It’s not by chance we’ve made our Accident plans easier to sell! In our constant effort to update and improve one of the industries most diverse product portfolios we have made significant changes to the rate classifications and our proposal and split case processes regarding these products. The rate classes have been condensed down to two classifications A and B, and we have determined fewer unacceptable groups. We are also eliminating the need for proposals. You can quote from the rate sheets without having to go through the proposal process. On top of this we have expanded your ability to fit our Accident plans to your client’s exact needs. You may offer Class A rates and Class B rates within the same company. Finally, in order to ensure a clean transition, the new rate classes will be available only to new groups on an ongoing basis. This improved market position for the AccidentSelect® I, II, and TransAccident® plans have given us a reason to celebrate! We are inviting you to register and win the Game of Chance Accident Sales Contest.
For more information call 1-800-400-3042, send an e-mail to twminfo@aegonusa.com, or visit our contest information website. Daily Quote: "Life is like playing the violin in public and learning the instrument as one goes on." - - Samuel Butler
1. Ernst & Young partners charged in tax fraud case Wed May 30, 2007 10:52AM EDT (Reuters) - Federal prosecutors on Wednesday accused four current or former partners of accounting firm Ernst & Young (ERNY.UL: in a tax fraud conspiracy case related to crimes arising out of selling tax shelters. In an indictment filed in U.S. district court in Manhattan, prosecutors allege the defendants at the "Big Four" accounting firm created and marketed tax shelters from 1998 through 2004 based on false and fraudulent scenarios to allow wealthy individuals to reduce the federal taxes they would have to pay. The Ernst & Young current or former partners named in the case are Robert Coplan, Martin Nissenbaum, Richard Shapiro and Brian Vaughn. © Reuters 2007. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. RIMS Media Advisory: RIMS ISSUES POSITION ON BROKER COMPENSATION May 30, 2007 Statement on Industry Compensation and Placement Practices Much has changed since RIMS issued its August 2005 statement on industry compensation and placement practices. In response to regulatory matters and settlement agreements, many brokers pledged to refuse to accept placement fees from insurers on business where they represent the buyer. RIMS applauded this action and supported the prohibition on the use of placement service agreements or other similar arrangements for the entire broker industry. We are disappointed to learn that some brokers are apparently reconsidering their pledge to refuse to accept these fees. RIMS recognizes that contingent commissions are currently paid on agency generated business, where the agent represents the insurer not the buyer. Such practices have always existed in the insurance markets. However, for brokers and independent agents to accept these fees in transactions that are made on behalf of the buyer represents an inherent conflict of interest. The recent investigations, admissions and fines demonstrate how these practices can be manipulated to the disadvantage of the insurance buyer. RIMS also recognizes that many smaller, regional or privately held brokerage firms were not part of the various investigations and settlement agreements and have continued to utilize placement service agreements and contingent compensation arrangements. For the reasons listed above, RIMS supports the prohibition of these compensation arrangements for any broker or agent acting on behalf of a buyer. Moreover, RIMS believes that all sources of compensation, direct and indirect, now or in the future, should be disclosed to clients without their request. This disclosure will ensure that the risk manager understands not only the cost of coverage, but any arrangements with specific insurance companies or any fees obtained by the broker/agent from markets approached on behalf of the insured. The existence of compensation arrangements and the amount of potential compensation should be disclosed prior to placement of business and annually by line of coverage. Failure to disclose such arrangements runs counter to the spirit of partnership that risk managers seek to achieve with their brokers, vendors, and insurers. Furthermore, RIMS is troubled that the insurance industry continues to promote this compensation model despite its many associated issues. RIMS supports a business model for the insurance industry which does not provide for, offer or make available contingent commission arrangements for the brokerage industry. RIMS advocates for an open dialogue among all parties on all issues of compensation, as well as all other aspects of the insurance transaction. RIMS believes that broker compensation and insurer selection should be governed by the principles of complete transparency and full disclosure without client request. Only then can risk managers make full and informed decisions as to which coverage and method of placement is best for their organizations. Risk managers must evaluate the level of transparency and full disclosure in their broker relationships. To effect change, risk managers must vocalize their concerns and hold their providers accountable. www.RIMS.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Group Medical Costs Continue Sharp Increase WASHINGTON, May 30 /PRNewswire-USNewswire/ -- The cost of providing group health benefits to employees continued to increase sharply during the past six months, with the vast majority of employers -- regardless of their business size -- paying significantly more for account renewals than in the fall of 2006. According to agents and brokers responding to the spring Employee Benefits Market Survey by The Council of Insurance Agents & Brokers, the cost of group medical care increased for 81 percent of their small accounts (50 or fewer employees), with 54 percent of renewals being between 11 and 15 percent higher. Similarly, 90 percent of the agents said their medium-sized clients experienced increases in group medical costs, with 47 percent falling in the 11 to 15 percent range. Three-quarters of respondents said their large clients (those with 501 or more employees) paid more for their group medical plans, with the largest number of increases (43 percent) in the 6-10 percent range. The Council represents the nation's leading domestic and international insurance agents and brokers who annually place more than 80 percent of the commercial property/casualty premiums in the United States and administer billions of dollars in employee benefit accounts. Despite the cost increases for group medical insurance, however, most employers are continuing with traditional coverage plans and shifting costs to employees in the form of higher deductibles and co-pays as opposed to limiting options or discontinuing coverage. The high-deductible health plans (HDHP) and Health Savings Accounts (HSA) or Health Reimbursement Accounts (HRA) being promoted by the Bush administration as a way to control medical costs are still slow to catch on. Three-fourths of the respondents said shifting employees to HDHPs coupled with either an HSA or HRA is being selected by fewer than 30 percent of their clients. But 80 percent of the respondents said they had either sold an HDHP- HSA plan for 2007 or had a client looking at one for 2008. "The majority of our clients are beginning to increase the deductibles to reduce the overall increases," one broker from the Midwest said. "The HSA plan designs have not provided enough savings to warrant making the change, so they are staying with a higher deductible with office visit and prescription co-pay." Still, the HSA approach is "becoming more viable for the right employer who has the right mindset," one broker observed, and there are signs those approaches are becoming more attractively priced. When the plans are added, the agents agreed, most are as an option rather than the only choice on the benefits menu. "More groups are looking at high deductible plans, but not many are implementing. If they do, it is as an option -- not a replacement," said a broker from the Northeast. www.ciab.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4.
Workplace Benefits
Association Posts Video On You Tube Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Are Businesses Prepared for the 2007 Hurricane Season? Experts from Marsh & McLennan Companies, Inc. (MMC) to Host Media Briefing on Preparing for and Managing the Consequences of a Major Storm What: At the start of what is expected to be an above-average hurricane season, a panel of experts from across MMC will discuss what companies need to know when preparing for and responding to a major storm. The briefing will include remarks from Michael G. Cherkasky, president and chief executive officer of MMC. Critical business issues that will be addressed during this interactive session include:
Reinsurance Where: Marsh & McLennan Companies, 1166 Avenue of the Americas, (corner of 45th Street and 6th Avenue) OR via conference call: (800) 500-0311, Confirmation code: 9274888 When: Friday, June 1, 2007, 8:30 a.m. - 9:30 a.m., Why: As Hurricane Katrina showed, a powerful storm can wreak havoc far beyond where it makes landfall. Organizations hundreds and even thousands of miles from the Gulf Coast suffered financial and other losses as the storm disrupted supply chains in numerous industries and regions, grounded planes, disrupted agricultural operations, and more. Many organizations lacked plans for dealing not only with the local, but the regional, national, and global impacts and consequences of this storm. RSVP: To register for this event, please contact: Gabriela Juncadella/Edelman, 212/704-4448 or gabriela.Juncadella@edelman.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
6. Florida Insurer Turns to Retail Location to Reach Customers Blue Cross & Blue Shield Among Several Insurers to Utilize Mall Location to Attract Curious Customers, According to a New Report from HealthLeaders-InterStudy NASHVILLE, Tenn., May 30 /PRNewswire/ -- HealthLeaders-InterStudy, the leading provider of managed care market intelligence, reports that Blue Cross and Blue Shield of Florida is turning to a retail location to push its insurance products in what has emerged as a growing trend in healthcare. According to the latest Florida Health Plan Analysis, the state's largest nonprofit insurer has opened its first retail location at a Jacksonville mall, with plans to expand the concept this year. "Blue Cross looks to be at the forefront of a growing movement in insurance to operate interactive retail stores," states Roy Moore, market analyst for HealthLeaders-InterStudy and author of the report. "The insurer is going where its potential customers are while helping enhance its brand in those markets." The health plan is selling its full slate of products for the Medicare market and those for the under-65 buyer, including health, dental, life insurance and long-term care offerings. The store sells available products, services current clients and hosts health fairs and seminars, which could attract curious customers. With the first store now open, Blue Cross is looking to open two more this year that will be similar to the Jacksonville operations. "Higher end malls have turned into the new downtowns for suburban residents. Their visitors are often the young people who do not have insurance and are becoming increasingly hard to target through traditional means of advertising. In addition, the mall locale also puts the company closer to its potential Medicare clients, many of whom used the mall for their daily walks," continued Mr. Moore. Health Net pioneered the retail-based insurance concept with the development of a community enrollment and customer service center in East Los Angeles to serve the Latino population. In an effort to get its Medicare operations off the ground, the health plan also opened a Medicare store at a high-traffic mall in Mesa, Arizona, and another one in Connecticut. Health Net used its 2,500-square-foot space to inform seniors about the various Medicare offerings, especially those that involve complex formularies or gap coverage. www.HealthLeaders-InterStudy.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Wausau Multiline Productivity Poll: Wausau Survey Reveals Efficiency Trends Across Major Lines of Commercial Insurance WAUSAU, Wis., May 29 /PRNewswire/ -- Spurred by advice from their agent or broker, commercial insurance buyers show increasing interest in buying more than one line of coverage from a carrier, according to a new survey commissioned by Wausau Insurance. Two-thirds (up from 58% last year) of respondents said their agent or broker "always or usually" encourages them to place multiple (at least two) lines of insurance with one carrier. And three-quarters of respondents said they would rather have their coverage priced by one multiline underwriting team than a separate underwriting team for each line of insurance. Among respondents favoring a multiline underwriting team, more than two-thirds completely or somewhat agree the multiline approach is more likely to ensure a fairer price, broader expertise and knowledge of their business. "This annual independent survey continues to confirm key messages we're hearing from our agents, brokers and their clients," said Mark Fiebrink, president and chief operating officer of Wausau Insurance. "Insurance buyers increasingly want carriers who can provide multiline coverage and services with a focus on the total cost of risk, including lost productivity." The Wausau Multiline Productivity Poll on the company's web site, http://www.wausau.com/poll, will continue to be updated and revised annually as a tool to shed new light on the issue. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Insurance Companies Say 'Too Much Regulation' is a Global Concern, CSFI Banana Skins Poll with PricewaterhouseCoopers Finds NEW YORK and LONDON, May 29 /PRNewswire/ -- Regulatory overkill is the greatest risk facing the global insurance industry, according to the CSFI's latest Banana Skins survey, in association with PricewaterhouseCoopers LLP. PwC has provided longstanding support for the CSFI's Banana Skins surveys in the banking sector and thereby recognized that a similar study of risks in the insurance industry was a natural extension of the series. Top Ten Insurance Banana Skins 2007
More than 100 respondents to the survey say that excessive regulation is endangering the industry by loading companies with costs, distracting management and creating barriers to competition and innovation. This finding is linked to concern about growing political interference, particularly in markets where governments regulate insurance products and prices. www.pwc.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Human Capital Risk Seen as Most Significant Threat to Companies, According to a New Survey Sponsored By ACE NEW YORK--(BUSINESS WIRE)--International risk managers see human capital risk as being the most significant threat facing their global business operations, according to a new survey conducted by the Economist Intelligence Unit and sponsored by the ACE Group of Companies. The survey’s findings show that human capital risk, such as skills shortages, succession issues and the loss of key personnel, were seen by respondents as being more significant than threats from reputational risk, information technology risk, political risk and regulatory risk. This represents a change from a year ago, when reputational risk was perceived in the Economist Intelligence Unit’s quarterly risk barometer survey as being the biggest threat that respondents faced. Despite acknowledging the importance of the skills issue, just 32% of the survey respondents say that they manage human capital risk effectively. The only areas where they feel less confident are risks associated with terrorism and climate change. For further information or a copy of the report, please visit www.acelimited.com or www.eiu.com/global risk. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Japan life insurers cut foreign debt holdings in 06/07 Wed May 30, 2007 5:33AM EDT By Naomi Tajitsu TOKYO, May 30 (Reuters) - Japanese life insurers kept their distance from foreign debt in the financial year that ended in March due to ongoing yen weakness, which made the bonds too expensive and tarnished their appeal, the top firms said on Wednesday. At the same time, many of the insurers raised their yen bond holdings in the 12 months to March, earnings statements showed, even as Japanese government bond yields stayed low despite two rate rises by the Bank of Japan to 0.5 percent. Japan's top nine insurers held a total of around 14.5 trillion yen ($119.1 billion) in foreign bonds at the end of March this year, down a bit from 15.2 trillion yen in March last year. They had roughly 56 trillion yen in yen-denominated debt, more than around 53 trillion yen at the end of March 2006. Three of the big nine insurers -- Meiji Yasuda Life, Asahi Mutual Life and Fukoku -- do not own any hedged foreign bond holdings. Due to their enormous foreign debt holdings, an increasing amount of which is not hedged against currency movements, the insurers are a major force to be reckoned with in the foreign exchange market. In interviews with Reuters in April, they said they would continue trimming their holdings of hedged foreign debt through March as rising rates in regions like the euro zone made it difficult to continue protecting assets from foreign exchange volatility. ($1=121.44 Yen) © Reuters 2006. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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11. AIG Private Client Group Expands Its Hurricane Protection Unit to Serve Policyholders in All Coastal Areas of Florida NEW YORK--(BUSINESS WIRE)--AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the expansion of its Hurricane Protection UnitSM to serve its policyholders throughout all coastal areas in the state of Florida. First launched in select Florida counties in July 2006, the Hurricane Protection Unit was created to proactively mitigate wind and water damage at the earliest opportunity, and to ultimately help preserve the value of furnishings, artwork and other possessions. AIG Private Client Group’s team of hurricane specialists closely track and monitor the progress and projected landfall of approaching storms. After a hurricane passes and it is safe to mobilize, catastrophe response units are dispatched to insured residences in the affected areas, and exterior damage is assessed. If there is visible structural damage, AIG-approved vendors will be on hand to make short-term repairs such as: Tarping holes in the roof Boarding breached doors, windows and other openings Extracting water and deploying drying equipment AIG Private Client Group staff will communicate with policyholders who have evacuated the area to keep them apprised of any damage that has been sustained. Claims staff will follow up with more detailed assessments as needed. AIG Private Client Group’s fine art risk management professionals may also be engaged to safely remove and transport pieces. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. BB&T Insurance Services to acquire metro Atlanta agency RALEIGH, N.C., May 30 /PRNewswire-FirstCall/ -- BB&T Insurance Services, the nation's seventh largest insurance broker, today said it plans to expand its metro Atlanta operation with the acquisition of Reese Insurance Associates Inc. of Riverdale, Ga. Reese provides both commercial and personal property and casualty coverage as well as group benefits insurance. www.BBT.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. State Fund Files An Average 11 Percent Premium Decrease Filing marks eighth consecutive decrease; cumulative 55 percent decrease since 2004 SAN FRANCISCO, May 30 /PRNewswire/ -- State Compensation Insurance Fund today announced it filed July 1, 2007 workers' compensation insurance rates calling for an 11% average decrease in collectible premium. The new rates will affect new and renewal workers' compensation policies with an effective date on or after July 1, 2007. The filing is State Fund's eighth consecutive rate reduction. www.scif.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. RIMS Releases 2007 Risk Management Compensation Survey, Announces Webinar To Present Results Survey is a valuable tool for employers seeking pay data on specialized risk management positions New York, N.Y.—May 24, 2007—The Risk and Insurance Management Society, Inc. (RIMS) has published the 2007 Risk Management Compensation Survey. The survey, compiled by Salary.com, Inc., a leading provider of on-demand compensation management solutions, is the premier source of compensation data in the risk and insurance management profession. The survey presents base salary and incentive data for 12 industry-specific jobs categorized by company size (full time employees and annual revenues), risk management department size, industry and geography. The following chart includes a representative sampling of jobs from the survey. United States National Averages (USD) Job Title Average Annual Salary Average Annual Total Cash Compensation Enterprise-Wide Risk Management Professional $ 130,997 $ 150,100 Insurance and Risk Management Professional $ 106,814 $ 121,104 Claims Manager $ 81,228 $ 89,577 Risk Management Analyst $ 56,037 $ 57,724 Claims Analyst $ 44,351 $ 45,394 The salaries in the chart above are based on national data. Compensation for risk management personnel varies based on organization size and other factors. More information about compensation trends can be found in the survey. On June 7 at 1:00 pm EDT, RIMS and Salary.com will co-host a webinar titled, “Using Salary Surveys Makes Cents: Competitive Salaries in the Risk and Insurance Management Profession” to help risk professionals interpret the results of the 2007 Risk Management Compensation Survey. Participants will review the basics of compensation as part of a “total rewards” package, discuss factors that influence pay, learn how to read a compensation survey report and receive pointers on how to apply the compensation information to their risk management careers. Presenters in the session are Joseph Kilmartin, director of compensation, and Christine Midwood, director of survey services at Salary.com. The webinar is free for RIMS members and non-members may gain access to the webinar for a fee of $30. To access the webinar, or for more information, please visit www.RIMS.org/comp2007. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Trade Associations Appeal to Congressional Leaders to Keep Mandatory NBCR Coverage Out of TRIA Extension Proposal WASHINGTON (May 24, 2007) — Private insurers should not be required to offer coverage for terrorism attacks generated by nuclear, biological, chemical and radiological weapons of mass destruction, industry trade groups told congressional leaders today. In a letter to Sen. Chris Dodd, D-Ct., and Rep. Barney Frank, D-Ma., the National Association of Mutual Insurance Companies (NAMIC) and the Property Casualty Insurers Association of America (PCI) said the government should study the NBCR issue. The congressional leaders are considering extending the Terrorism Risk Insurance Extension Act beyond its Dec. 31 sunset date. While the property/casualty industry strongly supports such proposals, NAMIC and PCI urge Congress to keep NBCR out of the equation at this point. Instead, they suggest Congress enact legislation to establish a commission to study all the risks associated with NBCR attacks and how such events might be financed. “From an insurance standpoint, NBCR events are qualitatively and quantitatively different from events arising from the use of conventional terrorist weapons,” the letter says. “Indeed, even before the atrocities of September 11 exposed the vulnerability of the United States to large-scale terrorist attacks on American soil, insurance companies and insurance regulators had long regarded losses caused by nuclear incidents as uninsurable.” The letter points out that in the nearly six years since the Sept. 11 attacks, no private reinsurance has been offered for NBCR coverage and capital markets have not developed any alternative risk transfer products for such events. “That this state of affairs is unlikely to change is reflected in a 2005 RAND report’s observation that NBCR attacks ‘pose a challenge that may be most appropriately covered through a direct government insurance program.’” Requiring insurers to offer NBCR coverage would likely result in immediate rate hikes for policyholders, the letter explains. “At the outset, insurers would need to quickly raise large amounts of capital to cover an utterly unpredictable risk whose potential loss costs are staggeringly high and variable — somewhere between $27.3 billion and $778.1 billion, according to projections by the American Academy of Actuaries. … Since 9/11, private capital markets have demonstrated no willingness to securitize this type of risk. That leaves rate increases on existing policyholders as the only source of the needed capital. Moreover, since there is no way to predict when the capital will be needed, the only reasonable approach would be to raise all of the required additional capital immediately.” Small- and medium-sized insurers would undoubtedly face significant challenges from an NBCR requirement, since they would probably have to assume a risk and an operational exposure of great danger and complexity for which they have no previous insuring or claim adjustment experience. Operational issues such as the accuracy of catastrophe loss models for property and liability terrorism risk, regulatory controls on insurer pricing, and issues arising from possible mixed attacks involving both NBCR and non-NBCR exposures have not yet been addressed. The letter calls for careful study and analysis by a commission, rather than a “premature and counterproductive mandate to provide NBCR coverage now.” Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. Is Business Ready For ‘Black Death?’ NCTA’s Five Pillars Conference Draws Experts in Bioterrorism RALEIGH, N.C.--(BUSINESS WIRE)--What if the Bubonic Plague was used as a weapon of mass destruction? How would you and your business continue with daily operations in the event of a tragedy? Do you know your role or responsibilities in a crisis such as this? How does a business ensure its employees that it is safe to come to work? The North Carolina Technology Association, (NCTA) the primary voice of the technology industry in North Carolina, has assembled a diverse panel of experts to discuss how to prepare and persevere during a bioterrorism incident such as the plague on Thursday, June 7, at the NCTA Five Pillars of Executive Leadership in a Non-Secure World conference, presented by Williams Mullen Maupin Taylor, P.A., at Embassy Suites Hotel in Cary, N.C. www.nc-tech.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. RLI Marine Adding Specialty Cargo Coverage PEORIA, Ill., May 29 /PRNewswire-FirstCall/ -- RLI Corp. (NYSE: RLI) -- RLI Marine, a division of RLI Insurance Company, has added a specialty cargo coverage to its product line. The coverage focuses on high-tech and life sciences risks. Headquartered in Boston, the RLI Marine Specialty Cargo underwriting operation will be led by RLI Marine Vice President, Underwriting Stuart Sayre and RLI Marine Vice President, Loss Prevention & Underwriting Damon Finneran. Property covered by specialty cargo policies include capital equipment, component parts, and finished and miscellaneous goods in the high-tech field; and temperature-sensitive products, class or scheduled drugs, tablets, cryogenic vessels and capital equipment in the life science field. "Stuart's and Damon's experience in specialty cargo underwriting and claims spans nearly two decades, and their expertise, combined with their commitment to loss prevention, should make us an immediate leader in the marketplace," said RLI Marine Executive Vice President Tom Carroll. RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving "niche" or underserved markets. RLI operates in all 50 states from 25 office locations. The company's talented associates have delivered underwriting profits in 26 of the last 30 years, including the last 11. RLI's insurance subsidiaries -- RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company -- are rated A+ "Superior" by A.M. Best Company and A+ "Strong" by Standard & Poor's. For additional information, contact Executive Vice President, RLI Marine Tom Carroll at (212) 626-7735 or at thomas_carroll@rlicorp.com or visit our website at http://www.rlicorp.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. New Generation Of Variable Annuities Provides More Flexibility And Benefit Options New York, N.Y. May 30, 2007 — AXA Equitable Life Insurance Co. today premiered enhancements to its Accumulator® series of variable annuities, including an expanded choice of "living benefits" and the unbundling of optional income and death benefits. "The variable annuities that are available now are more sophisticated and offer more benefits than those from 10 years ago," said Barbara Goodstein, AXA Equitable's Executive Vice President of Marketing and Product Development. "In addition to securing guaranteed income for life and providing a legacy for loved ones, the new generation of annuities gives contract holders a great deal of flexibility. Americans who are at or near retirement can customize the living benefits that best match their needs and goals." To help consumers understand the facts surrounding variable annuities, AXA Equitable is a sponsor of an online resource called the Variable Annuities Knowledge Center www.variableannuityfacts.org. The Variable Annuities Knowledge Center, which is operated by a stand-alone, non-profit organization, is overseen by an independent advisory board. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Willis Property Alert: A Tale of Two (Evolving) Markets New York, NY, May 30, 2007 – As the global capacity, pricing regimens, terms and conditions for both Cat Risks and non-Cat Risks in the global property insurance market are changing more rapidly than many would have anticipated a year ago, insurance buyers are clearly benefiting from the health, financial strength and increased capacity of today’s insurance marketplace. In its latest Property Alert, Willis, the global insurance broker, reviewed natural catastrophe losses over the last few years combined with projections for the forthcoming hurricane season. The result is that outside catastrophe prone areas, the market is soft, with traditional markets and new ones chasing premium down while broadening coverage. In catastrophe prone areas, it’s not soft – yet – particularly where the total catastrophe risk capacity required by a given insured dampens competitive market forces. In fact, there are still shortages of capacity for coverage against hurricanes, floods and earthquakes. In some places, it remains impossible to purchase enough insurance to qualify for a commercial mortgage-backed securities loan unless the lenders agree to modify the insurance requirements. The Willis report also addressed the nation’s need for a long-term solution to insuring against losses incurred from a terrorist attack. The current iteration of TRIA, the Terrorism Risk Insurance Act, is due to sunset at the end of this year, and Congressional action is required to ensure that this backstop remains in place. Willis firmly believes that the insurance industry has an obligation to cover as much of such a loss as possible. The reality is, however, that the nature and severity of the next attack is restricted only by the imagination of the terrorists – and their thought patterns are beyond the industry’s modeling capabilities. To read the report -- http://www.willis.com/Extras/Marketplace%20Realities.aspx 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. Insurance Commissioner Steve Poizner Unveils Reform Package for Workers' Comp System For Release: May 29, 2007 Orders Reforms to: Improve Workplace Safety; Reduce Rates; Improve Rate Forecasting Accuracy; and Promote Expansion in Workers’ Comp Market – Top-to-Bottom Audit of State’s Rating Bureau Planned SACRAMENTO - Insurance Commissioner Steve Poizner today unveiled a series of reforms to address systemic and structural deficiencies in California's workers' compensation system. Citing a vibrant and profitable workers' comp market, Commissioner Poizner also called for an additional 14.2 percent decrease in workers' compensation pure premium rates. This advisory recommendation is used by the workers compensation insurance industry as a benchmark for filing its rates. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Perr & Knight Launches New Insurance Operations Best Practices Journal LOS ANGELES, Calif./May 29, 2007 – Perr & Knight, a leading provider of management consulting, regulatory compliance, competitive intelligence and actuarial services to the insurance industry, today announced the publication of the Journal of Insurance Operations. The Journal provides in-depth coverage of insurance operations best practices by leading authorities in the industry. The inaugural issue is being released to coincide with this year’s IASA Business Show in Minneapolis. www.JIOPs.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. M Financial Group Welcomes Protective Financial & Insurance Services, Inc. (dba Corrigan & Company) to Network of Member Firms PORTLAND, OR, MAY 29, 2007 - M Financial Group today announced that Corrigan & Company has become a Provisional Member Firm. Based in Santa Barbara, California, Corrigan & Company is a leading executive benefits firm specializing in the production of community bank owned life insurance (BOLI). Corrigan & Company (formerly BenmarkWest) was founded in 1990 by Michael E. Corrigan, a Principal of the firm. Michael’s experience in the securities business began in 1978 and he has since held sales, investment, and several senior management positions with national financial institutions and successful life insurance companies. Michael is joined by Berkeley N. Johnson, Melvyn K. Reeves, and a team of nine professional staff members. Under the superior management and expertise of its leaders, Corrigan & Company has quickly grown into a top BOLI producing firm, establishing a strong presence in the Western United States. Michael is a member of AALU and NAIFA. www.mfin.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. 2007 Hurricane Season Should Prompt Integrated Approach to Coastal Issues, NAMIC Suggests WASHINGTON (May 25, 2007) — With the start of the 2007 hurricane season just days away, the National Association of Mutual Insurance Companies (NAMIC) urges lawmakers, public policymakers, insurers, and consumers to collaborate on steps to minimize human suffering and property damage from future storms while promoting and preserving a strong private insurance market. “The devastation of the 2004 and 2005 storm seasons should serve as a catalyst to work toward prevention, loss reduction, and efforts to enact good public policy,” said Charles M. Chamness, NAMIC’s president and CEO. “With meteorological experts predicting an increase in the number and severity of storms along the coastal U.S. in the next decade, it’s incumbent upon us as a nation to work together to avoid devastation where possible.” While there have been some worthwhile discussions in Congress and several state legislatures on ways to address weather-related issues in coastal areas, some lawmakers have focused on legislation aimed squarely at the insurance industry and the way it’s regulated. “It’s a shortsighted and counterproductive tack,” Chamness said. “Instead, members of Congress, state legislatures, and regulators should be working in conjunction with insurers and others to develop strategies to reduce hardships posed by severe storms.” For comprehensive hurricane information, visit NAMIC's Hurricane Resource Center at www.namic.org/hurricane/default.asp. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Symetra’s Low Cost, High Value “Focus:” The Smart Variable Annuity Choice Bellevue, Wash. — (May 29, 2007) — Symetra Life Insurance Company has introduced a distinctive new variable annuity that is among the most cost-effective of such products on the market. The Symetra Focus Variable Annuity is also one of the only variable annuities available featuring index investment options from Vanguard. The product’s low-cost structure and premier investment options are designed to help clients keep more of the returns generated from investments linked to the annuity. www.symetra.com/focus Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Why I Left My Insurance Agent I was talking to a friend the other day, explaining what I do for a living, when she interrupted me and proceeded to tell me all about how wonderful her insurance agent was. Her story caused me to reflect on why I left my previous agent. I don’t think my previous agent will be upset by this article, because not only did he not notice me when I was a policyholder, but I’m quite sure he didn’t notice when I left. Written by Michael Beck, “The Insurance & Advisor Coach”. Michael, an Executive Coach and trainer, helps insurance and financial professionals succeed faster and easier. He can be reached at 866-385-8751 or mbeck@theinsurancecoach.com Permission to reprint with full attribution. © 2007 Exceptional Leadership, Inc. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. PIANH names MMG “Company of the Year” at Annual Conference CONCORD, N.H.—During its Annual Conference last week in Concord, the Professional Insurance Agents of New Hampshire Inc. awarded MMG Insurance with the association’s inaugural Company of the Year award. The company was selected based on its ranking in PIANH’s first-ever Company Performance Survey. Honorable mention awards were presented to: MetLife Auto & Home; OneBeacon Insurance; and Peerless Insurance Co. because these companies ranked in the top echelon of the survey. The complete results of PIANH’s first Company Performance Survey will published in the June edition of the PIA magazine. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. New York Life Retirement Plan Services Introduces Diagnostic Program to Understand and Predict Employee Retirement Planning Behavior Comprehensive Segmentation Process Helps Companies Provide the Right Tools So Participants Can be Better Prepared for Retirement WESTWOOD, Mass., May 30 /PRNewswire-FirstCall/ -- New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, today introduced an in-depth program designed to help the firm and its clients better understand and predict employee retirement planning behavior. Using a unique cluster analysis process, the company can now categorize participants into six distinct segments according to various behavioral, attitudinal and demographic factors. Then, armed with this intelligence, New York Life can work more effectively with employers, providing an array of customized tools to fit the differing needs of participants within their plans. www.nylim.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. The Hartford’s Life Insurance Policies Offer Some New Protections Against the Uncertainties of Life May 30, 2007 09:42 AM Eastern Daylight Time New optional feature on variable universal life policies allows consumers to use death benefits to help defray costs associated with chronic illnesses SIMSBURY, Conn.--(BUSINESS WIRE)--For people who need life insurance and are comfortable with the risks of equity investing, variable universal life (VUL) has long been an option to protect families from the premature death of a breadwinner. Now, variable universal life can provide a valuable source of benefits for living needs, too. The Hartford Financial Services Group, Inc. (NYSE: HIG) is introducing a new benefit option, known as a rider, to select variable universal life insurance policies to help people who become chronically ill pay for care or other services they may need to continue their lifestyles. The LifeAccess Accelerated Death Benefit Rider, which allows policyholders to use, or ‘accelerate,’ their policy’s death benefit for daily living needs, is the newest of five riders available on The Hartford’s VUL policies that provide a range of benefits during chronic or terminal illnesses and disabilities. www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Video: Shopping for Financial Security: All Workers Need Disability Insurance, But Where Should They Get It? LIFE Foundation Offers Five Tips for Evaluating Disability Insurance Coverage Options WASHINGTON, May 30 /PRNewswire/ -- When making a significant purchase, whether a new car or a flat screen TV, most Americans carefully study the options so they can make an informed decision. The same should be true when it comes to purchasing protection for what may be the most valuable asset of all -- the ability to earn an income. To coincide with Disability Insurance Awareness Month this May, the nonprofit Life and Health Insurance Foundation for Education (LIFE) offers a buyer's guide to help Americans better understand their options for purchasing disability insurance, a critical product which ensures that you can support yourself and those you love even in the event of a disabling illness or injury. For additional information and other helpful tips, visit the section of LIFE's website dedicated to disability insurance at http://www.life-line.org/disability. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. AEGON and BRE Bank Enter Exclusive Negotiations on Pension Fund Merger THE HAGUE, The Netherlands, May 29 /PRNewswire-FirstCall/ -- AEGON (NYSE: AEG; LSE: AGN) and BRE Bank have entered into exclusive negotiations on a possible merger of their two Polish pension funds, PTE Ergo Hestia SA and PTE Skarbiec-Emerytura SA. As part of these discussions, BRE Bank would grant AEGON the option to acquire BRE Bank's shareholding in the merged pension funds. The final agreements would be subject to approvals from the Polish Financial Supervision Commission (KNF) and the Office of Competition and Consumer Protection (OCCP). Currently, BRE Bank owns 100 percent of the shares and voting rights in PTE Skarbiec-Emerytura, which manages the accounts of over 440,000 members(*). www.aegon.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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