Business Insurance back issues from June 2003:
Insurers confront legacy of outdated systems.(Agent/Broker Topics)
Jun 02, 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 trying to upgrade, enhance or move ...
2000 attend meeting.(News)(Public Risk Management Association's 25th Anniversary Conference)(Brief Article)
Jun 02, 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 ...
Need a holiday? Name your own.(News)
Jun 02, 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 talking about the druidic ...
D&O cover nets higher prices, greater director engagement.(News)(Directors and officers liability coverage issues)
Jun 02, 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 insurers reacting to the same ...
COBRA rules get mixed reviews; Notification guidance welcomed, but new costs, burdens feared.(News)(Consolidated Omnibus Budget Reconciliation Act of 1985)
Jun 02, 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 week published proposed rules ...
Natural disaster still at top of risks for P/C insurers; Reinsurance exec calls for more cooperation.(International)(Brief Article)
Jun 02, 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 Reinsurance Co. underwriting executive. ...
Aetna deal a welcome move.(Opinions)(Aetna Inc's recent agreement to settle class-action litigation with disgruntled physicians)(Brief Article)
Jun 02, 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, Aetna agreed not only to compensate ...
1,261 attend conference; American Assn. of Managing General Agents conference.(News)(Brief Article)
Jun 02, 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 featured educational seminars that are ...
Electronic data need careful handling.(Perspectives)
Jun 02, 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 responding to a document demand. Today, ...
AAMGA disputes PwC report on binding authority; American Assn. of Managing General Agents conference.(News)(American Association of Managing General Agents)
Jun 02, 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, 2001. The report, released ...
Rx for big property risks; Pharmaceuticals set up mutual insurer.(News)(Pharmaceutical Insurance Ltd. is formed)
Jun 02, 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 companies with like risk management interests ...
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.)
Jun 02, 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. Savannah-based Palmer & Cay charges that ...
Good public relations crucial in a crisis; Survive business continuity conference.(International)
Jun 02, 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 retailer Boots P.L.C., illustrated that ...
Aetna deal not breaking new ground in health care.(News)(Aetna Inc. settles a lawsuit by doctors over the payment of claims)
Jun 02, 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. In particular, the changes that ...
High court ruling may increase risk of FMLA lawsuits.(News)(Family and Medical Leave Act)
Jun 02, 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 Family and Medical Leave Act, a leading ...
Panelists debate future of regulation.(News)(Existing system of regulating property/casualty insurers is "archaic," according to one expert)
Jun 02, 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 Assn.'s top lawyer. The ...
World Updates.(International)(Benfield Group Ltd. will make initial public offering on London Stock Exchange; notes other news)
Jun 02, 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 ($163.7 million) in shares priced at between ...
Supply disruption discussed; Survive business continuity conference.(International)
Jun 02, 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 on their suppliers and they ...
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)
Jun 02, 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 forecast, William Gray, ...
Late News.
Jun 02, 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 seeks a ruling that statutory capital ...
Electronic clearinghouses improve efficiency.(Agent/Broker Topics)(Electronic clearinghouses replace traditional, mail-based processes in some insurance transactions)
Jun 02, 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 links together different trading ...
Insurance fraud more likely: Study; Older systems ill-equipped to spot fraud.(Agent/Broker Topics)
Jun 02, 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 released earlier this year by ...
1,600 attend meeting.(Agent/Broker Topics)(Assn. for Cooperative Operations Research & Development )(Brief Article)
Jun 02, 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 May 18-20 conference. In addition, around ...
Use of online portals growing rapidly; Tools provide single point of access for an array of services, information.(Agent/Broker Topics)
Jun 02, 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 become "the desktop of the ...
Microsoft, ACORD settle dispute; Software company questioned relevance of some data standards.(Agent/Broker Topics)(Assn. for Cooperative Research & Development conference )(Brief Article)
Jun 02, 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 doing a much bigger presence,'' ...
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)
Jun 02, 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 online and offline business interruption ...
Class action never sounded so good.(Commentary)
Jun 02, 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 standing. I'm a ...
Book Review: Execs of former broker A&A offer industry insights.(Perspectives)(Book Review)
Jun 02, 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)
Jun 02, 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, reinsurance experts say. ...
Education law prompts fears of litigation; Public Risk Management Assn. conference.(News)
Jun 02, 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 imposes new testing requirements and ...
Legal Briefs: Independent contractor's injuries not covered.(Perspectives)
Jun 02, 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. Michael Egan, a buyer of logs at ...
Communication skills crucial for law enforcement; Public Risk Management Assn. conference.(News)
Jun 02, 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. In the hit TV show, the easygoing ...
Industry's goal is to educate; American Assn. of Managing General Agents Conference.(News)(Surplus lines insurers )
Jun 02, 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 seizing the opportunity to spread ...
Aussies to provide med mal backstop; Program welcomed, but calls continue for passage of tort reforms to curb rising cost of liability claims.(International)
Jun 02, 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 find affordable coverage, but in ...
Editorial: Follow the roadmap to asbestos reform.(Opinions)(Editorial)
Jun 02, 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 their liability insurers should find most ...
P/C insurers see strong quarter; Rate hikes fuel gains, but softening seen in property.(News)(Property/casualty insurers )
Jun 02, 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 continued rate increases for most ...
Surveys due for online broker listings.(News)(Brief Article)
Jun 02, 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 a list of the top 100 brokers of U.S ....
Comings & Goings.(News)(Insurance industry personnel moves)
Jun 02, 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 vp and branch executive for the ...
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)
Jun 09, 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 the time and attention of ...
Latin American brokers see growth in forming network.(Spotlight)
Jun 09, 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 emergence of networks offering a ...
Pension reform faces struggle; CIAB's Employee Benefits Leadership Forum.(News)
Jun 09, 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 battle in the Senate, a panel of experts ...
View of corporate risks broadening; Companies using various approaches to manage enterprise risks.(Spotlight)
Jun 09, 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 consultants. What is clear, though, is ...
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)
Jun 09, 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 the world's largest offshore ...
Australia hard hit by a hard market; Collapse of HIH, other woes, shaping loss control practices.(Spotlight)
Jun 09, 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, implementing enterprisewide ...
Virus challenges efficacy of risk management plans; With SARS, many companies find themselves fighting a distant yet formidable foe.(Spotlight)
Jun 09, 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. Severe acute respiratory syndrome, ...
Employers unready for consumer plans; CIAB's Employee Benefits Leadership Forum.(News)(Council of Insurance Agents & Brokers)
Jun 09, 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 the Council of Insurance Agents & ...
Conference growing; CIAB's Employee Benefits Leadership Forum.(News)(Council of Insurance Agents & Brokers)(Brief Article)
Jun 09, 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 the meeting would become to the community of ...
Court expands legal definition of 'supervisor'; 2nd Circuit ruling adds vicarious liability risk.(News)
Jun 09, 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 "supervisor'' for the purposes of bias claims, ...
Products & Services; Liberty Mutual adds features to extranet.(Briefs)(Liberty Mutual Insurance)
Jun 09, 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 programs. The enhancements to the ...
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)
Jun 09, 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 market, industry observers say. ...
World Updates.(International)
Jun 09, 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 Converium A.G., formerly known as Zurich Re ....
Governments providing terror coverage backstops; But a specialist terrorism insurer closes to new business due to lack of demand.(Spotlight)
Jun 09, 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 say. And in several countries, ...
Equitas on hook for full asbestos award; Judge calls coverage time frame irrelevant in liability ruling.(International)
Jun 09, 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 mechanism for apportioning ...
E.U. proposes joint-and-several liability for environmental damage.(International)
Jun 09, 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 financial resources-including ...
Some mandates are necessary.(News)(Lawmakers aim to make health insurance more affordable)
Jun 09, 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 place as lawmakers try to make health ...
Between the Lines.(News)
Jun 09, 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 have developed a type of ...
Deadline for directory nears.(News)(Online Directory of Environmental Risk Management Consultants )(Brief Article)(Directory)
Jun 09, 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 consultants and the full directory ...
Asbestos bill gains momentum; Hatch sets bill markup for this week.(News)
Jun 09, 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 Sen. Orrin Hatch, R-Utah, during a ...
Regulatory fixes needed.(Opinions)(Debate over what role the federal government should play in regulating insurance )
Jun 09, 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 at the Washington Legal Foundation, ...
Editorial: Time to add a Medicare Rx benefit.(Opinions)(Editorial)
Jun 09, 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 avoid repeating them. For the ...
Disability info brings new risk; Privacy law could snare unwary employers.(News)
Jun 09, 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 Accountability Act, several experts say. ...
Studies show liability premium growth.(International)(Studies recommend changes in U.K. liability insurance market )
Jun 09, 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 covers employee injuries-rose by an ...
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)
Jun 09, 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 be more competitive. ...
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 )
Jun 09, 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 $15 million in losses, two insurers ...
Boeing decides against contesting its liability in Alaska Airlines crash.(News)
Jun 09, 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 judge on June 2. Boeing's ...