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|
September
15, 2000 Edition |
| Extra!
Extra! |
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| Industry
News |
| NAIFA CONVENTION
AND CAREER CONFERENCE The National Association of Insurance and Financial
Advisors (formerly NALU) just completed its first annual meeting under
its new name. The conference was a total success in moving the direction
of the association from primarily insurance to more emphasis on total financial
sales. A small dues increase passed, but about 50% of the increase will
be used to promote awareness among the public, advisors and companies of
"NAIFA, the Association of Choice."
GUARDIAN/BERKSHIRE
MERGE Two old-line northeast mutual insurers, Guardian and Berkshire,
will "merge" with Guardian, one of the nation's largest remaining mutual
life insurance companies, becoming the "surviving" company. Guardian
plans to build "a diversified financial services company on the chassis
of a great mutual life insurance company" and Berkshire brings a strong
disability income insurance portfolio and a great reputation to the table.
While Berkshire policyowners will become Guardian policyowners, Berkshire
will continue business as a Guardian subsidiary.
THE HOUSE OF MORGAN
Rumored to be a takeover target of Deutsche Bank just a week ago, the
venerable J.P. Morgan & Co. is being purchased by Chase Manhattan for
a reported $33 billion. The combined entity, to be named J.P. Morgan
Chase & Co. will rival No. 2 Bank of America in assets.
PENSION REVOLT
A grass-roots pension rights movement is gathering steam, as employees
and retirees band together to right an erosion of pension benefits.
The Internet is proving key in orchestrating the movement. To learn
more, visit the Pension Rights Center (http://www.pensionrights.org)
or the Coalition for Retirement Security (http://www.pensions-r-us.org).
PROVIDENT PAYS
Provident Mutual joined GenAmerican as the latest insurance company in
a series of payouts totaling several billion dollars, concerning accusations
that insurers misled customers in the 1980s and 1990s. Provident agreed
to pay $45 million in term life insurance coverage and direct cash payments,
but denied wrongdoing.
| LUTC AND THE
AMERICAN COLLEGE These two great industry institutions have announced
their plans to merge. It should be like "peanut butter and jelly"...a perfect
combination! The new entity will combine LUTC's interactive, study group
environment with The American College's CFP curriculum and produce a classroom-based,
moderator-led format that allows students to ask questions and interact
with others working toward the CFP. Interest in the new course was high
at the NAIFA Conference, where they see it as a great move...one that will
aid the National Association of Insurance and Financial Advisors in their
movement toward a true total financial services association. |
PRINCIPAL DEMUTUALIZES
Principal has decided that the once popular mutual holding company position
will not work as originally hoped, and so will begin taking steps to demutualize
and go public.
PRIVACY REGS
The NAIC Privacy Working Group adopted standards for the regulation of
consumer financial and health information, which will be voted on by NAIC
members later this month. Under the standards, companies could not
share, sell, market or give away consumer health information, except for
specific business exceptions, without the consumer's authorization.
HMO LAWSUIT
In an apparent first of its kind, the State of Connecticut filed a federal
class-action lawsuit against four health insurers (Anthem Blue Cross and
Blue Shield, Cigna Healthcare, Oxford Health Plans and Physicians Health
Services), charging that the companies "continually put profits over patients."
The suit demands no money, but seeks sweeping reforms of the industry.
Connecticut Attorney General Richard Blumenthal hopes other states will
join the effort.
SETTLEMENT APPROVED
A federal judge has approved the $214 million settlement of the class-action
lawsuit against American General for overcharging black and low-income
policyholders for burial insurance. Similar suits are still pending
against Prudential and MetLife.
FISERV LIFE INSURANCE
SOLUTIONS Fiserv NDP, owner of several insurance support companies
including Life Instructors, Emerald Seminars and others, is changing its
name, moving into a new building, and offering new services and product
enhancements to stay ahead of the needs of a dynamic insurance industry.
Fiserv Life Insurance Solutions will be the new name of the software, services
and outsourcing provider serving the needs of the life, annuity and health
insurance industries. |
|
| Extra!
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|
| Marketing/Tax
Update |
| BEST
JOB Investment News reports that the "2001 Jobs Rated Almanac" tapped
financial planning as the "best overall job in the nation." (Last year
the profession could do no better than 17th!) Earning figures from the
Financial Planning Association (FPA) support this contention, with "rank
and file" planners averaging about $108,000 and "sole proprietors" averaging
about $188,000 in salaries and bonuses. Sure appears that NAIFA, LUTC and
The American College are on the right track for members who will follow
their course.
ESTATE
TAX VETO As expected, President Clinton vetoed legislation to abolish
the estate tax and the House fell short in its override attempt.
For an interesting and well thought-out perspective on H.R. 8, the Death
Tax Elimination Act of 2000, check out the op-ed piece authored by Clark
B. McCleary, CLU, ChFC, President of the Society of Financial Service Professionals.
It can be found at http://www.financialpro.org/sfsp/Press/news/ClarkMcClearyOped.htm.
The House also failed on Wednesday in an attempt to override the marriage
tax cut veto.
GROUP
HEALTH RATES RISE...AGAIN According to a survey by Arthur Anderson,
group health costs have risen by more than 5% for three consecutive years.
Year 2000 rates are up 10.5% above 1999 rates. For the most part, employers
are absorbing the increase, although many are attempting to defray rising
costs by increasing employee contributions.
REFRESHING
AND ALSO CORRECT This from Bob Dickey, president and chief operating
officer of SAFECO..."Pundits keep saying that the independent insurance
agent will be replaced by technology. Well, the pundits are wrong. The
Internet will assist agents. It will never replace agents."
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LEGISLATIVE
ROUND-UP Let the horse trading begin. With time getting short,
President Clinton and Republican leaders may be ready to deal. Legislation
to increase the minimum wage stands an excellent chance of passing, in
return for which the Republicans will get some small business tax breaks
(e.g., 100% health insurance deduction for self-employeds, raising the
cap on expensing equipment and repeal of the installment method ban for
sellers on the accrual method). A bill to increase contribution limits
for IRA and 401(k) plans has also gained momentum and could become law
this year.
OVERLOOKED
DI MARKET? The Health Insurance Association of America (HIAA) reports
that women are less likely than men to have disability income protection,
but are more likely to be concerned about income loss than men. Since women
are three times more likely to experience disability-related illness, it
looks like advisors need to be telling female clients about DI coverage.
DONOR
ADVISED FUND If you haven't already, expect to hear more about this
form of charitable giving which, in addition to tax benefits, gives donors
the benefit of having charitable funds managed by a professional foundation.
It works like this: A donor contributes a minimum amount (e.g., $100,000)
to a donor advised fund managed by a (typically) large institution (e.g.,
a university). The donor gets an immediate charitable deduction,
the institution's foundation staff manages the fund and the donor can direct
annual distributions from the fund (e.g., up to 5% of the fund's assets)
to charities of his/her choice, with the institution receiving a required
minimum portion of each annual distribution (e.g., 50%). After the
donor's death, a successor advisor, such as a family member, can continue
to direct annual distributions for a specified number of years (e.g., 20),
after which the remaining assets are distributed, with the institution
again receiving a minimum percentage (e.g., 50%).
FINANCIAL
SITES According to Nielsen/NetRatings for September, more Americans
are turning to the web for financial information. Leading sites include
Yahoo's Finance (http://finance.yahoo.com)
with 3.1 million unique visitors, CBS MarketWatch (http://www.marketwatch.com)
with 2.5 million, NextCard (http://www.nextcard.com)
attracted
2.5
million and MSN's Money Central (http://moneycentral.msn.com)
with 2 million unique visitors.
STOPINSURANCECHEATS.COM
The National Insurance Crime Bureau (NICB) and the Chartered Property
Casualty Underwriters (CPCU) Society have joined forces to educate Americans
about insurance fraud. Check it out at http://www.stopinsurancecheats.com. |
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