November 15th, 2010
Particular insurance coverage products and practices have been described as hire looking for by critics. Which is, some insurance policies goods or practices are valuable primarily simply because of authorized positive aspects, such as decreasing taxes, as opposed to delivering safety against dangers of adverse events. Underneath United States tax legislation, for instance, most owners of variable annuities and variable lifestyle insurance can invest their premium payments in the stock sector and defer or eradicate paying any taxes on their investments until finally withdrawals are produced. From time to time this tax deferral could be the only reason folks use these solutions. Yet another illustration could be the authorized infrastructure which allows life insurance policies to become held in an irrevocable trust which is utilized to shell out an estate tax although the proceeds themselves are immune from the estate tax.
Particular insurance coverage products and practices have been described as hire looking for by critics. Which is, some insurance policies goods or practices are valuable primarily simply because of authorized positive aspects, such as decreasing taxes, as opposed to delivering safety against dangers of adverse events. Underneath United States tax legislation, for instance, most owners of variable annuities and variable lifestyle insurance can invest their premium payments in the stock sector and defer or eradicate paying any taxes on their investments until finally withdrawals are produced. From time to time this tax deferral could be the only reason folks use these solutions. Yet another illustration could be the authorized infrastructure which allows life insurance policies to become held in an irrevocable trust which is utilized to shell out an estate tax although the proceeds themselves are immune from the estate tax.
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November 12th, 2010
Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.
For example, most insurance policies in the English language today have been carefully drafted in plain English; the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying. Typically, courts construe ambiguities in insurance policies against the insurance company and in favor of coverage under the policy.
Many institutional insurance purchasers buy insurance through an insurance broker. While on the surface it appears the broker represents the buyer (not the insurance company), and typically counsels the buyer on appropriate coverage and policy limitations, it should be noted that in the vast majority of cases a broker’s compensation comes in the form of a commission as a percentage of the insurance premium, creating a conflict of interest in that the broker’s financial interest is tilted towards encouraging an insured to purchase more insurance than might be necessary at a higher price. A broker generally holds contracts with many insurers, thereby allowing the broker to “shop” the market for the best rates and coverage possible.
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. It should also be noted that agents generally can not offer as broad a range of selection compared to an insurance broker.
An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers and/or agents. However, such a consultant must still work through brokers and/or agents in order to secure coverage for their clients.
Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.For example, most insurance policies in the English language today have been carefully drafted in plain English; the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying. Typically, courts construe ambiguities in insurance policies against the insurance company and in favor of coverage under the policy.Many institutional insurance purchasers buy insurance through an insurance broker. While on the surface it appears the broker represents the buyer (not the insurance company), and typically counsels the buyer on appropriate coverage and policy limitations, it should be noted that in the vast majority of cases a broker’s compensation comes in the form of a commission as a percentage of the insurance premium, creating a conflict of interest in that the broker’s financial interest is tilted towards encouraging an insured to purchase more insurance than might be necessary at a higher price. A broker generally holds contracts with many insurers, thereby allowing the broker to “shop” the market for the best rates and coverage possible.Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. It should also be noted that agents generally can not offer as broad a range of selection compared to an insurance broker.An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers and/or agents. However, such a consultant must still work through brokers and/or agents in order to secure coverage for their clients.
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November 5th, 2010
details
They wrote it and got every single thing they wanted. They spent 200 million on advertising to stop the Clinton Healthcare reform.
This frontline totally debunks any liberal bias at PBS. It is a smear piece.
Additional Details
It really shows how our representative operate and shows that you and I are not considered in any legislation no matter who is sponsoring it. Big corporations can make so much trouble with their ability to spend that what we want really makes no difference.
Best Answer
They did not get everything the wanted, but they did get the mandate that everyone must buy insurance from them. They are now giving to the Republicans to remove the requirement that insurance companies must use 85% of their premiums to pay benefits.
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April 22nd, 2010
U-2-Me The Knowledge Exchange
U-2-Me brings together Knowledge Providers and Knowledge Seekers via the web. This powerful platform provides a host of tools and features to enable you to profit from what you know. The concept can be likened to that of eBay, whereas users on U-2-Me will trade knowledge and expertise rather than physical goods.
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January 4th, 2010
Investors Group today reported preliminary mutual fund sales and assets under management for the month ending December 31, 2009. Mutual fund assets under management were $57.7-billion at December 31, 2009 compared with $47.5-billion at December 31, 2008.
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Mutual Fund Sales – Month December 2009 December 2008
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$ millions (unaudited) Sales Redemptions Net New Net New
Money (i) Money (i)
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Long Term 386.9 357.9 29.0 (59.8)
Money Market 81.8 71.1 10.7 3.0
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Total 468.7 429.0 39.7 (56.8)
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Mutual Fund Sales – YTD December 2009 December 2008
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$ millions (unaudited) Sales Redemptions Net New Net New
Money (i) Money (i)
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Long Term 4,087.4 3,693.2 394.2 273.7
Money Market 954.5 944.5 10.0 351.6
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Total 5,041.9 4,637.7 404.2 625.3
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(i) Net New Money is defined as Sales less Redemptions and is consistent
with the terminology used by The Investment Funds Institute of Canada
(IFIC).
For additional information about Investors Group’s average assets under management, please see the IGM Financial press release which will be available on January 5, 2010. Additional information about Investors Group’s mutual fund assets and fund flows will be available on the Investment Funds Institute of Canada (IFIC) web site (www.ific.ca) on approximately the 15th of each month as part of a Canadian industry-wide release of monthly statistics.
Investors Group, founded in 1926, is a national leader in delivering personalized financial solutions to Canadians through a network of over 4,600 Consultants located throughout Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and other financial services. Investors Group is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada’s premier financial services companies with over $120 billion in total assets under management.
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January 4th, 2010
Stikeman Elliott LLP has been named as one of the 50 Best Employers in Canada for 2010 by the Report on Business, La Presse and Hewitt Associates, placing 12th in the country. The results were compiled from surveys of over 108,000 Canadian employees with input from leading human resources professionals.
“We are delighted to be recognized among the 50 Best Employers in Canada,” said Pierre A. Raymond, Stikeman Elliott’s Chair. “Our people are the reason that we can provide our clients with exceptional service and compete so strongly in this changed economy. Accordingly, we have made a conscious effort to invest greatly in our team.”
The survey measures factors such as the employee’s desire to remain and advance in their workplace, how employees represent their employer to others and their desire to contribute to the overall success of the organization. Each organization’s human resources response to the economic recession was also noteworthy, according to Hewitt Associates, the consulting firm which compiled the data.
“This is particularly exciting because the 50 Best Employers honour directly reflects the opinions of our people,” said Raymond. “It validates our efforts to be at the forefront of employee engagement, training and retention and gives us a number of valuable ideas on how we can continue to enhance our workplace.”
The firm’s selection for the 50 Best Employers honour comes on the heels of being named, for the second year in a row, as a Top 100 Employer in Canada in a Maclean’s magazine/MediaCorp. survey and as a Top 90 Employer in the Greater Toronto Area in a survey conducted by the Toronto Star.
Stikeman Elliott views its extensive training programs, a progressive workplace environment and benefits and a commitment to exemplary corporate social responsibility as key features of its successful engagement with employees:
Training & Development – The firm encourages skills development and offers continuing education assistance to employees enrolled in qualifying programs of study. An internal “SE University” program encourages professional growth and skills development for all firm members through a variety of online modules, group training and one-on-one coaching. Young lawyers and law students are able to enhance their legal and business development skills through a robust Continuing Legal Education program and opportunities for secondment to one of the firm’s other offices or to work in-house with clients.
Benefits & Work-Life Balance – The firm has embraced progressive policies related to flexible work hours, telecommuting and parental leave, including one-on-one professional transition counselling for lawyers returning from maternity leave. Employee benefits include comprehensive medical, dental and employee assistance coverage. Active Wellness Committees provide firm members with resources and host speakers on topics such as nutrition, stress management and financial planning.
Diversity – Internally, the firm has undertaken several inclusivity initiatives including recruitment from within diverse communities, individual mentoring and religious/cultural holiday awareness. An external program includes significant community and school outreach and involvement with groups such as Pathways to Education and the Black Business and Professional Association. The firm is a supporter of legal community initiatives to assist international lawyers seeking credentials in Canada.
Women’s Initiatives – Stikeman Elliott’s women’s initiatives encompass both leadership and business development programs, as well as policies to support family obligations and work-life balance. Specific programs to promote women’s success include focused recruiting efforts, business development, skills training and networking events and mentorship programs.
GoingGreen/VirageVert Program – Stikeman Elliott was certified in 2009 as the first national law firm to be carbon neutral after a series of initiatives aimed at conserving energy and reducing waste and continues to explore ways to reduce its carbon footprint nationwide.
Community Involvement & Pro Bono – The firm provides resources to support grass roots initiatives led by its firm members and offers matching donations for volunteer time committed to charitable organizations. Firm members help more than 60 organizations through volunteering, enhancing awareness and fundraising more than $1,000,000 annually across Canada.
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December 1st, 2009
Fitch Ratings has affirmed its ratings on Flagstone Reinsurance Holdings, Ltd. and subsidiaries (collectively Flagstone) and removed the ratings from Rating Watch Negative. The Rating Outlook is Stable. (A full list of ratings is included at the end of this release.)
Fitch’s rating actions reflects its view that Flagstone is no longer actively pursuing the acquisition offer it made to IPC Holdings, Ltd. (IPC) on July 1. IPC announced that its board of directors had approved a definitive amalgamation agreement with Validus Holdings, Ltd.
Fitch placed the ratings on Rating Watch Negative on July 6 due to concerns about how a combination of Flagstone and IPC’s insured portfolios would affect the combined entities’ risk-adjusted capitalization. At that time Fitch noted that IPC had received competing bids from other entities and that if IPC were to reject Flagstone’s offer, Fitch would remove the ratings from Rating Watch.
Flagstone’s current ratings reflect the company’s strong underwriting capabilities, high-quality and liquid investment portfolio, and benefits derived from the company’s diverse operating platform. Partially offsetting these positives are the effects on Flagstone’s competitive position of the company’s comparatively small capital base and short operating history. Additionally, Fitch believes that Flagstone is at a much earlier stage in its development than many of its peers, and that as a result, “key man risk” associated with the company’s senior management team is comparatively high.
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December 1st, 2009
PRNewswire For the third straight year, ProAssurance Corporation has been recognized by The Ward Group as one of the 50 top performing property/casualty insurance companies in America.
The Ward Group identified the best performing property-casualty insurance companies in America by analyzing the financial performance of more than 3,000 insurance companies during the years 2004 to 2008. Companies that pass Ward’s rigorous safety and consistency screening process were then reviewed for superior financial results, with the top performers being named to the prestigious Ward’s 50.
ProAssurance’s Chief Executive Officer, W. Stancil Starnes, said, “The honor of a third straight Ward’s 50 award is a powerful recognition of the importance we place on taking a long-term approach to protecting our policyholders, and achieving the kinds of results that create shareholder value. This performance is another reason that ProAssurance has been able to build financial strength during a period of financial upheaval that is unparalleled in modern times.”
Jeff Rieder, the President of Ward Group, reiterated Starnes’ thoughts on financial strength and long-term protection in an unstable financial environment. He said, “In selecting the Ward’s 50, we identify companies that pass financial stability requirements and measure their ability to grow while maintaining strong capital positions and underwriting results.”
Ward’s notes the superior performance of the companies selected for their list. Among the groups’ achievements are a combined ratio that is seven points lower than the property casualty industry on average over the past five years, and a net surplus growth that is twice the industry average for that period.
The Ward Group also says their research consistently finds top performing companies operate with fewer resources without deteriorating the customer experience. Mr. Starnes echoed that, saying, “We understand that financial security is the cornerstone, but not the only building block, in establishing a long lasting relationship with each of our insureds. That’s why we offer a customer-first approach to underwriting, claims handling and risk management that truly sets us apart and makes us the first choice for thousands of policyholders and top agents.”
ProAssurance Corporation is the nation’s fifth largest writer of medical professional liability insurance and is growing its legal professional liability business. ProAssurance is recognized as one of the top performing insurance companies in America by virtue of its inclusion in the Ward’s 50 for the past three years. The ProAssurance Group is rated “A” (Excellent) by A.M. Best and ProAssurance is rated “A” by Fitch Ratings.
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December 1st, 2009
The list of 50 insurance companies made was published by Ward, a business consulting firm and leading provider of benchmarking and best practices for the services of the insurance industry.
Each year, Ward Group analyzes the financial performance of over 3,100 property and casualty insurance companies and over 800 life insurance in the United States, which defines the best performance in each segment. This group has over 50 seasons. Each company has grown from 50 stations all safety and consistency screens and achieved superior performance in the five years analyzed. Ward 50 damage and casualty group of insurance companies led to a 14.4% average return on equity from 2004 to 2008 compared with 9.9% for goods of fatalities in the industry as a whole . The 50 stations produced by life insurance companies group health, a 13.5% average return on equity from 2004 to 2008 compared with 6.4% of the duration of the health sector as a all.
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December 1st, 2009
CS STARS LLC, the industry’s leading provider of risk management technology, announced that it has formed a strategic alliance with Gould & Lamb, a nationally acclaimed provider of Medicare Secondary Payer (MSP) compliance services and Mandatory Insurer Reporting (MIR) compliance.
Through its strategic alliance with Gould & Lamb, CS STARS now offers an end-to-end solution for compliance with the reporting requirements of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (MMSEA). MMSEA requires all organizations that provide liability insurance, no-fault insurance, workers’ compensation and self-insurance to make their initial mandatory insurer reporting submissions to the Centers for Medicare & Medicaid Services (CMS) beginning on April 1, 2010.
For its clients required to comply with the provisions of MMSEA Section 111 – primarily insurance carriers, Third Party Administrators, and self-insured organizations – CS STARS delivers a comprehensive solution in which CS STARS and Gould & Lamb facilitate the full cycle of reporting Medicare beneficiary data to CMS. Through its risk management software products STARS Enterprise™, STARS Professional Edition™, and ClaimSuite™, CS STARS transmits claims and eligibility data to Gould & Lamb who serves as the client’s designated Reporting Agent to CMS.
“Through this alliance, CS STARS will help clients simplify compliance associated with Medicare reporting requirements,” said Bill Diaz, President of CS STARS. “Pairing our extensive claims data capabilities with the expertise of Gould & Lamb, the nation’s most utilized vendor for MSP compliance, brings our clients an uncomplicated, efficient solution to the Medicare reporting challenge.”
CS STARS and Gould & Lamb have been working together since late 2008 to bring this solution to CS STARS clients. “Jointly, Gould & Lamb and CS STARS offer a comprehensive solution combining legal, medical, claims, MSP and information technology expertise,” said John Williams, President and CEO of Gould & Lamb. “Our firm specializes in negotiation with CMS and has consistently delivered the highest amount of monetary savings on Medicare Set Asides allocations and conditional payment negotiations.”
CS STARS is also offering a data export option for clients who prefer to work with an existing Reporting Agent or method for reporting Medicare beneficiary data to CMS.
For additional information about CS STARS alliance with Gould & Lamb, contact Gabrielle Vetrone of CS STARS LLC at (650) 728-7218 or email gvetrone@csstars.com.
CS STARS LLC, a business unit of Marsh, serves the technology needs of risk management professionals, as well as insurance carriers and third-party administrators – delivering integrated software and services that support risk and compliance management. CS STARS’ primary software platform, STARS™ Enterprise™, supports comprehensive risk management, enterprise risk management (ERM) and compliance and safety management. CS STARS has more than 500 employees worldwide and serves over 1,500 clients. Its software and services help clients improve business processes, manage costs and reduce enterprise risk.
In 1999, Gould & Lamb began providing Life Care Planning and Case Management services to the Workers’ Compensation, Liability, and Auto insurance industry. Since 2001, Gould & Lamb has become widely respected as the premier partner and industry leader in the Medicare Secondary Payer Compliance arena. Today Gould & Lamb is the nation’s largest and most trusted provider of MIR/MSP Compliance Services in the United States, serving virtually every major insurer and TPA in the country. Gould & Lamb is financially backed by a leading financial firm with over $18 billion in investments worldwide. Gould & Lamb is headquartered in Bradenton, Florida, with satellite locations in 55 major metropolitan areas.
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December 1st, 2009
First Horizon Msaver has received the 2009 Model Bank Award in Healthcare Banking from Celent, a Boston-based financial research and consulting firm.
First Horizon Msaver was named a model healthcare bank for its Employer Funding Portal, which is used by employers to deposit employee payroll deductions and employer contributions into individual health savings accounts (HSAs).
The portal is targeted towards small to midsize employers. It allows them to control the amount and timing of deposits, set up recurring Automated Clearing House files (ACH), search and retrieve employee data, including year-to-date totals of contributions and their distribution. The tool also monitors excess contributions and tracks open accounts.
Celent’s Model Bank research was a high-level study of the use of technology to manage health savings accounts. The study considered banks’ size, complexity of operations and product offerings and technology capability.
“Our approach was to offer, at a high level, some key best practices in the usage of technology that a ‘model bank’ would use,” said Jacob Jegher, senior analyst with Celent’s Banking Group and coauthor of the report.
E. Craig Keohan, president of Msaver, said the Employer Funding Portal was part of an ongoing initiative to provide simpler methods for employers to maintain health savings accounts for their employees.
First Horizon Msaver Inc. is a leader in the servicing of Health Savings Accounts (HSAs) and is a member of the First Horizon National Corp. family of companies. With first-to-market technology like electronic enrollment, banking online, online bill pay, investment options and a dedicated HSA customer care center, First Horizon Msaver is helping thousands of Americans get the most out of their tax-favored HSAs. First Horizon companies have been recognized as some of the nation’s best employers by AARP and Working Mother. First Horizon also was named one of the nation’s 100 best corporate citizens by CRO magazine.
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December 1st, 2009
ICW Group Insurance Companies, which partners with 3,800 agents and brokers across the United States, is now offering workers’ compensation insurance in the state of Illinois.
The super-regional carrier’s industry-leading claims services and forward-thinking risk management has helped thousands of companies create a safe and productive work environment, while lowering the costs associated with workers’ compensation claims.
“We are excited to be offering our innovative products and services to companies in the Illinois market,” said David Hoppen, chief operating officer at ICW Group. “ICW Group has been operating successfully as an insurance carrier for more than 35 years, delivering competitive rates as well as a comprehensive line of products and services, including workers’ compensation.”
The Illinois workers’ compensation office is led by Suzanne Lysak. Lysak has more than 16 years of experience in the workers’ compensation insurance industry, with a strong background in customer-oriented technology, agency management and business development. She will operate out of the company’s Downers Grove office in suburban Chicago. Lysak will focus on establishing a customer footprint for ICW Group in the Midwest regional marketplace by partnering with successful property and casualty agents in the greater Chicago area as well as in other key cities across the state.
“ICW Group is committed to meeting the needs of Illinois independent agents and brokers in the workers’ comp arena,” said Paul Zamora, Vice President of workers’ compensation. “We selected Illinois because it aligns well with our broad underwriting appetite, the types of industries represented across the state, and our experience working with the independent agent and broker channel. While many carriers are pulling back on workers’ comp, we view this as an opportunity to offer our unique brand to this vibrant market.”
The carrier has recently achieved a series of transformative milestones that have greatly enhanced its agent-focused business strategy, including:
* Launching the SnapSM Agency Portal, an online underwriting tool that streamlines the submission process for workers’ compensation agents and brokers.
* Entry into the Small Workers’ Comp market featuring Snap Instant Quote (Snap IQ), which offers straight-through processing for premiums starting at $2,500.
* Introduction of RMRx Safety Advisor, a free online risk-management service that can be cobranded with its agents and brokers.
* SAP® software implementation for improved operational efficiencies and customer service.
Privately held ICW Group represents a group of multi-line property and casualty insurance carriers providing workers’ compensation, surety, earthquake and personal and business auto insurance. Its member companies consist of Insurance Company of the West, Explorer Insurance Company and Independence Casualty and Surety. Based in San Diego, ICW Group continues to transform itself into an insurance industry leader dedicated to meeting the needs of its Agents and Brokers and the people and companies they insure.
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