| FEDERAL VS.
STATE REGULATION – If the issue of federal versus state regulation
of the insurance industry is of interest to you, click here
to read about the positions taken on this issue by a variety of industry
organizations.
LIFE AND HEALTH INSURERS'
PROFITS SKYROCKET – Weiss reports profits of the nation's life and
health insurers jumped $5.9 billion, or 212.5%, to $8.7 billion in the
first three months of 2004. Industry profitability for the first quarter
reached its highest level in 10 years.
PBGC BROKE BY 2020?
– That is the latest prediction for the Pension Benefit Guaranty Corporation
(PBGC). In fact the Center On Federal Financial Institutions says the pension
agency would currently be "insolvent" if it were being operated as a private
insurer. The fix is something like a $14 billion rescue now or even more
later.
DON'T DUMP PENSIONS
– The Chairman of the House Education and Workforce Committee is asking
U.S. companies not to use the Pension Benefit Guaranty Corp (PBGC) as a
"dumping ground" for their pension plans in order to survive. The results
of such action could lead to a taxpayer bailout or higher insurance premiums
from healthy companies to keep the agency going.
SOCIAL SECURITY/MEDICARE
NEED TO BE CHANGED - No kidding. U.S. Treasury Secretary John Snow
put it this way, "Simply put, change is needed. While we have some time
to fix the problem, inaction is not a responsible option." Snow,
who offered no new proposals to keep the programs solvent, joins Federal
Reserve Chairman Alan Greenspan who recently warned that the programs face
a severe long-term financial crunch and need reform.
POOR GRADES - In a
recently issued report, the Government Accountability Office gave Medicare
Demonstration PPOs poor grades. Among the findings: the private plans
had increased out-of-pocket costs for the elderly and had not saved money
for the government, contrary to predictions by Medicare officials.
The full report, titled "Medicare Demonstration PPOs: Financial and Other
Advantages for Plans, Few Advantages for Beneficiaries," can be found here.
Highlights of the report are available here.
HE'S OUT - Facing
an impeachment trial on neglect of duty, corruption and incompetence charges,
Okalahoma insurance commissioner Carroll Fisher has resigned.
FPA STUDY – The latest
FPA study of selected members showed among other things that: 1) Assets
under management increased by 34% with more than 20% of participants having
one million dollars or more in firm revenue, double the figure from five
years ago. 2) Solo (single-professional) firms increased revenue by 21%,
but suffered a notable decline in operational efficiency. Although more
money is being made, much of it is going toward rapidly increasing overhead
expenses. 3) The gap between the top 25% of firms and the other 75% of
firms is widening. Owners in the top 25% are taking home over $250,000
more per year than their peers. More information is available by clicking
here.
TELLING IT LIKE IT IS
- In her speech at the Financial Planning Association's annual conference
this month, association president Elizabeth Jetton urged members to help
support the association's political activities. In candid remarks
after the conference, Ms. Jetton said, "Fundamentally, a lot of us aren't
crazy about the fact you have to buy your entry into Washington.
But the reality is, you have to make contributions in order to get in the
door to introduce yourself and tell your story."
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|
JAPAN NOW AFTER CITIBANK
– After creating some chaos with U.S. Regulators, it now looks like Citibank
is in trouble with Japan's financial regulator due to lost customer data
and questionable securities transactions. In fact Citibank N.A., could
be forced to withdraw from some of its private banking business targeting
wealthy customers in the second-biggest private banking market in the world.
BAD HEALTH CARE NEWS
- According to a study released by Families USA, "health insurance premiums
for workers are rising around three times faster than their wages, and
health costs eat up a quarter of earnings for more than 14 million Americans."
Conclusion: "Working families are paying much more for their health care
and they're receiving much less in coverage."
FLORIDA HURRICANE SUMMARY
– CHARLEY: 33 fatalities and total
damage around $9 billion. FRANCES:
30 fatalities and total damage of about $5 billion. IVAN:
22 fatalities and about $6 billion in damage. JEANNE:
At least 2 fatalities and up to $8 billion in damage. Our prayers and thoughts
are with all the victims of these storms.
GOOD CITIZENS – For
the 10th year Prudential Financial employees, clients, customers, friends,
and family members will give back to communities where they live and work
through the company's annual celebration of volunteerism known as Global
Volunteer Day. As part of this year's campaign, scheduled for Saturday,
October 2, more than 30,000 volunteers will complete approximately 900
projects in more than 15 countries around the world.
PUMP IRON, GET ELECTED,
STOP LEGAL ABUSE! - Continuing to act on his pledge to improve California's
business climate and prevent expensive litigation and abuse by special
interest groups, Gov. Arnold Schwarzenegger (R) has vetoed legislation
sponsored by personal injury attorneys that would have increased the cost
of insurance for all Californians. "Gov. Schwarzenegger is making good
on his promise to protect California's consumers from special interest
legislation," said Janine Gibford, AIA assistant vice president, western
region. "This legislation was sponsored by the personal injury attorneys
and was designed purely to line their pockets with more money at the expense
of California policyholders."
NO CHANGE OF HEART
- Investment News reports that, despite recent heart bypass surgery,
former president Clinton intends to honor his keynote speaking commitment
at Schwab's IMPACT 2004 conference in Philadelphia on November 7-10.
MILITARY SALES - The
Senate Banking Committee has requested a probe by the GAO into how financial
products are sold on military bases, after reports that "some insurers
and mutual fund companies target soldiers with pricey, questionable products."
FED RATE TO 1.75%
- The Federal Reserve Board raised the funds rate 25 basis points to 1.75%.
The Fed has indicated that if growth strengthens rapidly, it will accelerate
the pace of rate increases. However, it has refrained from indicating that
a sluggish economy will cause it to delay any rate hikes. Hence, unless
the Fed indicates otherwise, there will be two more rate hikes this year
in November and December, taking the Fed funds rate to 2.25 percent by
year end.
LATEST U.S. ATTACK ON
CIGARETTE INDUSTRY – The federal government is attempting to squeeze
$280 billion from cigarette makers for lying and trying to confuse the
public about the dangers of smoking for 50 years. We simply don't understand
this. Every government entity in the country has collected and continues
to collect billions of dollars in taxes and settlements from this industry,
yet continues to sue the poor suckers for more money. Everyone knows and
has known for years that smoking is bad for your health. If it is so bad
for its citizens, how can these government entities collect taxes with
a clear conscience? Suing them for even more money is the height of governmental
arrogance! |
