If you want to meet companies with products and services to help you succeed in the workplace market and build a voluntary benefits revenue stream, then Workplace Benefits Renaissance 2008 is where you can meet with all of them at one time. Start this year in developing your long-term voluntary benefits marketing strategies and relationships.
Rockwood Programs, 800.558.8808,
www.rockwoodinsurance.com
Daily Quote: "A stumble may prevent a fall." - - Thomas Fuller
As an agent, you must continually seek new and innovative solutions to manage the rising healthcare costs of your clients. Like most agents, you probably struggle to find alternatives that are financially suitable for your clients while still providing the essential benefits their employee’s desire. The American Worker advises that you to consider the various cost saving products we offer though our diverse product portfolio.
Consider a Gap Plan…
A Gap Plan is a group supplemental out-of-pocket medical expense indemnity insurance policy that complements a client's existing group medical insurance plan. This policy is specifically designed to pay inpatient or outpatient deductibles, coinsurance, and co-payments of the underlying group medical plan. Consider offering a group medical plan with higher out-of-pocket costs and supplementing it with a Gap Plan. This will save your client money while still providing their employees with quality benefits. Or Consider…
Consider the advantages of partnering with The American Worker when designing a complete benefit solution for your clients. Contact us to learn more. The American Worker Plans,
Inc. 1. Eight Banks Seek Rescue Plan For Bond Insurers: CNBC Fri Feb 1, 2008 9:15am EST NEW YORK (Reuters) - Eight banks have formed a consortium to seek a rescue plan for MBIA Inc (MBI.N: ), Ambac Financial Group Inc (ABK.N: ) and other troubled bond insurers, CNBC said on Friday, citing an unnamed source. The eight banks include Barclays Plc (BARC.L: ), BNP Paribas (BNPP.PA: ), Citigroup Inc (C.N: ), Dresdner (ALVG.DE: ), Royal Bank of Scotland Group Plc (RBS.L: ), Societe Generale (SOGN.PA: ), UBS AG (UBSN.VX: ) and Wachovia Corp (WB.N: ), CNBC said. Regulators, including New York Insurance Commissioner Eric Dinallo, have been meeting with industry participants to discuss a rescue for bond insurers, which guarantee some $2.5 trillion of debt. State and local governments issue much of this debt. Many of those insurers have encountered trouble from their decision in recent years to begin guaranteeing complex securities, often backed by mortgages, to increase profit. Those decisions backfired last year as credit markets tightened, homeowner defaults soared, and the value of those securities, including collateralized debt obligations, sank. On Thursday, MBIA reported a record $2.3 billion quarterly loss and said it was looking for ways to raise new capital. Credit rating agencies have taken away their critical "triple-A" ratings from a handful of bond insurers and have threatened to do the same for MBIA and Ambac, the industry's largest insurers. Losing "triple-A" ratings would make it difficult for bond insurers to attract new business. (Reporting by Christian Plumb and Jonathan Stempel; Editing by Lisa Von Ahn and Steve Orlofsky) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. MBIA, Ambac's debt protection costs plunge-CMA NEW YORK, Feb 1 (Reuters) - Debt protection costs on MBIA Inc and Ambac Financial Group Inc plunged on Friday after CNBC reported that eight banks have formed a consortium to seek a rescue plan for ailing bond insurers. The cost of protecting MBIA's (MBI.N: ) debt with credit default swaps fell to 14 percent of the amount insured in an upfront payment, plus 500 basis points annually, down from 17.5 percent upfront plus 500 basis points on Thursday, according to data from CMA DataVision. Credit protection trades on an upfront basis when investors consider a company distressed. (Reporting by Dena Aubin; Editing by Tom Hals) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. "Nuclear option" mulled to cut risk at EU insurers Fri Feb 1, 2008 6:16am EST BRUSSELS, Feb 1 (Reuters) - Repatriating policies to an insurer's home country could be the "nuclear option" that reassures some watchdogs they will not end up footing a bailout bill, a senior European Union lawmaker said on Friday. EU governments and the European Parliament are thrashing out a deal on how much capital insurers must set aside to cover their policies in case the company gets into trouble. The aim of Solvency II is to make insurers less risky and avoid a repeat of the near collapse of British insurer Equitable Life, which shrank the value of thousands of people's savings. The reform is the biggest shake-up of Europe's 7 trillion euro ($10.4 trillion) insurance sector in 30 years and will streamline oversight of cross-border groups, which make up the bulk of premiums. But countries such as Spain and Poland fear that if an insurer's home state takes the lead role, their own watchdogs will get a back seat. Many domestic insurers in some states belong to groups with head offices in Paris or London. Poland and others are worried about who will foot the bill if a cross-border insurer needs bailing out and their watchdog has only a secondary role in overseeing it. Peter Skinner, the British socialist steering Solvency II through the EU assembly, said states such as Poland and Spain were seeking a form of reassurance in law. "You have to suppose there is a legitimate concern about their level of vulnerability and that has to be addressed and directly dealt with by people getting involved in a mediation mechanism," Skinner told Reuters. If capital in a branch company ran low, all supervisors involved would force the insurer to top up. But if a host country watchdog felt the problem was not being dealt with, Skinner said one idea would be to allow the host regulator to send the liability for policies on its turf back to the home state. "If the host country watchdogs want certainty, you can have a very clear option -- that is, repatriate the policies. So if it really goes wrong, here is a valve," Skinner said. Such a nuclear option would come at the end of "a ladder of intervention" by regulators, Skinner said. The idea is being discussed as a way of winning over states leery of the lead-supervisor idea. "As long as it allows groups to use capital economically and efficiently and is also something that is a last resort and not likely to be utilised, then it seems a good way of winning over states and it protects customers as well," Skinner said. Forging agreement on streamlined supervision of cross-border insurers is seen as a test case for a template that could be applied to other parts of the financial sector such as banks. (Editing by Dale Hudson) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Goldman sees $60 billion write-downs for banks in 2008 Fri Feb 1, 2008 1:54pm EST (Reuters) - Goldman Sachs said it expects U.S. banks to incur mark-to-market losses of $60 billion in 2008 on commercial real estate and exotic mortgage loans, that represent the most significant risk to earnings and capital. Credit concerns should drive relative performance in financials, despite recent rate cuts by the U.S. Federal Reserve, the brokerage said. Total credit losses from commercial real estate (CRE), residential mortgage, excluding subprime, consumer and corporate loans will likely amount to $330 billion, compared with total subprime-related losses of $210 billion, the brokerage said. "We see CRE losses as the most significant "problem area" after subprime," analyst James Fotheringham wrote in a note to clients. (Reporting by Tenzin Pema in Bangalore; Editing by Deepak Kannan) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. RESEARCH ALERT- Morgan Stanley cuts US life insurers sector Feb 1 (Reuters) - Morgan Stanley lowered its view on the U.S. life and annuity sector to "in-line" from "attractive," citing credit concerns and less attractive valuations for the sector relative to other financials. The investment bank noted that recent rate cuts by the U.S. Federal Reserve were a positive for investor sentiment toward financials, but said the impact of an aggressive Fed easing cycle on life insurers' fundamentals was relatively small. (Reporting by Tenzin Pema in Bangalore; Editing by Amitha Rajan) © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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6. Moody's: stable 2008 outlook for U.S. life insurance industry New York, January 31, 2008 -- According to its recent annual report on the U.S. life insurance sector, Moody's Investors Service maintains its stable outlook, citing the industry's continuing strong earnings, excellent capital adequacy and liquidity, relatively modest leverage, and generally healthy investment portfolios. "Although we anticipate increasing broad-based credit losses in the coming year," says the report's author Vice President Laura Bazer, "investment portfolios, for the most part, should have relatively modest losses from subprime-related assets." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. NAMIC Urges Congress to Move Past Investigations and Toward Solutions, Following Release of Latest Government Report on Katrina Aftermath WASHINGTON (Jan. 31, 2008) – The National Association of Mutual Insurance Companies (NAMIC) issued the following statement in response to a report from the General Accountability Office on the insurance industry’s actions following Hurricane Katrina. The remarks may be attributed to Carl Parks, senior vice president for government affairs. “Once again, a federal government report has confirmed what the insurance industry has been saying since the 2005 hurricane season: Insurance companies did not engage in wrongdoing to avoid paying claims. This report has no mention of any evidence that the insurance industry engaged in a pattern of improperly attributing wind damage to water, which would have forced American taxpayers to foot the bill through the National Flood Insurance Program. “The report from the GAO is the second from a federal agency in six months that reached the same conclusion. The Department of Homeland Security’s study released in August 2007 reported the same findings. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Employers Discover a Better Way to Pay for Health Care Benefits Intercare Seminar Explores Funding Options that Reduce Costs and Promote Employee Wellness SAN DIEGO--(BUSINESS WIRE)--Employers can reduce costs and promote wellness by changing the way they pay for the health care benefits they offer. This important lesson came via a special seminar – “Self-Funding 101” – hosted by Intercare Insurance Solutions. The seminar was offered to San Diego’s mid-size employers this week. Representatives from more than 80 companies participated. Attendees explored the differences between fully-funded and self-funded options for their benefits program, and the advantages of a self-funded approach. Fully-funded programs are presumed to have lower risk, but self-funded programs can deliver more value and better results. www.intercaresolutions.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Infinisource and Elite Wellness Team up to Provide Health Management COLDWATER, Mich.--(BUSINESS WIRE)--Infinisource, Inc., a nationally recognized expert in compliance and benefit solutions, has selected Elite Wellness USA to provide health management programs that will help improve the health of employee populations and address preventable health care costs. Through this partnership, Infinisource increases their service offerings to the marketplace by providing an entry-level wellness program, called the Essentials Program. This program provides hi-touch, customized health management solutions with add-on services that include biometric screenings, additional health coaching, on-site education seminars, weight management and smoking cessation programs. www.infinisource.net www.EliteWellnessUSA.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. David Meerman Scott To Present What's Working NOW! Webinar on Best Practices in Online Marketing & PR Award-winning online thought leadership strategist and best-selling author David Meerman Scott shares current best practices in online marketing & PR. Live, ninety-minute training session will showcase latest, most cost-efficient tactics and strategies for multiplying search engine hits and web site visits to grow sales and profits. Includes discussion of case study results and examples from such companies as IBM, Cisco, Cervelo, ECNext, Constant Contact and others. Columbus, OH: January 30, 2008 - What's Working NOW!, a producer of online and offline education and training events, is teaming with Conference Call University and GoldMine software to present an educational webinar on current best practices in online marketing & PR. Best-selling author and award-winning online thought leadership strategist David Meerman Scott will be the speaker. The program will take place on Tuesday, February 19 from 11:30 AM until 1:00 PM EST (GMT - 5). Scott will present a 90-minute training module entitled "What's Working NOW: Profiting From The New Rules of Online Marketing & PR." Cost for the live event is $119. Registrants will receive a complete audio-visual copy of the program to enhance their learning experience. The event is offered with a money-back guarantee of satisfaction. For more information and registration please go to www.whatsworkingnow.net. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
12. Fort Dearborn Life Introduces the Classic Fortifier(TM) Flexible Premium Deferred Annuity CHICAGO, Feb. 1 /PRNewswire/ -- Fort Dearborn Life Insurance Company today announced the introduction of its Classic Fortifier(TM), a flexible premium deferred fixed annuity. "The Classic Fortifier fills two needs that are particularly important to consumers: liquidity and control," said Ken DiFrancesca, vice president, retirement and individual products, at Fort Dearborn Life. "This product is an important addition to our portfolio of fixed and indexed annuities. It is ideal for conservative investors who would like to consolidate their assets into one tax-deferred vehicle and still exercise the right to withdraw their funds if the interest rate drops." http://www.fdl-life.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Agency Valuation Includes New Benchmarks, Best’s Review Magazine Reports OLDWICK, N.J.--(BUSINESS WIRE)--Best’s Review’s cover story, “What’s Your Agency Worth?” tells the story of Hilb Rogal & Hobbs’ acquisition of a three office agency in Lawrence, Kansas—Charlton Manley—revealing what steps the agency’s principals took to perpetuate their business. Charlton Manley’s former Chief Executive Officer Gary Sollars discovered the agency hit a big fork in the road when he realized how many of the agency’s producers were in their mid-to-late 50s. Thus began the sometimes painful dialogue of whether to keep the business going as is or look to be acquired. “Many agencies find these things difficult to talk about,” Sollars said. According to the 2006 Agency Universe Study conducted by the Independent Insurance Agents & Brokers of America, the most common reason smaller agencies want to merge is because of the aging of their principals. However, the real question is how do you go about it. Charlton Manley was on the right track because it conducted yearly internal valuation for decades. Sollars said it’s something more firms should consider. “Far fewer [agencies] actually have that kind of formal appraisal done than you might imagine. Far more agencies don’t than do.” The cover story also offers graphics and charts explaining the metrics used to value agencies. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Arthur J. Gallagher & Co. Acquires Crist Elliott Machette Insurance Services, Inc. ITASCA, Ill., Jan 31, 2008 /PRNewswire- -- Arthur J. Gallagher & Co. today announced the acquisition of Crist Elliott Machette Insurance Services, Inc. of Oakland, California. Terms of the transaction were not disclosed. Incorporated in 1993, Crist Elliott Machette Insurance Services, Inc. (CEM) is a retail insurance broker offering risk management, commercial property/casualty and personal lines insurance products and services to their clients throughout the United States. They specialize in the real estate and construction industries. Michael Machette and his staff will continue to operate in their current Oakland location under the direction of James McFarlane, West Coast Regional Manager of Gallagher's Retail Brokerage Services Division. http://www.ajg.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. Arthur J. Gallagher & Co. Completes Acquisition of Yanni Partners, Inc. ITASCA, Ill., Jan 31, 2008 /PRNewswire- -- Arthur J. Gallagher & Co. today announced that effective January 31, 2008, it has completed the previously reported acquisition of Yanni Partners, Inc. of Pittsburgh, Pennsylvania. Terms of the transaction were not disclosed. Founded in 1989, Yanni Partners, Inc. is an institutional investment consulting firm offering investment strategy development, defined contribution/benefit plan investment consulting, spending policy analysis, performance analysis and investment manager selection to their clients throughout the United States. Their specialization includes healthcare organizations, endowments/foundations, Taft-Hartley Plans, public funds, and religious organizations. Theresa Scotti, Frank Domeisen and their staff will continue to operate at their current Pittsburgh location under the direction of Michael J. DiCenso, National Practice Leader of Gallagher Retirement Services, a division of Arthur J. Gallagher & Co.'s employee benefits operation. http://www.ajg.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. New York State Enacts Workers’ Compensation Loss Cost Law January 31, 2008 – In a move praised by the American Insurance Association (AIA), the New York State legislature passed, and Governor Eliot Spitzer signed into law, legislation (A.9817) that will implement a loss cost system for the setting of workers' compensation insurance rates. “This legislation will allow for more competition and more choice in the workers' compensation system, ultimately benefitting the consumers and businesses of New York,” said Gary Henning, AIA’s Northeast Region Assistant Vice President. “Enactment of a loss cost system is a critical component of the workers’ compensation reforms that have been taking place in New York. AIA congratulates Governor Spitzer and both houses of the legislature for the enactment of this legislation.” www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. IRMI Announces Four Construction Risk And Insurance Seminars For 2008 DALLAS—In response to the tremendous risk and insurance challenges confronting the construction industry, International Risk Management Institute, Inc. (IRMI), announces a new series of four seminars for 2008: Construction Defect Risk Management and Insurance; Contract Risk Management: Tactics for Success; Wrap-Ups: Beyond the Basics from Concept to Closeout; and New Industry Contract Documents and Your Bottom Line. The seminars will be held in the following cities: San Diego on March 25–27, Miami on April 8–10, and Dallas on April 22–24. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Athenahealth files with SEC to withdraw offering Feb 1 (Reuters) - Athenahealth Inc (ATHN.O: ) filed with U.S. regulators to withdraw an offering of about 3.1 million common shares due to market conditions. The Watertown, Massachusetts-based company told the U.S Securities and Exchange Commission that no securities have been issued or sold under the registration statement of the offering. Athenahealth, which provides Internet-based services to help physician offices with administrative tasks such as billing, insurance claims and other back office functions, had first filed with the SEC on Jan. 7. for the offering. (Reporting by Varsha Tickoo in Bangalore) © Reuters 2008 All rights reservedReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Pershing Square Publicly Releases Letter to Regulators and Open Source Model Regarding MBIA Inc. and Ambac Financial Group Inc. NEW YORK, Jan 31, 2008 /PRNewswire -- Pershing Square Capital Management, L.P. announced today that it has made publicly available a letter sent yesterday to state and federal regulatory authorities. The letter introduces a new Open Source Research project initiated by Pershing Square. The Open Source Research project includes the release of version 1.0 of an Open Source Model, a dynamic financial model that contains extensive detail on the CDO and related exposures of the insurance operating subsidiaries of both MBIA Inc. and Ambac Financial Group Inc. Since its initial release yesterday afternoon, users have initiated over 2000 downloads of the Open Source Model. The Open Source Model can be customized to allow users to estimate MBIA's and Ambac's losses using their own assumptions. The detailed methodologies and assumptions underlying the Open Source Model are also included in the materials made publicly available. The materials can be found on the Internet at: http://www.yousendit.com/download/Mmd0UXVuQzMzeUxIRGc9PQ 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. Capgemini and EFMA Annual World Insurance Report Finds That Emerging Customer Volatility Offers New Growth Opportunities for Insurers PARIS & NEW YORK, Jan 29, 2008 (BUSINESS WIRE) -- Shifts in customer behavior, distribution patterns and preferences could provide significant growth opportunities for insurers prepared to embrace and leverage these emerging changes, these are highlights of the World Insurance Report 2008 (1), an international study of more than 11,000 insurance customers and industry executives released today by Capgemini, and the European Financial Management & Marketing Association (EFMA). The report finds that customer inertia has long been a characteristic of mature markets such as North America and Western Europe and that the core insurance needs of these customers have largely been met. On average the report shows a mature-market customer holds 5.2 policies--1.5 life policies, and 3.7 non-life and they hold onto the same policy for 9.2 years.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. NAMIC: Wisconsin Senate’s Approval of Credit-based Insuring Scoring Legislation Could Jeopardize Low Rates INDIANAPOLIS (Jan. 31, 2008) – Wisconsin’s ranking as one of the lowest-paying states for auto and homeowners’ insurance would be threatened if legislation passed by the Senate is adopted, according to the National Association of Mutual Insurance Companies (NAMIC). Lawmakers in that chamber today passed a bill that would prohibit insurers from using credit-based insurance scoring for underwriting. Senate Bill 259 would forbid insurers from considering information in an individual’s credit report for issuing, renewing, or setting premiums for auto or homeowner’s insurance. It also prohibits a rating plan for motor vehicle or property insurance from using information in an individual’s credit report as a rating factor. www.namic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Planned Performance Tracking Simplifies Active Policy Monitoring Online Tool Exclusively from Pacific Life Addresses Needs of Overworked Advisors NEWPORT BEACH, Calif.--(BUSINESS WIRE)--The complexity of life insurance sales and the on-going service of policies continues to grow. To help insurance professionals address this problem, Pacific Life Insurance Company and Pacific Life & Annuity Company offer Planned Performance Tracking, an exclusive web-based policy management system that provides “at-your fingertips” information and powerful tools to more effectively monitor in-force policies while saving time, reducing paperwork and increasing client service. www.PacificLife.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Unum Group Announces $350 Million Accelerated Share Repurchase CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Unum Group (NYSE: UNM) announced today that it repurchased approximately $350 million of its outstanding common stock from Morgan Stanley using an accelerated share repurchase agreement. The repurchase follows the previously announced authorization by Unum's board of directors to repurchase up to $700 million of the company's stock and is a component of Unum's overall capital management strategy, as outlined in October 2007. www.unum.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. John Hancock Develops New Marketing Program for Its Leading Edge Long Term Care Insurance Product BOSTON, Jan 30, 2008 /PRNewswire- -- John Hancock Life Insurance Company Long Term Care (LTC) Insurance has developed a Marketing Tool Kit with new materials and tools to help market Leading Edge, its newest LTC insurance product. The new materials are designed to make prospecting and sales easier for advisors, whether they are frequent or occasional sellers. "The aim of this marketing program is to build on recent sales momentum with a variety of new materials supporting our popular new product," said Laura Vail Wooster, assistant vice president of Marketing, John Hancock Long Term Care. "Whether producers sell one policy a week, or one policy a year, we want them to know Leading Edge is easy to sell, and we're working to enhance their sales efforts." New website -- www.discoverleadingedge.com www.johnhancock.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. State Approaches to Coastal Insurance Issues Highlight Latest IN magazine A balanced "what if" scenario is the flagship article for a special report on coastal insurance challenges in the current issue of IN magazine. Following interviews with many of the parties on both sides of the debate over homeowners insurance coverage in Florida, writer Tom Wetzel explores the predictions and payouts should another Category 5 storm or a series of small storms hit the state. Also in the special report are personal essays from two Gulf Coast insurance commissioners who outline the steps they have taken to work with the property/casualty insurance industry to ensure their citizenry is adequately covered. www.namic.org/in/. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Spencer Educational Foundation Receives $525,000 Gift From FM Global Foundation celebrates largest donation in its history NEW YORK, N.Y., January 30, 2008—Spencer Educational Foundation has received a $525,000 gift from FM Global, one of the world’s largest commercial property insurers. The donation, funded by the FM Global Foundation, signifies the largest contribution pledged to Spencer Educational Foundation in its 29-year history. “Education has played a significant role in the history and success of FM Global, so it is very fitting that we contribute this $525,000 donation to Spencer Educational Foundation,” says Shivan S. Subramaniam, chairman and CEO of FM Global. “As the world becomes more complex, tomorrow’s risk managers will play an increasing role in helping their organizations be more competitive. This gift will play an important role in preparing that next generation of risk managers by funding the development of new loss prevention-related university curricula and providing students with unrestricted scholarships.” www.spencered.org. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. New Products Position Voluntary Benefits as Wellness Solution. LifeStrive™ Corporate Wellness Consultants announced their new Healthy Solutions™ and patent-pending Progressive Benefits Rewards Programs™ as part of their new Wellness 2.0 strategic initiatives. Richard Perryman, Managing Partner of LifeStrive™ stated; “As employers and consultants continue to try and find ways to initiate and drive participation in health promotion strategies and wellness initiatives, these programs approach the issue from the supplemental and voluntary benefits perspective. The Healthy Solutions™ program uses the imbedded wellness benefit in a Group Critical Illness Policy via a simple benefit-assignment to pay for a very comprehensive health screening which measures over 35 key health parameters and full LifeStrive™ web-portal access including targeted e-Learning and risk-factor mitigation programs through Health Coach® University”. For more information contact Richard Perryman @ rperryman@lifestrive.com or (602) 956-3401.Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. IIABNY Helps New York Lawmakers Draft WC Loss Costs Multipliers Bill State legislators rapidly pass a five year extension to the New York Compensation Insurance Rating Board’s ratemaking authority (DeWitt, New York, Jan. 31, 2008)—Legislation to extend by five years the New York Compensation Insurance Rating Board’s ratemaking authority using loss cost rates quickly passed both houses of the state legislature. The bill, A.9817/S.6798, reached Gov. Eliot Spitzer’s desk on Jan. 29. The Independent Insurance Agents & Brokers of New York, Inc. has been working with the NYCIRB, the Spitzer Administration and insurers to craft the legislation. In fact, IIABNY’s executive team met with Monte Almer, NYCIRB president, during the association’s annual Legislative, or “L” Day on Jan. 23. The new loss cost method will reflect industry-wide experience and directly related expenses. Individual insurance companies will file loss cost multipliers to reflect their expenses and desired profit levels. Currently, the NYCIRB gathers statistical data from carriers and the New York State Insurance Fund. The data then projects the costs for the upcoming year. www.iiabny.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Benfield receives approval from the China Insurance Regulatory Commission (CIRC) to open a new representative office in Beijing Benfield, the world’s leading independent reinsurance and risk intermediary, today announced that it has received approval from the China Insurance Regulatory Commission (CIRC) to open a new representative office in Beijing (‘Benfield Beijing’), enhancing further the company’s presence in China and ability to serve its growing customer base throughout the Greater China region. Benfield established its first representative office in China in Shanghai in 2003. As a result of the approval for its new Beijing Representative Office, its Shanghai Representative Office has been approved by the CIRC to be upgraded to the status of General Representative Office. www.benfieldgroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 31. Barriers for People With Disabilities, Boomers IPSWICH, Mass.--(BUSINESS WIRE)--A new study by The Customer Respect Group finds that companies strategically invested in removing barriers to customer interaction are deriving significant hard and soft benefits from accessibility initiatives. The report is available for $249.00 with a 30-day money back offer from 978 834 6700 or www.customerrespect.com/default.asp?hdnFilename=bwaccQ108.htm. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 32. Proposed Legislation Takes Aim at Soaring Nursing Home Liability Costs in Tennessee Liability Cost Per Bed Is Second-Highest in Nation Since 2002 NASHVILLE, Tenn.--(BUSINESS WIRE)--Tennessee’s limitless nursing home lawsuits and resulting record verdicts have driven the liability cost per bed here to second highest in the nation, studies show. Now some state legislative leaders have introduced a bill to bring the liability costs more in line with comparable cases like those for medical malpractice and workers’ compensation in a move aimed at protecting the stability of community nursing homes. “The average annual cost of items like liability insurance, legal services and other liability-related issues is now $500,000 per Tennessee nursing home – enough to hire and pay for 10 new nurses,” said Steve Flatt, senior vice president of development for National Healthcare Corp., an operator of several Tennessee nursing homes. © Reuters 2008 All rights reserved Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 33. Mercer Enhances International Position Evaluation System to Allow for Easy Evaluation of Positions Worldwide NEW YORK--(BUSINESS WIRE)--Mercer’s International Position Evaluation (IPE) system and eIPE Unlimited web tool, used by multinational organizations to objectively and consistently evaluate and assign jobs to grade levels across the organization, has been enhanced to include an alternative platform for those less experienced in position evaluation. After years of dormancy, position evaluation has become a priority for multinational organizations as they seek to harmonize their compensation programs. According to Mercer’s Global Compensation Strategy and Design Survey of US and European companies, more than one-third of multinational organizations will implement a new global level structure along with a new position evaluation process in the next two to three years. By doing so, these organizations are seeking simplicity, consistency, transparency and the ability to implement position evaluation in an increasingly decentralized environment. www.imercer.com/ipe Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 34. NexTier Insurance Secures Property & Casualty Insurance for Precedent-Setting Pharmaceutical Manufacturer PITTSBURGH--(BUSINESS WIRE)--NexTier Insurance is pleased to announce an insurance partnership with a company that recently distinguished itself as the first Minority Business Enterprise manufacturer of active pharmaceutical ingredients in the country. NexTier expanded its property & casualty insurance business relationship with customer Cherokee Pharmaceuticals, LLC for coverage of its recent acquisition of Merck & Co.’s Riverside, PA -based pharmaceutical manufacturing facility. www.nextierinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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