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For more information call: 800-304-4585 Website: www.assistamerica.com or services@assistamerica.com We are the premier provider of Global Emergency Services Through Group Benefit Programs! 1. World Trade Center insurers in $2 bln settlement Wed May 23, 2007 4:39PM EDT By Joan Gralla and Dan Wilchins NEW YORK (Reuters) - Seven insurers have agreed to pay an additional $2 billion to resolve all outstanding insurance claims from the September 11, 2001, destruction of the World Trade Center, speeding redevelopment at Ground Zero, New York State officials announced on Wednesday. The insurance companies include Allianz, Employers Insurance Co. of Wausau, Royal Indemnity Co., Swiss Re and its Industrial Risk Insurers affiliate, Travelers Cos. and Zurich Financial Services AG, Governor Eliot Spitzer and Insurance Superintendent Eric Dinallo said. The amount each is paying is confidential. Wednesday's settlement ends more than five years of litigation between the insurers and Larry Silverstein, the site's developer. Officials consider the settlement the last major obstacle to redevelop Ground Zero. Wrangling over the size of the payouts, together with questions about design and security, have slowed the rebuilding process. Spitzer said Silverstein and the Port Authority of New York and New Jersey, which owns the site, will now be able to obtain financing needed to rebuild "in a way that will make all New Yorkers proud and fuel the revitalization of Lower Manhattan." In a statement, New York City Mayor Michael Bloomberg also praised the parties, calling the pact a "major step" toward redevelopment. Courts had previously awarded Silverstein's firm, Silverstein Properties, only about two-thirds the $7 billion it had sought from insurers. Silverstein had claimed that the two planes that struck the Twin Towers constitutes two separate insurance events, entitling him to twice the payout. But a federal appeals court last October upheld jury findings that some insurers could treat the attack as a single event, while others would have to treat it as two events, depending on the wording of their policies. Silverstein had been awarded a maximum $4.68 billion and had collected on about half that amount, leaving the rest in dispute. Elected officials pushed to rebuild Ground Zero swiftly to ensure New York City did not lose its standing as a global financial hub. It wasn't until April 2006 that construction restarted on the site's centerpiece, the $3 billion Freedom Tower. (Additional reporting by Christian Plumb and Jonathan Stempel) © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. BISYS to pay $25 mln to settle charges-US SEC WASHINGTON, May 23 (Reuters) - Financial services provider BISYS Group Inc. (BSG.N: has agreed to pay about $25 million to settle charges that the company violated financial reporting and internal controls provisions of the securities laws, the U.S. Securities and Exchange Commission said on Wednesday. The SEC charged that, from July 2000 through December 2003, former BISYS officers and employees engaged in a variety of improper accounting practices that resulted in overstatement of the company's reported financial results for the fiscal years ended June 30, 2001, 2002, and 2003 by roughly $180 million. The improper accounting practices were primarily based in the company's Insurance Services division, but also occurred in other divisions of the company, the SEC said. Without admitting or denying the charges, BISYS agreed to pay the disgorgement and prejudgment interest amount, the agency said. The complaint alleges the improper accounting practices were a product of a focus by former management on meeting aggressive, short-term earnings targets and a lax internal control environment. "This is a case study in internal control failures under earnings pressure," said Mark Schonfeld, director of the SEC's New York office, in a statement. A BISYS representative was not immediately available for comment. Citigroup (C.N: announced earlier this month it had agreed to buy BISYS for $1.45 billion, and would sell BISYS' retirement and insurance services units to private equity firm J.C. Flowers & Co. for about $645 million. Reporting by Susan Heavey, Tim Dobbyn, editing by Dave Zimmerman; (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Statistics on Americans without health insurance Wed May 23, 2007 9:19AM EDT (Reuters) - Nearly 45 million people in the United States, or about 15 percent of the population, were without health insurance in 2005, a number expected to grow as medical costs explode, employers scale back worker benefits and insurers cut coverage and cherry-pick customers. Meanwhile, U.S. health care spending hit $2 trillion in 2005, more than any other industrialized nation.
(Source: U.S. Census Bureau) * Per capita health spending, 2004
(Source: Commonwealth Fund) (Compiled by Lisa Baertlein in Los Angeles) © Reuters 2006. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. MassMutual Sponsors First-Ever Study of Plan Sponsor Views of Retirement Advisors Study Analyzes Plan Sponsors' Needs and Experiences Related to Advisor Services SPRINGFIELD, Mass., May 22 /PRNewswire/ -- MassMutual Retirement Services has published a white paper entitled, "The Successful Retirement Advisor: Quantitative Research Analyzing Plan Sponsors' Needs and Experiences." Research for the report was commissioned by MassMutual and conducted by Brightwork Partners, LLC. The research sought to identify the needs and satisfaction levels of plan sponsors and how advisors can bridge the gaps as they strive to build a more successful retirement services practice. More than 350 plan sponsors of 401(k) plans with assets between $10 million and $300 million participated in the study, which was designed to answer questions such as: -- What advisory services are sponsors looking for? -- How satisfied are sponsors with their current advisors? -- Why are certain sponsors not using an advisor? Would those same sponsors consider using an advisor and, if so, for what types of services? "This is the first published quantitative study that identifies what plan sponsors value most in their retirement plan advisors as well as where their needs are ... or are not ... being met. MassMutual's report arms advisors with specific findings that will help them gain greater insight about the vital role they can play - and the valuable services they can provide - in today's increasingly competitive retirement marketplace," says Merl Baker, principal, Brightwork Partners, LLC. Some of the most compelling findings of the research include: -- 83% of plan sponsors who use an advisor are "very satisfied" -- Smaller plans are less well-served by advisors -- 42% of plan sponsors do not report a current relationship with a third-party advisor of any type The findings of the study indicate that there is a significant population of retirement plan sponsors who could benefit from an advisor relationship. MassMutual's report identifies the "most important services an advisor can provide" as defined by the plan sponsor, and includes a scientifically-based profile of today's most successful and influential advisor. It also identifies specific opportunities for advisors in the retirement plan marketplace. "This report clearly shows that retirement plan advisors play a critical and highly valued role in the eyes of the plan sponsor. But it also shows that there are untapped opportunities for advisors to establish new relationships and solidify existing ones," says William O'Grady, senior vice president of distribution, MassMutual Retirement Services Division, co-author of the white paper with Steven LaValley, second vice president, MassMutual. "Advisors must clearly define and reinforce their value on an ongoing basis, and MassMutual is committed to providing the tools and resources to help them. This report is just one of those tools," adds O'Grady. To request a free copy of MassMutual's "The Successful Retirement Advisor" white paper, please contact your MassMutual Retirement Services representative or call MassMutual's advisor support team at 1-888-626-4911. The report is also available by logging in to MassMutual's website for financial professionals, http://www.massmutual.com/powertogrow. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
All 6 Major Insurance Carriers Currently Outsourcing to India are Our Clients
6. NFIB Releases Small Business Health-Care Survey Results Foremost health care issue for small-business owners is cost WASHINGTON, May 22 /PRNewswire-USNewswire/ -- The National Federation of Independent Business, the nation's leading small-business advocacy group, in a briefing yesterday released its Small Business Health-Care Survey, the most recent, comprehensive small-business health-care data available. The survey of small-business owners identified cost as the single most important problem facing the health system today. Additional highlights from the survey include: -- 79 percent of NFIB members believe the overall quality of health care available to MOST Americans to be "excellent" or "pretty good" -- 95 percent believe that everyone who benefits from financial assistance for health care should be required to pay some portion of their health care or insurance -- 57 percent indicate a preference for individuals above a reasonable income level to be required to have health insurance or be able to prove financial responsibility -- 71 percent think all health care providers who expect reimbursement from insurers should be required to have computerized records "Lawmakers now have a real opportunity to act. This issue cannot be solved with a one-size-fits-all approach -- what works for big business will not work for small and independent businesses," said Todd Stottlemyer, NFIB president and CEO. "As our country continues to thrive on the jobs created by our entrepreneurs, it is time Congress takes action to address this mounting problem that will, inevitably, diminish this growth if it continues to go unaddressed." To view the executive summary and complete survey results, please visit http://www.nfib.com/research. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Parmalat says NJ court rejects Citigroup appeal NEW YORK, May 23 (Reuters) - Parmalat SpA (PLT.MI: on Wednesday said New Jersey's highest court rejected Citigroup Inc.'s (C.N: attempt to dismiss its $10 billion lawsuit accusing the largest U.S. bank of helping former management commit fraud. Parmalat, an Italian company best known for its long-life milk, said the state supreme court rejected Citigroup's appeal of a January ruling by Bergen County Superior Court Judge Jonathan Harris. The judge had turned aside Citigroup's argument that Parmalat brought the case in the wrong court. New York-based Citigroup did not immediately return a call seeking comment. A copy of the appellate ruling was not immediately available. Parmalat Chief Executive Enrico Bondi has accused some 50 defendants of helping prior management hide debt and inflate results, leading in 2003 to Europe's largest bankruptcy. Much of the resulting litigation is being handled in Italy and a Manhattan federal court. Citigroup had argued that New Jersey wasn't equipped to deal with the case, didn't have key witnesses and documents, and should not be forced to interpret Italian law. A Parmalat unit, Farmland Dairies, had been located in Wallington, New Jersey. Bondi has obtained more than $700 million in settlements. He is also suing Bank of America Corp. (BAC.N: and the accounting firm Grant Thornton International for $10 billion each. Another accountant, Deloitte Touche Tohmatsu, settled a similar lawsuit in January for about $149 million. Reporting by Jonathan Stempel, editing by Martin Golan; (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. California Insurance Commissioner Steve Poizner Announces He Will Seek Refunds for Allstate Customers Commissioner serves Allstate with an Order to Show Cause for excessive rates Rate hike review may lead to "checks in the mail" for Allstate's California consumer For Release: May 23, 2007 SACRAMENTO -- California Insurance Commissioner Steve Poizner announced today the Department of Insurance is issuing an Order to Show Cause that will require Allstate to demonstrate that their rates are not excessive. Commissioner Poizner also announced his intent to seek refunds for Allstate customers if the Department of Insurance determines that their rates are excessive. This would be the first time in California history that a retroactive refund is ordered following a rate hearing. "I am drawing a line in the sand," said Commissioner Poizner. "If I find that Allstate's rates are excessive, refunds will occur. I will take clear and decisive action to protect consumers." While virtually every other insurer has lowered rates over the past year - equaling savings of $1 billion for consumers in 2006 - Allstate has submitted a request for a substantial rate increase. This request is currently pending before the Department and will be heard in the Fall. At the conclusion of the hearing, the Commissioner will determine the validity of the rates. If they are deemed excessive, the Commissioner will order Allstate to reduce its rates and determine whether refunds are warranted. Proposition 103 prohibits excessive rates and directs the Insurance Commissioner to take necessary steps to lower them when excessive. In the days since Allstate announced it would no longer write new homeowners policies in California, insurers such as Safeco and Farmers Insurance have vowed to expand their presence in the California market, particularly in the area of homeowners insurance. Copy of Allstate's Order to Show Cause. Please visit the Department of Insurance Web site at
www.insurance.ca.gov. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Santa Clarita Husband and Wife Sentenced to 22 Years in Prison for Insurance Fraud Scams Included Staged Auto Collisions on L.A. and OC Freeways SACRAMENTO - Today Magdalena Zanoletti, 54, a medical clinic administrator, and her husband, Ramon Alfonso Zanoletti, 53, a law office administrator, were sentenced in Los Angeles Superior Court for insurance fraud that took in more than $100,000, which in this case is an aggravated white collar crime that enhances the sentence. The Zanolettis were each sentenced to 22 years in state prison, and ordered to pay $200,000 in fines and $108,533 in restitution. The sentence comes as a result of nearly three weeks of trial that included 22 witnesses and thousands of pages of evidence. Magdalena was convicted on 38 counts of insurance fraud; Ramon was convicted on 19 felony counts of insurance fraud and the unauthorized practice of law. The case was prosecuted by Los Angeles Deputy District Attorney Alker. In March 2004, the Los Angeles Auto Insurance Task Force (AIFTF), consisting of the California Department of Insurance's Fraud Division, the California Highway Patrol, and L.A. District Attorney Steve Cooley's Office, began investigating a staged auto collision ring. Evidence from the December 2004 execution of multiple search warrants and arrest warrants related to that investigation led AIFTF investigators to discover the insurance fraud ring in this case. This ring involved the Zanolettis, Dr. Clarence E. Franklin, Jr., DC, and Franklin Chiropractic, his Los Angeles medical facility. In June 2006, the Zanolettis, Franklin and an additional 20 suspects were arrested. Next month, co-defendant Franklin is set to begin his own trial proceedings. Under the scams in this case, Ramon paid cappers for referrals of "victims." (A capper is an individual involved in recruiting faux passengers used to submit fraudulent claims to the insurance companies; cappers are paid either a flat fee or a percentage of the total receipts from the false claims.) Ramon then referred the claimants/patients to Franklin Chiropractic, where Magdalena, his wife, instructed patients to sign-in for multiple medical treatments. These treatments were never received, but subsequently used to create false medical reports and billings. Some of the collisions that Ramon Zanoletti purchased from cappers
were staged collisions on L.A. County and Orange County freeways and
surface streets. Stagers targeted innocent motorists, frequently light
duty commercial vehicles, high-dollar vehicles, SUVs, and elderly
drivers - drivers most likely to be covered by insurance.
www.insurance.ca.gov. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. 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
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11. Investors in defunct hedge fund sue UBS: WSJ Wed May 23, 2007 1:01AM EDT NEW YORK (Reuters) - Investors in Wood River Partners have sued UBS AG (UBSN.VX: , alleging the defunct hedge fund's prime broker fraudulently earned more than $100 million by misusing knowledge of its trades, the Wall Street Journal reported on its Web site on Wednesday. The plaintiffs, who collectively invested $79 million in Wood River, allege in the lawsuit filed in a New York state court that UBS earned profits by selling borrowed shares in the fund's biggest single stock holding, Endwave Corp. (ENWV.O: , and helping other UBS clients do the same, the paper said. The lawsuit claimed $200 million in damages, the paper said. UBS could not be reached immediately. But the Journal quoted a spokeswoman as saying: "UBS intends to defend itself vigorously against these allegations." Wood River collapsed in late 2005. Earlier this year, U.S. authorities charged its founder, John Whittier, with defrauding investors out of $88 million. Whittier has pleaded not guilty to the charges. Prosecutors have said Whittier, the former co-head of media and telecoms equity research at Donaldson, Lufkin & Jenrette, amassed an 80 percent stake in Endwave, a small California telecoms company, between 2004 and 2005, but failed to disclose the holding either to investors or to the U.S. Securities and Exchange Commission. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. PartnerRe Acquires Renewal Rights of Mutuelle Centrale de Reassurance PEMBROKE, Bermuda, May 23 /PRNewswire-FirstCall/ -- PartnerRe Ltd (NYSE: PRE) today announced that it has signed a definitive agreement with the French Monceau Group effective July 1, 2007 to acquire renewal rights for the international reinsurance business of Mutuelle Centrale de Reassurance (MCR), the reinsurance subsidiary of the Monceau Group. This acquisition of renewal rights concerns the reinsurance contracts with non-affiliated insurance companies outside of France. www.partnerre.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Hilb Rogal & Hobbs Agrees to Acquire the Urman Company RICHMOND, Va.--(BUSINESS WIRE)--Hilb Rogal & Hobbs Company (NYSE: HRH), one of the world's largest insurance and risk management intermediaries, announced today that it has signed a definitive agreement to acquire the stock of The Urman Company, a Denver-based retail employee benefits and property and casualty brokerage. Terms of the transaction, which is expected to close on June 1, 2007, were not disclosed. Founded in 1970 as a brokerage for the insurance needs of school executives and for the employee benefits plans for Colorado school districts, the current incarnation of The Urman Company (Urman) was formed by its current CEO and owner, Frank Urman, in 1988. With annualized revenues of approximately $4.7 million in 2006, Urman has developed extensive expertise in managing public educational entities and municipalities. www.hrh.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. UBS downgrades four U.S. insurance firms May 23 (Reuters) - UBS said it downgraded Reinsurance Group of America Inc. (RGA.N: , Nationwide Financial Services Inc. (NFS.N: and Metlife Inc. (MET.N: to "neutral" from "buy" based on valuation. The brokerage also downgraded Phoenix Cos. Inc. (PNX.N: to "neutral" from "buy" and said there was a lower likelihood for a takeout of the insurance company in the next 12 months, contrary to some media reports. (Reporting by Supantha Mukherjee in Bangalore) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. RMS Performs Analysis for Parametric Securitization Covering Japan Typhoon Risk $120 million series issued for coverage against Japan Typhoon losses NEWARK, Calif., May 22 /PRNewswire/ -- Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has designed the trigger mechanism and performed the risk analysis for a parametric securitization of typhoon risk in Japan. Issued by Akibare Ltd., a Cayman Islands special purpose vehicle (SPV), the securities provide $120 million of five-year, collateralized cover for Mitsui Sumitomo Insurance Co., Ltd. www.rms.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. A.M. Best Requests Public Comment on Draft Rating Methodology: Understanding BCAR for Title Insurance Companies OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. is requesting comments from market participants in the title insurance industry and other interested parties on a draft of its methodology report “Understanding BCAR For Title Insurance Companies.” The draft document is currently available in the Methodology section of A.M. Best's homepage. Visit www.ambest.com/ratings/methodology.asp to download a PDF copy. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Nation's Largest Pet Insurer Releases Top 10 Reasons Pets Taken to the Veterinarian List Reveals Conditions Every Pet Owner Should Know About BREA, Calif., May 22 /PRNewswire/ -- Veterinary Pet Insurance (VPI), the nation's oldest and largest provider of pet health insurance, recently reviewed all medical claims received in 2006 to identify the top 10 reasons dogs and cats were taken to the veterinarian. Compared with last year's list, the usual suspects -- skin allergies, urinary tract infections and upset stomachs -- remain near the top for both pets. Some conditions absent from last year's list were pyoderma (or hot spots) for dogs and tooth extractions for cats. "Almost all pets will have one of these conditions throughout their life," said Dr. Carol McConnell, director of veterinary relations for VPI. "In general, younger pets have a tendency to eat things they are not supposed to eat, which may result in stomach problems. Older pets are prone to tumors and arthritis." 2006 Top 10 Claims by 2006 Top 10 Claims by Incident -- Dogs Incident -- Cats 1. Skin allergies 1. Urinary tract infections 2. Ear infections 2. Stomach upsets 3. Stomach upsets 3. Kidney failure 4. Urinary tract infections 4. Skin allergies 5. Benign tumors 5. Diabetes 6. Pyoderma (hot spots/ 6. Respiratory infections bacterial skin infections) 7. Sprains 7. Ear infections 8. Osteoarthritis 8. Tooth extractions 9. Enteritis 9. Colitis 10. Eye infections 10. Hyperthyroidism The addition of pyoderma to the list reflects the prevalence of skin allergies among dogs. Like humans, dogs can have allergic reactions to food or pollen. Many dogs are allergic to contact with grass or carpet. The most common allergy is a reaction to flea bites. These allergies may cause a dog to lick or chew at an area on their skin until it creates a wound. Infected wounds from self trauma are what veterinarians call "pyoderma." On the feline side, cats are susceptible to urinary tract infections caused by viruses, urinary crystals, or even stress. Due to differences in the size and position of the urethra, male cats are more likely to get urinary tract infections than female cats. Always monitor a cat's frequency of visits to the litter box, as urination may increase with an infection. With each of the top 10 conditions, early detection by the owner and early treatment from a veterinarian is essential. In order to detect illnesses early, pet owners should pay attention to their pet's behavior and schedule regular visits to the veterinarian. McConnell recommends that young puppies and kittens see the veterinarian every two to three weeks and older dogs and cats visit once or twice a year. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. NAMIC Asks Governor to Veto Uninsured/Underinsured Motorist Coverage Legislation INDIANAPOLIS (May 21, 2007) — The National Association of Mutual Insurance Companies (NAMIC) is urging Colorado Gov. Bill Ritter to veto legislation concerning uninsured and underinsured motorists. In a letter to the governor, NAMIC warned that the legislation would hurt, rather than help, consumers. “On behalf of NAMIC’s members, I respectfully request that you veto SB 256, so that insurance consumers are not forced to needlessly pay higher insurance rates for insurance coverage they may not need or desire,” wrote Christian Rataj, NAMIC’s state affairs manager for the western region. “Although SB 256 may seem like a consumer-friendly bill, in reality, it will only confuse insurance consumers, increase insurance rates for all insureds, and lead to frivolous insurance litigation.” NAMIC has 118 member insurance carriers doing business in the state of Colorado. They write approximately 34 percent of the property/casualty insurance business in the state. The legislation, Concerning the Payment of Uninsured Motor Vehicle Insurance as Excess to Other Insurance, would require insurance carriers to offer underinsured motorist coverage in an amount equal to the insured's liability coverage, allow for “stacking” of coverages in certain circumstances, and would turn underinsured motorist coverage into excess coverage. Stacking includes aggregating, combining, multiplying or pyramiding limits of separate policies. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. DocuDent Accident Documentation Kit Proves Ideal Vehicle To Protect Drivers & Insurance Companies From Accident Fraud Must-Have Resource Offers All The Tools Drivers Need To Ensure Accuracy & Safety After A Collision; Kit Takes Dent Out Of $39 Billion In Annual Insurance Fraud LOS ANGELES, CA., MAY 20, 2007 – Anyone who's ever been in a car accident knows first-hand that the minutes just following a collision are invariably filled with distress, anxiety, anger, fear and perhaps physical trauma. In other words, the worst possible time for the parties involved to accurately document what took place, how bad the damage is, and which person is to blame. Developed by DocuDent CEO Eytan Dovan, the DocuDent kit provides a veritable treasure trove of helpful and protective post-accident tools even the most safety-conscious drivers would almost surely never think to have on hand. Now available direct to consumers at www.docudent.com and in branded kits via the leading insurance carriers mentioned above, 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. The American College’s Alumni Association Grows To 18,000 Members In Only One Year BRYN MAWR, PA - May 22, 2007 – In just one year, The American College Alumni Association has grown to include 18,000 registered members. This remarkable growth is attributed to the strong affinity and enthusiasm graduates of The American College feel for this remarkable institution of higher learning – dedicated to serving the educational needs of our nation’s financial services professionals. Each member of the Alumni Association proudly holds an American College designation or degree. These educational credentials serve as an emblem of quality for consumers seeking the advice of qualified and knowledgeable financial practitioners committed to a code of ethics. "At a time when other organizations in our industry are experiencing membership challenges, it is encouraging to know that new organizations can, in one year, be launched and attract more than 18,000 members,” stated American College President and Chief Executive Officer Dr. Larry Barton. “This is a real tribute to the new energy underway at The College. It also demonstrates the desire of our graduates to connect with one another- in both informal settings and in forums where we help them with career advice, professional networking and educational content." Alumni involvement and support are critical to the ongoing fulfillment of the College's mission and vision. Members benefit from networking and career opportunities, continuing education and active involvement in the Association. In addition, members receive the Alumni Association newsletter containing College news and events. American College Alumni who have not yet joined the Alumni Association may become official members by contacting alumni@TheAmericanCollege.edu, or visiting the Alumni Association website at www.TheAmericanCollege.OnlineCommunity.com. There is no charge to become a member of The American College Alumni Association. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. June Job Market Shows Slowing Employment Growth in Manufacturing Sector (Alexandria, Va., May 22, 2007)—According to new numbers from the Leading Indicator of National Employment® (LINE), manufacturing hiring will be much weaker in June 2007 than it was in June 2006. Within the larger service-sector, growth will be just slightly stronger than in June 2006. LINE is a collaborative effort between the Society for Human Resource Management (SHRM) and the Rutgers University School of Management and Labor Relations. To view the full report, visit www.shrm.org/LINE. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. CPCU Society National Leadership Institute Unveils New Course In Seattle MALVERN, PA, MAY 22, 2007—On June 6, the CPCU Society and Society’s Pacific Northwest and Lake Washington Chapters will be hosting a brand new CPCU Society National Leadership Institute (NLI) course: Building Communication Strategies: Leverage Your Best Critical Thinking. Course materials, lunch, and refreshments will be included. The CPCU Society National Leadership Institute (NLI) is the CPCU Society’s premier educational program for insurance industry professionals looking to advance their careers or take on leadership roles within their organizations. Both CPCU Society members and nonmembers are invited to attend NLI courses. Building Communication Strategies: Leverage Your Best Critical Thinking When: June 6, 2007, 8 a.m. – 4 p.m. (Registration: 7:30 – 8 a.m.) Where: Pemco Mutual Insurance Company 325 Eastlake Avenue East Seattle, WA 98109 Two Easy Ways to Register: Online at www.cpcusociety.org. Call (800) 932-CPCU and select option 4 to speak to our Member Resource Center. For CPCU Society members, registration is $129; for nonmembers, registration is $149. For more information, call the Society’s Member Resource Center at (800) 932-2728, option 4. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. IMSA, Standards-Setting Organization, Commends NASD, State Regulators for Support of Consumer Protections in Suitability Standards Model Bethesda, MD, May 22, 2007 – The Insurance Marketplace Standards Association (IMSA) applauded the recent announcement from the NASD and state regulators in support of the NAIC Suitability in Annuity Transactions Model Regulation. “Consumers need consistent protections no matter where they live or which annuity products they may be considering,” said IMSA CEO & President Brian Atchinson. “The support expressed by the NASD, North Dakota, Iowa and Minnesota for the NAIC model is progress. “IMSA standards incorporate the essential elements of the NAIC model and that means IMSA-qualified companies are using a consistent standard nationwide,” added Atchinson. A number of states, including New York, Texas, Massachusetts, Iowa, Indiana, Oregon, Maine and North Dakota, have formally recognized IMSA standards and the protections these standards represent. “Efforts by the NASD, state regulators and best practices groups like IMSA will result in a better marketplace for consumers,” said Atchinson. IMSA is the premier standards-setting organization for the life insurance, annuities and long-term care insurance marketplace for individually sold products. Qualified companies commit to maintaining high ethical standards and to being fair, honest, and open in the way they advertise, sell and service their products. The IMSA seal is a guidepost of excellence and integrity for consumers. For more information and a list of IMSA-qualified companies, visit www.IMSAethics.org. For information, contact: Susan Beach, 240-744-3021 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. AIA President Represents Property-Casualty Insurers In Efforts To Engage China WASHINGTON, D.C., May 22, 2007-- Gov. Marc Racicot, President, American Insurance Association (AIA), today applauded the efforts of Secretary Paulson and the U.S. delegation in the second Strategic Economic Dialogue by highlighting the commitment to achieving greater liberalization and modernization of China's financial system for the benefit of both nations. Racicot will participate in a press conference as part of the Engage China Coalition, whose members from eight leading financial services industry trade groups will discuss their interests in greater access to China's financial markets and the goals of U.S. insurance companies, banks and securities firms in market reform efforts in China, scheduled for 11 a.m. today. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
26. Max Specialty Now an Eligible Surplus Lines Insurer in 45 States, With Additions of New York, North Carolina and Kansas RICHMOND, Va.--(BUSINESS WIRE)--Stephen J. Vaccaro, Jr., President and Chief Executive Officer of Max Specialty Insurance Company, an excess and surplus lines company based in Richmond, Virginia, today announced that, with the additions of New York, North Carolina and Kansas, Max Specialty is now an eligible surplus lines insurer in a total of 45 states. www.maxcapgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Kaplan Financial Experiences Surge in Licensing Initiatives As Firms Respond to Broker/Dealer Advisory Rule -- Series 65, 66 Test Prep for Registered Reps that Need to Pass Exams the First Time to Continue Serving Clients -- CHICAGO--(BUSINESS WIRE)--Many firms are now facing increased pressure to initiate Series 65 and Series 66 licensing programs resulting from the recent upholding of the Investment Advisers Act of 1940. Last week, the SEC announced it would not appeal the ruling. As a result, Kaplan Financial (www.kaplanfinancial.com), a leading source of education and compliance solutions, is seeing increased interest from individuals and financial institutions needing to ensure that they - and their employees – pass the exams the first time, so they can continue to serve clients. “If a rep doesn’t have their Series 65 or 66, in as little as one month from now, they might not be able to produce and bring revenue to their firm,” said Melaine Kimmel, Senior Vice President of Securities Education at Kaplan Financial. “So, getting reps to take – and most importantly, pass - these tests as quickly as possible has never been more important.” This past March, the U.S. Court of Appeals for the District of Columbia Circuit threw out an SEC exemption rule that allowed registered reps to declare themselves financial advisers without being required to act as a fiduciary, but they had to stipulate that the advice provided should be considered “incidental.” It excused some brokers from being regulated as financial advisers, even though they could charge fees based on assets. The Financial Planning Association challenged the SEC’s rule, saying that it would not be the best use of taxpayer dollars to prolong a policy that is divergent to public interest. Firms moving their clients from fee-based accounts into advisory accounts may need to register their brokers as Investment Adviser Representatives with the states, and registered reps will need to pass the Series 65 Uniform Investment Adviser Law Examination, a three-hour, 130-question exam administered by the National Association of Securities Dealers (NASD®). If reps already have their Series 7 license, they may become registered as an investment advisor in certain states by passing the Series 66 exam. Although there is no pre-requisite for the Series 66, the Series 7 is a co-requisite exam that needs to be successfully completed (in addition to the Series 66 exam) before a candidate can apply to register with a state. The Series 66 Uniform Combined State Law Examination, a two and one-half hour, 100-question exam, also is administered by the NASD. www.kaplanfinancial.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Highmark Blue Cross Blue Shield Launches Personal Health Record Members can view and manage their own health care information PITTSBURGH, May 23 /PRNewswire-FirstCall/ -- Highmark Blue Cross Blue Shield members can view and manage their own health care information through Highmark's Personal Health Record, which is a private, secure and password- protected Web-based tool available through http://www.highmarkbcbs.com As a single-source for health information about members and their dependents, the Personal Health Record from Highmark utilizes medical claims and administrative information as well as information that is entered by consumers themselves. "Under our country's current health care system, health information is often disjointed, which leads to inefficient and ineffective medical care," said Donald Fischer, M.D., Highmark Chief Medical Officer and Senior Vice President. "The Personal Health Record from Highmark enables consumers to view and manage their own health information, which allows them to take their history to health care providers. It also provides members with a clear picture of their health situation and can recommend the necessary steps and information that will lead towards better health." Highmark's Personal Health Record brings together health-plan-based and member-entered information, which provides consumers with a comprehensive and historical view of their health and encounters with the health care system. www.highmark.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Aspen Insurance Holdings CEO Outlines Strategy in Interviews HAMILTON, Bermuda--(BUSINESS WIRE)--Aspen Insurance Holdings Limited (the “Company”) (NYSE:AHL) today announced the availability of recent on-camera interviews with Chief Executive Officer, Chris O’Kane. During the interviews with Bloomberg News and with a reporter on the floor of the New York Stock Exchange where Aspen was celebrating its five year anniversary, Mr. O’Kane provides an overview of Aspen’s history and strategy and comments on recent financial results. Following are links to the Bloomberg news interview and the interview from the floor of the NYSE: Bloomberg: http://www.criticalmention.com/vg/abmac/aspeninsurance/ (3:33 mins) Floor of NYSE: http://events.ctn.co.uk/ec/aspen/335/popup.asp?clipid=& (2:58 mins) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Bulldog Solutions Launches the Bulldog Index: Dynamic Benchmarking of Online Lead-Generation Data AUSTIN, Texas--(BUSINESS WIRE)--Lead optimization and management company Bulldog Solutions has launched the Bulldog Index, a set of dynamic benchmarks of online lead-generation metrics to help marketers create successful, sustainable lead-generation campaigns. Current benchmarks widely accepted by business-to-business marketers lack consistency and timeliness, making them less than ideal tools for the in-depth planning and performance measurement critical to successful online marketing. The Bulldog Index addresses those issues. “Bulldog Solutions has leveraged years of online lead-generation data to create a reliable benchmark to help business-to-business marketers improve their lead-generation performance,” said Rob Solomon, CEO of Bulldog Solutions. “In business-to-business marketing, it’s not good enough to perform better than you did last time,” Solomon said. “Marketers need reliable data that tells them where to set the bar. The Bulldog Index delivers that data.” Bulldog Solutions is the recognized thought leader and pioneer in lead optimization and management using Webinar campaigns and other information platforms. Bulldog Solutions’ unique multi-step process integrates marketing and sales efforts to increase reach, maximize marketing ROI, shorten sales cycles and boost top-line revenues. Bulldog Solutions has developed successful lead-generation campaigns and strategies for BtoB marketers across a variety of industries, including technology, financial services, life science, health care, telecom, insurance and publishing. The company is headquartered in Austin, Texas, with EMEA operations based in Brussels, Belgium. www.bulldogsolutions.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Travelers Introduces New IndustryEdgeSM Coverages For Educational Institutions HARTFORD, Conn.--(BUSINESS WIRE)--Travelers Commercial Accounts division today announced the addition of a broad range of new features to its IndustryEdgeSM product for educational institutions. Management Liability, Crime coverage, International coverage and enhanced Inland Marine coverage will now be available, in addition to currently available coverages for Property, Workers Compensation, Auto, General Liability and Umbrella/Excess Liability. www.travelers.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Zurich raises ROE goal, aims for world's top 5 By Douwe Miedema ZURICH, May 23 (Reuters) - Zurich Financial Services Group (ZURN.VX: raised its profitability goal on Wednesday, saying it wanted to become one of the world's top-five insurers in a sign it might scoop up further rivals. The Swiss insurer, itself the target of takeover speculation, said it would raise its goal for operating return on equity (ROE) to 16 percent from 12 percent, and that it wanted to expand both in mature and emerging markets. The stock is trading at some 9.8 times expected 2007 earnings, below the sector average multiple of 10.3 times and below Axa, which stands at 12.0 times and Italy's Generali (GASI.MI: at 16.1 times, according to Reuters Estimates. Editing by Sue Thomas and David Holmes ($1=1.228 Swiss Franc) (C) Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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