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Banner Administration
| Notice and Disclaimer: News items and bulletins are assumed to be current on publication date but may not be current thereafter. Information is gathered from sources that are considered to be reliable but we do not assume responsibility for content originating from third parties. |
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| May 09, 2008: Another Major Purchase: Industrial Alliance To Acquire Money Concepts and AEGON Dealer Service... |
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{From Prss Release}: Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "IA") and AEGON Canada Inc. are pleased to announce that they have entered an agreement for IA to acquire 100% of the shares of National Financial Corporation ("NFC"), the parent company of AEGON Dealer Services Canada Inc., Money Concepts (Canada) Limited and National Financial Insurance Agency Inc.
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| April 23, 2008: ACE Life(R) Introduces CAREpath's Navigation System(TM) to its Group Critical Illness Plan... |
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| April 10, 2008: The real inflation rate (not the politically adjusted variety) |
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Compare the price of a fill-up of go-go juice for your chariot between what it was a year ago and what it is today, then do the same for the cost of the weekly groceries, clothing, electricity and other utilities, medicines, dental bills, etc. etc. etc. Without doubt, unless you downsized your car, and cut down on the use of other day to day necessities, you'd find that the politically adjusted inflation rate - the one published by the government - is simply unrealistic and out to lunch.
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| April 07, 2008: Standard Life unveils new multi-million dollar advertising campaign across Canada... |
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Standard Life launched today its first multi-million dollar pan-Canadian advertising campaign since 2005. The campaign is part of an integrated long-term communications program to strengthen the awareness of the Company in Canada which also includes sponsorships, promotional and public relations activities. "The Financial Realities of Canadians" campaign introduces a variety of print, outdoor and online ads aimed at consumers concerned with investment and retirement planning, and people responsible for group retirement plans. It focuses specifically on Standard Life's primary individual and group retirement products and services.
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| April 01, 2008: Great-West Lifeco subsidiary completes sale of its U.S. health care business... |
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{From Press Release} WINNIPEG, April 1, 2008 CNW - Great-West Lifeco Inc. announced today that its U.S. subsidiary Great-West Life & Annuity Insurance Company, hascompleted the sale of its health care business, Great-West Healthcare, to a subsidiary of CIGNA Corporation. Great-West Life & Annuity has received gross consideration of US $1.5 billion in cash and is retaining an estimated US $750 million representing the amount of equity invested in the healthcare business
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| March 13, 2008: US foreclosure rate up by 60% in February 2008 over February 2007... |
Newly released figures assembled by Realty Trac (a US online marketer of foreclosed properties), shows an average of a 60% increase in foreclosures for Feb. 2008 over Feb 2007 in the US. The figures show a slight improvement in Feb 08 over Jan 08.
Nevada, where investors and speculators gambled on the collapsed housing boom, lead the nation with a ratio of 1 in 165 households receiving a foreclousure filing. For metropolitan areas, FL's Cape Coral-Fort Myers was hardest hit with 1 in 84 households facing foreclosure. Ohio and Michigan each reported over 10,000 properties facing foreclosure filings in February alone.
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| February 26, 2008: Canadian life and health insurance industry (CLHIA) commends 2008 federal budget... |
The Canadian life and health insurance industry commends the federal government and Minister Flaherty for the 2008 Federal Budget. We welcome and support the continued fiscal prudence demonstrated by the Government of Canada.
"In particular, we welcome the new Tax-Free Savings Account initiative. The life and health insurance industry looks forward to helping Canadians use this vehicle to invest in their future," said Frank Swedlove, President of the Canadian Life and Health Insurance Association.
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| Feb. 14, 2007: Second US state considers a ban on STOLI... |
Indiana's state Senate committee will hear testimony on a bill to make selling STOLIs - stranger-originated life insurance policies - a fraudulent act. STOLI schemes are counter to the life insurance concept.
Indiana would be the second state to ban the practice. House Bill 1379 cleared the House 75-18 last month. Today's hearing before the Senate Insurance and Financial Institutions Committee will feature testimony from Frank Keating, head of the American Council of Life Insurers.
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| February 12, 2008: Insurance Information Institute (III) nominates 10 top insurance related flicks... |
All the films selected by the III deal with the subject of insurance in a starring role.
The winners are:
Double Indemnity (1944)
Memento (2000)
The Fortune Cookie (1966)
The Killers (1946)
Save the Tiger (1973)
The Rainmaker (1997)
The Thomas Crown Affair (1968, 1999)
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| January 24, 2008: The Co-operators Expands its Membership... |
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The Co-operators, a leading co-operative provider of insurance and financial services, has expanded its membership, welcoming two new members. The Canadian Worker Co-operative Federation, and Fédération des coopératives québécoises en milieu scolaire/COOPSCO bring to 39 the number of co-operatives, credit unions and like-minded organizations that comprise the ownership group of The Co-operators Group Ltd.
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| January 22, 2008: E-Z Data Receives ISO 27001 Certification... |
{From Corporate Announcement by E-Z Data} E-Z Data, Inc., a leading provider of front-office systems for insurance companies, general agents, banks, investment dealers, and financial advisors, announced today that it has received ISO 27001 certification. ISO, the International Standards Organization, creates standards that specify worldwide requirements for products, services, processes, materials and systems. ISO 27001 is the new international standard created specifically for Information Security Management Systems.
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| January 07, 2008: MDRT announces new minimum qualifying production requirements... |
MDRT has increased the U.S. production minimums to qualify for various levels:
The qualification minimum is increased from $81,800 in eligible commissions or $163,600 in eligible premiums to $87,900 in eligible commissions or $175,800 in eligible premiums.
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| December 17, 2007: Unity Life Acquires the Individual Life and A&S policies of the Canadian Professional Sales Association (CPSA)... |
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{From Press Release}:Unity Life of Canada (Unity Life) and the Canadian Professional Sales Association (CPSA) today announced that, following receipt of CPSA membership and required regulatory approvals, Unity Life has completed the acquisition of the individual life and accidental death insurance policies of CPSA. Now that this transaction is complete, CPSA intends to cease operating as a fraternal benefit society governed by the Insurance Companies Act (Canada) by continuing as a not-for-profit corporation governed by the Canada Corporations Act.
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| December 13, 2007: Industrial Alliance penetrates the individual disability and health insurance market by acquiring L'Excellence Life Insurance Company and the brokerage companies associated with it. The deal is expected to be concluded in the first quarter of 2008... |
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{From Press Release}: QUEBEC CITY, - CNW Telbec - Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "the Company") is pleased to announce the conclusion of agreements to acquire all the shares of the holding companies controlling L'Excellence Life Insurance Company ("L'Excellence"), a company specializing in individual disability and health insurance, as well as the brokerage companies with which L'Excellence is associated: Michel Rhéaume & Associés and Beaulne & Rhéaume Assurance Ltée. This transaction gives Industrial Alliance an entryway for its development in the individual disability and health insurance sector.
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| December 7, 2007: Informal poll of insurance executives suggests further growth in the life settlements trade...one insurance company is reported to be offering policy loans that are higher than the contractual loan values - in view of the growing life settlements trade... |
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| December 4, 2007: Canada tables proposal to ease theft device standards on vehicles imported from the US... |
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As of Sept. 1, 2007, vehicle safety regulations require all new cars, vans, light trucks and SUVs to be equipped with electronic, anti-theft devices "Canada requires these systems in response to the public's desire to reduce the trend of thefts for convenience and to protect innocent parties from serious accidents, injury and death", according to the government announcement.
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| November 27, 2007: According to LIMRA, U.S. Individual Life Insurance Premium Sales Soar in 2007 |
LIMRA International reports U.S. individual life insurance premium increased twenty percent in third quarter 2007 resulting in an eight percent increase for the first nine months of 2007 over 2006.
"Corporate-owned life insurance (COLI) (cases of 200 lives or less) and private placement sales made a significant impact this quarter," said Ashley Durham, LIMRA analyst for product research. "In addition, companies noted that increased service to and expansion into new distribution channels (such as BGAs/MGAs/wholesalers) also affected sales tremendously.”
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| November 16, 2007: US: Bipartisan Bill Introduced In The Senate To Allow for Long-Term-Care Insurance Premiums To Be Paid With Pre-Tax Dollars. |
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A bipartisan group of senators on Tuesday introduced a bill that would allow employees to pay long-term care insurance premiums with pre-tax dollars, CQ HealthBeat reports. Under the Long-Term Care Affordability and Security Act -- sponsored by Sens. Chuck Grassley (R-Iowa), Blanche Lincoln (D-Ark.), Olympia Snowe (R-Maine), Debbie Stabenow (D-Mich.) and Gordon Smith (R-Ore.) -- employers could offer long-term care insurance under so-called cafeteria plans, which allow employees to select from a number of tax-exempt benefits, as well as flexible spending accounts.
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| November 13, 2007: Blogtorial: Are Viaticals and Life Settlements the same thing? |
The short answer is no.
Viatical settlements originated in the 1980s and grew in popularity in the late 1980s and early 1990s when AIDS become very prevalent. Most of the affected individuals were young and single without dependants. Many of these individuals had life insurance policies provided through their employment, other investment activities or purchased by their parents. Because these individuals were terminally ill with short life expectancies, a market developed to liquidate life insurance policies so that the proceeds could be used to help pay for medical expenses. Unlike Canada and many other countries in the developed world, the US does not have universal health-care but has one of the highest costs for such care.
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| November 08, 2007: Manulife survey: Seven out of ten Canadians prefer to have an annual physical exam rather than spend an hour to discuss Long Term Care needs... |
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{From Press Release} A survey for Manulife Financial reveals that seven out of 10 Canadians said they would prefer to have an annual physical exam than spend an hour discussing their long term care needs. This reluctance in discussing their future long term care needs helps explain why only 21 per cent of Canadians have factored long term care costs into their retirement planning.
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| November 06, 2007: Unity Life of Canada and Home Trust Company announce an agreement to offer insurance products to Home Trust clients |
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{From Press Release} Unity Life of Canada and Home Trust Company, one of Canada's premier trust companies, today announced that they have entered into an agreement to offer creditors' life insurance to Home Trust's customers under a Group Creditor Life Insurance Policy issued by Unity Life to Home Trust.
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| October 30, 2007: Early Trials of New Prostate Cancer Treatment: 46% of Large Tumors eliminated... |
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Researchers based at the Weizmann Institute in Rehovot, Israel have played a central role in developing a new light-sensitive drug that can lead to the complete destruction of the blood vessels connected to the prostate tumor, and thus the destruction of the tumor.
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| October 19, 2007: Health: New research findings on the benefits of green tea... |
Green tea has long been thought to have a healing effect on the human body. Now a study by an Israeli scientist has found proof in the laboratory of the Technion Institute of Science in Haifa.
A research team led by Dr. Silvia Mandel of the Technion’s Eve Topf Center for Neurodegenerative Diseases found that green tea extract fed to mice with Parkinson’s and Alzheimer’s disease protected the brain cells from dying. It also stopped the process of degeneration in cells that were already affected.
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| October 16, 2007: LIMRA: Individual Long Term Care Insurance Sales Continue to Increase... |
A recent report by LIMRA notes that individual long-term care insurance (LTCi) sales continue to increase, with a two percent gain in new premium sales, according during the second quarter of 2007.
According to LIMRA, individual LTCi sales have increased for the second quarter in a row. Total premium for the first two quarters year-to-date was $304.6 million, with more than 144,000 new policies (lives) sold. LIMRA's Individual Long-Term Care Sales Survey trends tracks results for more than 95 percent of the individual LTCi market.
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| October 11, 2007: Financial Consumer Agency of Canada (FCAC) Releases Results of First Stakeholder and Partner Survey... Respondents pleased with Agency's work on behalf of Canadians... |
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{News Release} The Financial Consumer Agency of Canada (FCAC) today released results of its first Stakeholder and Partner Survey. The Agency earned high marks from survey respondents - both the financial institutions it regulates and the consumer organizations it works with to provide information to Canadians in the financial marketplace. Respondents also identified areas in which they think the Agency could do better.
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| October 05, 2007: Health Insurance Premiums in the US Continue to Rise Faster Than Wages and Inflation... |
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The average rise in health insurance premiums in the United States is 6.1% for 2007, slightly lower than the 7.7% increase for 2006. The rise in health insurance premium costs continue to remain significantly higher than both wages 3.7% and inflation 2.6%. This according to the 2007 Employer Health Benefits Survey that was released recently by the Kaiser Foundation and Health Research and Educational Trust. Findings are also published in the journal Health Affairs.
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| September 20, 2007: US House passes bill to prevent denial of life insurance cover based on travel. |
A bill protecting travelers from denial of life insurance simply because they travel outside of North America cleared the House this Wednesday with a vote of 312-110 in favour.
The measure now needs to be approved by the Senate and to be signed by the President Bush. It comes in the wake of cases where insurers modified coverage because of the perceived alleged but unproven danger of travel to countries such as Israel.
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| September 04, 2007: Manulife closes purchase of Berkshire-TWC Financial Group Inc. |
Last Friday, Manulife Financial announced that it had received the required regulatory approvals and has closed its purchase of Berkshire-TWC Financial Group Inc.
The deal, which was announced June 26, will bring over 700 advisors and 237 branches to Manulife. Berkshire-TWC will be combined with Manulife Securities and will create a sales team of over 1,500 advisors - with $19 billion in assets under management.
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| August 22, 2007: MFDA releases Regulation Notice MR-0064 |
The Mutual Fund Dealers Association of Canada (MFDA) has today released its "Member Regulation Notice - Maintaining Evidence of Disclosure".
This notice is posted at the MFDA website: http://www.mfda.ca/regulation/notices/MR-0064.pdf
E.&O.E.
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| August 17, 2007: New Study from The Bank of New York Mellon's Pershing Advisor Solutions Unit Identifies RIAs Most Significant Threats, Opportunities for Business Growth |
According to the press release announcement:
"The Pershing Advisor Solutions LLC unit of The Bank of New York Mellon and Moss Adams LLP have released a new study entitled Uncharted Waters: Navigating the Forces Shaping the Advisory Industry.
As a component of Pershing Advisor Solutions' Ideas Without Limits practice management program, the study provides independent registered investment advisors (RIAs) with a comprehensive overview of dynamic challenges facing the advisory industry and the influence these market forces will have on RIAs' abilities to effectively service their clients
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| August 09, 2007: Foresters to acquire Unity Life of Canada...Transaction will involve Canada's first sponsored demutualization |
Well, here we go again... another future entry in The Insurers Roster(TM) (The Insurers Roster is the most comprehensive resource of nearly 400 life insurers, fraternal life insurance issuers and life reinsurers who have operated in Canada since the 1800s.
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| August 03, 2007: US: Great-West Lifeco Inc. completes acquisition of Putnam Investments Trust |
{From Press Release}: Great-West Lifeco Inc. announced today that it has completed the acquisition of Putnam Investments Trust.
"This acquisition allows Lifeco to achieve, with a single transaction, a major presence in the mutual fund and institutional asset management industry in the United States," said Raymond L. McFeetors, Great-West Lifeco's President and Chief Executive Officer. "This acquisition also broadens our operations in Europe and gives us an entry into Japan."
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| August 1, 2007: New development: "non-meat" life insurance rates... |
We have become accustomed to "smoker" and "non-smoker" life insurance rate scales since 1981, when Seaboard Life first introduced the concept of "non-smoker" in Canadian life insurance rates through its "No-Butts" sales campaign. The definitions of what would constitute a "smoker" or a "non-smoker" have changed significantly since 1981 as life insurers drifted away from the simple Seaboard definition by creating numerous - and sometimes conflicting - "smoker" and "non-smoker" criteria.
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| July 12, 2007: "Manulife Financial pilots technology edge for its distribution partners in Canada"... |
{From Press Release} Manulife Financial is launching the Canadian insurance industry's first New Business Notification feed that meets new national standards for delivery of information to agencies and their advisors dealing with the company.
The feed, once processed, allows agencies and their advisors to view the underwriting status of policies on daily basis, greatly reducing time spent on inquiries and follow up calls about their clients' applications. The process is the first to meet new guidelines outlined by the Canadian Life Insurance Electronic Data Interchange Standards (CLIEDIS).
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| July 10, 2007: US: Fort Dearborn Life completes acquisition of New York based Northstar Life... |
{Extract from press release}: Fort Dearborn Life Insurance Company has successfully completed the acquisition of New York-based Northstar Life Insurance Company from Securian Financial Group, Inc.
This acquisition enables Fort Dearborn Life to enter the New York marketplace, giving the company the ability to write business in every state. Northstar Life Insurance Company has been renamed Fort Dearborn Life Insurance Company of New York. The company expects to commence New York operations during the fourth quarter of 2007 with plans to write group benefits and individual annuities.
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| July 10, 2005: The Bank of Canada raises benchmark interest rate to 4.5 percent... |
This morning, the Bank of Canada has raised its benchmark interest rate by 25 basis points - to 4.5 percent.
The move follows better than expected employment figures with a net gain in full-time employment. The rise in the benchmark rate comes at a time when the Canadian Dollar is at a 30-year record high against the US currency. The rise is expected to bring the CAD even closer to par with the USD, at least for the short-term.
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| July 06, 2007: Canada's realestate market continues to boom while the US realestate market continues to be depressed... |
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According to figures released by Royal LePage Real Estate Services, Canada's resale housing market continues to boom with an expected average sale price increase of 9.5% overall nationally. The number of sales is also expected to increase by a projected 8% by the end of this year.
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| June 27, 2007: Separate the advisor from the seller - AMA wants probe of retail store health clinics... |
According to Reuters, the American Medical Association (AMA) announced that it will ask government authorities to investigate the growing number of in-retail-store health clinics. Such clinics are popping up in Wal-Mart, Walgreen, CVS and other retail stores that also sell presecribed drugs.
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| June 26, 2007: Only in America... county Auditor arrested - for renewal of life insurance policy... |
Brownsville, TX — Cameron County's long-term Auditor spent a few hours in a county jail on Monday following his arrest on a charge that he violated the competitive bidding process by renewing a $1 million life insurance contract.
According to the report, the Auditor was required by law to get approval from the county commissioners before renewing the insurance.
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| June 21, 2007: The Life Insurance Finance Association (LIFA) objects to the National Association of Insurance Commissioners's (NAIC's) adoption of amendments to the Viatical Settlements Model Act... |
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In a press release statement dated June 20th, 2007, the Life Insurance Finance Association (LIFA) indicated its displeasure with the National Association of Insurance Commissioners' (NAIC's) adoption of amendments to its Viatical Settlements Model Act.
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| June 15, 2007: Canadian Regulators Release Point of Sale Disclosure Framework for Funds... |
{From press release}: Canadian regulators took an important step today on their proposals for providing investors with improved point of sale disclosure information.
The Joint Forum has released for public comment a “Proposed Framework 81-406; Point of sale disclosure for mutual funds and segregated funds.” A key element of the Proposed Framework is a two-page document called “Fund Facts”, which highlights critical information, including performance, risk and cost. This information will be presented to investors when they need it most – before they make a decision to buy a fund.
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| May 31, 2007: In its long awaited decision released today the Supreme Court of Canada has ruled that for the promotion of insurance the banks are, in fact, subject to provincial insurance law... |
"The [Alberta] Insurance Act and its associated regulations apply to the banks' promotion of insurance," the Court said in its ruling. "The fact that Parliament allows a bank to enter into a provincially regulated line of business such as insurance cannot, by federal statute, unilaterally broaden the scope of an exclusive federal legislative power granted by the Constitution Act, 1867."
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| May 29, 2007: Another step down the dangerous path of devolution of life insurance? |
Several years ago, seizing on the "opportunity" presented by the AIDS epidemic, investors found a new avenue for profit - Viatical Settlements. Rooted in the Latin word "Via", Viatical Settlements were and continue to be promoted in the US as a means by which terminally ill individuals may cash in early on their life insurance. Promoters argue that Viatical Settlements provide the consumer with an opportunity of additional markets, in addition to the insurers themselves, to obtain early payment on life insurance. Promoters of Viatical Settlements claim that the consumer, therefore, may have an opportunity to realize a greater return than is offered by insurers in the form of cash surrender on cash value insurance.
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| May 28, 2007: Desjardins Financial Security (DFS) reports strongest Q1 growth in Company's history... |
Desjardins Financial Security has reported 2007 Q1 net earnings of $49.8 million, a 65.3% increase from 2006 Q1, and the strongest first quarter in the company’s history Insurance premium income increased by $60.1 million in 2007 Q1, to $580.5 million. The total insurance, annuity and other premium income is $783.7 million for the period.
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| May 11, 2007: News Release TORONTO, ON -- CompuOffice To Release Further Valuable Enhancements To the Insurance Industry's Leading Independent Multiple-Company Life Insurance Software, LifeGuide: |
A mid-month automated update of LifeGuide will be available on Monday, May 14th. This automated update will include product revisions effective next week, along with further internal enhancements to the software.
The internal enhancements that are being released will, of course, also be included in the upcoming normal monthly release of LifeGuide for June. The June release of LifeGuide will also include a new valuable function addition to the Across-the-Board(R) functions of LifeGuide. The Across-the-Board function grouping is instantly available and accessible at the LifeGuide quotations/comparisons screen. The new and additional function for Across-the-Board in LifeGuide was originally slated for release at the end of October of this year. However, since the R&D and implementation process for new LifeGuide enhancements is so far ahead of schedule, this new function addition to Across-the-Board will be released with the June 2007 release instead of on the originally slated date at the end of October 2007.
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| April 27, 2007: CCIR review on action on the IPRC Principles by insurance industry associations... |
The Industry Practices Review Committee (IPRC) of the Canadian Council of Insurance Regulators (CCIR) is conducting a review of the extent to which its principles recommendations of 2006 have been adopted by the insurance industry and whether further regulatory action may be required.
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| April 17, 2007: Insurance theft by insurers from European Jews estimated to range between $17 billion and $200 billion dollars. Congress members from Florida sponsor bill to assist victims. |
A bill that would require insurance companies doing business in the United States to publicly disclose all Holocaust-era insurance policies is being sponsored by two Florida members of Congress. The bill, The Holocaust Victims Insurance Relief Act of 2007, is sponsored by Reps. Ileana Ros-Lehtinen, R-Miami, and Robert Wexler, D-Boca Raton. It would allow Holocaust victims and/or their heirs to bring action in U.S. courts to resolve unpaid claims.
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| March 30, 2007: The Co-operators Extends Identity Theft Coverage to Clients at No Charge... |
{Press Release}
GUELPH, ON, March 30 /CNW/ - In response to growing concerns about the threat of identity theft, The Co-operators today announced it has extended Identity Theft coverage to clients with home or farm insurance. The coverage is effective immediately on all Co-operators Home-Guard and Farm-Guard policies - at no extra cost to clients.
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| March 16, 2007: Wal-Mart drops application to open a specialty bank... |
Wal-Mart Stores Inc. announced that it has withdrawn its request to open a specialty bank. This, after immense opposition from politicians, consumer groups and community banks hampered its application with U.S. bank regulators.
Does that mean the prices for bank "fees" will not be dropping?......
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| March 12, 2007: Regulator issues warning in connection with "Investment Seminars"... |
{Press Release}
The Saskatchewan Financial Services Commission (SFSC) is warning all Saskatchewan citizens about free investment seminars being offered out of private homes.
“We hope this warning will encourage investors to stop and think twice before making what could be an unsuitable investment,” SFSC’s Securities Division Enforcement Branch Deputy Director Ed Rodonets said.
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| March 6, 2007: Taxing and stressful... |
According to a study commissioned by UFile, a Canadian-based tax preparation software company, almost half of all Canadians find the idea of preparing their own tax return stressful,. This could be a significant factor for the trend to delay tax filing to the last minute. It may also be a contributing factor to the lack of optimization of potentially available tax write-offs.
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| February 26, 2007: Hub International Limited agrees to be acquired by Funds advised by Apax Partners and Morgan Stanley... Hub Shareholders to Receive US$40 per Share... Transaction Valued at US$1.8 Billion... |
CHICAGO--(BUSINESS WIRE)--Feb. 26, 2007--Hub International Limited (NYSE: HBG) (TSX: HBG) (the “Company”), one of the leading insurance brokers in North America, announced today that it has entered into an agreement to be acquired by funds advised by Apax Partners (“Apax”) together with Morgan Stanley Principal Investments (“MSPI”), through an Arrangement Agreement and related Plan of Arrangement.
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| February 07, 2007: Based on a survey carried out in 16 countries - Canadian baby-boomers and retirees are among those least likely to worry about the effects of aging on their appearance... |
MONTREAL, Feb. 7 /CNW Telbec/ - Canada is one of the countries where baby-boomers and retirees worry least about the effects of aging on the image they project. Only 20% of working people and 41% of retirees believe that they must do everything they can to prevent the effects of aging. The same applies to their German (27% of working people and 45% of retirees) and Australian (20% of working people and 33% of retirees) counterparts. This information is from the 2007 AXA Retirement Scope, an international study carried out among 11,590 persons in 16 countries.
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| February 06, 2007: Approximately 34% of US residents who have Long Term Care insurance Cover claimed benefits for care in their home during 2006... |
Approximately 30% of US residents who have Long Term Care insurance (LTCi) coverage, and who claimed benefits, used the coverage last year to pay for in-home care. This, according to a study released last week by the American Association for Long-Term Care Insurance.
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| January 30, 2007: Consumers kept out...IDA announces project to translate its rules to plain language. Consumers are not invited to either view the draft changes nor to comment thereon... |
The IDA has announced to its members that it has commenced a project to reformat, reorganize, and translate its by-laws, policies and regulations (aka "The Rule Book") to plain language. According to IDA’s announcement, their objective is to make their rules "easier to understand and comply with". The IDA’s announcement added that they have no intention to change the meaning of the rules themselves.
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| January 29, 2006: "U.S. Life Expectancy Rises to Record Level" |
This is not necessarily 'news'; however, is relevant in terms of several socio-economic issues.
-increased need for funding of costs of critical illness;
-increased need for long term care funding;
-the deepening health-care cost crisis in jurisdictions where multiple-tier, privatized health care is the norm;
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| January 17, 2007: UnumProvident to shorten name... |
Disability insuer, UnumProvident announced that it will change its name, shortening it from UnumProvident to Unum. This is part of an ongoing financial, operational, and branding initiative.
Unum's U.S. Brokerage and Unum Limited will be known as Unum US and Unum UK respectively. Most of Unum's insurance products will not change their names.
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| January 11, 2006: Canada's Sun Life to purchase US group benefits business of Genworth Financial... |
Sun Life Financial Inc. announced that it will buy Genworth Financial Inc.'s U.S. group benefits business. The purchase price is $650 million.
Sun Life is Canada's third largest insurer by market value. The acquisition will add significant scale and scope to its U.S. business. It will also boost Sun Life's sales offices in the U.S. to 34 from 24 and extend its reach geographically. Genworth's employee benefits group life and health business provides life, disability, medical stop-loss and dental insurance to about 32,000.
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| January 08, 2007: Dealing with Driver Distraction... |
{From Press Release}: TORONTO, Jan. 8 /CNW/ - Are we so addicted to multi-tasking that we're willing to risk our lives and the lives of others? Despite the growing body of research that concludes that driving while distracted is dangerous and increases the risk of a collision, drivers don't appear to be listening.
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| Jan 03, 2007: What to get for the boss who has everything? |
A gift for the executive who has everything and wants to stay dry...from the Gadget Guide by Geeks for Geeks:
"For all the benefits that umbrella's bestow upon the human race, they are created with one glaring flaw. It doesn't matter how gigantic, or water repellent the umbrella is, if you leave it at home you are going to get wet. Ambient Devices is hoping to remedy that flaw with the Ambient Forecasting Umbrella.
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| December 31, 2006: Allegations of failure to advise consumers of risks in replacement of life insurance policies bring multi-million dollar settlement... |
Allstate Corp. will pay more than $18 million to settle a probe by New York authorities who said a life insurance unit failed to tell customers about the risks of replacing policies.
About 6,500 current and former customers of Allstate Corp will get roughly $17 million in restitution, New York Insurance Superintendent Howard Mills said Friday in a statement. This is to settle a probe by New York authorities who alleged that a life insurance unit failed to tell customers about the risks of replacing insurance policies. As reported, Allstate will also pay a $1.25 million fine.
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| December 11, 2006: Ontario to end mandatory retirement at age 65... |
As of December 12, 2006 and the implementation of Bill 211, “The ending Mandatroy Retirement Statute Law Amendment Act, 2005” workers in Ontario will have better control over the decision as to when to retire.
(With some exceptions) the bill ends age discrimination with respect to retirement and allows workers to chose their retirement date on the basis of lifestyle, circumstances and priorities. Employees who choose to continue to be employed beyond age 65 can continue to make CPP contributions up to age 70 and may continue to make RRSP contributions to age 69. Beyond age 69, employees may take advantage of spousal RRSP contributions provided that the spouse has not reached age 69.
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| November 29, 2006: US Court: U.S. Money is Discriminatory Against the Blind?... |
Judge James Robertson of the United States District Court for The District of Columbia yesterday ruled in favour of the American Council of the Blind (ACB) in its action against the US Treasury Dept.
He issued a memorandum order stating that the government's failure to design U.S. currency in a way that allows blind and visually impaired people to distinguish the bills independently is a violation of the Rehabilitation Act, which prohibits discrimination against people with disabilities in federal government programs.
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| November 28, 2006: The Office of the Superintendent of Financial Institutions (OSFI) has released amendments to the Minimum Continuing Capital & Surplus Requirements (MCCSR) for life insurers and Fraternal Benefit Societies... |
Major changes include:
a. The Appointed Actuary required to provide an opinion on the accuracy of the MCCSR report;
b. A new section to detail the Capital Treatment of unregistered reinsurance;
c. Companies operating in Canada on a branch basis required to maintain a margin of 8% of the absolute mismatch between admitted assets and liabilities that are denominated in a foreign currency
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| November 22, 2006: EDS Solcorp announces the inking of an arrangement with The National Financial Insurance Agency (NFIA), a subsidiary of Aegon Canada… |
EDS Solcorp announces the inking of an arrangement with The National Financial Insurance Agency (NFIA), a subsidiary of Aegon Canada, to incorporate the WealthServ Insurance application in NFIA’s operations.
NFIA has recently expanded its operations to a full-service MGA.
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| November 21, 2006: Press Release (CNW): Investors warned about suspicious investment scheme operating in Greater Vancouver... |
The British Columbia Securities Commission (BCSC) is warning people to be on the lookout for a suspicious investment scheme expanding throughout Greater Vancouver that promises investors extraordinary returns and commissions for bringing in new investors.
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| May 08, 2008: Standard Life celebrates its 175th anniversary in Canada... |
This year marks Standard Life's 175th anniversary in Canada, and to commemorate this event, Standard Life is creating a $1.75 million endowment fund to enhance its current community investment program.
"Standard Life's 175 years in Canada have been marked by important achievements and major contributions to the economic and social fabric of the country," said Joseph Iannicelli, President and Chief Executive Officer. "My colleagues and I are extremely proud to be part of a company that is giving back to the country and to participate in building its future. I strongly believe that we can continue to grow, be an outstanding corporate citizen and contribute to the overall prosperity of our company worldwide."
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| April 22, 2008: Unity Life is introducing UL |
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Unity Life of Canada has announced that it is introducing a universal life product. This product will be included in the upcoming release of LifeGuide scheduled for release at the end of April. Named for its corporate parent, Foresters Passport Universal Life, is targeted for the middle market.
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| April 09, 2008: Industrial Alliance to disclose 2008.Q1 earnings next month... |
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Industrial Alliance Insurance and Financial Services Inc. will disclose its earning results for the first quarter of 2008 on Wednesday, May 7, 2008. Management will present these results during a conference call that will be held at 11:30 a.m. (EDT). The conference call will be followed by the Company's Annual General Meeting.
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| April 03, 2008: Unity Life becomes a wholly owned subsidiary of Foresters... |
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{From Press Release} Foresters(TM) and Unity Life of Canada today announced completion of the agreement under which Unity Life becomes a wholly owned subsidiary of Foresters and will represent Foresters in the Canadian market as Unity Life of Canada, a Foresters Company.
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| March 26, 2008: The State of NJ bans life insurance underwriting discrimination based on foreign travel... |
New Jersey governor, Jon S. Cozine today signed into law a new law that bars life insurance companies operating in NJ from denying coverage based on the prospective life insured's travel.
With the passage of this law, the state of NJ joins CN, MD, NY, FL, WA, IL, and CA in prohibiition of u/w discrimination based on travel.
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| February 28, 2008: Equifax: Good News...More Canadians Are Paying Their Bills On Time... |
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{From Press Release}:Equifax Canada today released the latest data from its Predictive Sciences Group, revealing that Canadians are increasingly paying their bills on time. The average national delinquency rate declined by 21 percent over the period between June 2005 and December 2007. Improvements came largely from increased payments on credit cards, term loans, and personal lines of credit.
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| February 15, 2008: California Insurance Commissioner Poizner Announces $10 Million Settlement With Allianz For Allegedly Deceiving Seniors Into Purchasing Unsuitable Annuities... |
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Continuing his work as a leading advocate for California's seniors, Insurance Commissioner Steve Poizner today announced a $10,050,000 settlement with Allianz Life Insurance Company for allegedly targeting thousands of seniors in deceptive annuity sales. Allianz, the largest seller of annuities in California, purportedly deceived elderly victims into purchasing confusing annuity products that were financially unsuitable for their needs. In addition to the sizable monetary settlement, Commissioner Poizner announced that Allianz has agreed to implement a groundbreaking suitability review process to further protect seniors.
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| February 13, 2008: Sun Life (US) introduces Retro Disability Benefits(sm) |
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{From Press Releasee} The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today introduced the group insurance industry’s first Retro Disability BenefitsSM, an innovative product feature that provides extra financial benefits for seriously ill or injured employees.
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| February 11, 2008: Longevity of U.S. Population Increases Need for Mortality Information at Older Ages... |
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{Based on Press Release} The demographics of consumers who buy life insurance have shifted considerably, with purchases at older ages now surpassing overall demand for life insurance in the U.S. This shift has prompted insurers to seek more information about the aging population. Thus, in the second Tillinghast Older Age Mortality Study (TOAMS 2), released today, the Tillinghast insurance consulting practice of Towers Perrin addresses the need for experience data based on older ages and provides new insights for insurers. The study includes data from 29 life insurance companies from 2003 to 2005.
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| January 23, 2008: Fed puts the pedal to the metal, cutting rates by a whopping 75 basis points in effort to avoid a fall into recession... |
In an emergency move yesterday, the US Federal Reserve slashed interest rates by a whopping 75 basis points (3/4 of a percentage point). This is the largest rate cut in over 23 years, in an urgent move to attempt to avoid having the US economy slide into recession.
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| January 15, 2008: Manulife Investments soars through $3 billion in sales for Canada's first guaranteed minimum withdrawal benefit product... |
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{From Press Release}:In just more than 14 months since its original launch, sales of GIF Select featuring IncomePlus ended 2007 at almost $3.4 billion. In December alone, sales reached a record $680 million for Canada's first Guaranteed Minimum Withdrawal Benefit (GMWB) product designed to help Canadians save, protect and grow their retirement savings.
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| Dembecer 19, 2007: Can Slnpelig be taht imnrpotat? |
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The phaonmneal pweor of the hmuan mnid... Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it dseno't mtaetr in waht oerdr the ltteres in a wrod are - the olny iproamtnt tihng is taht the frsit and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it whotuit a pboerlm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. Azanmig huh? Yaeh... and you awlyas tghuhot slpeling was ipmorantt.........
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| December 13, 2007: Berkshire Settles with MFDA... No Impact on Manulife... |
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{From Press Release} Berkshire Investment Group Inc. announced that the Mutual Fund Dealers Association of Canada ("MFDA") has approved a settlement agreement with Berkshire arising from its failure to supervise the activities of Ian Gregory Thow, who was a financial advisor and co-branch manager and officer of Berkshire's Victoria branch office until June 1, 2005.
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| December 11, 2007: Reverse Mortgage Sales Abuses Targeting Seniors is Topic of Hearings Before US Senate Subcommittee... |
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{Press Release}: Dec. 11 /PRNewswire/ -- On December 12, 2007 the Senate Subcommittee on Aging will hear testimony and consider evidence that details unlawful sales practices targeting seniors by Financial Freedom Senior Funding Corporation based in Irvine, California. The hearings, chaired by Senator Claire McCaskill (D-MO), come on top of lawsuits filed in California, San Diego involving the sale of Reverse Mortgage Products by Financial Freedom Senior Funding Corporation alleging excessive fees and use of proceeds to purchase additional financial products, such as deferred annuities.
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| December 4, 2007: Tech: "VistaCure-1" Service Pack 1 (SP1) anticipated in early 2008... |
According to reports, SP1, which may qualify for the nickname VistaCure-1, is reported to include the clipping of Microsoft's infamous "Kill Switch". The Kill Switch triggers when a hardware change is made and requires reactivation of Windows. The message that currently appears is "Activate Windows Now. Windows was deactivated due to a hardware change. You must activate Windows within 3 days or Windows will stop working. Click to start activation."
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| December 03, 2007: Society of Actuaries (SOA) publishes retirement finances survey. Well worth reading. |
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A rather interesting report is published by the Society of Actuaries (US). The survey, to evaluate consumer awareness of potential financial risks in retirement, management of retirement finances and how American consumers are managing the process of leaving the workforce, is the 4th such survey sponsored by the SOA.
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| November 19, 2007: New mental health survey sheds more light on impact of depression in the workplace. |
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{From Press Release} The Great-West Life Centre for Mental Health in the Workplace (the Centre) today announced the release of a new survey on the impact of depression in the workplace. The survey, commissioned by the Centre and conducted by Ipsos-Reid this fall in association with the Global Business and Economic Roundtable on Addiction and Mental Health, asked managers and employees about their personal experiences with depression.
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| November 14, 2007: Retirement Attitudes Survey Finds Confidence Crisis Among The Middle-Aged... |
The survey involved people age 45 and over in the US, Britain, Germany, Japan and South Korea. It was conducted by the market research firm, Opinauri this summer and involved 750 people from each country. The margin of error is plus or minus 3.5%. A notable number of respondents indicate that they are worried that they will not have enough money in their retirement, yet only a small percentage have taken proactive action.
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| November 11, 2007: LTCi is not just geriatric coverage... |
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Findings by researchers of the American Association of Long Term Care Insurance show that LTCi is no longer just for older Americans. The average age of Americans who purchase this coverage has now dropped to 58. Seven years ago, in 2000, the average LTCi buyer was 67.
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| November 6, 2007: Life Settlements Live - Larry King (CNN's Larry King Live) Files Suit Against Insurance Agent And Others Over Sour Life Settlement Deals... |
According to reports from various sources, including the National Underwriter, the highly respected Larry King has filed a lawsuit against one of his insurance agents. The complaint, docketed on October 24, 2007 in the United States District Court, Central District of California, is related to life settlements and investor initiated life insurance.
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| October 30, 2007: AARP Study Finds US Has Much to Learn from Socialized German Long-Term Care System... "Our current long-term care system offers no peace of mind, is confusing and costly... Private long-term care insurance is not filling the void, in part because people are in denial that they will need long-term care. Once they realize the need to plan and pay for services, it is generally too late. As a last resort, faced with the financial burden of long-term care expenses, people become impoverished to qualify for Medicaid, a means-tested government program that is the primary payer for long-term care."... |
A new AARP report released today finds - in sharp contrast to the U.S. system - that everyone in Germany who needs long-term care receives benefits in the setting that best meets their needs. Germany is able to do this while spending about the same proportion of its gross domestic product on long-term care as the U.S.
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| October 23, 2007: Educational video on Long Term Care released... |
Kiplinger today unveiled an educational personal finance video on long-term care that covers what it
is, how it's delivered, how much it costs and how to pay for it.
"Kiplinger's No- Nonsense Look at Long-Term Care," written and produced by Kiplinger Washington Editors, is designed to be an informative, consumer-friendly review to help people prepare for the possibility of
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| October 17, 2007: US House of Representatives passes resolution regarding Long Term Care (LTC) Awareness Week... |
The United States House of Representatives has passed Concurrent House Resolution (HR 133) supporting the goals of Long-Term Care Awareness Week that takes place November 4-10, 2007.
"This marks a historic milestone for long-term care planning and we applaud the leadership of U.S. Representative Charles W. Boustany, Jr., M.D., (R-LA) who initiated and co-sponsored the House resolution co-signed by 27 Congressional representatives," declared Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance (AALTCI). The national organization established Long-Term Care Awareness Week in 2001 as a focal point to encourage awareness of the importance for planning by both consumers and financial professionals.
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| October 15, 2007: Canadian Dollar may push $1.05 US by the end of next year... |
According to the latest CIBC World Markets Economic Forecast, the Canadian Dollar will reach $1.05 US by the end of next year. If the loonie does in fact reach that level, it will be at a 50 year high.
Even at this level, the Canadian economy will likely outperform the US economy in 2008.
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| October 09, 2007: Retirement funding idea floated in the US, to be paid in part by estate taxes... |
Democratic Presidential candidate, Clinton, today proposed a new retirement savings plan for lower- and middle-class families. that would include tax credits as incentives for saving.
The plan, which would include tax credits as incentives for saving, would be paid for out of the revenues from estate taxes on wealthy Americans. The plan is estimated to cost about $20 billion to $25 billion a year,
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| September 27, 2007: LIMRA and LOMA to join together to form LL Global Inc. |
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LIMRA, the 91 year-old Life Insurance Marketing and Research Association and LOMA, the 83 year-old association of more than 1200 insurance and financial services companies plan to join together to form LL Global Inc. The plan is subject to approval by the membership. The target date is January 01, 2008 and voting results are expected by mid-December 2007.
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| September 05, 2007: The Co-operators announces preparation for significant expansion in Quebec... |
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{From Press Release} The Co-operators has announced that it is preparing for significant expansion in the province of Quebec. Today, the co-operative financial services organization announced the appointment of Martin-Eric Tremblay as Senior Vice-President, Co-operators Group Ltd. and President, Quebec Operations. He will be responsible for developing and implementing a Quebec growth strategy for the group of companies that will include increased sales through the broker network, the introduction of Co-operators insurance agents, and new product and service offerings in the province.
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| August 28, 2007: Desjardins Financial Security (DFS) reports income increase of 70.8% for first half of 2007... |
Key figures:
-Income of Cdn$1.386 billion for the first half of 2007.
-Gross insurance premiums of $1.178 billion.
-Increase in gross insurance premiums of 12%, or $126.2 million.
-Quebec growth of 7.2%.
-Canada (other than Quebec) growth of 25.1%.
-New new insurance sales figures reaching $210 million, an increase of $39.1 million over the first half of 2006.
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| August 20, 2007: Advocis, The Financial Advisors Association of Canada, Launches A New Series To Educate And Assist Members With Respect To Their Obligations Under The "Proceeds of Crime and Terrorist Financing Act"... |
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August 20, 2007, Toronto, ON – Advocis (The Financial Advisors Association of Canada) today launched a new series of support services to assist its members integrate the new obligations under the Proceeds of Crime and Terrorist Financing Act. The new suite services educates members on the sweeping changes to the Act and what it means to them and their practice, guides them on how to adopt the new obligations in a cost effective way and offers training which is required under the Act.
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| August 14, 2007: Consolidation among life insurance sellers in the US continues... |
Merrilll Lynch announced today that it will be selling its life insurance business to AEGON of the Netherlands for $1.3 billion.
The deal with increase the size of AEGON's US subsidiary, Transamerica, which AEGON purchased in 1999 for $10 billion. The deal would place AEGON among the 10 top global variable annuity sellers. The insurer also bought the uS life insurance specialist, Clark, for $292 million in 1996.
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| August 08, 2007: Medical Research News: Weizmann Researchers Identify Mechanism Behind Spread of Cancer... |
{From A7}...A team of researchers at the Weizmann Institute of Science in Rechovot has revealed new details about the mechanism by which cancerous cells migrate through the body. Such migration, called metastasis, is the leading cause of death among cancer patients.
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| August 02, 2007: US: CUNA Mutual Life Insurance policyholders approve merger... |
CUNA Mutual Life Insurance Co. policyholders today overwhelmingly approved the merger of CMLIC with CUNA Mutual Insurance Society (CMIS) at the policyholders' annual meeting.
The vote was 42,699 in favor, 3,013 oppose
In April, and by a 9:1 margin CMIS policyholders approved the merger and change of domicile to the state of Iowa.
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| July 18, 2007: Three guilty in massive $1 billion Florida life insurance scam... |
Three executives of a Ft. Lauderdale company that was accused of flogging fraudulent investments in Viaticals pleaded 'guilty' on July 17th and also promised to pay restitution to 'investors'. The Viaticals in question allegedly cost 'investors' $1 billion.
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| July 11, 2007: Manulife Investments announces brand strategy for its lineup of mutual funds... |
{From Press Release} Manulife Investments announced today that it is integrating its brand strategy to more effectively leverage the Manulife name for its mutual fund product lineup.
As part of this brand integration strategy, the names of the Elliott & Page and MIX families of mutual funds will be retired. Manulife Simplicity Portfolios remain unchanged.
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| July 10, 2007: Inflation... Consider this |
Sixty years ago, in 1947, William R. Hearst purchased the Beverly Hills mansion, yes the one that was featured in the film "The Godfather", for the unheard of price of $120,000. Today this amount falls short of the price of a small 1-bedroom condo in Toronto.
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| July 05, 2007: RBC Life trims life insurance portfolio... |
July 5, 2007: Just before noon today, RBC Insurance has advised that they have discontinued the following products:
1: Term 75
2: Term 100 with Values (A whole life product)
3: Foundational Life
According to RBC's advice, the discontinuance of the above-listed products is effective as of the end of the day, last Friday, June 29, 2007. The withdrawal by RBC of their Term 75 product is another occurrence in the rapid disappearance of products in the T65, T70 and T75 groupings.
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| June 28, 2007: US: Credit Rating Agencies Apply for Registration... |
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{From Press Release} The Securities and Exchange Commission today announced that each of the credit rating agencies previously identified as a nationally recognized statistical rating organization (NRSRO) has applied to be registered with the Commission. Consequently, they may continue to represent themselves or act as NRSROs during Commission consideration of their applications.
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| June 26, 2007: Manulife Financial signs agreement to acquire Berkshire-TWC Financial Group Inc. |
{From Press Release} Manulife Financial Corporation and Berkshire-TWC Financial Group Inc. today announced that, subject to regulatory approvals, Manulife will acquire Berkshire's mutual fund and securities dealerships in Canada, consisting of more than 700 Advisors and 237 branches across Canada.
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| June 21, 2007: Bank of America to sell Simplified, Instant Issue Term Life Insurance for face amounts of up to $150,000 online... |
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Bank of America unvailed its "Bank of America Simplified Issue Term Life Insurance" offered by its affiliate, Banc of America Insurance Services and underwritten by First Great-West Life & Annuity Insurance Company of New York. According to the announcement, it enables customers to apply and be approved instantly on-line, for up to $150,000 in term life insurance through www.bankofamerica.com/simplelife
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| June 21, 2007: The world's largest retailer, Wal-Mart, to plough into financial services... |
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According to Reuters: Wal-Mart, the giant US retailer and the world's largest announced yesterday that it will open a thousand new financial services centers in its US stores, in a major effort to sell more financial services. The retailer will strive to reach 73,000,000 Americans with financial services through this effort.
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| June 14, 2007: Empire Life and Assumption Life Win LOMA Canada Awards for Best Practices in Learning and Development... |
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{From Press Release} LOMA Canada presented Empire Life and Assumption Life with the 2007 National Corporate Awards for Best Practices in Learning and Development at LOMA Canada's Annual Conference at the Metro Toronto Convention Centre today. The Awards are dedicated to the memory of Andre Mailhot, 1942-1994, who was Vice-President and General Manager, Human Resources, Industrial-Alliance Life Insurance Company.
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| May 30, 2007: Seniors who wait longer for hip fracture surgery tend to have worse health outcomes: CIHI Report Most patients have surgery on the day of admission to hospital or the next day, but length of wait varies between regions... |
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{From press release} Almost two-thirds (65%) of hip fracture patients aged 65 and older had surgery on the day they were admitted to hospital or the next day in 2005–2006, but new indicators published today by the Canadian Institute for Health Information (CIHI) show that some patients have longer waits. For example, 8% of seniors admitted to Canadian hospitals outside Quebec with hip fractures (about 1,400 patients) spent four or more days in hospital before undergoing surgery.
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| May 29, 2007: Bank of Canada remains unchanged - at 4.25%... |
The Bank of Canada today announced that it is maintaining its target for the overnight rate unchanged at 4.25%.
A link to the Bank of Canada's statistics page is available at the "References" section of this information site.
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| May 22, 2007: New Survey Reveals Interest in Long Term Care Insurance Is on the Rise among Agents, Brokers and Consumers... |
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BOSTON, May 22 PRNewswire -- Many insurance agents and brokers are seeing consumer interest in long term care (LTC) insurance growing and an even greater number anticipate they'll be asked about it more frequently in the future according to an online survey of 400 Million Dollar Round Table (MDRT) members conducted for John Hancock Life Insurance Company (John Hancock) in March 2007.
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| May 09, 2007: 'Novel' idea to combat gasoline costs, traffic congestion, traffic accidents, air pollution, respiratory ailments, and global warming - Day of Rest...for cars. |
Israel's member of the Knesset (Parliament) Yaakov Margi (of one of the religious parties, Shas) has tabled a legislative proposal that every car owner must inform the Licensing Authority what day of the week his vehicle will not be in use - and pay a fine if the car is used on that day. If the proposal becomes law, every car will be equipped with a sticker indicating which day it may not be used.
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| April 26, 2007: US: Suitability issues spur dispute and court action... |
An Iowa life insurance company is the newest target of an investigation by Minnesota Attorney General Lori Swanson into long-term annuities marketed to seniors.
In a lawsuit against the life insurer, it is alleged that the Company defrauded seniors by selling them annuities that they couldn't access for years without penalty, in violation of minnesota law requiring insurers to take suitability of products into account before offering such to consumers. It is alleged in the lawsuit that the insurer has sold over 1,200 annuity contracts to seniors over 75 years of age, for a total of approximately $46,000,000. According to the allegations, these contracts carried hefty surrender charges if they were tapped prior to maturity
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| April 02, 2007: C-37 Passes. Consumer interests safeguarded. Banks kept out of selling individual insurance through branches... |
With the passage of Bill C-37 in late March, the 2005-07 review of the Bank Act has finally concluded. Bill C-37 does not give banks the privilege to sell individual insurance through their retail branches.
Advocis, on behalf of life insurance advisors, and the IBAC (The Insurance Brokers Association of Canada, representing P&C brokers), have lobbied effectively to protect consumer interests by opposing further concentration of bank economic power over consumers.......
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| March 26, 2007: Sun Life scraps "Clarica" and integrates branding strategy in Canada... |
{From Press Release}:
"TORONTO, March 26 /CNW/ - Sun Life Financial Inc. (TSX/NYSE: SLF)announced today that it is integrating its brand strategy in Canada to more effectively leverage the Sun Life brand. As part of the integrated strategy, the Company also announced that it is retiring the Clarica name.
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| March 16, 2007: AIG into the shipping business as it purchases company to manage U.S. port facilities... |
NEW YORK (Reuters) -- American International Group Inc. , the world's largest insurer, completed the purchase of a marine terminal operator from a Dubai company Friday, ending a controversy over foreign ownership of U.S. port facilities.
AIG Global Investment Group, an AIG (Charts) unit, said it purchased all of the stock in the marine terminal operator P&O Ports North America from state-owned Dubai Ports World.
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| March 07, 2007: Health: "Deadly Antibiotic-Resisting Bacteria Has Killed Dozens" |
Report by Hana Levi Julian - A7:
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A deadly antibiotic-resistance strain of bacterium has infected hundreds and killed dozens of patients in hospitals across Israel being treated for other illnesses.
The story first broke Tuesday night on the Channel 1 Mabat TV program. The bacterium is not new to Israeli hospitals, although this latest strain, Klebsiella pneumoniae, appeared in recent months. The bacterium attacks hospital patients being treated for other illnesses, and has infected mostly those who have been hospitalized for over 25 days.
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| February 28, 2007: Daylight Saving Time standard changed. Now you will need to set your clocks forward on March 11. |
On Sunday, March 11, 2007 North Americans will spring forward to summertime, setting the clock for Daylight Saving Time (DST) one hour ahead…
This replaces the old standard and rules that were in effect during the years 1987-2006. Under the old standard, DST commenced on the first Sunday of April and lasted to the last Sunday in October. The new standard springs forward on the second Sunday in March and falls backward on the first Sunday in November.
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