Can't make the Atlanta Seminar and/or optional CNN tour? 11 others seminars are scheduled! The Workplace Benefits Association has announced a training and educational campaign for 2008 built around the concept of “doubling your voluntary benefits revenue stream.” There will be no cost to attend these seminars for attendees who pre-register. “The concept is for a broker to be able to walk out of the meeting room and have in hand everything they need to immediately start the process of doubling their voluntary benefits income when they return to their office (product sources, scripts, & forms).
Daily Quote: "The natural flights of the human mind are not from pleasure to pleasure but from hope to hope." - - Unknown
1. Florida Office Of Insurance Regulation Files Argument To Reinstate Allstate Suspension Wednesday, January 23, 2008 TALLAHASSEE, Fla. - The Florida Office of Insurance Regulation (Office) today announced that it has filed its response with the First District Court of Appeal seeking to have the suspension of the Allstate Companies' certificates of authority reinstated. The 12-page response to Friday's order staying the suspension argued, among other things, that Allstate's failure to provide the documents is a crime (Florida Statutes 624.15) and "further evidenced a continuing attempt by [Allstate] to improperly subvert, manipulate and undermine the regulatory process." "There can be no more clearer threat to the safety and welfare of the public than a continuing willful violation of the law." "Allstate has continued to do everything it can to keep from providing the documents requested in the subpoenas sent by my office Oct. 16, so now I am doing everything within my power to ensure that the documents are produced," said Florida Insurance Commissioner Kevin McCarty. "They keep insisting that they are working to produce the documents, but the fact remains that all of the documents were due last Tuesday at the hearing, and they were not there. I also am frustrated that Allstate keeps trying to tell us which documents are relevant to our investigation." Commissioner McCarty announced Wednesday that he was suspending Allstate from writing new auto business in Florida and then extended the suspension Thursday to keep Allstate from writing any new business in the state. "The stay was only a minor setback," added McCarty. "Everyone needs to keep in mind that the full appeal is still pending before the court. Florida consumers deserve to know what is in the documents that Allstate is so aggressively guarding, and my office is determined to get them." "It seems to me that providing the requested documents should be an easy decision, unless Allstate really has something to hide," said Bob Hunter director of insurance for the nonprofit Consumer Federation of America and a former Texas insurance commissioner. Last Tuesday the commissioner abruptly halted a scheduled two-day hearing into the Allstate Companies' reinsurance program, their relationships with risk modeling companies, insurance rating organizations and insurance trade associations when company representatives were not prepared to answer questions about the documents that had not been provided. Allstate was to have provided all appropriate company documents related to the above-named topics and to fully explain the companies' relationships with the named entities and issues at or before Tuesday’s hearing, but failed to do so. Instead, the Office received 51 pages of objections to the subpoenas. The suspension applied to the following Allstate companies: Allstate Floridian Insurance Co. Allstate Indemnity Co. Allstate Property & Casualty Insurance Co. Allstate Insurance Co. Allstate Floridian Indemnity Co. Allstate Fire and Casualty Insurance Co. Encompass Insurance Co. of America Encompass Indemnity Co. Encompass Floridian Insurance Co. Encompass Floridian Indemnity Co. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Blue Cross Proposes Fix For Uninsured Americans Wed Jan 23, 2008 1:53pm EST By Will Dunham WASHINGTON (Reuters) - A U.S. health insurance giant on Wednesday presented a proposal to reduce the number of Americans without medical coverage and said it was intended as a blueprint for U.S. policymakers. The Blue Cross and Blue Shield Association, whose 39 regional companies insure about 100 million Americans, unveiled a plan which would combine tax credits to encourage people to buy coverage with ideas to improve the quality of health care. "We're not going to wait for the government to move," Blue Cross and Blue Shield Association President and Chief Executive Officer Scott Serota told a news conference. "We believe it's time to act," he said. The proposal would extend coverage to 30 to 35 million of the 47 million people who are uninsured in the country of about 300 million people, Serota said. The growing number of uninsured Americans and runaway health costs have emerged as a potent issue in the presidential election. The Bush administration, members of Congress and private groups have offered proposals, but with few results. President George W. Bush last year proposed a tax deduction of $15,000 for families and $7,500 for individuals who get private health insurance either on their own or from employers, but Congress did not embrace the idea. Bush has twice vetoed legislation to expand a popular health insurance program for children despite bipartisan support in Congress. Blue Cross did not name specific levels for its proposed tax credits but said they would go to low-wage workers in small businesses, people whose health premiums represent a large share of their income, people without access to employer coverage and those who have lost a job. The association also proposed helping states find and enroll people who are eligible for existing public health insurance programs but are not using them. The proposal outlines several steps to improve the quality of U.S. health care, including the creation of an independent institute to back research comparing the effectiveness of new and existing drugs, devices and medical procedures. "Thirty percent of the care delivered today is either inappropriate or redundant. We have to fix that," Serota said. The Blue Cross and Blue Shield Association said the tax credits envisioned would cost the U.S. government $50 to $100 billion per year, but the overall proposal also would yield other savings as uninsured people get coverage and cut down, for example, on hospital emergency room costs. (Editing by David Storey) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. Health Changes Matter More To Democrats: Study Wed Jan 23, 2008 5:28pm EST By Gene Emery BOSTON (Reuters) - Only half as many Republicans as Democrats want to expand health insurance coverage for the uninsured, according to a survey in states holding early contests to choose party candidates for the U.S. presidential election. "There are huge differences between Republicans and Democrats on what should be done to improve health care," said Robert Blendon of the Harvard School of Public Health and the chief author of the survey, which was conducted in early November. The growing number of uninsured Americans and runaway health costs have emerged as a potent issue in the presidential election. The Bush administration, members of Congress and private groups have offered proposals, but with few results. The telephone survey of 508 likely Republican voters and 674 likely Democratic voters in states holding presidential primaries or caucuses in January and February was conducted by Harvard and the Kaiser Family Foundation. It showed Republicans were more interested in reducing the costs of health care and health insurance and with improving the quality of care than they were about expanding insurance coverage to the uninsured, which was ranked the most important health care issue by Democrats. The survey showed 27 percent of Republicans wanted to keep the health care system as it is, with 23 percent looking for a new system that would provide health insurance for the uninsured, even if that meant a substantial increase in spending. The majority of Republicans, 42 percent, wanted a less ambitious plan that would only cover some of the uninsured, according to the survey, published in the New England Journal of Medicine. In contrast, 65 percent of Democrats were willing to pay extra for universal coverage and only 22 percent preferred a scaled-down plan. Just 8 percent of Democrats wanted to keep the health insurance system the way it is. The survey had a margin of error of 4 percentage points. It also found that voters from both parties said they would not pick a candidate solely based on the candidates' opinions on hot-button topics such as abortion and federal funding for stem cell research. (Editing by David Storey) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Insurance Bailout Hopes Spur Equity Rebound Thu Jan 24, 2008 7:24am EST By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) - Investors poured back into equities on Thursday, hoping a rescue plan for ailing bond issuers would stop a new round of credit losses, although claims of a massive trade fraud added to financial sector worries. Wall Street looked set to open higher and demand for bonds fell sharply as equities rebounded. The dollar weakened. Societe Generale, meanwhile, said an "exceptional fraud" by one of its traders would cost the group 4.9 billion euros ($7.16 billion). European and Asian stocks markets took their cue from overnight gains on Wall Street to rise sharply. The pan-European FTSEurofirst 300 was up 4.9 percent and Japan's benchmark Nikkei closed 2.1 percent higher. The key driver was news that New York's insurance regulator had pressed major banks on Wednesday to put up billions of dollars to support wobbly bond insurers. Insurers have become the latest sector to worry investors in the credit crisis. The debt they underwrite shares the top rating of many of these firms, so if the firms are downgraded because of losses, the debt rating goes down too. This would force some investors to sell, dumping billions of dollars of municipal bonds, repackaged loans and the like onto markets, sending borrowing costs soaring and forcing more investor write-downs. "If these (insurance) guys would fail, it would be much more catastrophic for banks' balance sheets and we would see another round of write-downs," said Edmund Shing, strategist at BNP Paribas in Paris. Investors are also still digesting the U.S. Federal Reserve's emergency 75 basis point cut in benchmark interest rates on Tuesday with expectations of more to come. Japan's market, meanwhile, was boosted by discussions among the country's ruling party about helping the stock market recover. The draft proposals included a call for the Bank of Japan to cut interest rates to zero again. Overall, the new optimism wiped away some of this week's sharp losses on bourses. European investors, however, were rattled by the alleged fraud at Societe Generale, one of the biggest in financial history. As well as the 4.9 billion euro cost, SocGen announced plans to raise 5.5 billion euros through a capital increase to shore up its balance sheet, also reeling from a crisis in global credit markets. SocGen shares were down 4 percent after earlier being suspended. (Editing by Ruth Pitchford) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. SocGen says hit by $7.1 billion fraud Thu Jan 24, 2008 9:02am By Sudip Kar-Gupta PARIS (Reuters) - French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets. If fraud is proved, the loss will be the biggest caused by a rogue trader, ahead of the $2.6 billion hit to Sumitomo Corp caused by copper trader Yasuo Hamanaka and the $1.4 billion loss caused to Barings by Nick Leeson, both in the 1990s. It also eclipses a $6 billion loss racked up by hedge fund Amaranth trader Brian Hunter and his team ahead of its collapse in 2006. SocGen, France's second-biggest listed bank, announced plans to raise 5.5 billion euros through a capital increase to shore up its balance sheet, also reeling from a crisis in global credit markets. It unveiled a further writedown of 2.05 billion euros related to the global credit crunch on Thursday. The announcement sent a shiver through the world banking industry, which is suffering a credit crunch as high-risk mortgage borrowers default on their loans. Lehman Brothers CEO and Chairman Richard Fuld called it "everyone's worst nightmare" in a comment from the World Economic Forum in Davos, Switzerland. "The most serious thing is that this puts into doubt the risk management systems at some banks," said Fortis analyst Carlos Garcia. "You can't suddenly announce this from one day to the next a hit of $7 billion. In the light of this what we've done is to downgrade banks that are very linked to trading income or whose capital base is weak." SocGen said it was in the process of dismissing the Paris-based trader, who it did not name, and added that the trader's managers would leave the company. Chairman Daniel Bouton later said he did not know where the trader was. A source at SocGen said the trader was "not one of its stars" and was relatively young. SocGen said the trader had been handling futures contracts on European stock market indices, betting on broad share market movements. It added that its board had rejected an offer by Chairman and Chief Executive Daniel Bouton to resign. SocGen shares were suspended. The Bank of France announced an inquiry by the Banking Commission and said no further comment was necessary after Societe Generale took steps to strengthen its balance sheet. French Economy Minister Christine Lagarde will make a statement during the day on the issue, her office said. It was not immediately clear what role French police were taking in the investigation. The French prosecutor's office was not available for comment. (Reporting by Sudip Kar-Gupta, editing by Astrid Wendlandt and Erica Billingham) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 6. AlwaysCare Benefits Now Offers Cosmetic Benefits Rider Baton Rouge, LA—January 23, 2008—AlwaysCare Benefits, one of the fastest growing dental and vision insurance providers in the country, announces the expansion of its dental plans to include cosmetic benefits with the addition of a rider covering bleaching, porcelain crowns and posterior restorations. Bleaching, one of the most commonly recommended cosmetic dentistry procedures, will be covered for each tooth or arch once every 36 months with a separate lifetime maximum of $500. Coverage of porcelain crowns and restorations on posterior teeth is also available, including posterior composite restorations, porcelain single tooth crowns, porcelain onlays and porcelain fixed bridges. The Rider is available to groups with 50 or more enrolled employees and 80 percent participation. “The Cosmetic Benefit Rider is another innovative solution AlwaysCare provides employers who want to maximize employee benefits,” said AlwaysCare Benefits President Erich Sternberg. He adds, “We continue to focus on helping our Members keep up with advances in dental treatment.” AlwaysCare Benefits has increased the scope of its dental coverage over the past two years by insuring endosteal implants, adding rollover dental benefits and offering a hearing rider to its dental and vision care coverage. About AlwaysCare Benefits, Inc and Starmount Life Insurance Company: AlwaysCare Benefits is an affiliate of Starmount Life Insurance Company and both are family-run businesses. Known for reliable service and customer satisfaction, AlwaysCare Benefits is a leading provider of group dental and vision benefits marketed nationally as AlwaysDentalSM and AlwaysVisionSM. AlwaysCare is proud of its 95% overall customer satisfaction rate. For more information visit www.AlwaysCareBenefits.com or contact us at 888-729-5433 x2013. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Ernst & Young Issues 2008 US Outlook for the Property/Casualty Insurance Industry NEW YORK, JANUARY 23, 2008 – Margin compression and continued pricing erosion will put increasing pressure on the insurance industry to achieve top line objectives in 2008, according to Ernst & Young’s Global Insurance Center. Companies need to make significant changes and seek alternative growth strategies if they are to remain competitive and survive in the challenging and complex business environment that lies ahead. “With pricing becoming increasingly softer, leadership is going to become all the more important in 2008,” said Peter R. Porrino, Ernst & Young’s Global Director of Insurance. “Today’s leaders must steer clear of price warfare and, instead, strive to uncover new business opportunities, make their organizations ever-more efficient and maximize their risk management operations.” Ernst & Young identified six key issues in 2008 that will influence the property/casualty industry: Striving for Growth: In spite of another year of great earnings, insurers will be challenged to sustain growth in 2008. EY expects margin compression to accelerate over the next 12 months. However, stronger balance sheets and an accumulation of capital will enable insurers to increase share buybacks, boost dividends, enter emerging markets and accelerate merger and acquisition activity. With these prevailing conditions, consolidation is more likely. Operational Transformation: The search for growth and profitability is driving companies to focus on better business alignment and expense control. In 2008, insurers will also take a harder look at evaluating outsourcing and offshoring, particularly for back-office functions and customer-facing business processes. In addition, developing a formal strategic cost management program will be a critical facet of operational transformation. Catastrophe Solutions: Impending soft market conditions will test each company’s ability to maintain underwriting discipline and achieve reasonable profits. EY believes that insurers should continue to invest in their ability to understand catastrophe risk and improve underwriting performance. This involves an investment in resources, technology and operational procedures. Only those who can find solutions within this fundamental framework will stay the course. Financial Events: Over the last five years, insurers have increased their investments in alternative asset classes which has led to greater credit risk exposure. Now is the time to take action and focus on building risk infrastructure and creating more transparency commensurate with the nature of these important investments. Organizations that embrace the people, systems and processes to accurately comprehend and manage the risks of these asset classes may gain a competitive advantage. Solvency II (SII): The implementation of SII may pose a sizeable challenge with far reaching implications for insurers. Besides the extensive improvements to systems, processes and data SII calls for, the convergence of accounting, risk and actuarial information may also pressure traditional actuarial practitioners to develop more sophisticated financial and risk management methodologies and more efficient deployment of capital. International Financial Reporting Standards (IFRS): Regardless of the implementation date being delayed, the time for IFRS is now. Companies need to develop a plan that includes steps to assess the impact of the proposals on their financial statements, educate key employees and constituents, and evaluate the readiness of their organization for implementation. “With market challenges only intensifying, there is a particularly fertile window of opportunity for companies to deploy capital and differentiate themselves through innovation,” said Christopher J. McShea, Principal, Insurance Advisory Services, Ernst & Young LLP. “Challenges abound, and many will require new ways of thinking. Leaders who recognize the important changes in this industry, from tighter margins to new compliance and regulatory pressures, and devise inventive, cost-effective solutions for reacting to them, will be laying the groundwork for success in years to come.” www.ey.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Mass. Regulator Subpoenas Bond Insurers MBIA, Ambac Thu Jan 24, 2008 3:01am BOSTON (Reuters) - Massachusetts' top securities regulator said on Wednesday that he demanded information from bond insurers MBIA Inc (MBI.N) and Ambac Financial Group (ABK.N) last week in a probe about their exposure to high risk securities. William Galvin, the state's secretary of the commonwealth, said he is trying to determine if the insurers informed Massachusetts communities that were trying to raise money about the insurers' own exposure to collateralized debt obligations. The insurers were subpoenaed last week and are required to deliver a list of Massachusetts public issuer bonds issued in the last two years for which they have insured repayment of principal or interest by Feb. 1, Galvin said. "The market relies on the insurance provided by these companies to price the bonds and to insure that investors get paid in the event of a default," Galvin said in a statement, adding, "If the credit quality of these companies comes into question, the impact on cities and towns is enormous." (Reporting by Svea Herbst-Bayliss; Editing by Brian Moss) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Sen. Dodd urges U.S. Senate flood insurance action Wed Jan 23, 2008 2:48pm By Kevin Drawbaugh WASHINGTON (Reuters) - U.S. Sen. Christopher Dodd said on Wednesday he is determined to move federal flood insurance legislation through the Senate promptly, despite resistance from Louisiana lawmakers. "I intend to do all I can to move this legislation to the president's desk as soon as possible," said the Connecticut Democrat, a former presidential candidate who outlined his 2008 priorities at a press conference. Dodd chairs the Senate Banking Committee, which in October voted unanimously to reform federal flood insurance while refusing to follow the lead of a House of Representatives bill that would expand the program to cover wind damage. Louisiana's senators Mary Landrieu, a Democrat, and David Vitter, a Republican, have placed holds on the Senate bill, blocking it from reaching the Senate floor for final action. The House voted in September to overhaul the almost 40-year-old National Flood Insurance Program, which was badly crippled by heavy hurricane damage claims in 2005. The House bill would expand the program to cover wind damage, a response by lawmakers to coverage disputes among some Gulf Coast homeowners and insurers over whether water or wind caused severe damages to many homes in Hurricane Katrina. Insurers have lobbied hard to block a wind expansion. The Bush administration has pledged to veto the House bill. Major insurers such as Allstate Corp and Travelers Companies are closely monitoring Congress' actions. Congress set up the flood program in 1968 to provide flood insurance that private companies would not offer. Under the program, administered by the Federal Emergency Management Agency (FEMA), more than 90 companies get government fees to sell flood policies. About 5.4 million policies are in force. The program requires adoption of certain land use and flood mitigation policies by communities that want flood policies to be available to their residents. In related news, the House is scheduled to vote on Thursday on a bill that would begin to eliminate flood insurance subsidies for some flood-zone residences. The bill would apply to recently purchased primary homes built before the end of 1974 and worth $600,000 or more and allow flood insurance premium rates to rise to market levels. (Reporting by Kevin Drawbaugh; Editing by Brian Moss) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Both Carriers and Brokers Expect Persistency and Retention to Improve According to the Latest Eastbridge Voluntary Industry Confidence Index AVON, Conn.--(BUSINESS WIRE)--Nearly half (41 percent) of the respondents to the latest Voluntary Industry Confidence Index study expect improvements in worksite/voluntary persistency and retention over the next 12 months. This is an improvement over the December 2006 results (at 36 percent), a slight decrease over the mid-year 2007 results of 46 percent. Even more brokers (67 percent) expect these measures to improve in 2008. Additionally, a significant number (93 percent) of carriers responding to the survey believe that their company will acquire more new groups in 2008 as compared to 2007, which is a slight increase over the prior two surveys (90 percent for mid-year 2007 and 91% for year-end 2006). “Interestingly” comments Gil Lowerre, president of Eastbridge, “100 percent of the brokers responding expect increases.” The last two surveys also looked at expectations for voluntary sales. In the year-end survey 31 percent of respondents said that their results were higher than expected and another 29 percent said that results were as expected. “Those that had results below expectations shared a few reasons why,” says Bonnie Brazzell, vice president. “’Lower sales by sales reps’ and ‘difficulty getting brokers to use our services’ were the top two reasons among those surveyed. This was followed by lack of product quality. For the mid-year survey, enrollment difficulties ranked high on the list.” The Voluntary Industry Confidence Index is a Frontline Report published semi-annually by Eastbridge Consulting Group, Inc. The study includes responses from individuals active in the market and includes carriers, brokers, and vendors. For more information, contact Eastbridge at info@eastbridge.com or phone the company at (860) 676-9633. The report is available free of charge to all Eastbridge Insight and Information Partner Companies and study participants. Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. Contacts: Eastbridge Consulting Group, Inc. Jennifer Davis, 860-676-9633 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 11. Blue Cross and Blue Shield Association Unveils Five-Point Plan for Covering All Americans WASHINGTON, Jan 23, 2008 /PRNewswire-USNewswire via COMTEX/ -- Nation's 39 Blue Cross Blue Shield Plans launch national campaign that builds on the employer-based system Stating that "a system that is unaffordable for many today won't work for even more people tomorrow," Blue Cross and Blue Shield Association (BCBSA) President and CEO Scott P. Serota today unveiled a comprehensive five-point plan - "The Pathway to Covering America" - for building on the employer-based system to improve quality, rein in costs and expand coverage to all Americans. Specifically, BCBSA's five-point plan for comprehensive reform includes the following: 1. Encourage Research on What Works. Today, an estimated 30 percent of healthcare spending goes toward care that is ineffective, redundant or inappropriate. America needs an independent institute to support research comparing the relative effectiveness of new and existing medical procedures, drugs, devices, and biologics. 2. Change Incentives to Promote Better Care. The incentives in our system must be changed to advance the best possible care instead of encouraging more services. Providers should be rewarded for delivering high-quality, coordinated care, especially for the increasing number of Americans with chronic illnesses. 3. Empower Consumers and Providers. Consumers and providers must have access to the information and tools they need to make informed decisions. This starts with information systems to manage personal health records. In addition, consumers need to know how much they are paying for their healthcare and what they are getting in return. 4. Promote Health & Wellness. The costs of treating chronic conditions are estimated to account for 75 percent of healthcare spending. As a nation, we must promote healthy lifestyles to help prevent chronic illness and work aggressively to help patients with chronic illnesses manage their own health. 5. Foster Public-Private Coverage Solutions. Coverage plans need to be tailored to capture the diversity of the uninsured population so that no one gets "squeezed out" by cost, "misses out" on available government assistance or "opts out" because they do not think they need health coverage. "The Blue Cross and Blue Shield System strongly believes that everyone in America should have health insurance," said Serota. "After deliberative and thoughtful discussions, the nation's 39 Blue Cross and Blue Shield Plans have crafted a comprehensive proposal based on our 75 years of experience as leaders in the health community. We look forward to working with other stakeholders to enact comprehensive healthcare reform." The path for achieving this vision is laid out in our comprehensive 5-point reform plan - "The Pathway to Covering America" - that we are releasing today. . www.BCBS.com. R$eturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. US CREDIT-Derivative Use Adds To Ambac, MBIA Volatility Wed Jan 23, 2008 4:30pm By Karen Brettell NEW YORK, Jan 23 (Reuters) - Ambac Financial Group (ABK.N) and MBIA Inc's (MBI.N) use of credit derivatives rather than traditional insurance to insure securities may be exacerbating their woes from exposure to residential mortgages. Bond insurers sell protection against corporate, sovereign and mortgage borrowers defaulting on their payments through deals called collateralized debt obligations (CDOs), which are made up of credit derivatives. (Editing by James Dalgleish) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Sweden: Pension Firms Could Handle More Market Woe STOCKHOLM, Jan 24 (Reuters) - Swedish insurance and pension companies are in good shape financially and would be able to handle further market turbulence, the country's financial markets regulator said on Thursday. "Reports from pension companies in November show that, in general, they can withstand additional turbulence on the financial market," the Swedish Financial Supervisory Authority said in a statement. Due to volatile markets, it had carried out an extra report on risks using its "traffic-light model", which rates firms in a colour-based system for their financial strength. The regulator said 33 insurance companies, consisting of 29 life insurance companies and occupational pension funds and 4 non-life insurance companies, filed a report. All the firms had a "solid margin to the red light" under the system, it said. (Reporting by Anna Ringstrom) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Uniqa Says '07 Loss From Abs Investments 9 Mln Eur VIENNA, Jan 24 (Reuters) - Austrian insurer Uniqa (UNIQ.VI) expects actual losses from investments in asset-backed securities (ABS) of 9 million euros ($13 million) for 2007, Chief Executive Konstantin Klien told Reuters on Thursday. Klien also said there might be some more "fine-tuning" when it came to valuations of investments in ABS. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Credit Suisse Placed Over 50 Mln Unipol Shrs-Traders MILAN, Jan 24 (Reuters) - Credit Suisse placed 53.1 million shares in Italian insurer Unipol (UNPI.MI), traders said on Thursday. No details on price were immediately available. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Morgan Stanley To Cut 1,000 Jobs As Markets Slow Thu Jan 24, 2008 12:14pm EST NEW YORK (Reuters) - Morgan Stanley (MS.N) is cutting about 1,000 jobs in the coming week, part of efforts to trim costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday. (Reporting by Joseph A. Giannone; Editing by Phil Berlowitz) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. Enron Creditors Seek Remedies From Benefits Firm Thu Jan 24, 2008 11:33am EST NEW YORK (Reuters) - Enron Corp creditors said on Thursday they have filed court documents seeking remedies from benefits outsourcing firm Hewitt Associates Inc (HEW.N) for mistakes made in allocating funds from legal settlements stemming from the energy trader's collapse. Enron Creditors Recovery Corp, the successor to bankrupt Enron, said it had filed two motions in recent days before U.S. District Court Judge Melinda Harmon in Houston regarding the matter. Thousands of settlement fund claimants were incorrectly distributed funds due to Hewitt's admitted mistakes, including an internal software error, according to the Enron creditors. (Reporting by Martha Graybow, editing by Dave Zimmerman) Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Airbus Takes Off in China With Willis! Willis China Appointed Broker for Airbus’ First Final Assembly Line Outside of Europe LONDON--(BUSINESS WIRE)--Airbus has appointed Willis Group Holdings (NYSE: WSH) as the insurance broker for a new Airbus A320 final assembly line in Tianjin, China – the first of its kind outside of Europe. Airbus, one of the world’s leading commercial aircraft manufacturers, has entered into a joint venture with a Chinese Consortium in support of the increased market order from the Chinese airlines. www.willis.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Zurich to Host International Directors & Officers Conference in New York NEW YORK--(BUSINESS WIRE)--Zurich, one of the world’s largest property-casualty insurance companies, today announced that it will host its second international Directors & Officers (D&O) conference on February 12, 2008, at the headquarters of Bloomberg LP in New York City. The conference will include a series of panel discussions where legal experts from Asia, Europe, South America and key emerging markets will discuss the impact of changing local laws and legal developments for high-ranking executives of multinational companies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
View INSURANCE NEWSCAST "Sports Pictures Of The Day" View INSURANCE NEWSCAST "Entertainment Pictures Of The Day"
21. Albin, Harrison & Roach Acquires Boutique Law Firm – Adding Top Employment Litigators PLANO, Texas--(BUSINESS WIRE)--The Collin County law firm of Albin, Harrison & Roach, PLLC, today announced that they have acquired the employment litigation firm of Calhoun & Peña, PLLC. This acquisition adds to their rapidly expanding portfolio of highly skilled legal talent. www.ahrlawfirm.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Matria Healthcare Announces Fifteen New and Expanded Health Enhancement Accounts MARIETTA, Ga.--(BUSINESS WIRE)--Matria Healthcare, Inc. (NASDAQ:MATR) announced today that it has been awarded seven new health enhancement accounts and eight of the Company’s existing accounts have expanded the Matria programs and services provided to their employees and members. www.matria.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Women in Business to Hear Growth Advisor Reveal Five Secrets to Becoming a Millionaire DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® Women in Business Teleclass Series will feature Mary Cantando, business growth expert, author and entrepreneur, as guest presenter for the first teleclass of 2008, “The Five Secrets of Millionaire Women Business Owners.” To be held Feb. 26, the class will share tips and advice Cantando has gathered from women business owners who grew their companies into multi-million dollar success stories. www.principal.com/women. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Statement by Bruce Bodaken on Senate Health Committee Action SAN FRANCISCO, Jan. 23 /PRNewswire-USNewswire/ -- The following is a statement by Blue Shield of California CEO Bruce Bodaken on Senate Health Committee Action: As a longtime advocate for universal coverage, I'm disappointed that we did not clear this hurdle today. We need to get there soon. The Senate must not make perfection the enemy of the good. This bill should be evaluated against what is, not what ought to be. We have waited too long to make health coverage for all a reality. Every day of political wrangling is a day more than 6 million Californians go without access to regular medical care. The governor, speaker and pro-tem have provided the vision and leadership to bring California to the precipice of a profound change for the better. I hope that in the coming days, senators will think hard about the consequences of inaction. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Flagship Global Health Significantly Expands Distribution Network NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Flagship Global Health, Inc. (FGHH), a healthcare quality delivery company, today announced distribution agreements with five new channel partners representing more than 5,000 brokers that specialize in insurance and benefit products. Flagship's memberships provide high quality medical services not covered by insurance programs. These critical services are well suited to small- to medium-sized businesses that want to provide employees with guidance if they encounter serious medical situations as well as access to top physicians whose specialization is increasingly needed. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26.
The Government Accountability Office (GAO) today released the following
reports, testimony, and correspondence:Influenza Pandemic: Efforts Under
Way to Address Constraints on Using Antivirals and Vaccines to Forestall
a Pandemic. GAO-08-92, December 21 27. Cozen O’Connor Forms New Practice Group to Address Credit Market Crisis PHILADELPHIA – Jan. 23, 2008 – As its clients face increasingly complex legal challenges created by recent events in the subprime mortgage and other credit markets, Cozen O’Connor has created a new Subprime Credit Markets Practice Group, bringing a focused offering of integrated legal services to a market that continues to feel the sting from this global shake-up. The unique, multi-disciplinary group of attorneys—with expertise in securities and financial services litigation, securities and real estate law, structured finance, insurance coverage, bankruptcy and restructuring, and white collar defense—will work closely with clients to create effective and individualized solutions to these challenges. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Heads I Win, Tails You Lose Returns Lawyer & Fraud Examiner Publishes On Line Book on Insurance Fraud Culver City, CA, January 23, 2007 An industry that steals more than $100 billion every year from the insurance buying public is deadly serious. Barry Zalma, a California lawyer and Certified Fraud Examiner has made insurance fraud fun and funny. After more than 40 years at the forefront of the fight against insurance fraud Mr. Zalma has collected a series of fictionalized true stories about those who succeed and those who fail at the crime. The 83 stories include The Great Jewel Theft, How Not to Commit Arson, The Burned Up Russian and The Case of The Art Flambee. Published as an e-book at http://www.Lulu.com , the online marketplace for digital content, the book is now available to download for only $12.50.www.zalma.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Markel American Insurance Company Announces Collector Vehicle Insurance Coverage Waukesha, WI, January 23, 2008 - Markel American Insurance Company today announced the introduction of their Collector Vehicle Insurance program. This program joins their other Specialty Personal Lines, such as motorcycle and various boat products, providing essential coverage to enthusiasts. The program provides comprehensive coverage for a variety of collector vehicles including antique autos and motorcycles, street rods and replicas. It also boasts a very competitive policy form with no mileage limitations. www.markelamerican.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Marriott Signs with ICS Merrill’s OnePartner Program Jacksonville, FL – January 23, 2008 – ICS Merrill, the investigative services division of Examination Management Services, Inc. (EMSI), announced today that Marriott, a world-leading lodging company, will implement ICS Merrill’s innovative OnePartner vendor management program for investigation services. In addition, ICS Merrill will exclusively handle all of Marriott’s fraud abatement and compliance functions. www.marriott.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. MassMutual Adds First Retirement Income Withdrawal Benefit SPRINGFIELD, Mass., Jan. 22 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today announced enhancements to certain deferred variable annuities in its Retirement Income product portfolio. The MassMutual Lifetime Payment Plus(SM) guaranteed minimum withdrawal benefit (GMWB) and MML Asset Allocation fund series are both new enhancements now available where approved, subject to state availability.(1) These enhancements offer added flexibility and guarantees against market volatility for those facing retirement. www.massmutual.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Empire Insurance Holdings Acquires Florida Chartered Agency Date: January 22, 2008 Sanford, FL — Empire Insurance Holdings, LLC, (EIH) has acquired the book of business of Florida Chartered Insurance Group. The acquisition dramatically increase EIH’s presence in the valuable Florida real estate insurance market. Other EIH subsidiaries in Florida include The Gallo Agency and Cove Insurance agency, both of Palm Beach Gardens, acquired in 2005 and 2006, respectively. EIH’s total holdings in Florida now number nearly 30,000 policies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. AAIS Main Event Conference Set For April 20-22 In Ponte Vedra Wheaton, Ill., Jan. 23, 2008—Insurers can register now at www.AAISonline.com for the second annual "Main Event" conference of the American Association of Insurance Services (AAIS), scheduled for April 20-22 at the Ponte Vedra Inn & Club, Ponte Vedra Beach, Fla. For information and to register, go to www.AAISonline.com or contact Joseph Harrington, AAIS director of corporate communications, at joeh@AAISonline.com or by calling 800-564-AAIS. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. SFA develops a class on self-insuring workers’ compensation exposures. January 22, 2008 – Newtown, PA Alternative risk broker and consultant Self-Funded Alternatives has developed an educational seminar on self-insuring workers’ compensation exposures. The seminar has been approved for CE credits in several states. The class explains the self-insurance process and highlights some of the advantages and disadvantages of self-insurance programs. www.self-fundedalternatives.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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