Business Insurance articles from June 2003

Business Insurance archives from June 2003

Insurers confront legacy of outdated systems.(Agent/Broker Topics)
June 2, 2003... Byline: RODD ZOLKOS As insurers seek to upgrade their information technology systems, in part to improve their relationships with agents and brokers, many are facing thorny problems involving their legacy systems. "Organizations are...

2000 attend meeting.(News)(Public Risk Management Association's 25th Anniversary Conference)(Brief Article)
June 2, 2003... RENO, Nev.-About 2,000 people attended the Public Risk Management Assn.'s 25th Anniversary Conference, held May 18-21 in Reno, Nev. Several risk managers attending the conference said that the high cost and scant availability of reinsurance...

Need a holiday? Name your own.(News)
June 2, 2003... Byline: Paul Winston June is a weird month. You may not realize it, but the midpoint of the year is marked by all sorts of holidays and celebrations that are not recognized, let alone noticed, by the mainstream population. I'm not even...

D&O cover nets higher prices, greater director engagement.(News)(Directors and officers liability coverage issues)
June 2, 2003... Byline: RODD ZOLKOS CHICAGO-As tales of corporate scandal fill the news and shareholder lawsuits proliferate, companies and their directors are paying closer attention to directors and officers liability coverage issues. But, with D&O...

COBRA rules get mixed reviews; Notification guidance welcomed, but new costs, burdens feared.(News)(Consolidated Omnibus Budget Reconciliation Act of 1985)
June 2, 2003... Byline: SALLY ROBERTS WASHINGTON-Although the Labor Department's proposed COBRA notification regulations would provide needed guidance, employers should expect to pay significant costs if they are introduced. The Labor Department last...

Natural disaster still at top of risks for P/C insurers; Reinsurance exec calls for more cooperation.(International)(Brief Article)
June 2, 2003... Byline: Sarah Veysey LONDON-Despite the growing risk of manmade catastrophes such as large-scale acts of terrorism, natural catastrophes remain, by far, the biggest risk for property insurers and reinsurers, according to a Swiss...

Aetna deal a welcome move.(Opinions)(Aetna Inc's recent agreement to settle class-action litigation with disgruntled physicians)(Brief Article)
June 2, 2003... AETNA INC.'S RECENT agreement to settle class-action litigation with disgruntled physicians is a welcome sign that managed care plans are realizing the advantages of treating doctors more as partners than adversaries. As we report on page...

1,261 attend conference; American Assn. of Managing General Agents conference.(News)(Brief Article)
June 2, 2003... BOCA RATON, Fla.-The 77th annual meeting of the American Assn. of Managing General Agents, held May 18-22 in Boca Raton, Fla., drew record attendance of 1,261 managing general agents, insurance companies and wholesale brokers. The meeting...

Electronic data need careful handling.(Perspectives)
June 2, 2003... Byline: Bruce R. Kaliner We all know the drill when an insurance claim goes into litigation: The complaint is filed, an answer served and soon thereafter you, the risk manager, receive a call or letter from counsel asking for assistance in...

AAMGA disputes PwC report on binding authority; American Assn. of Managing General Agents conference.(News)(American Association of Managing General Agents)
June 2, 2003... Byline: JOANNE WOJCIK BOCA RATON, Fla.-Longtime managing general agents and some surplus lines insurers are taking issue with a new report that says binding authority given to MGAs has been eroding since the terrorist attacks of Sept. 11,...

Rx for big property risks; Pharmaceuticals set up mutual insurer.(News)(Pharmaceutical Insurance Ltd. is formed)
June 2, 2003... Byline: RODD ZOLKOS HAMILTON, Bermuda-The formation by seven major pharmaceutical companies of a Bermuda-based mutual insurance company to provide excess property and business interruption coverage signals a trend, some say, toward...

Brokers clash over staff pacts; Palmer & Cay sues to void Marsh noncompete restrictions on exec.(News)(Palmer & Cay Inc. is suing March & McLennan Cos. Inc.)
June 2, 2003... Byline: DOUGLAS McLEOD SAVANNAH, Ga.-Privately held broker Palmer & Cay Inc. is suing rival Marsh & McLennan Cos. Inc. to void a pair of noncompete agreements that its president signed before leaving Marsh earlier this year. ...

Good public relations crucial in a crisis; Survive business continuity conference.(International)
June 2, 2003... Byline: NEIL HODGE LONDON-Proper handling of public relations is a crucial part of crisis management, a public relations expert says. Francis Thomas, the former head of media affairs at Nottingham, England-based pharmaceuticals...

Aetna deal not breaking new ground in health care.(News)(Aetna Inc. settles a lawsuit by doctors over the payment of claims)
June 2, 2003... Byline: MICHAEL PRINCE Despite the widespread attention it has received, Aetna Inc.'s agreement to settle a long-standing lawsuit by doctors over the payment of claims is not expected to significantly alter the health care landscape. ...

High court ruling may increase risk of FMLA lawsuits.(News)(Family and Medical Leave Act)
June 2, 2003... Byline: MARK A. HOFMANN WASHINGTON-Public employers could face increased employment disputes as a result of the Supreme Court's ruling last week that the U.S. Constitution does not shield states from lawsuits alleging violations of the...

Panelists debate future of regulation.(News)(Existing system of regulating property/casualty insurers is "archaic," according to one expert)
June 2, 2003... Byline: MARK A. HOFMANN WASHINGTON-Replacing the current system of state insurance regulation with one that includes a federal role won't be easy but must be done for the sake of insurers and consumers alike, says the American Insurance...

World Updates.(International)(Benfield Group Ltd. will make initial public offering on London Stock Exchange; notes other news)
June 2, 2003... Benfield plans IPO on London exchange Reinsurance brokerage Benfield Group Ltd. said it plans to make an initial public offering on the London Stock Exchange. Benfield said that the IPO, scheduled for June 18, would offer u100 million...

Supply disruption discussed; Survive business continuity conference.(International)
June 2, 2003... Byline: SARAH VEYSEY LONDON-Effective business continuity management must look beyond an organization's own risks and consider the exposures of its third-party suppliers as well. Organizations such as supermarkets are heavily dependent...

Gray revises 2003 forecast to include more named storms.(News)(hurricane forecaster William Gray predicts 14 named storms, 8 of which will turn into hurricanes)(Brief Article)
June 2, 2003... Byline: MARK A. HOFMANN FORT COLLINS, Colo.-The Atlantic hurricane season that officially begins Sunday should feature above-average tropical storm activity, according to one of the world's best-known hurricane forecasters. In a May 30...

Late News.
June 2, 2003... California comp fund sues to block regulator The State Compensation Insurance Fund is suing to prevent California Insurance Commissioner John Garamendi and the Department of Insurance from taking control of its operations. The lawsuit also...

Electronic clearinghouses improve efficiency.(Agent/Broker Topics)(Electronic clearinghouses replace traditional, mail-based processes in some insurance transactions)
June 2, 2003... Byline: MICHAEL BRADFORD Electronic clearinghouses are creating efficiencies and savings as they replace traditional, mail-based processes in some insurance transactions. An electronic clearinghouse is a "centrally located entity that...

Insurance fraud more likely: Study; Older systems ill-equipped to spot fraud.(Agent/Broker Topics)
June 2, 2003... Byline: MICHAEL BRADFORD An increase in insurance fraud is likely during today's tough economic times and agents and insurers with outdated computer systems are particularly vulnerable, an expert contends. A survey of insurance buyers...

1,600 attend meeting.(Agent/Broker Topics)(Assn. for Cooperative Operations Research & Development )(Brief Article)
June 2, 2003... The Assn. for Cooperative Operations Research & Development drew around 1,600 attendees to its annual conference in Orlando, Fla., last month. Conferees chose from more than 75 workshops at the Walt Disney Dolphin Hotel, the site of the...

Use of online portals growing rapidly; Tools provide single point of access for an array of services, information.(Agent/Broker Topics)
June 2, 2003... Byline: MICHAEL BRADFORD Computer portals that allow insurers and agents to bundle a wide variety of applications and information resources for easy access by clients are the latest technology trend. In fact, portals are expected to...

Microsoft, ACORD settle dispute; Software company questioned relevance of some data standards.(Agent/Broker Topics)(Assn. for Cooperative Research & Development conference )(Brief Article)
June 2, 2003... Byline: MICHAEL BRADFORD Microsoft Corp. boosted its presence at this year's Assn. for Cooperative Research & Development conference after resolving some differences with the insurance standards organization. "We tripled our size-we're...

Products & Services; Suite provides cover against cyber threats.(Briefs)(AIG eBusiness Risk Solutions has enhanced its AIG NetAdvantage Suite of network security coverages; notes other news)
June 2, 2003... NEW YORK-AIG eBusiness Risk Solutions has enhanced its AIG NetAdvantage Suite of network security coverages to address threats of viruses, hackers, information theft and cyber terrorism. The suite of coverages now includes payment for...

Class action never sounded so good.(Commentary)
June 2, 2003... Byline: Mark A. Hofmann I am a hypocrite. There, I've admitted it. But what makes it even worse is that I have managed to draw my wife and daughter into my web of hypocrisy. I would have drawn the cats in, too, except they lack legal...

Book Review: Execs of former broker A&A offer industry insights.(Perspectives)(Book Review)
June 2, 2003... Byline: Meg Fletcher "Spreading the Risks: Insuring the American Experience.'' By John A. Bogardus Jr. with Robert H. Moore Published by Posterity Press Inc., Chevy Chase, Md. Available from www.spreadingtherisks.com. $35...

Data key to getting best deal on cover; Public Risk Management Assn. conference.(News)
June 2, 2003... Byline: ROBERTO CENICEROS RENO, Nev.-In the current hard market, managers of public entity pools can help assure their reinsurance coverage submissions get more favorable attention by providing more than just raw quantitative data,...

Education law prompts fears of litigation; Public Risk Management Assn. conference.(News)
June 2, 2003... Byline: ROBERTO CENICEROS RENO, Nev.-School districts nationwide should prepare for class-action lawsuits stemming from the No Child Left Behind Act, an attorney says. President Bush in January 2002 signed the legislation, which...

Legal Briefs: Independent contractor's injuries not covered.(Perspectives)
June 2, 2003... A full-time worker who was hurt as an independent contractor for another company was not entitled to medical expense coverage under his employer's Employee Retirement Income Security Act health plan, the 6th U.S. Circuit Court of Appeals ruled....

Communication skills crucial for law enforcement; Public Risk Management Assn. conference.(News)
June 2, 2003... Byline: ROBERTO CENICEROS RENO, Nev.-The neighborly sheriff portrayed in the 1960s television series "The Andy Griffith Show'' is a perfect example of how modern law enforcement officers should act, a risk management consultant says. ...

Industry's goal is to educate; American Assn. of Managing General Agents Conference.(News)(Surplus lines insurers )
June 2, 2003... Byline: JOANNE WOJCIK BOCA RATON, Fla.-As financial woes force the standard market into retreat in some lines, surplus lines insurers are coming to the rescue of insurance buyers. And the American Assn. of Managing General Agents is...

Aussies to provide med mal backstop; Program welcomed, but calls continue for passage of tort reforms to curb rising cost of liability claims.(International)
June 2, 2003... Byline: SARAH VEYSEY CANBERRA, Australia-Doctors in Australia are tentatively welcoming a recently announced government backstop for medical liability claims. The plan will provide short-term relief to doctors finding it difficult to...

Editorial: Follow the roadmap to asbestos reform.(Opinions)(Editorial)
June 2, 2003... THERE'S A LOT OF talk in Washington these days about following roadmaps of one sort or another-the Bush administration's roadmap to Mideast peace being the best-known example-to get to a desired goal. One such map that risk managers and...

P/C insurers see strong quarter; Rate hikes fuel gains, but softening seen in property.(News)(Property/casualty insurers )
June 2, 2003... Byline: JUDY GREENWALD Commercial property/casualty insurers turned in a highly profitable first quarter and expect that trend to continue through 2003, to the delight of stock analysts. Strong results are likely to be fueled by...

Surveys due for online broker listings.(News)(Brief Article)
June 2, 2003... Business Insurance will publish its online Directory of Agents and Brokers in conjunction with the July 21 Agent/Broker Profiles issue. That issue of the weekly newsmagazine will contain a ranking of the top 10 brokers worldwide, as well as...

Comings & Goings.(News)(Insurance industry personnel moves)
June 2, 2003... Insurers: Steven C. Hess has been named executive vp and general counsel of Accident Fund Insurance Co. of America in Lansing, Mich. He had been general counsel of Blue Cross & Blue Shield of Michigan. Eugene B. Kelly, former resident...

Hughes highlights White House plans; Council of Insurance Agents & Brokers' Employee Benefits Leadership Forum.(News)(Speech at Council of Insurance Agents & Brokers' Employee Benefits Leadership Forum)
June 9, 2003... Byline: JERRY GEISEL WHITE SULPHUR SPRINGS, W.Va.-New Bush administration proposals to improve access to health care coverage could emerge this fall, a former White House official says. With the situation in Iraq no longer dominating...

Latin American brokers see growth in forming network.(Spotlight)
June 9, 2003... Byline: ROBERTO CENICEROS Independent Latin American brokers increasingly are looking to form networks to improve their business prospects and, at the same time, help commercial clients that need coverage in multiple countries. The...

Pension reform faces struggle; CIAB's Employee Benefits Leadership Forum.(News)
June 9, 2003... Byline: JERRY GEISEL WHITE SULPHUR SPRINGS, W.Va.-Despite its passage in the House of Representatives by a big margin, legislation that would better protect defined contribution plan participants from Enron-type disasters faces an uphill...

View of corporate risks broadening; Companies using various approaches to manage enterprise risks.(Spotlight)
June 9, 2003... Byline: CAROLYN ALDRED Risk management now has the attention of most European boardrooms, but companies in Europe are still trying to determine the best way to address the array of exposures they now face, say risk managers and...

Fiona Luck credits Bermuda move as her good fortune; APIW Woman of the Year.(News)(Luck is named Insurance Woman of the Year by the Assn. of Professional Insurance Women)
June 9, 2003... Byline: MICHAEL BRADFORD Fiona E. Luck gives Bermuda credit for much of her success in the insurance business. The island, she said, has been "wonderful for me in terms of presenting opportunities'' over the 23 years she has worked in...

Australia hard hit by a hard market; Collapse of HIH, other woes, shaping loss control practices.(Spotlight)
June 9, 2003... Byline: MICHAEL BRADFORD Australian risk managers dealing with a tough commercial insurance market aren't spending all their time on coverage problems. Raising the profile of their profession, dealing with corporate governance issues,...

Virus challenges efficacy of risk management plans; With SARS, many companies find themselves fighting a distant yet formidable foe.(Spotlight)
June 9, 2003... Byline: CAROLYN ALDRED A previously unknown killer virus that emerged in China late last year and rapidly spread to several major centers of commerce tested the corporate risk management programs of companies thousands of miles away. ...

Employers unready for consumer plans; CIAB's Employee Benefits Leadership Forum.(News)(Council of Insurance Agents & Brokers)
June 9, 2003... Byline: JERRY GEISEL WHITE SULPHUR SPRINGS, W.Va.-Will employers adopt consumer-driven health care plans to supplement or replace their rich managed care plans? Judging by a panel of benefit and human resource managers who spoke at...

Conference growing; CIAB's Employee Benefits Leadership Forum.(News)(Council of Insurance Agents & Brokers)(Brief Article)
June 9, 2003... WHITE SULPHUR SPRINGS, W.Va.-Last year, when the Council of Insurance Agents & Brokers held its inaugural spring meeting on employee benefits at the Greenbrier resort in White Sulphur Springs, W.Va., its officers said they hoped that one day...

Court expands legal definition of 'supervisor'; 2nd Circuit ruling adds vicarious liability risk.(News)
June 9, 2003... Byline: JUDY GREENWALD NEW YORK-Employers in New York, Connecticut and Vermont are more likely to be found vicariously liable for employment discrimination as a result of a federal appellate decision that expands the definition of...

Products & Services; Liberty Mutual adds features to extranet.(Briefs)(Liberty Mutual Insurance)
June 9, 2003... BOSTON-Liberty Mutual Insurance Co. has enhanced its extranet portal for large commercial accounts to offer risk managers more timely information on developments in their workers compensation, general liability and commercial auto insurance...

Insurer outlook not rosy: S&P; Asbestos, reinsurance recoverables among key concerns.(News)(Property/casualty insurance industry's prospects are clouded by concerns about reserve deficiencies)
June 9, 2003... Byline: DOUGLAS McLEOD NEW YORK-Despite rising rates and improved profits, the property/casualty insurance industry's prospects are clouded by concerns about reserve deficiencies, unrecoverable reinsurance and the duration of the hard...

World Updates.(International)
June 9, 2003... Converium unit gets U.K. general liability license The U.K. Financial Services Authority has licensed Converium Insurance (U.K.) Ltd. to write commercial general liability coverage. Converium Insurance is a unit of Switzerland-based...

Governments providing terror coverage backstops; But a specialist terrorism insurer closes to new business due to lack of demand.(Spotlight)
June 9, 2003... Byline: SARAH VEYSEY LONDON-Continuing concerns about terrorism, sparked by recent terrorist activity and the conflict in Iraq, have kept the need to mitigate terrorism risks high on the agenda of risk managers across the globe, experts...

Equitas on hook for full asbestos award; Judge calls coverage time frame irrelevant in liability ruling.(International)
June 9, 2003... Byline: CAROLYN ALDRED LONDON-A High Court ruling that an insurer must pay the entire damages awarded to a mesothelioma victim, despite its limited time as insurer for the man's employer, could encourage insurers to agree to a market-wide...

E.U. proposes joint-and-several liability for environmental damage.(International)
June 9, 2003... Byline: NEIL HODGE BRUSSELS, Belgium-Risk managers and insurers are critical of European Union proposals to introduce strict and joint-and-several liability for environmental damage and to require organizations to show they have adequate...

Some mandates are necessary.(News)(Lawmakers aim to make health insurance more affordable)
June 9, 2003... Byline: Paul Winston In an ironic twist, lawmakers in some states are scaling back benefit mandates that they or their predecessors imposed over the past few decades. This effort, which is occurring in numerous legislatures, is taking...

Between the Lines.(News)
June 9, 2003... Byline: Compiled by Joanne Wojcik Fashionably re-`volting' The next guy who taps some lovely lady on the shoulder to ask for her phone number may be in for a shock-literally. Researchers at the Massachusetts Institute of Technology...

Deadline for directory nears.(News)(Online Directory of Environmental Risk Management Consultants )(Brief Article)(Directory)
June 9, 2003... Business Insurance will publish its online Directory of Environmental Risk Management Consultants on June 30. Subscribers can access the directory at www.businessinsurance.com. In addition, a ranking of the top environmental risk management...

Asbestos bill gains momentum; Hatch sets bill markup for this week.(News)
June 9, 2003... Byline: MARK A. HOFMANN WASHINGTON-The chairman of the Senate Judiciary Committee wants to begin his committee's formal consideration of an asbestos liability reform bill this week. "We're going to a markup, probably'' June 12, said...

Regulatory fixes needed.(Opinions)(Debate over what role the federal government should play in regulating insurance )
June 9, 2003... THE DEBATE OVER what role the federal government should play in regulating insurance has been going on for more than a century, and we wouldn't mind seeing it heat up seriously again. As was evident in a recent discussion of the issue held...

Editorial: Time to add a Medicare Rx benefit.(Opinions)(Editorial)
June 9, 2003... WILL CONGRESS and the executive branch be successful in reaching agreement on adding a prescription drug benefit to the Medicare program? If that is to happen, lawmakers and the Bush administration must study the mistakes of the past-and...

Disability info brings new risk; Privacy law could snare unwary employers.(News)
June 9, 2003... Byline: MEG FLETCHER Employers should review their disability management activities to ensure that they don't inadvertently increase their responsibilities under the privacy rules of the federal Health Insurance Portability and...

Studies show liability premium growth.(International)(Studies recommend changes in U.K. liability insurance market )
June 9, 2003... Byline: NEIL HODGE Two studies of the U.K. liability insurance market have recommended various changes to help stem increases in the cost of employers liability coverage. Premiums for the coverage-which is mandatory insurance that...

WellPoint to buy Cobalt; Wisconsin Blues purchase to expand reach.(News)(WellPoint Health Networks makes nearly $1 billion bid for Wisconsin health insurer Cobalt Corp)
June 9, 2003... Byline: SALLY ROBERTS THOUSAND OAKS, Calif.-WellPoint Health Networks Inc. is aiming to expand its reach with a nearly $1 billion bid for Wisconsin health insurer Cobalt Corp. that analysts say would give Cobalt the resources it needs to...

Insurers allege surety fraud; Lawsuit charges contractor family with RICO violations.(News)(Civil racketeering lawsuit has AXA Global Risks U.S. Insurance Co. and First Indemnity of America Insurance Co. vs members of a Queens, N.Y., family )
June 9, 2003... Byline: DOUGLAS McLEOD NEWARK, N.J.-A family-controlled network of construction contractors siphoned millions of dollars away from government projects in New York before defaulting on the work and leaving surety insurers with as much as...

Boeing decides against contesting its liability in Alaska Airlines crash.(News)
June 9, 2003... Byline: DAVE LENCKUS SAN FRANCISCO-Boeing Co. will not contest its share of liability for the January 2000 crash of an Alaska Airlines passenger jet off the Southern California coast, the aircraft manufacturer told a U.S. district court...

New York governor calls for new coverage for disruptions.(News)(Aim is to protect businesses against disruptions resulting from government actions )(Brief Article)
June 9, 2003... Byline: Michael Prince NEW YORK-New York Gov. George E. Pataki has proposed creating insurance coverage to protect businesses against disruptions resulting from government actions. He introduced legislation Thursday, S. 5390, to...

Late News.(U.S. property/casualty reinsurers reported 96.4% combined ratio for first quarter of 2003; notes other news)
June 9, 2003... Reinsurers report lower losses, higher profits U.S. property/casualty reinsurers reported a 96.4% combined ratio for the first quarter of 2003, compared with 101.8% reported by a similar group for the comparable period a year ago, according...

Former Clarendon owners in dispute with reinsurers; Suit says denials lowered sale price.(News)(Clarendon Insurance Group Inc.)
June 16, 2003... Byline: DOUGLAS McLEOD TALLAHASSEE, Fla.-Two reinsurers of Clarendon Insurance Group Inc. forced a $25 million reduction in the insurer's 1999 sale price by wrongfully refusing to pay claims on a book of workers compensation carve-out...

Private insurers urged to develop terror capacity; RIMS on the Hill.(News)(Risk and Insurance Management Society meeting)
June 16, 2003... Byline: MARK A. HOFMANN WASHINGTON-The Bush administration believes that terrorism is a manageable risk that the private insurance sector can cover, according to the official overseeing implementation of the federal Terrorism Risk...

401(k) matches hit by poor economy.(News)
June 16, 2003... Byline: JUDY GREENWALD A growing number of employers are suspending their 401(k) plan matches as they struggle to contain costs in a difficult economic environment. Observers disagree, however, as to whether many more employers will...

House holding off on asbestos until Senate moves on its bill; RIMS on the Hill.(News)
June 16, 2003... Byline: MARK A. HOFMANN WASHINGTON-The House of Representatives will continue to hold off action on an asbestos liability reform bill until the Senate acts, at least for the time being, according to the author of a House reform bill. ...

Job bias suits may grow; High court lowers hurdle for 'mixed-motive' claims.(News)(Desert Palace Inc. vs. Catharina F. Costa )
June 16, 2003... Byline: SALLY ROBERTS WASHINGTON-Employers are likely to face more so-called "mixed-motive'' discrimination suits-as well as a much tougher time defending such claims-because of a Supreme Court decision handed down last week. The high...

Lower noneconomic damages key to med mal reform; RIMS on the Hill.(News)
June 16, 2003... Byline: MARK A. HOFMANN WASHINGTON-Limiting the amount of noneconomic damages that can be awarded in medical malpractice liability cases is the key element in malpractice reform, according to a lobbyist for American Medical Assn. ...

New environment for risk managers.(Commentary)(There is risk management "disconnect" from environmental issues in Corporate America, according to some insurance professionals )
June 16, 2003... Byline: Dave Lenckus There is an unfortunate risk management "disconnect'' from environmental issues in Corporate America, some insurance professionals say. This "disconnect,'' they say, is partly why environmental insurance products...

World Updates.(International)(Royal & SunAlliance Insurance Group P.L.C. sells U.S. surplus lines unit, Royal Specialty Underwriting Inc., to Alleghany Insurance Holdings L.L.C.; notes other news)
June 16, 2003... Alleghany purchases RSA surplus lines unit Royal & SunAlliance Insurance Group P.L.C. has sold its U.S. surplus lines unit, Royal Specialty Underwriting Inc., to Alleghany Insurance Holdings L.L.C. for u72 million ($119.7 million). RSUI...

A new cost-control therapy? Coverage of unconventional care likely to increase.(News)
June 16, 2003... Byline: JOANNE WOJCIK Got a cold? Take two echinacea tablets and call your shaman in the morning. If that sounds strange, it might not for long, because it's only a matter of time before such unconventional treatment is covered by...

Asbestos uncertainties weaken runoff balance sheet.(International)
June 16, 2003... Byline: NEIL HODGE LONDON-Equitas Ltd. has again boosted its asbestos reserves following a review of potential asbestos liabilities, mainly in the United States. Equitas, which is the runoff reinsurer for Lloyd's of London's pre-1993...

Senate committee OKs drug benefit for Medicare program.(News)
June 16, 2003... Byline: JERRY GEISEL WASHINGTON-Landmark legislation headed for a Senate vote this week that would add a prescription drug benefit to the Medicare program would provide a financial windfall for employers with retiree health care plans,...

Governance law hasn't fueled big EIL interest; Demand growing, but pace is slow.(News)(Environmental insurance is bought by Premcor Inc and Deluxe Corp)
June 16, 2003... Byline: DAVE LENCKUS In their latest financial statements, petroleum refiner Premcor Inc. and check printer Deluxe Corp. informed investors that the companies recently purchased environmental insurance to help cover their pollution...

RIMS on the Hill efforts are on the mark.(Opinion)(Risk & Insurance Management Society Inc)(Brief Article)
June 16, 2003... THE FIFTH ANNUAL RIMS on the Hill serves as a reminder that risk managers are becoming an ever more recognized force on Capitol Hill. When the Risk & Insurance Management Society Inc. drew members to Washington to speak out on issues of...

Pension protection panned; U.K. fund criticized as 'last nail in coffin' for defined benefit plans.(International)
June 16, 2003... Byline: SARAH VEYSEY LONDON-U.K. business groups are wary of a government plan to create a program to protect pension participants' benefits against employer insolvencies, fearing that it could involve huge additional costs and place an...

Editorial: PBGC is a model worthy of emulation.(Opinion)
June 16, 2003... WILL THE UNITED KINGDOM soon follow the United States model and adopt an insurance program to protect the benefits of employees and retirees whose pension plans collapse with insufficient assets to meet their promises? That is an issue...

Late News.(House of Representatives approves Class Action Fairness Act; notes other news)
June 16, 2003... House approves class-action reform The House of Representatives gave its approval to a class-action reform bill last week by a vote of 253 to 170. The bipartisan Class Action Fairness Act, H.R. 1115, would, among other things, allow large,...

Feds indict Near North; Brokerage, former bookkeeper added to case against Segal.(News)
June 16, 2003... Byline: SALLY ROBERTS CHICAGO-A federal grand jury last week added Near North Insurance Brokerage Inc. and a former bookkeeper as defendants to its case against Michael Segal, owner of Near North National Group. The 17-count second...