ReContracts:
The Art of Designing Reinsurance Contracts and Programs
The Reinsurance Association of America’s ReContracts: The Art of Designing Reinsurance Contracts and Programs is a four-day educational seminar designed for professionals who want comprehensive and in-depth treatment of reinsurance contracts. You won’t want to miss this year’s program, to be held June 12-15 at the Radisson Hotel in Chicago. Learn from a highly experienced faculty of reinsurance professionals — experts from the market leaders: Who should attend? This is a excellent skill building opportunity for buyers and sellers of reinsurance, brokers, lawyers, accountants and regulators. Why should I attend? Gain insight to better navigate the reinsurance market; connect with industry peers at multiple networking opportunities. RAA’s educational forums are an outstanding opportunity for improving skills for executives dealing in reinsurance and insurance.
Register today
to attend this year’s program in Chicago. Reinsurance Association of America
Daily Quote: "The market can stay irrational longer than you can stay solvent.” - - John Maynard Keynes
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1. Obama Calls for Insurance Companies to Stop Defrauding and Deceiving Seniors Proposes Eliminating Taxpayer-Funded Giveaways to Industry DES MOINES, Iowa--(BUSINESS WIRE)--U.S. Senator Barack Obama today said that as president, he will end government subsidies to insurance companies who have been using deceitful and illegal methods to enroll seniors in private Medicare plans that can result in higher co-payments and fewer health care choices. Recent news reports have detailed how insurance companies aggressively market private Medicare plans to seniors - in some cases even forging their signatures and providing false information. The private plans under Medicare receive higher subsidies for services than under traditional Medicare. For some seniors, these plans can actually increase their co-payments and reduce their health care choices. "We shouldn't be rewarding the insurance industry for deceiving and defrauding our seniors, we should be doing everything we can to stop them," Obama said. "No one's corporate bottom line should stand between the American people and the quality, affordable health care they deserve. The Medicare Payment Admission Commission, an independent group that advises Congress on the Medicare program, recently reported that on average the government pays 12 percent more to private Medicare plans than it costs to treat comparable beneficiaries through traditional Medicare. These excessive subsidies cost the government billions of dollars every year. The Des Moines Register has called these plans a "bad deal for taxpayers." Obama proposed eliminating taxpayer-funded giveaways to the insurance industry, which would take away the incentive for companies to push seniors into these private plans and one that would save us up to $150 billion over the next ten years. Obama will use those savings to strengthen and preserve Medicare and other public health programs. Enrollment in private Medicare Advantage plans has increased 39 percent in the last year and a half. Over 53,000 Iowa seniors are enrolled in Medicare Advantage plans. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Employers Move to Self-Insured Health Plans Opting to Bear the Financial Risk Themselves Internet Giant Google Opts for a Mix of Fully-Insured and Self-Insured Plan Offerings With Blue Cross Blue Shield of California, CIGNA of California and Kaiser Permanente The New Employer Vantage from HealthLeaders-InterStudy Reveals the Relationships Between Employers and Their Contracted Insurance Carriers and Service Providers NASHVILLE, Tenn., May 14 /PRNewswire/ -- HealthLeaders-InterStudy, the leading provider of managed care market intelligence, reports that there has been a surge in the number of large employers moving to self-insured health plans, opting to bear the financial risk themselves. The data detailing which employers are currently offering self-insured plans, as well as fully-insured and other health plan benefit information, is revealed in the new release of Employer Vantage, a new database product containing information on employer health benefits. "By shifting to self-insured plans, employers look at this as a way to cut costs and to more closely tailor benefits to their individual companies," states Sheri Sellmeyer, principal director of research and analysis for HealthLeaders-InterStudy. "In response, insurers have put more emphasis on this part of their business." According to HealthLeaders-InterStudy enrollment data, the five largest health insurers in the country -- WellPoint, UnitedHealthGroup, Aetna, Kaiser Foundation Health Plans and Health Care Service Corporation -- have 38 percent of their members in self-insured PPO plans. "Insurers have embraced the self-insured segment because it generates predictable fees rather than the varying risk of fully-insured members," states Sellmeyer. "In addition, we're seeing more self-insured employers wanting to contract directly with disease management companies or pharmacy benefit managers, rather than handling this all through an insurer for the same reasons." An Internet Giant's Benefit Strategy The new release of Employer Vantage contains over 57,000 unique employer profiles, all with a comprehensive listing of the benefit plans and contracted service providers for these plans. "Employer Vantage is a comprehensive tool ideal for organizations who want to fine tune their direct-to-employer business strategies," states Joe Walsh, chief sales and marketing officer for HealthLeaders-InterStudy. "Containing profiles on 96% of the Fortune 1000 companies, this product will be a key resource in understanding how employer groups, large and small, nationally and locally, manage their employee health benefits." http://www.healthleaders-interstudy.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Cardinal Health to buy Viasys for $1.42 billion Mon May 14, 2007 - By Susan Kelly - CHICAGO (Reuters) - Cardinal Health Inc. (CAH.N: said on Monday that it would acquire Viasys Healthcare Inc. (VAS.N: , which makes medical products for respiratory care and other uses, for about $1.42 billion. Cardinal Health, one of the top three U.S. drug distributors, plans to make a cash tender offer for Viasys for $42.75 per share. That is a roughly 35 percent premium over Viasys' closing stock price on Friday, but the shares rose slightly above the offering price in morning trading. The deal would expand Cardinal's reach in the acute-care and surgical arenas and strengthen the company's presence overseas. Viasys has more than 7,000 hospital customers in 100 countries, with about 40 percent of its revenue coming from outside the United States. (Additional reporting by Lewis Krauskopf in New York) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Significant Changes To Life Catastrophic Reinsurance Buying Habits Seen Since 9/11, According To Towers Perrin Survey Events of 9/11 Shift Focus Toward Larger Events STAMFORD, CT, May 14, 2007 — The first comprehensive study of catastrophic life insurance conducted since the September 11 (9/11) tragedy confirms that the life insurance industry’s catastrophe reinsurance buying habits and risk management needs have changed significantly over the past five years. The study, conducted by Towers Perrin, explores how the life insurance industry’s practices have evolved, what factors are driving the changes, and the industry’s level of satisfaction with the exposure management tools currently available. “In the years following 9/11, there has been a lot of discussion regarding how the life catastrophe market has changed. This survey provides important and non-anecdotal industry data about how insurers are managing their risk concentrations, and how they are evaluating reinsurance and risk retention strategies. The overwhelming sentiment among insurers is that coverage is still expensive relative to the perceived risk of life catastrophes,” said Michael Plappert, Vice President with Towers Perrin’s Life, Accident and Health Practice, which is housed within the Reinsurance business. Survey findings indicate that most participants have significantly changed their approach to exposure management. Among respondents, the two most prevalent new actions taken since 9/11 are monitoring aggregate exposure by ZIP code or city (65%) and monitoring all groups with an aggregate exposure above a predetermined threshold, i.e., $25 million (55%). Prior to 9/11, many life insurers monitored their exposure based on the state information contained in Schedule S of their annual statements. Survey responses were garnered from 33 leading life insurers that represent a significant share of the group life market, encompassing over $85 billion of market surplus and capital. The survey was conducted for Towers Perrin’s Life Accident & Health Practice in the fall of 2006, in conjunction with the fifth anniversary of 9/11. For more detailed information on the survey, please contact Tracy Stoltz at tracy.stoltz@towersperrin.com or Michael Plappert at michael.plappert@towersperrin.com. www.towersperrin.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Homeowners Poised to Annually Save $11.6 Billion if Catastrophe Protections Enacted Only a Matter of Time for Catastrophe to Strike According to Weather Experts WASHINGTON, May 14 /PRNewswire-USNewswire/ -- American homeowners will save $11.6 billion annually if privately funded catastrophe protection programs are established in disaster-prone states and backed up by a similar national program, according to Milliman, Inc., one of the nation's leading actuarial and consulting firms. "An integrated program that includes a state catastrophe fund and a national backstop in addition to the traditional insurance market, while helping to fund mitigation efforts, enhance first responder programs and expand homeowner education, would save American homeowners an estimated $11.6 billion per year," according to Dr. David Appel, Principal and Director of Economics Consulting for Milliman. "Our actuarial analysis confirms and validates the notion that such an integrated program which transfers some of the cost of private reinsurance into tax exempt catastrophe funds would produce significant annual savings for American homeowners," he added. The Milliman report found that if a national backstop mechanism is enacted and state catastrophe funds are created in the states outlined in the report, consumers will realize annual savings in excess of $11 billion in their homeowner's insurance premiums. State-by-state savings would vary according to a number of factors, including the likelihood of a natural catastrophe, population density and the value of residential property. For example, annual savings per household in California would average $256; Louisiana, $224; North Carolina, $132; and Oregon, $127. http://www.protectingamerica.org/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 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.
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. Video News Report From Corporate Research Group - Jonathan Cohn, Author, "Sick"
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. BANK INSURANCE NEWS IN BRIEF - MAY 14, 2007 Bank Insurance News In Brief - May 7,
2007
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. BestWeek: Insurers Must Navigate a Complex Investment Environment OLDWICK, N.J.--(BUSINESS WIRE)--Insurers will have to retool their investment strategies and search “farther afield” to find adequate yields in a tougher capital market environment, according to an exclusive story in BestWeek Europe. Jack M. Nelson, insurance relationship manager with Wellington Management Co., told an audience at A.M. Best’s Review & Preview Europe Update 2007 conference in London that falling bond yields and the changing nature of bond instruments mean insurers will have to work harder to get the returns they need on their assets. BestWeek Europe has many other exclusive stories from the Review & Preview conference. Also in BestWeek U.S./Canada: -- Driven by pressure from the federal government related to Medicaid matching funds, increasing hospital costs and old-fashioned politics, health care initiatives are proliferating in the states perhaps more than any other time in recent history. -- The adequacy of U.S. banks’ Allowance for Loan and Lease Losses levels was questioned in an A.M. Best special report, “Are Loss Reserves Adequate in Light of Rising Delinquencies?” www.ambest.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Insurance Expert: More Coastal Overdevelopment Will Worsen Florida’s Insurance Woes Leading Insurance Expert Cites “Furious Pace” of Coastal Development as a Strain on Florida’s Insurance Market DELRAY BEACH, Fla.--(BUSINESS WIRE)--Construction of new high-rise developments on vulnerable barrier islands will continue to exacerbate Florida’s property insurance crisis, according to Robert Hartwig, Ph.D., President and Chief Economist of the Insurance Information Institute, a national organization devoted to improving public understanding of insurance. “Despite the well-known vulnerability to hurricanes and rapidly escalating property values, coastal development in vulnerable areas continues at a furious pace,” said Hartwig, who testified April 11 before the U.S. Senate Banking Committee on the effect of coastal overdevelopment on insurance rates. “Adding billions of dollars in new insured exposure will further burden Florida’s already precarious property insurance market.” According to the model, Florida bears more than 80 percent of the nation's risk from a single massive storm. The Palm Beach-to-Boca Raton region bears the second-most risk behind the Miami-Fort Lauderdale region, which has a 33.6 percent chance of being hit by such a hurricane. For more information on the Florida Coalition for Preservation, visit the group’s web site at www.PreservationFla.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
The SOCIETY OF INSURANCE RESEARCH
Discover ways to extract maximum competitive
advantage from your internal data & processes, advertising & promotion;
and distribution strategy. The SOCIETY OF
INSURANCE RESEARCH is where to meet the practitioners whose research
& analysis shapes insurers' decisions about
underwriting,
product,
marketing, &
distribution.
Events sponsored by the Society of Insurance Research are the premier forum addressing how current and emerging trends might impact the insurance industry, and providing practical techniques you can use in your job. In addition to the relevant, immediate content of the daily sessions, excellent networking opportunities abound at the provided lunches and the evening receptions. If you are involved in any way with strategy, research, planning, or the design and development of insurance products or services, you will not want to miss the Society’s Spring Workshops.
Executive Director:
Ed Budd, Phone (317) 398-3684, email:
sir.mail@comcast.net website:
www.sirnet.org.
May 7, 2007: Kansas City, MO – Mass Marketing Insurance Institute (MI2) held its 2007 Annual Meeting and Exposition April 17 – 19, at the Hyatt Regency in Miami, Florida. The meeting’s theme was “VBI: Miami – Voluntary Benefits Investigation” – an apt title as this years conference had a strong emphasis on educational content and was organized to address the particular needs of voluntary worksite professionals from those just getting started in the profession to seasoned veterans. This event is the industry’s premier conference for voluntary worksite professionals in the United States. In addition to Brokers, Carriers, HR Consultants, and Administrators were in attendance. Over 240 attended the annual meeting which included nearly 40 exhibitors. Headquartered in Kansas City, Missouri, MI2 is the leading trade and education organization for individuals in the voluntary worksite industry. Since 1970, MI2 has provided members with the information and resources needed to excel and grow in their careers. www.mi2.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article China Pacific Insurance lobbying for Shanghai IPO By George Chen - SHANGHAI, May 14 (Reuters) - China Pacific Insurance (Group) Co., the country's third-largest life insurer, is lobbying Beijing for permission to float shares in Shanghai after its planned Hong Kong listing, sources close to the situation said on Monday. China Pacific Group, also the country's second-largest property insurer, made a loss in 2004 but was profitable in 2005 and is expected to report a solid performance in its 2006 earnings, said the sources, who declined to be identified. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Swiss Re to continue to buy rivals to expand ZURICH, May 14 (Reuters) - Swiss Re (RUKN.VX: said it would continue to buy rivals to expand its business after last year's $7.4 billion acquisition of a number of General Electric (GE.N: units made it into the world's largest reinsurer. The company will eye acquisitions to gain access to strategic clients or specialties and skills, it said in slides prepared for a presentation, and was prepared to pay a premium in case there was a "true franchise value". Such acquisitions generally needed to be accretive to earnings per share in the second year after the acquisition, the group also said in the slides, which it presented at a conference organised by UBS in New York. In the run-off business -- in which Swiss Re buys life insurance portfolios from others that are closed to new business -- Swiss Re would pay roughly one time book value. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Capital Z Financial Services stake in Universal American falls May 11 (Reuters) - Capital Z Financial Services Fund II L.P.'s stake in Universal American Financial Corp. (UHCO.O: fell to 23.4 percent, according to a regulatory filing on Friday. The fund's stake in the specialty health and life insurance holding company was 34.4 percent, according to a filing in October, 2006 with the U.S. Securities and Exchange Commission. (Reporting by Shivani Singh in Bangalore) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Industry Surprised by Accident Response Fee Veto State Police Crash Report Contract Raises Questions INDIANAPOLIS – The Insurance Institute of Indiana and national insurance trade associations are warning consumers that they may suffer because of a gubernatorial veto of House Enrolled Act 1274. The bill would have banned police departments from sending motorists a bill after they investigate an accident, and also would have provided more transparency in setting fees for the public to copy crash reports. In a veto message that came late Wednesday, Governor Mitch Daniels claimed that latter provisions would “limit the Indiana State Police’s flexibility in making available vehicle accident reports in an efficient” manner. “The insurance industry is dissatisfied with the veto, but the real losers here are consumers,” Insurance Institute President Steve Williams said. “The governor essentially green-lighted a measure that will allow communities to double-tax Hoosiers for police services.” www.insuranceinstitute.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. AI Risk® Introduces Property CompleteSM Suite of Insurance Coverages for Mid-Market Businesses NEW YORK--(BUSINESS WIRE)--AI Risk Specialists Insurance Inc., a wholly owned brokerage subsidiary of American International Group, Inc. (AIG), today introduced AI Risk Property CompleteSM, a suite of general property and inland marine insurance created expressly for middle-market businesses with annual insurance premiums ranging from $5,000 to $100,000. For more information, visit www.airisk.com. Brokers can contact their local middle-market program manager to register to use AI Risk ProgramConnect. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Storm Exchange Taps Galileo as Capacity Provider NEW YORK--(BUSINESS WIRE)--Storm Exchange, Inc., a leading financial technology company that helps corporations maximize shareholder value by reducing the financial impact of unplanned weather on earnings, today announced it has reached an agreement with Galileo Weather Risk Management Ltd., (“Galileo”), a subsidiary of White Mountains Insurance Group, Ltd. [NYSE: WTM] (“White Mountains”). Galileo, which offers tailored financial weather risk management products to corporations and municipalities, will provide capacity and real-time pricing for contracts initiated through Storm Exchange online electronic weather exchange. www.stormexchange.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Hurricane, Flood, Fire Mortgage Insurance Now Available Through Independent Agents CHARLOTTE, N.C.--(BUSINESS WIRE)--With fires in the news and hurricane season approaching, homeowners are reminded that they can purchase disaster insurance coverage that will pay the mortgage on residences for up to two years from local independent property and casualty agents. Disasters include hurricanes, windstorms, floods, tornados, fires, earthquakes, sinkholes and fallen trees according to Joseph Taborek of Credit Insurance Markets, Inc. (www.creditinsmarkets.com) Taborek’s insurance plan, which does not require an official disaster declaration, is underwritten by a Florida-based company rated “A-“ (Excellent) by A.M. Best Company. Policies can be written for single-family and two-family homes and can cover monthly mortgage payments of up to $3,000. Eligible properties include owner occupied homes, vacation homes, condominiums and rentals. 800-952-7893. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article The Principal Financial Group Leads Nation’s Employers, Employee Benefit Providers in Offering Workplace Wellness DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® tops the list of employers – and employee benefit providers – recognized for efforts to promote a healthy work environment and encourage workers to live healthier lifestyles. Of the more than three dozen companies honored in the third annual “Best Employers for Healthy Lifestyles” awards, The Principal® is one of only eleven companies recognized with a Platinum award. This is the highest designation for established programs with measurable success and documented outcomes. The National Business Group on Health presents the awards. www.businessgrouphealth.org www.principal.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"
University of Michigan Credit Union Launches Identity Theft Education and Resolution Services ANN ARBOR, Mich.--(BUSINESS WIRE)--In a clear _expression_ of its commitment to its credit union community, University of Michigan Credit Union (UMCU) announced that it is offering America’s premier identity theft services at no charge to all its members. UMCU, with roughly 43,000 members and assets in excess of $345 million, has partnered with Arizona-based Identity Theft 911®, the nation’s leading provider of identity theft education and resolution services. Through this new partnership, UMCU members have unlimited one-on-one access to an Identity Theft 911 fraud specialist, and are provided with a wealth of educational resources as a proactive measure against the crime. www.umcu-identitytheft911.org www.identitytheft911.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 21st Century Holding Company Approves $5 Million Repurchase of Company’s Common Stock LAUDERDALE LAKES, Fla.--(BUSINESS WIRE)--21st Century Holding Company (NASDAQ:TCHC), reported that its Board of Directors today approved the purchase, from time to time in the open market, of up to $5 million worth of the Company’s common stock. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. The Penn Mutual Life Insurance Company Selects Cornerstone OnDemand Talent Management Suite SANTA MONICA, Calif.--(BUSINESS WIRE)--Cornerstone OnDemand, Inc., the only proven provider of integrated, on-demand talent management solutions and services, today announced The Penn Mutual Life Insurance Company, the country’s second-oldest mutual life insurer, has selected Cornerstone OnDemand’s Talent Management Suite to support its organizational learning, performance, succession and compliance initiatives. http://www.pennmutual.com http://www.cornerstoneondemand.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article NAIC Signs MOU With Latin American Insurance Supervisors NAIC Participates in Association of Latin American Insurance Supervisors Annual Conference, Encourages Increased Cooperation with Latin America WASHINGTON, D.C. (May 11, 2007) — National Association of Insurance Commissioners (NAIC) President Walter Bell today participated in a formal signing of a Memorandum of Understanding (MOU) with the Association of Latin American Insurance Supervisors (ASSAL). The MOU was signed during the ASSAL’s 18th Annual Meeting and 8th Conference on Insurance Regulation and Supervision held this week in Rio de Janeiro, Brazil. The NAIC now has entered into seven Memoranda of Understanding. The ASSAL is an international organization that monitors insurance activity in Latin America and is made up of the following Latin American countries: Argentina, Chile, Ecuador, Guatemala, Nicaragua, Peru, Bolivia, Colombia, El Salvador, Honduras, Panama, Uruguay, Brazil, Cuba, Mexico, Paraguay, Puerto Rico, Venezuela and the Dominican Republic. Due to cultural and economic ties with the region, Portugal and Spain also are members of the ASSAL, giving the association a total of 21 members. http://www.naic.org/press_home.htm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article New York Life To Pay Long-Term Care Dividend For Third Straight Year; Company Sees Double Digit Sales Growth In Face Of Industry Downturn NEW YORK, N.Y., May 14, 2007 — New York Life Insurance Company announced today that its LTCSelect Premier long-term care insurance product will pay a dividend to policyholders this year. New York Life, a triple-A rated insurer[1], has paid a long-term care dividend for the third consecutive year. New York Life’s long-term care sales increased 15% in 2006, compared with an 8% decline[2] in sales in the overall long-term care insurance industry. This represents the company’s second year of double digit increases in sales growth compared to back-to-back decreases in sales industry-wide. www.newyorklife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Esurance & 20/20 Productions Introduce 'Safe Drive Stay Alive' to U.S. SAN FRANCISCO, May 14 /PRNewswire/ -- Esurance, the direct-to-consumer personal auto insurance company, announced its support of the U.S. launch of the Safe Drive Stay Alive program, a dramatic presentation aimed at new drivers in high schools to promote road safety. 20/20 Productions, a corporate communications production company based in Europe and America, will produce the stateside version of Safe Drive Stay Alive. 20/20 Productions originally launched Safe Drive Stay Alive in the UK in 2003. The U.S. premiere will take place on May 21, 2007 at California High School in San Ramon, California. For more information about the program, please visit http://www.safedrive.us. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article Business is Personal: Study Finds Passion and Profits Do Mix PHILADELPHIA, May 14 /PRNewswire/ -- Employees who are passionate about their companies are the best performers, regardless of industry, tenure or gender, according to a recent study by PeopleMetrics (www.people-metrics.com) into Employee Engagement among 5,095 workers across the United States. "There's no doubt -- passion and profits mix," noted Kate Feather, PeopleMetrics Executive Vice President, who led the study. Fortune 500 companies in the lowest quartile in company profitability had 50% fewer engaged employees compared to those in the top quartile, according to the PeopleMetrics study. In terms of individual performance, PeopleMetrics found high performing employees were twice as engaged as their low performing counterparts. http://www.people-metrics.com/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 100's more health projects to boost NHS at local level London, 14 May/GNN/ -- DEPARTMENT OF HEALTH News Release (2007/0116) issued by The Government News Network on 14 May 2007 People across the country will benefit from hundreds of new health services over the next twelve months Patricia Hewitt said today. This year, the NHS is benefitting from an extra £8bn. This investment will see an extra 400,000 new patients seen in outpatients and an extra 390,000 operations, help cut waiting times even further, tackle hospital infections and deliver more personalised care to vulnerable people with long term conditions. Details about what the investment will deliver are outlined in a new report 'Local Spending for Local Needs' published today. It catalogues schemes being taken forward across the country and coincides with local plans published by Strategic Health Authorities. http://www.doh.gov.uk/ Return to Headlines - - Print Article / Read Entire Article / E-Mail Article PIANJ supports bill to prohibit step-down provisions TRENTON, N.J.—Professional Insurance Agents of New Jersey Inc. President Andrew Anderson, CIC, recently provided testimony to the New Jersey Assembly Financial Institutions and Insurance Committee in support of bill numbers S-1666/A-3038. The bills would prohibit the use of step-down provisions in businesses’ motor vehicle liability insurance policies and would reverse the effect of the Supreme Court of New Jersey’s decision in Pinto v. New Jersey Manufacturers Insurance Co. In the case, the court decided that step-down provisions in business auto policies are enforceable. Step-down provisions allow insurance companies to reduce the coverage available to employees not individually named on their employer’s business auto policy. www.pia.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article EQECAT Hurricane Model Recertified By Florida Commission On Hurricane Loss Projection Methodology OAKLAND, Calif., May 9, 2007 – EQECAT, Inc., the authority on extreme-risk modeling, announced today that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has recertified EQECAT's Hurricane model for use in Florida. The EQECAT model, based upon generally accepted science, engineering expertise, claims data, and advanced mathematics, was certified for the tenth consecutive time. The EQECAT North Atlantic Hurricane model, a probabilistic model designed to estimate potential damage and insured losses due to hurricanes in the mainland United States, the islands of the Caribbean, the Bahamas, and Bermuda, met all the requirements established by the FCHLPM, including those concerning vulnerability, validation, computing, statistics, and the actuarial use of modeled loss costs. The model was released commercially in late 1995 and is used by primary insurers and reinsurers, as well as financial institutions and intermediaries for portfolio management, pricing, and risk transfer planning. www.absconsulting.com www.EQECAT.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article U.S. Treasury Advises Social Security Check Recipients to Switch to Direct Deposit Before Hurricane Season WASHINGTON, May 14 /PRNewswire-USNewswire/ -- As hurricane season approaches, the U.S. Department of the Treasury's Go Direct campaign is advising Social Security check recipients who live along the Gulf Coast and Eastern seaboard to switch to direct deposit. The recommendation is aimed at safeguarding senior citizens and people with disabilities by ensuring seamless delivery of their federal benefit payments in the days following a hurricane or severe weather event. Currently, more than 3 million Americans living in hurricane-prone states still receive their federal benefit payments by paper check instead of direct deposit. By switching to direct deposit, people can protect themselves against disruptions in mail service and other factors that could delay the delivery of a paper check payment. People who receive federal benefits by check can switch to direct deposit by calling the Go Direct helpline at (800) 333-1795 (English and Spanish), signing up online at http://www.godirect.org/ (English) and http://www.directoasucuenta.org/ (Spanish), or visiting their local bank or credit union. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article New Study Finds 7,313 Beneficiaries In Nevada Would Lose Coverage If Medicare Advantage Funding Is Cut LAS VEGAS, May 11 /PRNewswire/ -- A new study conducted by health policy researchers from Emory University shows that funding cuts to the Medicare Advantage program would cause 7,313 beneficiaries in Nevada to lose their coverage. According to the researchers Kenneth Thorpe, Ph.D., and Adam Atherly, Ph.D., if Congress adopts the funding cuts recommended by the Medicare Payment Advisory Commission, more than 3 million beneficiaries would lose Medicare Advantage coverage and would have to return to traditional Medicare. The study was commissioned by the Blue Cross and Blue Shield Association. The study, entitled "The Impact of Reductions in Medicare Advantage Funding on Beneficiaries", is available online at www.bcbs.com/issues/medicare. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article New White Paper Describes an Innovative Way to Communicate Policies and Procedures LAS CRUCES, N.M., May 11 /PRNewswire/ -- ROK Southwest, Inc. (www.roksw.com) has just released a new, free white paper, "An Innovative, Low Cost Approach to Communicating Highly Effective Policies and Procedures," that explains how line-of-business managers can use existing simple tools and techniques to improve employee productivity and quality of work by more effectively communicating the organization's "process knowledge." Using the information in this white paper, a business unit can implement a process for writing easily understood policies and procedures and rapidly publishing them online without investing in new technology and without making any demands on the organization's IT infrastructure. The entire white paper is available for download at www.roksw.com/whitepaper.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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