Business Insurance back issues from March 2001:
OSHA rule may be at risk; Senate invoking CRA to overturn ergonomics standard.(Congressional Review Act)(Brief Article)
Mar 05, 2001; ... WASHINGTON--The Senate is scheduled to vote this week to overturn the controversial federal ergonomics standard by invoking the Congressional Review Act. A spokesman for Assistant Senate Majority Leader Don Nickles, R-Okla., confirmed Friday that a vote would take place. ...
Animal disease causes U.K. crisis.
Mar 05, 2001; ... Although insurers will likely see few claims from Britain's beleaguered farming industry over the recent outbreak of foot-and-mouth disease, the crisis may give rise to other claims, such as those for canceled sporting events. Even these consequential losses, however, likely won't lead to ...
13 killed, many hurt in British train wreck ; Effort to determine liability in progress.(insurance)(Brief Article)
Mar 05, 2001; ... LONDON--Britain's beleaguered rail industry suffered another disaster Wednesday in a two-train accident that killed at least 13 people and injured about 70 more. With recovery operations still under way, a spokesman for Railtrack P.L.C., which maintains Britain's rail network, ...
Storms held down CGNU, RSA profits.(Brief Article)(Statistical Data Included)
Mar 05, 2001; ... LONDON-Two of Britain's largest insurers said last week that the winter storms and flooding that soaked Europe last year had dampened their profits for 2000. CGNU P.L.C. reported pretax profits of L1.41 billion ($2.11 billion) for 2000, an 8.3% decline from its restated 1999 ...
Speak out on privacy rule.(medical records privacy regulation )(Brief Article)
Mar 05, 2001 ... SECOND CHANCES may be rare, but they are not unheard of, as critics of a recently issued medical records privacy regulation are learning. Now that they've got that second chance, it's up to those critics to make the most of it. Like a similarly troublesome federal ...
Bush budget plan would improve FSAs.(Brief Article)
Mar 05, 2001; ... WASHINGTON--The Bush administration is readying a proposal to make flexible spending accounts more attractive to employees. As part of a federal budget ``blueprint,'' the administration disclosed last week that it is preparing legislation to improve FSAs. In that same document, ...
All eyes on Pennsylvania for pollution clause case.(sudden and accidental pollution exclusion )
Mar 05, 2001; ... PITTSBURGH--In a case that is drawing wide interest from policyholders and insurers, the Pennsylvania Supreme Court today is scheduled to hear oral arguments on the meaning of the sudden and accidental pollution exclusion and whether insurers misrepresented the exclusion to regulators 30 ...
Were carpal tunnel injury reports withheld? ; Feds eye Burlington data.(Federal Railroad Administration is investigating Burlington Northern Santa Fe Railroad Co.)(Brief Article)
Mar 05, 2001; ... FORT WORTH, Texas-The Federal Railroad Administration is investigating whether Burlington Northern Santa Fe Railroad Co. improperly withheld information from the agency about employees making claims for work-related carpal tunnel syndrome during the past year. The FRA's investigation comes ...
Value of work/life programs debated.(Alliance of Work/Life Professionals' fifth annual conference)(Brief Article)
Mar 05, 2001; ... ORLANDO, Fla.-Has the increasing implementation by employers of work/life programs served to blur the line that separates work and family life? At the Alliance of Work/Life Professionals' fifth annual conference, held Feb. 7-9 in Orlando, Fla., two work/life professionals ...
Elder care a concern of aging workforce.(conference of Alliance of Work/Life Professionals)(Brief Article)(Statistical Data Included)
Mar 05, 2001; ... ORLANDO, Fla.--Efforts to assist employees with elder care and to retain older workers are becoming more prevalent as the average age of the population continues to rise, work/life experts say. Moderating a session on aging and the workplace at last month's conference of Alliance of ...
Trend toward growth ; Encouraging use of programs.(annual conference of the Alliance of Work/Life Professionals)(Brief Article)
Mar 05, 2001; ... ORLANDO, Fla.-How do work and family programs move from being mere ideas to becoming common company practice? Panel members addressed that question at the keynote presentation of the annual conference of the Alliance of Work/Life Professionals, held Feb. 7-9 in Orlando, Fla. ...
Taking stock of securities litigation reform; 1995 law has slowed number of suits, but plaintiffs now seek bigger settlements, speakers say.(Private Securities Litigation Reform Act of 1995 )(Brief Article)
Mar 05, 2001; ... NEW YORK--One aim of the Private Securities Litigation Reform Act of 1995 was to reduce the number of frivolous securities fraud lawsuits filed. Three law professors who took part in a recent panel discussion about the changes in the nature of directors and officers suits disagreed about ...
As stocks fall, D&O rates head upward.(directors and officers liability coverage)(Brief Article)
Mar 05, 2001; ... NEW YORK--The meltdown in Internet stocks last year has pushed up rates for directors and officers liability coverage, according to a panel of experts. And the price increases are expected to worsen as more companies whose stocks plunged last year renew their D&O coverage, they ...
RIMS adds work time to FRM requirements; Workshops needed for fellow designation.(Risk & Insurance Management Society Inc.; Fellow in Risk Management designation)(Brief Article)
Mar 05, 2001; ... NEW YORK--Risk managers will have to spend a little more time in the trenches to qualify for the industry designation awarded by the Risk & Insurance Management Society Inc. RIMS is changing the requirements for receiving its Fellow in Risk Management designation so that those ...
U.K. insurers scale back request for approval of genetic testing.(Assn. of British Insurers to withdraw a request for underwriters to use four genetic tests )(Brief Article)
Mar 05, 2001; ... LONDON--British insurers may have to re-underwrite some life insurance policies following the decision this month of the Assn. of British Insurers to withdraw a request for underwriters to use four genetic tests that the ABI says currently lack adequate proof of their reliability. ...
Proposed changes to M&A accounting awaited.(Brief Article)
Mar 05, 2001; ... A recommendation to eliminate the pooling method of accounting for U.S. mergers and acquisitions and instead require purchase accounting is not likely to have a significant impact on the insurance industry if approved. Until now, insurers and brokers have been able to use either ...
Federal guidance needed in genetics debate; Court rulings, patchwork of state laws serve to muddle testing issues.
Mar 05, 2001; ... Employers, benefit managers and insurers writing employment practices liability coverage should anticipate a new area of potential employment claims: genetic discrimination. Increasingly, the courts, as well as some state legislatures, are acknowledging that employees and their ...
A/BT Perspective: A prediction you can take to the bank; More agency purchases by banks seen.(Brief Article)
Mar 05, 2001; ... Driven by fear, anxiety, greed and ``me too'' competitive pressures, banks and property/ casualty independent agencies are marrying up at a feverish pace that isn't expected to let up in 2001. And the hardening market could bring even more deals, as the potential value of agency revenue ...
M&A not affected by pricing.(Brief Article)
Mar 05, 2001; ... Firmer insurance pricing is unlikely to affect the degree of merger and acquisition activity among insurers and intermediaries in the near future, industry experts predict. While the soft pricing environment limited the profitability of many in the insurance industry and contributed to a ...
Legal Briefs: Former spouse can't claim pension benefits.
Mar 05, 2001 ... For the purposes of Employee Retirement Income Security Act provisions protecting a surviving spouse's right to pension proceeds, the ``surviving spouse'' is the person who is married to the pension plan participant at the time of his or her death, according to the Court of Appeals of ...
A fair shake for insurers.(Brief Article)(Statistical Data Included)
Mar 05, 2001; ... Early estimates of the insured damage caused by last week's earthquake in Seattle range from hundreds of millions to as much as $1 billion. I'm betting that the insured losses will be a lot more when we look back several years from now, partly because estimating insured losses ...
Insured losses may reach $1 billion in Seattle quake.
Mar 05, 2001; ... SEATTLE--Insured losses from the earthquake that shook the Pacific Northwest last week could reach $1 billion or more, which would make it one of the most costly U.S. quakes for insurers. Property damage from the Feb. 28 quake, a 6.8-magnitude temblor that was centered 35 miles ...
Hewitt mulls benefits of IPO.(Hewitt Associates Inc.)(Brief Article)
Mar 05, 2001; ... LINCOLNSHIRE, Ill.--Hewitt Associates L.L.C. is considering whether going public is the best way to fulfill its vision as a benefit consultant. In a brief statement released last week, privately held Hewitt said its executive committee and management are evaluating the merits of ...
Global Briefs.(European Round Table of Financial Services formed; other insurance industry news)(Brief Article)
Mar 05, 2001 ... A group of leading European insurers and banks on March 1 formed the European Round Table of Financial Services, which seeks to provide a stronger industry voice on European policy relating to financial services. The organization's initial objective will be to support the completion of the ...
Broker results get a boost.(Brief Article)(Statistical Data Included)
Mar 05, 2001; ... After years of being plagued by soft pricing in the property/casualty insurance market, the world's largest insurance brokers finally saw some relief in 2000. All of the world's largest publicly held brokers reported better top- and bottom-line growth for the year ending Dec ....
BI hires ad sales director.(Ken Luker joins Business Insurance)(Brief Article)
Mar 05, 2001 ... NEW YORK--Business Insurance has added to its sales staff in New York. Ken Luker has joined the magazine as advertising sales director. He succeeds Martin J. Ross III, who was promoted to publisher at the beginning of this year. In his new role, Mr. Luker will be ...
Updates.
Mar 05, 2001 ... HHS reopens comment period on privacy regulations WASHINGTON--Employers and others concerned about implementation of a controversial medical records privacy bill now have until March 30 to submit written comments to the Department of Health and Human Services. ...
For the record.(multiple industry briefs)
Mar 05, 2001 ... QUAKE RISK SECURITIZED As a result of a reinsurance and capital markets transaction worked out with Swiss Reinsurance Corp., Swiss Re Capital Markets and Goldman Sachs & Co., another $100 million will be available to California Earthquake Authority policyholders if there are one or more ...
House passes bankruptcy reform bill.(Brief Article)
Mar 05, 2001; ... WASHINGTON--The House of Representatives approved a bankruptcy reform bill, H.R. 333, last Thursday that would protect from creditors the pension benefits of employees who work for certain nonprofit and public employers. The Bankruptcy Abuse Prevention and Consumer Protection ...
Continuity important in mergers, takeovers.(Brief Article)
Mar 05, 2001; ... ORLANDO, Fla.--Mergers and acquisitions are rarely painless for employees, but the continuation of existing work/life programs can help ease the process. Three work/life professionals shared firsthand accounts of their companies' merger and acquisition experiences, and they ...
Bill would limit use of info.(Brief Article)
Mar 05, 2001; ... WASHINGTON--The controversy over an employer's use of genetic testing for carpal tunnel syndrome is sparking new interest in federal legislation that would restrict how such information is used. The measure, the Genetic Nondiscrimination in Health Insurance and Employment Act, ...
High court rejects cost/benefit argument.(US Supreme Court government does not have to consider compliance costs when setting certain environmental standards)
Mar 05, 2001; ... WASHINGTON-The Supreme Court's unanimous ruling that the federal government does not have to consider compliance costs when setting certain environmental standards underscores the need for Congress to subject proposed rules to cost/benefit analysis before they take effect, employer groups ...
BI Directory of Risk Securitization Specialists.(Brief Article)(Statistical Data Included)(Directory)(Illustration)
Mar 12, 2001 ... American Protection Property & Casualty Agency Inc. 500 W. Madison St., Suite 1100 Chicago, Ill. 60661; 312-559-8515; fax: 312-559-8520 Parent: Kemper Insurance Cos. Risk securitization services began: 1998. Staff ...
Directory Terms Explained.(directory of risk securitization specialists )(Brief Article)(Statistical Data Included)
Mar 12, 2001 ... The directory of risk securitization specialists lists companies that provide risk securitization services. Business Insurance defines risk securitization specialists as companies that provide advice on packaging insurance risk using capital market instruments and/or ...
California may consider boosting comp benefits.(legislation to increase workers compensation benefits)(Brief Article)
Mar 12, 2001; ... SAN FRANCISCO--Employers and labor unions are poised to battle again over proposed legislation that would increase workers compensation benefits in California. Similar legislation to boost workers comp benefits was defeated in 1999 and 2000, but some observers predict this ...
Asbestos roils Aussie insurers.(Australian insurance paying out asbestos claims)
Mar 12, 2001; ... Australian insurers are underreserved for growing asbestos liabilities, a consulting actuary contends. An insurer executive and an analyst agree with that assessment, but contend the industry is working to address the deficiency and is not in immediate danger of financial ...
Efforts being made to streamline market; BMA plans conference, wants to cut red tape.(Bond Market Association hold conference on risk-linked securities)
Mar 12, 2001; ... The Bond Market Assn. is launching a two-pronged effort to nurture the growing market for risk-linked securities: trying to expedite secondary market trades and promoting awareness of the instruments at an industrywide conference this month. Risk-linked securities are debt ...
Capital market option not right for everyone.
Mar 12, 2001; ... It takes the threat of a very nasty surprise to get most risk managers interested in financing their risks in the capital markets. Because of the cost of putting deals together and the continuing availability of insurance capacity for most risks, businesses generally are content ...
Risk securitization market sees interest growing.
Mar 12, 2001; ... After remaining steady for several years, the volume of risk securitization activity may be set to jump significantly this year, as higher reinsurance prices increase issuer interest while the investor market for the securities continues to expand. Meanwhile, other forms of ...
ART plan goes with the grain.(United Grain developing risk protection product)(Brief Article)
Mar 12, 2001; ... United Grain Growers Ltd. is looking at how it can parlay its experience with capital markets transactions into a new service for its clients. United Grain in 1999 arranged an integrated program for most of its property/casualty exposures as well as coverage to protect its ...
Ruling extends E&O claim period.
Mar 12, 2001; ... LONDON-Lawyers and other professionals in the United Kingdom could be exposed to negligence charges by clients far beyond typical time limits for filing such claims, following a recent ruling by the U.K. Court of Appeals. Such professionals, as a consequence, may need to purchase extended ...
Sound-alike names at issue; Pool operator in hot water.(Tri-Continental Exchange Ltd.)(Brief Article)
Mar 12, 2001; ... LOS ANGELES--The operators of a purported offshore insurance pool are facing mounting legal scrutiny for playing an allegedly fraudulent version of the ``name game,'' selling policies written by pool members whose names are nearly identical to those of licensed, U.S.-based insurers ....
Crash probe ongoing; Rail industry not at fault, early report says.(Health and Safety Executive's Rail Inspectorate report)(Brief Article)
Mar 12, 2001; ... LONDON--A preliminary investigation into the Feb. 28 rail accident in Northern England that killed at least 10 and injured scores concludes that the rail industry was not to blame for the incident. An interim report released last week by the Health and Safety Executive's Rail ...
Employers not cutting plans; Survey looks at strategies.(health care benefit plans)(Brief Article)(Statistical Data Included)
Mar 12, 2001; ... Rising health care costs are not causing employers to alter the design of their health care benefit plans, a new survey indicates. Relatively few employers-18%-are looking to switch their health plans, and even fewer-14%-say they want to reduce coverage for certain health care ...
Lloyd's steps up lobbying against bankruptcy bill.(a provision in a bankruptcy reform bill that could make it harder for Lloyd's to collect unpaid debts from U.S. investors)(Brief Article)
Mar 12, 2001; ... WASHINGTON--Former Senate Majority Leader Robert Dole will lobby U.S. lawmakers on behalf of Lloyd's of London against a provision in a bankruptcy reform bill that could make it harder for Lloyd's to collect unpaid debts from U.S. investors. Nick Prettejohn, chief executive of ...
Lloyd's sued over policy; As the Crowes file.(Black Crowes files breach of contract lawsuit agains Lloyd's of London)(Brief Article)
Mar 12, 2001; ... LONDON--The rock group The Black Crowes has filed a lawsuit against several Lloyd's of London syndicates charging breach of contract and bad faith arising after the cancellation of a tour last year. The Black Crowes, an American band, had been due to perform a three-leg ...
Global Briefs.(several topics included)(Brief Article)
Mar 12, 2001 ... The minimum funding requirement for U.K. occupational pension plans will be scrapped in the coming months, U.K. Chancellor of the Exchequer Gordon Brown announced in his budget last week. The regulations impose various restrictions on fund management, including requiring that pension funds ...
Now attack RSI problem.(ergonomic law; repetitive stress injury)(Brief Article)
Mar 12, 2001 ... OPPONENTS OF THE Occupational Safety and Health Administration's ergonomics standard are, understandably, declaring victory after the rules were killed by Congress before employers had to be in full compliance with them. And those opponents are right to celebrate, for the final ergonomics ...
A shift in quake coverage.(Safeco Insurance Company of America)(Brief Article)
Mar 12, 2001; ... SEATTLE--SAFECO Insurance Co., the largest homeowners insurer in Washington state, is unlikely to suffer the same fate as California's 20th Century Insurance Co., which foundered under the weight of claims from the 1994 Northridge quake. Using a computer model developed by Newark, ...
Congress votes to rescind OSHA rule.(Brief Article)
Mar 12, 2001; ... WASHINGTON--Businesses and insurers say that the issue of a federal ergonomics standard is far from decided, despite an unprecedented congressional action to overturn an ergonomics standard issued in the final days of the Clinton administration. In fact, Labor Secretary Elaine ...
Managing risk in the home.(taking responsibility for one's mistakes, readers reply)(Brief Article)(Editorial)
Mar 12, 2001; ... I'm clearly not alone in believing that our society has become obsessed with the blame game and less willing to accept responsibility when things go wrong. I made that observation a month ago after learning of a 13-year-old Connecticut boy who deliberately set himself on fire, ...
Updates.(Brief Article)
Mar 12, 2001 ... Risk retention group leaves Hawaii for new start in South Carolina COLUMBIA, S.C.--A risk retention group that has moved to South Carolina from Hawaii transferred operations to its new home effective last Friday, except for a canceled program that was at the heart of ...
Insurers dodge big quake loss.(Seattle-Tacoma earthquake)
Mar 12, 2001; ... SEATTLE--Property owners will likely pick up most of the tab for property damage from the Feb. 28 Seattle-area earthquake, with most of the damage falling well within deductibles. Meanwhile, an initial estimate of $1 billion in insured damage from the quake made by the three major ...
For the record.
Mar 12, 2001 ... HMO SUIT CAN PROCEED Physicians must amend their allegations that managed care companies delayed or denied care before a lawsuit filed last year can go forward, a federal judge has ruled. U.S. District Court Judge Federico A. Moreno in Miami has dismissed doctors' claims that eight managed ...
Errors & omissions.(to Feb. 26 issued on risks in the Middle East)(Correction Notice)(Brief Article)
Mar 12, 2001 ... * A Feb. 26 story on risks in the Middle East incorrectly identified a London-based underwriter and his company ....
Hill mulls anti-fraud moves; Info sharing among regulators urged.(Congress investigating fraud)(Brief Article)
Mar 12, 2001; ... WASHINGTON--Congress has begun tackling the problem of ensuring that financial services regulators have access to each other's data on fraud so that criminals don't take advantage of financial services modernization to perpetrate fraud more easily. Two subcommittees of the new ...
Acordia, Wells Fargo both benefit in deal.(Wells Fargo and Co. acquires Acordia inc. and parent co. ACO Brokerage Holdings Corp.)(Brief Article)
Mar 12, 2001; ... CHICAGO--After months of discussions and due diligence, Wells Fargo & Co. agreed late last week to purchase ACO Brokerage Holdings Corp., the parent company of Acordia Inc., for an undisclosed sum. The deal, expected to be completed during the second quarter, satisfies the needs of both ...
Top advancing issues:.(securities)(Brief Article)
Mar 12, 2001 ... Seibels Bruce Group, Gainsco Inc., E.W. Blanch Holdings. Leading decliners: Mutual Risk Management Ltd., PacifiCare Health Systems Inc., MAIC Holdings Inc. Most active issue: Citigroup. The BI ...
Europeans increase use of risk-linked securities.(Statistical Data Included)
Mar 12, 2001; ... Although European companies at one time may have lagged behind their U.S. counterparts in embracing risk securitization tools, the past year has seen them making up lost ground. In January, Munich Reinsurance Co. placed $300 million of risk-linked securities, hailing the deal as ...
Editorial: Cable bullies score a win in federal court.(federal court rules in favor of Time-Warner Inc. and American Telephone and Telegraph Corp. in cable television suit)(Brief Article)
Mar 12, 2001 ... Michael Powell's new job sounds like a slacker's dream come true: chief regulator at the Federal Communications Commission just when the government appears thoroughly disinterested in regulating. And in case Mr. Powell-a vocal fan of deregulation-needed any encouragement to ...
One On One: "Congress will want to do something to deal with our low savings rates".(interview with Rep. Benjamin Cardin, D-Md., of the House Ways and Means Committee)(Interview)(Statistical Data Included)
Mar 12, 2001; ... As a member of the House Ways and Means Committee, Rep. Benjamin Cardin, D-Md., has a front-row seat to any tax legislation that goes to Capitol Hill. This year, that takes on special significance. He will try to get his own legislation, the pension reform bill, ...
Conference Call: SEC likely to consider faster links for ECNs.(Securities and Exchange Commission may consider use of fast electronic communications networks to trade listed stocks)(Brief Article)
Mar 12, 2001; ... Allowing fast, cheap electronic networks to trade stocks listed on the New York Stock Exchange without going through an antiquated system that links markets will be a front-burner issue for the next chairman of the Securities and Exchange Commission. Joseph Lombard, senior counsel in the ...
Industry leader's move sure to be followed by others; Vanguard free-advice offer likely to upend the market.(Vanguard Group to offer free investment advice via Financial Engines Inc.)(Brief Article)(Statistical Data Included)
Mar 12, 2001; ... A new pricing model is emerging for investment advice to mutual fund investors. Would you believe free? The giant Vanguard Group, headed by John Brennan, is taking the lead on a move to free advice for 401(k) and retail customers that will likely force competitors to ...
Moving Up; Hirings & Promotions.(Brief Article)
Mar 12, 2001 ... * The Philadelphia Stock Exchange has promoted four top executives. William N. Briggs, 51, has been promoted to executive vice president of administration for finance and business development, from senior vice president of operations. William H. Morgan, 39, will ...
Future Network PLC puts U.S. publisher of Business 2.0 in play; Magazine crashes with New Economy.(Imagine Media Inc.)(Brief Article)(Company Profile)
Mar 12, 2001; ... One of the standard-bearers for New Economy magazines, Business 2.0 is facing an uncertain future. The once high-flying magazine's corporate parent, U.K.-based Future Network PLC, confirmed it had hired investment bank Morgan Stanley Dean Witter & Co. to evaluate the future of ...