Business Insurance articles from May 2005

Business Insurance archives from May 2005

NAIC establishes repository for producers' digital fingerprints.(Industry News)(National Assn. of Insurance Commissioners)(Brief Article)
May 1, 2005... KANSAS CITY, Mo.-The National Assn. of Insurance Commissioners earlier this month launched a repository for licensed insurance producers' digital fingerprints. Five states are participating in the pilot project-Alaska, California, Idaho,...

Unjust desserts in these digital times.(First Word)(finger found in a frozen custard chocolate product)
May 1, 2005... Byline: Rodd Zolkos "You want a toe? I can get you a toe, believe me.'' Those of you familiar with the Coen Brothers classic motion picture "The Big Lebowski'' will probably recognize the line. For those who aren't, it was spoken by...

Data sharing takes hold in health care.(Cover Focus: Information Technology)
May 1, 2005... Byline: Roseanne White Geisel Health plans say their efforts to evaluate the performance of individual physicians will receive a tremendous boost from a national broad-based initiative to standardize quality measures and the methodology...

Briefs.(Industry News)(Brief Article)
May 1, 2005... Ronald J. Rintala has been appointed global operations officer for the ACE Group of Cos., responsible for a range of operational areas, including workflow management and general business efficiencies across the organization. He will report...

Cisco unveils network systems for insurance.(Industry News)(Brief Article)
May 1, 2005... SAN JOSE, Calif.-Cisco Systems Inc. has unveiled a package of converged communications network systems aimed specifically at the needs of the insurance industry. The Transforming Insurance Solutions package, based on Cisco's voice...

All Systems Go; Automating claims processing systems can speed up processing and boost the bottom line.(Cover Focus: Information Technology)
May 1, 2005... Byline: Rupal Parekh For insurance companies looking to distinguish themselves within the sea of firms in the industry, modernizing claims operations is a wise place to start. Using the latest in information technology to drive claims...

XL Capital launches LossLink, database of financial losses.(Industry News)(Brief Article)
May 1, 2005... HAMILTON, Bermuda-XL Capital Ltd. has launched a searchable database of financial losses experienced by industries around the world. Developed by XL's insurance operations, LossLink contains more than 2,000 entries profiling significant...

Chief reinsurance officer, a post whose time has come.(Perspective)
May 1, 2005... Byline: Paul Walther In the parlance of the insurance-buying community, it may not be too uncommon to hear the term "chief risk officer,'' or "CRO,'' being applied to the executive charged with the evaluation and management of a company's...

Capella University to accept course credit from CPCU.(Industry News)(Brief Article)
May 1, 2005... MALVERN, Pa.-The American Institute for CPCU and Capella University have signed an agreement under which Capella will accept credit for completion of courses and examinations in the AICPCU's Chartered Property Casualty Underwriter program. ...

Mergers & acquisitions on the rise.(Industry News)(in insurance industry)(Brief Article)
May 1, 2005... The number of mergers and acquisitions in the insurance industry increased in 2004, rising for the first time over the prior year's total since 2001, according to a study by Conning Research and Consulting Inc. The number of 2004 mergers...

CFOs voice support for disclosure standards.(Industry News)(The Group of North American Insurance Enterprises)(Brief Article)
May 1, 2005... NEW YORK-A group of U.S. life and property/casualty insurance and reinsurance companies has endorsed efforts by the International Assn. of Insurance Supervisors to develop disclosure standards, including standards related to companies'...

Seven given top ranking for diversity.(Industry News)(Brief Article)
May 1, 2005... Seven insurance industry firms this year made their way onto the Top 50 Companies for Diversity 2005 list, which is compiled annually by DiversityInc magazine. They are: Northbrook, Ill.-based Allstate Insurance Co.; Chicago-based Health...

Big I recognizes Rep. Baker as its legislator of the year.(Industry News)(Richard Baker)(Brief Article)
May 1, 2005... WASHINGTON-The Independent Insurance Agents & Brokers of America has presented Rep. Richard Baker, R-La., with the organization's Gerald Solomon-IIABA Legislator of the Year Award for 2004. The presentation was made last month, during the...

Softening market offers real opportunities.(Last Word)
May 1, 2005... Byline: John W. Wicher It's all about margins. Both brokerage and insurer investor calls have been in high season recently. For those of us in the merger and acquisition business, this is a great opportunity to hear the views of...

Lloyd's not cavalier about support for equine research.(Industry News)(Brief Article)
May 1, 2005... LEXINGTON, Ky.-Lloyd's of London is celebrating 20 years of supporting the Department of Veterinary Science at the University of Kentucky, a period during which Lloyd's brokers and their Kentucky agents have given more than $640,000 to...

How strong are insurers as the cycle turns? Leaders stress underwriting discipline as cash flows fall.(Feature)
May 1, 2005... Byline: Rodd Zolkos Less than two years after many in the insurance industry predicted there would be widespread adherence to underwriting discipline and insurers would refuse to succumb to pressures to engage in market share underwriting...

The Quote.(Industry News)
May 1, 2005... `If I was a decision maker making a decision between build proprietary vs. buy off the shelf, there has to be some project-stopping reason to keep you from going with some sort of off the shelf.' CINDY SACCOCIA RESEARCH DIRECTOR ...

Business needs must drive IT.(Cover Focus: Information Technology)
May 1, 2005... Byline: Rodd Zolkos Information technology investments can provide a competitive advantage for insurers and reinsurers, but to truly succeed, those investments must be driven by the company's broader business strategy. Many companies...

Claims concerns requiring CRO oversight.(Perspective)(chief risk officer)(Brief Article)
May 1, 2005... * Procedures for the timely submission and recovery of losses; * The accurate documentation and historical records for all contracts and reinsurers; * The current database of intermediary and reinsurer contacts, past and present; ...

Monteleone moves from The Hartford to law firm.(Perspective)(Joseph P. Monteleone)(Brief Article)
May 1, 2005... Byline: Mr. Monteleone NEW YORK-A well-established figure in insurance industry legal circles is hoping his move from insurer to law firm will permit him to continue to focus on the favorite aspects of his former role while allowing him to...

Check out insurers' financial red flags.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: RODD ZOLKOS PHILADELPHIA-With an insurance policy only as good as the insurer's ability and willingness to pay when a claim is made, evaluating insurers' financial stability is a critical element of any insurance purchase. But...

Train crash in Japan claims at least 100.( )(The Tokio Marine & Nichido Fire Insurance Co. Ltd)(Brief Article)
May 2, 2005... Byline: Sarah Veysey and Michael Bradford AMAGASAKI, Japan-Liability insurance coverage to respond to the fatal derailment of a Japanese commuter train was written in the Japanese market, sources said. Authorities are still trying to...

Plaintiff's mindset key to winning coverage disputes.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: MARK A. HOFMANN PHILADELPHIA-Risk managers need to change from a defendant's mindset to a plaintiff's mindset when they are involved in coverage disputes, policyholder attorneys say. While large corporations often have more...

Fiduciary risks can be tackled despite uncertainty.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: DAVE LENCKUS PHILADELPHIA-Risk managers can act now to mitigate their board directors' fiduciary liability exposures related to employee savings plans despite the uncertainty surrounding the issue, a panel of experts said. ...

Broadened oversight must still respect rights.(Editorial)(Editorial)
May 2, 2005... WE SUPPORT EFFORTS to strengthen regulatory oversight, but states should analyze them carefully to avoid knee-jerk reactions that could cause more problems than they solve. A preliminary proposal by New York Acting Superintendent of...

United deal is making the best of a tragedy.(United Airlines enters into deal with Pension Benefit Guaranty Corp)(Editorial)
May 2, 2005... READING THROUGH a proposed agreement between United Airlines and the Pension Benefit Guaranty Corp. in which the PBGC would take over United's massively underfunded pension plans and then receive United securities potentially worth $1.5...

Accident-year loss ratios for 2004 decline in California; State to probe whether insurers pass along savings.(Workers' Compensation Insurance Rating Bureau of California)
May 2, 2005... Byline: ROBERTO CENICEROS SAN FRANCISCO-Insurer loss ratios in California dropped to 45%, on average, for accident year 2004, according to a projection released last week by the Workers' Compensation Insurance Rating Bureau of California....

World Updates; Munich Re, Converium receive subpoenas.(Reinsurers Munich Reinsurance Co)(Converium Holding Ltd)
May 2, 2005... Reinsurers Munich Reinsurance Co. and Converium Holding Ltd. said last week they had received subpoenas from New York Attorney General Eliot Spitzer and the U.S. Securities & Exchange Commission about their reinsurance contracts with New...

Future scenarios key to consider for smart buys; Panelists review tips for evaluating insurers in a shifting environment.(Spotlight: RIMS 2005 Conference Review)(Panel Discussion)
May 2, 2005... Byline: MARK A. HOFMANN PHILADELPHIA-A changing marketplace means that buying insurance isn't always the biggest part of a risk manager's job. In fact, "the smallest part of our job in my company is buying insurance,'' said Amy E....

Spencer gets funds to establish scholarship honoring 9/11 victim.(News)
May 2, 2005... Byline: REGIS COCCIA PHILADELPHIA-The Spencer Educational Foundation Inc. raised nearly $200,000 during the Risk & Insurance Management Society Inc. Annual Conference & Exhibition, the foundation's outgoing chairman said. Also...

Contingent losses require careful management; Supplier losses can lead to thorny business interruption claim disputes.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: GLORIA GONZALEZ PHILADELPHIA-Risk managers need to pay careful attention to their contingent business interruption practices and policies to ensure they have adequate coverage when they need it the most. Contingent business...

Latin American risk management expands.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: GLORIA GONZALEZ PHILADELPHIA-When Monterrey, Mexico-based Grupo IMSA began expanding its operations into the United States and other countries, its officials came face to face with one of the key risk management challenges for...

Pension proposal does little to promote defined benefit plans.(Perspectives)
May 2, 2005... Byline: William J. Miner Q: What impact will the Bush administration's proposed pension funding reform have on my company's defined benefit pension programs? A: The new year in Washington began with a buzz surrounding defined benefit...

AOL outlines successes of ergonomic strategy.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: SARAH VEYSEY PHILADELPHIA-Ensuring that employees are aware of ergonomic issues and encouraging them to address those issue are key ingredients in a successful ergonomics policy, said Nancy Perkins, senior manager, risk strategies...

Insured catastrophe losses rose during first quarter, PCS says.(Property Claim Services reports)(Brief Article)
May 2, 2005... Byline: JUDY GREENWALD NEW YORK-U.S. property/casualty insurers are expected to pay businesses and homeowners about $2.14 billion for insured property loss claims from eight catastrophes in the first quarter, compared with $1.04 billion...

London market must unite to offer contract certainty; Market execs offer plan for clarity.(Market Reform Group offers plan for regulatory compliance)
May 2, 2005... Byline: SARAH VEYSEY LONDON-London market underwriters, brokers and insurance buyers must work together to meet a 2006 deadline to achieve contract certainty, market executives say. Last week, the joint Market Reform Group, comprising...

Willis reserves $20 million more for settlements, cuts 500 jobs.(Willis Group Holdings Ltd.)(Brief Article)
May 2, 2005... Byline: SARAH VEYSEY LONDON-Willis Group Holdings Ltd., which earlier this month paid $51 million to end probes into its business practices, said last week that it has cut 500 jobs and has set aside $20 million to resolve further potential...

States question AIG's accounting of comp premiums; Some risks booked as GL business.(News)
May 2, 2005... Byline: ROBERTO CENICEROS NEW YORK-Probes into American International Group Inc. widened last week as insurance commissioners in several states said that they would look in to whether the insurer illegally booked workers compensation...

Asbestos bill bogs down in markup efforts; After a contentious hearing and a slow start, work to resume May 12.( )
May 2, 2005... Byline: MARK A. HOFMANN WASHINGTON-Following an unsuccessful markup bid last week, the Senate Judiciary Committee will wait until next week to resume consideration of a bill that would create a $140 billion no-fault trust fund to replace...

D&O insurers to pay Saftey-Kleen fraud suit settlement costs; Judge imposes award on execs.(News)
May 2, 2005... Byline: DAVE LENCKUS COLUMBIA, S.C.-Directors and officers liability insurance will cover a $36 million settlement in the securities fraud litigation against bankrupt hazardous waste operator Safety-Kleen Corp. However, insurers will...

Gallagher resolves lawsuit with alternative energy firm.(Arthur J. Gallagher & Co)
May 2, 2005... Byline: Sally Roberts ITASCA, Ill.-Reflected in the first-quarter 2005 results it reported last week is Arthur J. Gallagher & Co.'s resolution of one other legal matter in addition to its setting up of a $35 million reserve for potential...

Drug chain trying another dose of PBM business to compete.(Rite Aid Corp business strategy)
May 2, 2005... Byline: JOANNE WOJCIK CAMP HILL, Pa.-By re-entering the prescription benefit management business to retaliate against mandatory mail order, Rite Aid Corp. could stimulate competition in the PBM market and offer employers a viable...

Lloyd's members revive court battle; Names say market leaders were guilty of "misfeance in public office".(Lloyd's of London faces misfeance charge)
May 2, 2005... Byline: CAROLYN ALDRED LONDON-Judgment will be handed down soon in the latest chapter of a long-running legal dispute between Lloyd's of London and individual investors. A group of 84 such investors-known as "names''-applied to...

Gallagher earmarks $35 million; In absence of charges, brokerage sets aside funds to settle state probes.(Arthur J. Gallagher & Co)
May 2, 2005... Byline: SALLY ROBERTS ITASCA, Ill.-Arthur J. Gallagher & Co.'s announcement last week that it has set aside $35 million to settle investigations related to its use of contingent commissions could be the last significant hit announced by a...

Canadian pensionsAE funding levels reach record low levels.( )(Brief Article)
May 2, 2005... Byline: GLORIA GONZALEZ TORONTO-The financial health of Canadian pension plans continues to deteriorate, reaching its lowest level in the first quarter of 2005, according to a pension index released by Mercer Human Resource Consulting. ...

MG Rover pension plans seek protection; Two defined benefit plans would be among the first to apply to U.K. fund.(Independent Trustee Services Ltd)
May 2, 2005... Byline: SARAH VEYSEY LONDON-The trustee of two defined benefit pension plans of failed auto manufacturer MG Rover Group Ltd. said it will seek to enter the plans into the U.K.'s newly formed Pension Protection Fund. Independent Trustee...

Errors & omissions.(News)(Correction Notice)
May 2, 2005... Due to a production error, a chart illustrating commercial insurance rate decreases that appeared in the April 25 edition of Business Insurance contained incomplete information. The corrected graph can be seen on page 34.

Hines Symposium to address industry's steps to rebuild trust.( )
May 2, 2005... CHICAGO-In the aftermath of insurance industry investigations and settlements, many insurance buyers have questions about the practices of brokers and insurers. Those issues will form the basis of the 2005 Harold H. Hines Jr. Memorial Symposium...

UnitedHealth to track drug side effects.( )
May 2, 2005... Byline: Joanne Wojcik MINNETONKA, Minn.-In an effort to help improve patient safety, UnitedHealth Group is creating a prescription drug registry, using claims data from its more than 10 million members, to expedite the discovery of harmful...

California broker disclosure bill defeated; Stringent measure pushed by insurance department fails in committee vote.(News)
May 2, 2005... Byline: JUDY GREENWALD SACRAMENTO, Calif.-A California bill that would have gone further than proposed legislation in other states in regulating agents and brokers failed to get out of legislative committee last week. The proposal's...

Late News; Bill would remove Roth 401(k) option.(Insurance industry news)
May 2, 2005... A portion of a federal law that allows employers to offer a new type of tax-favored 401(k) plan would be repealed under pension legislation introduced in the House of Representatives. The measure, offered by Reps. Ben Cardin, D-Md., and Rob...

China poses unique opportunities, risks.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: Rupal Parekh PHILADELPHIA-While China can be a land of opportunity for companies looking to expand operations, certain unique risks can potentially plague a firm that decides to establish operations there. Though the country...

Cat coverage alternatives flooding the market; Buyers advised to analyze exposures to obtain best risk transfer deals.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: MICHAEL BRADFORD PHILADELPHIA-Property owners looking for alternatives for covering their catastrophe exposures have to do some legwork to determine the appropriate way to cover those risks. Insurance buyers can shop a diverse...

Spitzer's tactics on unethical acts questionable.(Taking Stock)
May 2, 2005... Byline: Myron M. Picoult If Rip Van Winkle, an aficionado of the property/casualty insurance industry who fell asleep about two years ago, were to suddenly awaken, I suspect he would exclaim, "What the hell happened?'' I have been...

Topics target international risk managers.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: Gloria Gonzalez PHILADELPHIA-In an effort to reach out to its international membership, the Risk & Insurance Management Society Inc. held several sessions designed specifically for risk managers from Latin America, Japan, China and...

Buyers want better cover for directors; Settlements spur search for personal asset protection.(Spotlight: RIMS 2005 Conference Review)
May 2, 2005... Byline: DAVE LENCKUS PHILADELPHIA-Securities class action lawsuit settlements in which Enron Corp. and WorldCom Inc. officials agreed to contribute a portion of their personal assets have triggered a search for better protection for board...

Between the Lines; Chairman of the board game.(Berkshire Hathaway Inc annual meets)
May 2, 2005... Byline: Compiled by Joanne Wojcik When you play the new Berkshire Hathaway Diamond Edition Monopoly Game, you'd expect payday to be a little more lucrative, given the fact that the company's stock trades at more than $80,000 a share. ...

Comings & Goings.(News)(Appointments)
May 2, 2005... Brokers: West Point, Ga.-based J. Smith Lanier & Co. has named D. Gaines Lanier chairman. Mr. Lanier will continue as chief executive officer. Gary Ivey, who has been chief operating officer of Lanier since 2000, also will serve as...

Lloyd's sees interest in standalone terror coverage.(Risk & Insurance Management Society Inc.'s conference focusses on TRIA)
May 2, 2005... Byline: SARAH VEYSEY PHILADELPHIA-The uncertainty about whether the Terrorism Risk Insurance Act will be renewed at the end of the year is prompting interest in standalone terrorism cover, according to a panel of Lloyd's of London...

Errors & omissions.(News)(Correction Notice)
May 2, 2005... A chart in the April 25 issue omitted information identifying commercial lines rate reductions as average percentages. The correct chart is reprinted below.

Florida passes law to bolster regulatory interventions.(Consumer protection in the making)(Brief Article)
May 2, 2005... Byline: Meg Fletcher TALLAHASSEE, Fla.-Florida legislators are sending the governor a measure that will strengthen the state insurance regulator's authority to crack down on unauthorized insurance businesses. Previously, the Office of...

Broker survey reveals drop in property/casualty rates.(Survey reports)(Brief Article)
May 2, 2005... Byline: MARK A. HOFMANN ***** Correction: Due to a production error, a chart illustrating commercial insurance rate decreases that appeared in the April 25 edition of Business Insurance contained incomplete information. The corrected...

United, PBGC reach deal on takeover of pension plans.(Pension Benefit Guaranty Corp)(United Airlines)
May 2, 2005... Byline: JERRY GEISEL WASHINGTON-A proposed agreement between United Airlines and the Pension Benefit Guaranty Corp. to allow United to shed all four of its massively underfunded plans is in the best interest of the airline and the federal...

Risk managers must speak out.(Risk & Insurance Management Society conference analyses investigation effefcts)
May 2, 2005... Byline: Paul Winston During the annual Risk & Insurance Management Society conference last month in Philadelphia, it was apparent there still is a fair amount of uncertainty over what changes will result from investigations into the...

Canadian pensions' funding levels reach record low levels.( )(Brief Article)
May 2, 2005... Byline: GLORIA GONZALEZ TORONTO-The financial health of Canadian pension plans continues to deteriorate, reaching its lowest level in the first quarter of 2005, according to a pension index released by Mercer Human Resource Consulting. ...

ERM requires practical approach to data analysis.(Spotlight: Enterprise Risk Management)
May 9, 2005... Byline: REGIS COCCIA CHICAGO-Effective analysis and management of enterprise risks requires risk managers to look beyond apparently random data and apply real-world experiences, a panel of experts suggested. "Enterprise risk management...

Survey: multiemployer pension plans have slipped.(News)(Brief Article)
May 9, 2005... Byline: Jerry Geise Hit by the decline in the equities markets and falling interest rates over the past several years, the funded position of multiemployer pension plans has slipped, according to a new survey. The survey of 432...

Massachusetts to tighten rules on finite reinsurance contracts.(News)(Massachusetts. Division of Insurance)
May 9, 2005... Byline: Meg Fletcher BOSTON-The Massachusetts Division of Insurance is planning to tighten reporting requirements on finite reinsurance transactions, as various regulatory authorities continue scrutinizing such transactions. The...

HSA enrollment rockets in past six months; Large employers lead growth rate as businesses seek to cut costs.(News)(Health Savings Accounts)
May 9, 2005... Byline: JERRY GEISEL Led by a more than twelvefold increase in enrollment by employees working for larger businesses, the number of people with health savings accounts linked to high-deductible insurance plans has more than doubled in six...

Predictive modeling determines need for reserves; Ask A Casualty Actuary.(Perspectives)
May 9, 2005... Byline: Richard E. Sherman Q: For what types of workers compensation claims is there usually the greatest need for an actuarial reserve to supplement case reserves? A: Medical case reserves for permanently disabled claimants. A...

Features of `best selling' health savings accounts.(News)(Brief Article)
May 9, 2005... Byline: Jerry Geisel In the large-group market, the America's Health Insurance Plans survey on health savings accounts included the following findings on what respondents said were their "best selling'' HSA products: * The average...

Actuaries seeking lead role in ERM implementation.(Spotlight: Enterprise Risk Management)
May 9, 2005... Byline: RUPAL PAREKH As companies continue moving toward a more holistic approach for managing risk, it is becoming increasingly important to make sure that the person in charge of enterprise risk management has the right blend of skills...

Products & Services; Lexington offers outsourcing endorsement.(News)
May 9, 2005... NEW YORK-Lexington Insurance Co., an American International Group member company, is offering an endorsement to its property policy that addresses outsourcing risks. The Outsourcing Protector is intended to protect companies from emerging...

ERM education centers.(Spotlight: Enterprise Risk Management)(Brief Article)
May 9, 2005... The following are confirmed charter members of ERM Institute International Ltd., a Georgia-based nonprofit education and research organization: Organization Location Carnegie-Mellon University Pittsburgh Casualty Actuarial Society...

Health Net settles physician class action.(Spotlight: Enterprise Risk Management)(Brief Article)
May 9, 2005... Byline: Gloria Gonzalez LOS ANGELES-Health Net Inc. will spend up to $140 million to settle a lawsuit with 900,000 physicians regarding its claims payment practices and institute a new system to more efficiently manage future claims. ...

Integro founders not so good with names.(Commentary)
May 9, 2005... Byline: Douglas McLeod Robert Clements and the other ex-Marsh & McLennan officials who are starting a new insurance brokerage from scratch already have enough work cut out for them. They shouldn't have to waste effort on trifling details....

Australian regulator proposes tighter rules for insurers.(International)(Brief Article)
May 9, 2005... Byline: Sarah Veysey SYDNEY, Australia-The Australian Prudential Regulation Authority has proposed new standards for the supervision of nonlife insurance companies. APRA, the Australian insurance regulator, is proposing that appointed...

Bahrain issues insurer capital requirements, conduct rules.(International)(Brief Article)
May 9, 2005... Byline: Sarah Veysey MANAMA, Bahrain-The Bahrain Monetary Agency has introduced insurance regulations that will apply to all insurance companies, including Islamic insurance companies, operating in the country. The Manama,...

To ensure success, get backing from management.(Spotlight: Enterprise Risk Management)
May 9, 2005... Byline: DAVE LENCKUS Risk managers who embark on enterprise risk management plans likely will find their major problems arising in just a handful of areas, according to experts. Most of the pitfalls and mistakes are, by themselves,...

Sears to end defined benefit pension; Retailing giant cites uncertainty, competition as reason for move.(News)(Brief Article)
May 9, 2005... Byline: JERRY GEISEL HOFFMAN ESTATES, Ill.-Sears Holdings Corp. is phasing out its defined benefit pension plan. Benefit accruals in the $2.5 billion plan covering the Sears Roebuck & Co. operating unit will cease as of Jan. 1, 2006,...

HSAs offer incentives for health care savings.(Editorial)(Health Savings Accounts)
May 9, 2005... WITH ENROLLMENT MORE than doubling in just six months, it is clear that health savings accounts linked to high-deductible insurance plans are on their way to becoming a major and very welcome option in the health insurance market. As we...

Probes trigger restatements; AIG, others reassessing finite deals.(News)
May 9, 2005... Byline: JUDY GREENWALD The financial restatements announced last week by American International Group Inc. and CNA Financial Corp., which stemmed at least in part from greater scrutiny of financial reinsurance transactions, will be far...

Aon revamps London market charges; Change will trump previous plan to impose fixed insurer payments.(International)
May 9, 2005... Byline: SARAH VEYSEY LONDON-Underwriter representatives are welcoming Aon Ltd.'s agreement to use a new compensation model, which insurers hope will inspire other brokers to adopt similar models. Aon last week said it had shelved a...

AIG equity cut by $2.7 billion.(News)(American International Group Inc.)
May 9, 2005... Byline: JUDY GREENWALD NEW YORK-American International Group Inc. said it will restate more than four years of financial reports, which will cut its stockholders equity by $2.7 billion, or about $1 billion more than its earlier estimate of...