative rates of return,” said Feldman. According to Feldman, because real estate will continue to be a major investment target for investors, large amounts of capital will continue to flow into this sector for the near future. www.goodwinprocter.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Survey of Healthcare Payers Reveals Major Setback with Pay for Performance (P4P) Programs Health Industry Insights' Key Findings Unveil Provider Disconnect, Inconsistent P4P Strategies and Dedicated P4P Budgets FRAMINGHAM, Mass.--(BUSINESS WIRE)--In a recent survey conducted by Health Industry Insights, an IDC company, results reveal a major disconnect between healthcare payers' pay for performance (P4P) program objectives and provider incentives and technology investment. According to the findings, the majority of survey respondents (70%), who represent 57 U.S. health plans with P4P programs in production or pilot, say they have a P4P program that actively promotes physician technology adoption to improve healthcare quality, safety and outcomes. However, despite respondents' assertions, findings show only one in three (33%) respondents actually implement physician technology adoption as a P4P incentive. Additionally, less than 37% report active investment or sponsorship of these initiatives. These survey findings, and more, can be found in Young's recent report series: "U.S. Healthcare Payer Pay for Performance Survey: Current State and Emerging Models" (Doc # HI205568), "Healthcare Payer Pay for Performance: Technology Investment Strategies, 2007" (Doc # HI205867), and "Pay for Performance and Provider Technology Investment: The Looming Disconnect" (Doc # HI205976). All three reports are available on http://www.healthindustry-insights.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Protective Introduces SecurePaySM Living Benefit Innovative RightTimeSM Option Provides Timing and Payment Flexibility BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company today announced the release of SecurePaySM, an innovative new living benefit available with Protective’s wide array of variable annuities. SecurePay will be available on all contracts written on or after May 1, 2007, subject to state availability. SecurePay is an optional Guaranteed Minimum Withdrawal Benefit (GMWB) that may help ease consumers’ concerns about running out of money during retirement, as well as concerns about how poor investment performance could impact the amount of money they may later withdraw from their annuities. SecurePay guarantees a lifetime stream of payments that can potentially increase but can never decrease (provided the Benefit’s rules are followed). This means that consumers can be assured of the option to take annual guaranteed withdrawals for life, regardless of market performance. www.protective.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Genworth Financial Launches New Cornerstone Advantage(SM) Long Term Care Insurance Product RICHMOND, Va., April 30 /PRNewswire-FirstCall/ -- Genworth Financial today announced the launch of the newest addition to its portfolio of long term care planning solutions -- Cornerstone Advantage. Cornerstone Advantage's unique design and innovative approach helps expand the long term care insurance market to a much larger consumer base and makes long term care protection a more "mainstream" insurance solution -- much like auto, life and health insurance. A groundbreaking approach to long term care insurance, Cornerstone Advantage has been designed to dramatically reduce the premium cost to a more affordable level, as low as $75 monthly, and utilizes common insurance concepts like "co-pay" and "dollar deductibles" to make the coverage easier to understand. www.longtermcare.genworth.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. NAIC Consumer Alert - Storm Preparedness, A Four–Step Process Knowing what to do before and after a storm can help keep your family and property safe. An insurance plan also can help make the recovery process a little easier. Following a major disaster, many consumers may be overwhelmed and confused by the insurance claim–filing process. However, it is critical that a claim be filed correctly to ensure you receive due payment. Here are some tips from the National Association of Insurance Commissioners to help you “Get Smart” about your insurance protection.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. New ``AIG Select-a-Term'' Product Allows Policyholders to Customize Term Life Insurance Innovative Policy Provides Flexibility, Customization to Help Match Personal Financial Needs HOUSTON--(BUSINESS WIRE)--American General Life Insurance Company (American General Life), a member company of American International Group, Inc. (AIG), today announced AIG Select-a-TermSM, a new term life insurance policy that allows policyholders the choice to customize the term limits. AIG Select-a-Term offers the choice of a 10-year, a 12-year or any period from 15- through 30-year term life policy. AIG Select-a-Term’s flexibility provides policyholders the freedom to link their term policy to specific life events, such as the payoff of a mortgage or the completion of funding their child’s college education and avoid paying for extra, unnecessary coverage. www.aigag.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Dynamic Leisure Corp. Teams with AIG Travel Guard to Provide Insurance for Their Travelers Online Leisure Travel Packager Offers Travel Insurance Plans with Hurricane Coverage for the Upcoming Season TAMPA, Fla.--(BUSINESS WIRE)--Dynamic Leisure Corporation (OTCBB:DYLI) (“Dynamic”), an international online technology-based, leisure travel packager and wholesaler, announced today that it now offers its clients travel insurance plans, including natural disaster/hurricane coverage through AIG Travel Guard, one of the nation’s leading providers of travel insurance and assistance plans. www.dylicorp.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. ING Fixed Annuities Introduces Guaranteed Withdrawal Benefit for Life DES MOINES, Iowa, May 1 /PRNewswire-FirstCall/ -- ING (Nachrichten/Aktienkurs) Fixed Annuities has introduced the ING IncomeProtector Withdrawal Benefit, an ING USA fixed-index annuity rider that provides an optional guaranteed stream of payments for life, according to a company announcement this week. ING IncomeProtector Withdrawal Benefit rider features both payment flexibility and an annual increase to the guaranteed withdrawal base amount that helps offset the potential effects of inflation. "The new rider leverages ING USA's experience in guaranteed payment annuities with what we've learned about clients' needs and expectations for index annuity solutions," said Chad Tope, senior vice president, ING Fixed Annuities Distribution. http://www.ing.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. Ability to Select, Customize Underlying Investments Added to Nationwide Financial Variable Annuity Living Benefits Fund Additions, Name Change Part of Annual Update to Strengthen Variable Investment Options for Consumers COLUMBUS, Ohio--(BUSINESS WIRE)--To provide individuals with more allocation choices and greater ability to customize portfolios within their variable annuities, Nationwide Financial Services, Inc. (NYSE:NFS), today announced the introduction of Nationwide Custom PortfolioSM. The flexible portfolio management system, available with Nationwide variable annuity living benefit riders beginning May 1, offers investment professionals and their clients more than 50 underlying investment options, spreading across nine asset classes and seven risk tolerances. www.nationwide.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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